Welcome to The Priceline Group's First Quarter 2016 Conference Call. The Priceline Group would like to remind everyone that this call may contain forward-looking statements, which are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guarantees of future performance, and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual results may differ materially from those expressed, implied or forecasted in any such forward-looking statements. Expressions of future goals or expectations and similar expressions reflecting something other than historical facts are intended to identify forward-looking statements. For a list of factors that could cause the Group's actual results to differ materially from those described in the forward-looking statements, please refer to the Safe Harbor statements at the end of the Group's earnings press release, as well as the Group's most recent filings with the Securities and Exchange Commission. Unless required by law, The Priceline Group undertakes no obligation to update publicly any forward-looking statements whether as a result of new information, future events or otherwise. A copy of the Group's earnings press release together with an accompanying financial and statistical supplement is available in the For Investors section of The Priceline Group's website, www.pricelineGroup.com. And now, I'd like to introduce The Priceline Group's speakers for this afternoon, Jeffery Boyd; and Daniel Finnegan. Go ahead, gentlemen. Jeffery H. Boyd - Chairman, President & Chief Executive Officer: Thank you very much and welcome to The Priceline Group's second (sic) [first] quarter conference call. I'm joined today by our Priceline Group's CFO, Dan Finnegan, in our Norwalk office before the market opens this morning in New York. The Group performed well in the quarter and we made good progress executing against our key initiatives. The…

Thank you. Our first question is from Tom White with Macquarie. You may begin. Tom White - Macquarie Capital (USA), Inc.: Great. Thank you for taking my question. Just on the hotel room night guidance and the deceleration there, you talked a little bit about the soccer tournament and Ramadan. I'm just curious if the differences in kind of the geographic seasonality of your business maybe is increasingly playing a role here, given that some of your faster growing geographies like Asia have peak travel in kind of 4Q and 1Q versus the middle part of the year? And then just secondly on the increased brand campaign spend, could you maybe just give a little bit of color? Is that sort of increase in spend in kind of countries where you guys are already advertising? Is it rolling out the campaign to new markets and new languages? Any detail there? Thank you. Jeffery H. Boyd - Chairman, President & Chief Executive Officer: Okay. So maybe I'll take the second question and Dan can handle the first. With respect to the increased brand spend, an important part of that is a new advertising campaign for Booking.com here in the United States. Booking's product has enjoyed good growth and consumer acceptance, and we're very, very happy to be increasing our investment in building its market position and supporting that growth. There's no end (19:13) new market that represents a significant portion of that increased spend. Daniel J. Finnegan - Chief Financial Officer & Chief Accounting Officer: And then as far as geographic mix goes, Tom, what I said in my prepared comments was for Q1 and Q2, we're happy with the growth we're seeing across all of our key geographic regions, and that's been the case for quite a while now. So,…

Thank you. Our next question is from Eric Sheridan with UBS. You may begin.

Thanks for taking the questions. Maybe just two, one on the measurement advertising side, the performance side, the stable ROI, curious just to understand what you're seeing in the marketplace from a competitive standpoint that informs the decisions and the statements on ROI in performance-based advertising, and how you think about that moving through the rest of the year? And then second on the CEO search, maybe understanding a little bit of what you're aiming for in the CEO search, timing and sort of how we should think about that going forward? Thanks, guys. Jeffery H. Boyd - Chairman, President & Chief Executive Officer: Okay. Again, maybe I'll answer the second question and then Dan can take the first. Our board, as we said in our public disclosures, is commencing a search straightaway for a long-term successor to me as Interim CEO. We don't have a prediction as to how long that will take, but I think folks can use their common sense to come to some concept of what a search for a position like this could take in terms of time. In terms of the type of person that we're looking for, obviously, we need to have a person who has broad experience and a demonstrated track record of success in managing large global organizations, where technology is a very important part of the business, and where they have demonstrated their ability to deal with changing market conditions successfully. Daniel J. Finnegan - Chief Financial Officer & Chief Accounting Officer: And on performance advertising, Eric, our approach is consistent with the way we've always handled it. So we're looking to bring traffic to the website at a reasonable return on investment. We've had several years, I guess since the middle of 2012, where we've been under pressure with that metric, and now we've had a few quarters in a row where we've seen ROIs pretty solid – without categorizing them as better or worse than prior year, pretty neutral. So, much better than the trend we'd before that. For going forward, I feel good about our ability to compete in these variable channels with the number of properties we've got available on our website, the breadth and depth of selection. The work that our marketing teams do to continuously innovate and become more sophisticated in the way we compete within these channels, and then the great work that our front end teams do also to continuously improve conversion on our websites and mobile platforms. Those all are good competitive advantages as we compete in that marketplace.

