Ladies and gentlemen, thank you for standing by. Good morning and welcome to the Choice Hotels International First Quarter 2015 Earnings Conference Call. At this time, all lines are in a listen-only mode. Later, there will be a question-and-answer session and further instructions will be given at that time. As a reminder, today's call is being recorded. During the course of this conference call, certain predictive or forward-looking statements will be used to assist you in understanding the company and its results, which constitute forward-looking statements under the Safe Harbor provision of the Securities Reform Act of 1995. These forward-looking statements generally can be identified by phrases such as Choice or its management's beliefs, expects, anticipates, foresees, forecasts, estimates, or other words or phrases of similar import. Such statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Please consult the company's Form 10-K for the year ending December 31, 2014 and other SEC filings for information about important risk factors affecting the company that you should consider. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We caution you, do not place undue reliance on forward-looking statements, which reflect our analysis only and speak as of today's date. We undertake no obligation to publicly update our forward-looking statements to reflect subsequent events or circumstances. You can find a reconciliation of our non-GAAP financial measures referred to in our remarks as part of our first quarter 2015 earnings press release, which is posted on our website at choicehotels.com under the Investor Information section. With that being said, I would now like to introduce Steve Joyce, President and Chief Executive Officer of Choice…

Thank you. And our first question comes from the line of Felicia Hendrix of Barclays. Your line is open. Please go ahead.

Hi. Good morning. Thank you. Stephen P. Joyce - President, Chief Executive Officer & Director: Good morning, Felicia.

Steve, first question is for you. Thank you for walking us through why your RevPAR fell a little bit short of your original guidance. You cited weather and weakness in the energy sector. When you're thinking about your forward guidance, which you reiterated, has that weakness in the energy sector been taken into consideration? And then, also, can you just talk a little bit about what you were seeing specifically there from the energy sector? Stephen P. Joyce - President, Chief Executive Officer & Director: Yeah. Sure. I guess one thing I just want to reemphasize is that our 9.5% – 9.6% RevPAR growth for the quarter was still I think essentially kind of one of the strongest results you've seen in the industry. So, despite that it was a little – a touch below what we were expecting, we still feel really good about it at absolute levels. And definitely, we factored in for the balance of this year within our range what we think is an appropriate reflection of the overall industry dynamics including the energy market dynamics. And basically, I would say more specific to Choice, if you think about the percentage of our domestic system, that specifically and what we deem kind of energy markets, in other words, energy producing markets, is somewhere around 5% – 5% to 6%, pretty small percentage, so in that single digit percentage range. So it's not as big of an impact to us as it is perhaps to some of the other brands that are out there. But overall, we really feel good about where the level of RevPAR came in on an absolute basis, a little below of what we thought it would be on the energy and the weather related concerns up in the Northeast, but feel good about what we've guided to for the balance of the year.

Okay. It sounds like it's probably more weather than energy? Stephen P. Joyce - President, Chief Executive Officer & Director: Yeah, kind of combination of both. And look, it's also tough to handicap the lower energy prices and the lower gas prices, how exactly that benefited us and the other 95% of markets that aren't energy markets, right.

Okay. Fair. Thank you. Steve, just if we could switch gears over to SkyTouch, just a few things that might be helpful to understand. First is, can you just quickly – because I'm sure this is a very much larger conversation, but if you could just quickly walk us through the decision process with prospective clients, how long does that take, and then, how long once the contract is signed does it take to implement your software? And then, the other part of the question is, on the last call, you guys talked about 2017 perhaps being a breakeven for SkyTouch; wondering if that's still intact? But my main question is, by the time, you breakeven, your company will spend just under $100 million in G&A for SkyTouch, and I was just hoping you could help us understand what's going into the roughly $20 million a year of spending there; it would be really helpful for us specifically, because most of us don't have software background, so if we could understand what that annual spending is that would be great? Thank you. Stephen P. Joyce - President, Chief Executive Officer & Director: Sure. So, time to implement, so that can vary widely. So, the independent hotels that we're signing pretty rapidly, that can happen literally in a matter of weeks. So, because this is a SaaS-based system, you're not running around installing boxes and you're not cabling. Basically, they've access to the Internet. We can turn it on almost immediately. Though the – accounts though that we're really excited about, so we talked about a 1000-room account last time that we signed initially. And so, those actually take quite a bit of time. So, that can take six months plus as you build the interfaces to their other systems. And,…

Okay. And has the sales process gotten quicker or how long is that? David L. White - Chief Financial Officer, Treasurer & Senior VP: Well, I think what we're seeing is, if you look at sales to kind of more of a – I'd call it like the Tier 2 level, more of the individual owner/operator or a small change is actually moving along very nicely, and we're pretty pleased with what we're seeing there. The Tier-1, more of the larger brand companies is, not unexpectedly and I think Steve kind of alluded to, is typically going to be a longer cycle sale. But, we're having the right dialogs with the right companies, so we feel pretty positive about the direction.

Okay. Thank you.