Thank you. Our next question is from Mark Mahaney with RBC Capital Markets. You may begin.

Thanks. Just one question on alternative accommodations, could you talk about trends there and you could give out some data on the inventory that you have there, but could you talk about the bookings trends you're seeing and your thoughts on integrating that over time more and more into the core purchase path, if that's something that you want to do? Thank you. Jeffery H. Boyd - Chairman, President & Chief Executive Officer: Thank you, Mark. So, we gave statistics with respect to the increase in the number of properties, vacation properties. In terms of our inventory, those types of properties are growing faster than inventory overall, so the share of available properties is increasing. I want everybody to keep in mind that the number of rentable rooms or units per property for these kinds of accommodations is usually a lot smaller than a typical hotel, and that's something that we've been pointing out now for years. The growth rates that we're seeing with respect to these properties are attractive. They're definitely helping deliver the kind of 31% year-over-year room night growth that we saw in the first quarter and as I said in my prepared remarks, we view this sector of the market as a very important source of growth for the business going forward, and our aim here, really, with respect to not just vacation properties but other non-hotel accommodations, is to build the inventory substantially, provide a dynamic booking experience that is superior to any other alternative in the marketplace for these kinds of accommodations and a customer service and customer experience that is consistent with what we've been providing for customers for years and what's made us a leading player in the space. So, I think we couldn't be more enthusiastic about these types of accommodations and we couldn't be more convinced that the product that we're building and the service that we're providing is better than anything else out there in the marketplace.

Jeff, one quick follow-on on that, on the non-hotel accommodations. Could you just comment on the economics to Priceline of a booking of a non-hotel accommodation versus a regular hotel accommodation? Daniel J. Finnegan - Chief Financial Officer & Chief Accounting Officer: The take rates are in line with our overall take rate, Mark.

Thank you, Dan.

Thank you. Our next question is from Douglas Anmuth with JPMorgan. You may begin.

Thanks for taking the question. I just wanted to follow up on your comments about the deceleration into 2Q. Could you just help us understand the timing a little bit better here, kind of as you were exiting 1Q and going into 2Q and the degree to which you think that's law of large numbers versus some of the other factors you mentioned specifically into 2Q around security and macro concerns and other? Thanks. Daniel J. Finnegan - Chief Financial Officer & Chief Accounting Officer: Hi, Doug. So, the growth rate in Q1 at 31% was clearly not sustainable. If you look at the growth we posted for Q1 together with the midpoint that we've guided to for Q2 and kind of average them out, you'd come to about a 25% growth rate year-to-date, which is the growth that we posted for all of 2015. So, I feel pretty good if we can check the box of getting halfway through this year with no deceleration versus last year. When we were asked a lot of questions last quarter about why are you growing so much faster, what are you doing differently, did you figure something out? We said the good news was no, we think that we're just continuing to perform well and the market is healthy. I think that's also the case with what we're seeing now in Q2. We're continuing to perform well. From data that we can monitor, we think that our share in variable channels is stable. The share of business going to us direct is stable. So, I think the growth for Q1 was not sustainable. The growth we've seen thus far in Q2 I categorized in my prepared remarks as I consider it to be strong growth. And as we typically do, we assume that our growth will decelerate as we move through the quarter. We have the couple of external factors with EURO CUP and Ramadan that we're calling out for the month of June, which has caused us to build maybe a little bit more conservatism in, or I'll call it that actually it just reflects the fact that we think that's going to negatively impact our growth for that month.

Okay. Thanks, Dan. Daniel J. Finnegan - Chief Financial Officer & Chief Accounting Officer: You're welcome.

Thank you. Our next question is from Justin Post with Bank of America Merrill Lynch. You may begin.

Thank you. A couple of questions. Jeff, welcome back. And why the increase in brand spend in 2Q? And any other initiatives for the company that you're doing this quarter since you've come back? And then it sounds like in the prepared remarks you've had some higher cancellation rates and lower ADRs, so maybe some industry pressure. Talk a little bit about what you are seeing out there. Thank you. Jeffery H. Boyd - Chairman, President & Chief Executive Officer: Okay. So, Justin, in terms of the increase in brand spend in Q2, I think typically in this business and more specifically in the United States because of the way demand for travel ramps up, your brand advertising spend usually is heaviest in the first half going into the early part of the third quarter. And then it sort of tends to trend down. So, I think the ramp-up in spending for brand advertising at least in this market is consistent with demand trends. And again, we have a very profitable hotel business that allows us to make these kinds of investments in marketing. And as you know, we have a very strong culture of metric driven management. So you can expect us to look very carefully at the returns on the brand investments to make sure that it's paying off in terms of strengthening our brand and driving traffic to the website. With respect to the market conditions, I think that we all have seen over the last year since the financial crisis what has been essentially a very fragile economic recovery that's been characterized by periods of apparent strength followed by periods of apparent weakness, whether it's driven by headline risk associated with sovereign debt crisis or other political considerations and more recently oil prices. To me, some of the weakness that we're seeing is essentially consistent with the fragility of the economic situation that we've experienced over the long-term. But as Dan mentioned, we have seen in industry statistics at a minimum a deceleration of increasing average daily rates for hotels in a lot of markets around the world. And in our case, what we've seen is on a constant currency basis a reduction, a slight reduction in ADRs for the first time in a long time as well as Dan also mentioned increases in cancellations in certain markets. And so, we wanted to flag that for investors as something that's a component of our forward-looking guidance for top line growth Daniel J. Finnegan - Chief Financial Officer & Chief Accounting Officer: And just to add on one other point there, Justin, with the ADR decline, I pointed out that mix is also impacting that. So we're seeing strong travel to Russia and APAC's strong as a destination. Those are typically at lower than our average ADRs. We're seeing some weakness in markets like France impacted by terrorism, which is a higher ADR market. So mix is also contributing to that trend in our financials.

Okay. Thank you. Daniel J. Finnegan - Chief Financial Officer & Chief Accounting Officer: You're welcome.

Thank you. Our next question is from Naved Khan with Cantor Fitzgerald. You may begin.

Yes, hi. Thanks. Curious to know if you guys have seen any impact on your SEO traffic because of the changes that Google made to the search engine results pages this past quarter? Jeffery H. Boyd - Chairman, President & Chief Executive Officer: I think that our emphasis and the lion's share of our business really comes more from page search than it does from organic search in the travel space in particular. KAYAK and OpenTable may get more business from organic channels but in the OTA space in the Group, it's typically much more of a page search channel than it is an SEO channel.

Okay. And then any impact from TripAdvisor's Instant Book? You guys sort of started participating in that a few months ago. Anything to call out there in terms of trends, what you're seeing in the channel? Daniel J. Finnegan - Chief Financial Officer & Chief Accounting Officer: Hi, Naved. We didn't call anything out in the prepared remarks because there's really no change from what we said last quarter. So, given the relative size of TripAdvisor to our business, we haven't seen any significant impact to our numbers.

Thank you. Daniel J. Finnegan - Chief Financial Officer & Chief Accounting Officer: You're welcome.

Thank you. Our next question is from Ken Sena with Evercore. You may begin.

Hi. Just going back to the ADR question, you mentioned change in geographic mix, some safety concerns and also some macro weakness. But can you also attribute it to just growth overall in alternative accommodations, whether your own in terms of the strong room night growth or competitors like Airbnb? And then also when you're thinking about the alternative accommodations market, is there more you can say as far as how you're segmenting it in terms of whether it's managed by property managers or for rental by owner or other, just to kind of give us a sense of how you view the addressable market? Thank you. Jeffery H. Boyd - Chairman, President & Chief Executive Officer: Ken, on the ADR side, no significant impact on our overall blended ADRs from our increasing share of vacation rentals. And it's still fairly early days in the vacation rental space and we've got teams of people at Booking.com that are continuing to innovate and grow that business. Right now, it's mostly through property managers but we are going to continue to add properties there and we're looking to make our tools easier for single property owners to also be able to participate. So we're going to continue to advance there, but right now it's mostly property managers.