Thank you. And our next question comes from the line of Nikhil Bhalla of FBR. Your line is open. Please go ahead. Nikhil Bhalla - FBR Capital Markets & Co.: Yeah, hi, good morning. Good morning, Steve. Just to follow-up on the SkyTouch initiative. Do I recall correctly that I think in the last call you had mentioned signing of about 2,000 to 3,000 hotels into the system this year, and I think you just mentioned 1,500. Is that a correct number? Stephen P. Joyce - President, Chief Executive Officer & Director: Yes, kind of our target for this year was the 1,500. Nikhil Bhalla - FBR Capital Markets & Co.: Okay. But... Stephen P. Joyce - President, Chief Executive Officer & Director: I think what we've said on the call is we're expecting 2,000 to 3,000. We're pretty confident of the 1,500. It could be depending on where we end up in some of these discussions, could be higher than that. But, we're very pleased with the pace. Nikhil Bhalla - FBR Capital Markets & Co.: Got it, okay. So, 1,500 is the new number, so to speak. And just sort of as we think about 2016 and 2017, what does seem to be sort of the pace that you could expect? Do you think it will be a little bit more lumpy going forward, or do you think it will actually accelerate? Stephen P. Joyce - President, Chief Executive Officer & Director: We think it will be lumpier, because that's where we expect to land some of these larger accounts. Nikhil Bhalla - FBR Capital Markets & Co.: Okay. And just on that note, the pricing is still between $6,000 and $8,000 per hotel per year? Stephen P. Joyce - President, Chief Executive Officer & Director: That's probably a good way – that's a good way to think about it. Nikhil Bhalla - FBR Capital Markets & Co.: Okay. One final question on share buybacks. So in last quarter you did do a large share buyback. This quarter you didn't have any share buyback. Was there any specific reason for that? Stephen P. Joyce - President, Chief Executive Officer & Director: No specific reason relative to our historical practice. I mean it's always been, as you well know, kind of a very optimistic and lumpy approach on the share repurchase side of things. Nikhil Bhalla - FBR Capital Markets & Co.: Okay. That's all for me. Thank you.

Thank you. And our next question comes from the line of Thomas Allen of Morgan Stanley. Your line is open. Please go ahead. Thomas G. Allen - Morgan Stanley & Co. LLC: Hey, good morning, guys. Stephen P. Joyce - President, Chief Executive Officer & Director: Good morning. Thomas G. Allen - Morgan Stanley & Co. LLC: You gave us some interesting stats just on the number – the percentage of revenue coming through your Central Reservation System and then business coming through choice.com. But can you just talk a little bit about OTAs, what's that mix today versus in the past and how do you view both the consolidation and the new entrants in that space? Thanks. Stephen P. Joyce - President, Chief Executive Officer & Director: Yeah, thanks for the question. So the answer is, the OTA business is continuing to expand as it is for everybody else in the industry. Our approach has been to separate and divide out our business among several providers and that is working, because what's resulting in is a price reduction in the cost of those channels. And so you've seen that we were the first one to sign up with TripAdvisor. We view that as an outstanding channel that's reasonably priced and so you're going to see us pushing a lot to connect with them. The consolidation, so obviously works the other way, because we want to diversify our channels amongst very others, amongst many of them. But if you look at where we focused our efforts, TripAdvisor is the recent addition which we think is going to be very positive, because the price points are – that are there are coming down as a result of that competition. And at the same time, we are continuing to grow our relationship…

Thank you. And we have a question from the line of Steven Kent of Goldman Sachs. Your line is open. Please go ahead. Steven E. Kent - Goldman Sachs & Co.: Hi. Good morning, Steve and David. Just two questions. When you lay out your forecast for the balance of the year, what consumer drivers are you looking at given the short booking window generally for your properties? And then secondarily, you do note a pretty big pickup in construction franchise and domestic franchise growth. Are you taking share of existing operators, and also have you started to see cannibalization of either your brands or other brands? Steven E. Kent - Goldman Sachs & Co.: So on that first comment around the consumer broadly, I think look, what we typically look at as we're looking out into the future from a RevPAR perspective because you're right, our booking windows tend to be shorter than any of the other brands out there is kind of an overall view on GDP. We take a look at kind of what the prognosticators in travel see for this year, are projecting. If you look out this quarter versus last quarter, it's bit of a mixed bag. I mean, there're some things that are more positive, some things that are less positive. Corporate profits seem to be trending the right way. Again, employment rates seem to be kind of hanging in there. Obviously, energy prices hurt in the energy markets to a degree, but the other 90-plus% of hotels that are not in those energy markets we think are getting a benefit from the consumers effectively getting essentially the equivalent of tax cut. So there's a lot of different factors that we kind of take into effect in addition to what we're actually seeing, right,…

Thank you. At this time, I'm showing no further questions. I'd like to turn the call back over to Steve Joyce for any closing remarks. Stephen P. Joyce - President, Chief Executive Officer & Director: Well, thank you for joining us. Obviously, we're very enthusiastic about the results from the first quarter and where we stand for the rest of the year. That concludes our call today.