Thank you very much. Jeffery H. Boyd - Chairman, President & Chief Executive Officer: You're welcome.

Thank you. Our next question is from Lloyd Walmsley with Deutsche Bank. You may begin.

Thanks. As you guys kind of ramp up your brand advertising spend this quarter, I think you characterized YouTube and Facebook as part of that bucket. So wondering if those channels have a good measurable ROI such that you can really scale up those spend and track the results or if kind of moving into that brand bucket suggests it's a less direct impact? And then a second if I can. Jeff, you're coming back after two years of perhaps thinking about the space from a more strategic level, so wondering if you can just kind of give us your views on what you think the biggest changes have been in the space in general and the position of Priceline over the last couple of years and kind of your outlook on the space as a whole going forward? That would be great. Thanks. Jeffery H. Boyd - Chairman, President & Chief Executive Officer: Okay. So, Lloyd, thank you for those questions. In terms of online brand spend, that's something that has grown in brands around the Group in the last couple of years. And it does provide the opportunity for different ways of measuring effectiveness, and at least in our view, in some cases more effective ways to measure the effectiveness of your brand spend. So, I'm actually very optimistic that moving of brand spend to those channels has the potential to help us drive better long-term returns on investment on our brand spending. But at this point in time it's not being measured like performance-based advertising, where you're looking at the same session, unit economics divided by cost per click kind of thing. It's just not those kind of measurements, and so I don't want to represent that we are or ultimately will be looking at it the…

Yes, it's very helpful. Thank you.

Thank you. Our next question is from Mike Olson with Piper Jaffray. You may begin. Mike J. Olson - Piper Jaffray & Co. (Broker): Hey, good morning. So you're giving some fairly specific reasons for Q2 bookings growth being a bit below expectations with Easter and Ramadan, and maybe some macro issues impacting ADR. So I just want to make sure that outside of those you're not seeing any changes in competitive dynamics like alternative accommodations growth, Hotel Direct potentially getting more aggressive, metasearch gaining a higher share of direct traffic or other OTAs getting share or any other factors that are impacting your bookings. In other words, is it fair to say that the more cautious booking outlook is entirely market or timing-based versus competitive issues? Thanks. Jeffery H. Boyd - Chairman, President & Chief Executive Officer: No, I don't think that the deceleration that we're pointing to here has really anything to do with competitive factors in the marketplace. We obviously have a number of brands that are out there, and I think it's fair to say that not each one of them has the exact same competitive strength and positioning, but as we look at the share of the business that we're getting from major distribution channels, we feel very comfortable that we're holding or gaining share. When we look at what's happening in alternative accommodations, and particularly the growth that Airbnb is advertising in the marketplace, I personally think that represents an opportunity for us because we're in a position to build our business in that space and to drive very substantial demand to those properties to convert them with an experience that's great for the customer and profitable for us. So, I view that as a net substantial positive in terms of marketplace conditions for the Group. Mike J. Olson - Piper Jaffray & Co. (Broker): Thank you.

Thank you. Our next question is from Brian Nowak with Morgan Stanley. You may begin. Brian Nowak - Morgan Stanley & Co. LLC: Thanks for taking my questions. I have two. Just the first one, going back to the branded campaign in the U.S. around Booking.com, I guess I'd be curious to hear about learnings you have on U.S. in Booking.com the past couple of years, what you think has worked, what has been more challenging? And what drives the decision to kind of further increase branded ad spend to grow rather than use your paid search expertise to kind of continue taking share? And then secondly, just an update on OpenTable, kind of how we can think about an OpenTable rollout in Europe or next big milestones to look for this year? Thanks. Jeffery H. Boyd - Chairman, President & Chief Executive Officer: Okay. Thank you. With respect to branding and branding spend in the United States, I would start off by saying that we are very pleased with the progress that Booking.com has made in building its business and in building its brand in the United States. From time to time, we've given some insight into what our overall growth rate is in the United States and we're not providing that color today, but I will say that we are pleased with the absolute and relative rates of growth of the Booking.com business here in the United States. We were very pleased with the results of the original brand launch on television of Booking.com in the United States and saw a demonstrable impact in terms of not just awareness, but also the business and ultimately the total cost that we experienced to drive customers as a whole were attractive to us. As to why brand spending versus performance-based…

Thank you. Our next question is from Daniel Powell with Goldman Sachs. You may begin. Heath Terry - Goldman Sachs & Co.: Hi. Actually it's Heath Terry. Just wanted to get a sense with the EBITDA coming in about $50 million above the high end of your guidance for Q1, is there any reason that wasn't invested back into driving booking growth even into Q2? Just curious if the returns that you were seeing on incremental spend were lower than your threshold, if there was something beyond that? And then I also realize it's extremely early, but we've now had Marriott, Hyatt, Hilton and InterContinental all announce lower rates and other benefits for people that book direct. Do you foresee any impact to that even if it's just to your business with those chains? Jeffery H. Boyd - Chairman, President & Chief Executive Officer: Why don't I do the second one and Dan will do the first. With respect to the major hotel chains, a couple of things to keep in mind. First is, just say at the outset that our relationships with hotels in particular and with the hotel chains is an important part of who we are as a Group that we have a traditional supply of friendliness of bringing demand to our hotel partners at very low distribution costs. And in particular because of the international footprint of our business, we uniquely can provide access to demand around the world that even the most sophisticated chains cannot access themselves because they don't have the functionality, the language capabilities or the distribution capabilities that we have on a global basis. So, we're providing a little bit of a different and, and at least in my judgment, more valuable service to our hotel partners really than anybody else in…

Thank you. Our next question is from Kevin Kopelman with Cowen and Company. You may begin. Kevin Kopelman - Cowen & Co. LLC: Hi. Thanks a lot. So you quantified the Easter impact for us of $40 million. Can you help us just think about how large the EURO CUP and Ramadan impacts are? And then also the brand campaign, if you could quantify that for us? Thanks. Daniel J. Finnegan - Chief Financial Officer & Chief Accounting Officer: Yes, so we're not going to quantify the Ramadan and EURO CUP impact. But I will say growth is strong thus far out of the gate and we typically then assume that growth will decelerate as we move through the quarter given the size of the business. There's no change in our approach there, and then we factored in a, what I would say overall for the quarter, is a relatively small impact related to the two specific issues. And then the brand spending, what we said is that the deleverage in Q2, almost half of it is driven by a combination of the Easter shift in timing and the increase in brand spend. So you can get a pretty good idea on what that amount is by doing the math. Kevin Kopelman - Cowen & Co. LLC: Okay. Thanks very much. Daniel J. Finnegan - Chief Financial Officer & Chief Accounting Officer: You're welcome.

Thank you. Our next question is from Stephen Ju (50:49) with Credit Suisse. You may begin.

Okay. Thanks. So is there anything you can share with us in terms of the overall impact you may be noticing from outbound travel activity and hopefully new demand out of the APAC region, especially China? And do you feel like those travelers are opting more for the larger hotel chain inventory as opposed to the more independent or even the alternative properties where you guys are stronger? Thanks. Jeffery H. Boyd - Chairman, President & Chief Executive Officer: Stephen (51:18), I don't think we have any particular comment to make about the relative strength or weakness of outbound APAC. I think the performance of the business in APAC in general has been consistent with our expectations. The only regional comment I would make there is that inbound travel, international travel to China, has continued to be under pressure for primarily pollution reasons, honestly, more than anything else. And in terms of hotel quality, I don't have a comment to make to you there.

Thank you. Our last question is from Brian Fitzgerald with Jefferies. You may begin.

Thanks. Maybe a really quick question. Any differentiating trends you're seeing in terms of alternative inventory on a regional basis? Daniel J. Finnegan - Chief Financial Officer & Chief Accounting Officer: No. Nothing to call out, Brian. I mean, it pretty much tracks the footprint of our business. So we're adding vacation rentals in all of our markets, principally in Europe, which is our biggest market. So nothing I would call out there that's noteworthy.

Great. Thanks, Jeff. Jeffery H. Boyd - Chairman, President & Chief Executive Officer: You're welcome.

Thank you. I would now like to turn the call back over to management for any closing remarks. Jeffery H. Boyd - Chairman, President & Chief Executive Officer: Thank you all for participating in the call.