Welcome to the Green Dot Corporation First Quarter 2015 Earnings Conference Call and Webcast. Please note this event is being recorded. I would now like to turn the conference over to Mr. Christopher Mammone, Vice President of Investor Relations for Green Dot. Please go ahead.

Thank you and good afternoon everyone. On today's call, we will discuss 2015 first quarter performance and updated thoughts regarding our 2015 outlook. Following these remarks, we will open the call for questions. For those of you that have not yet accessed the earnings press release and the slide presentation that accompanies this call and webcast, they can be found at ir.greendot.com. Additional operational data have been provided in the supplemental table within our press release. As a reminder, our comments include forward-looking statements about, among other things, our expectations regarding future results and performance. Please refer to the cautionary language in the earnings release and in Green Dot's filings with the Securities and Exchange Commission, including the 2014 Form 10-K that we filed on March 2, 2015 for additional information concerning factors that could cause actual results to differ materially from the forward-looking statements. During this call, we will make references to financial measures that do not conform to Generally Accepted Accounting Principles. This information may be calculated differently than similar non-GAAP data presented by other companies. Quantitative reconciliations of our non-GAAP financial information to their most directly comparable GAAP financial information appears in today's press release and in the appendix of the presentation that accompanies the call. The content of this call is property of Green Dot Corporation and subject to copyright protection. Now, I'd like to turn the call over to Steve. Steven W. Streit - Chairman, President & Chief Executive Officer: Thank you, Chris, and welcome everyone and let's get into the call. For the first quarter of 2015, Green Dot reported growth of 43% year-over-year in non-GAAP total operating revenues to approximately $231 million and growth of 120% in adjusted EBITDA to $83 million. Green Dot also reported $0.86 in non-GAAP diluted earnings per share,…

Thanks, Steve. My name is Mark Shifke and I've met some of you over the years at various conferences and meetings. I've been an executive at Green Dot for the past four years, with most of that time being spent as Senior Vice President of Corporate Strategy, heading up our M&A activities. In that role, I led the TPG, AccountNow and Achieve deals and arranged the loan syndicate with our partners at Bank of America Merrill Lynch and Wells Fargo to finance the TPG acquisition. Over the course of the 27-year-period prior to my joining Green Dot, I held leadership positions in investment banking, law and accounting organizations, including being a partner at Davis Polk in New York and holding senior positions at JPMorgan, Goldman Sachs and KPMG. As a bit of trivia, I was also Green Dot's second investor right after Steve and was one of Green Dot's first board members and actually served a couple of terms way back in the early days. So, I've been close to Steve and the company since the investment 15 years ago. Grace, thank you for your contribution as CFO, and I look forward to working with you in your new role. I am very pleased and honored to serve as Acting CFO, while the company works with Korn/Ferry to recruit our permanent CFO. With that, let's talk about the quarter, and in particular, how MoneyPak is affecting our world. While there are a number of moving parts to the story that we'll discuss, Green Dot clearly had a very strong quarter. In Q1, Green Dot posted $231 million in total non-GAAP revenue and $83 million of adjusted EBITDA for a margin of 36% for the consolidated enterprise and an underlying margin of 21.2% for the organic business, despite the losses from…

Thank you. As a courtesy we please ask that you limit yourself to one question and a single follow-up. If you have any further questions, you may re-enter the question queue. Our first question comes from Sanjay Sakhrani from KBW. Please go ahead. Steven W. Streit - Chairman, President & Chief Executive Officer: Pretty close. Hi, Sanjay.

...in for (22:02) Sanjay. My first question is just around the guidance, in terms of when we add it up, right, it's – the impact to the revenue side is between $27 million to $32 million, but you're lowering the guidance by like $40 million. Could you provide a break-out of what other moving parts there are? Steven W. Streit - Chairman, President & Chief Executive Officer: Right, that's actually one of the questions we thought about as we were looking at the guidance range. And the math indicated $247 million, $248 million, and in the discussion, we thought, well, let's bring it down to $240 million because it gives us an opportunity. If things go well, it will be a little bit above it, which makes sense, and at the same time, that is lower enough to reflect the more likely range of outcome. So, I don't know that when you're looking at a range like that, that it's intended to add up precisely, but that's sort of the thinking that went into it, we could have made it something like $247 million.

Got it, got it. And then, just around TPG, you mentioned that it's coming at about $7 million light. Steven W. Streit - Chairman, President & Chief Executive Officer: Yeah.

Do we have the revenues and expenses for the first quarter, where it actually came in at? Steven W. Streit - Chairman, President & Chief Executive Officer: For TPG, the answer is no. It's part of our consolidated company, it would appear, Jess, I have Jess, he's our Chief Accounting Officer. That would appear, I guess, in the Q as a division would it not or is it all part of MoneyPak?

Yeah, currently our Processing and Settlement segment, that's going to be lumped in as part of our sort of cash processing business with the Green Dot Network. Steven W. Streit - Chairman, President & Chief Executive Officer: It does. And if you want, what we can do is after the call, Chris can follow up with you and get you some of that data to the extent it is part of our disclosure.

Okay, yeah, just in terms if it would help us model out the remainder of the year given... Steven W. Streit - Chairman, President & Chief Executive Officer: Yeah, certainly for the full year, as a general rule, about 84%, 83% happens in Q1, and but we can certainly get that for you, but I'd hate to ad lib it off the top of my head.

Got, okay I'll hop back into queue with any other question, thanks. Steven W. Streit - Chairman, President & Chief Executive Officer: You bet, thank you.

Thank you. The next question comes from Ramsey El-Assal from Jefferies. Please go ahead.

Hi, guys. You may have commented this. And I just may have missed it. You gave us some good color on the organic characteristics this quarter. Did you ever a break-out for us, just the organic adjusted revenue number across the entire company, like the growth rate rather? Steven W. Streit - Chairman, President & Chief Executive Officer: We don't – but we can, Mark has that, feel free.

Sure. So when we're looking at quarter-over-quarter in terms of our organic non-GAAP revenue, it decreased 9% to $147 million for the first quarter of 2015 from $152 million for the first quarter of 2014. Steven W. Streit - Chairman, President & Chief Executive Officer: So, we're down 9% year-over-year, apple-to-apples, most of that, as you can imagine, driven by the big drop in MoneyPak reload sales.

Okay. Thanks. And then on the TPG, the $ 9 million of deferred expenses, can you comment, just give us a little more color on what that is exactly and just any comment on cadence throughout the year. I think you mentioned it was just going to come, is it going to come ratably quarter-by-quarter just for modeling purposes or is it going to be lumpier than that or anything you could... Steven W. Streit - Chairman, President & Chief Executive Officer: No, it's actually not lumpy. And Paul Farina, who is our Head of FP&A and recently promoted to a more senior position than that may want to explain it better, but I'll give you the overview, and Paul, you can nod and tell me. It's a timing issue, with the new acquisition you get together with the management team. You go through all their numbers, they're taking private company numbers, putting them into our infrastructure and trying to figure it out. And the answer is that in the model, the artifact was that we got the full year expenses right, but the timing of those expenses wrong. And we overburdened Q1 with expenses that never materialized. And we all got excited until we realized that no, they will materialize, it's just that the timing was off in the model that was created upon the acquisition. So, that's why we wanted to call it out. It's not, it's still money that will be there for the full year, but it has an effect of making the growth in Q1 look bigger, and that's why we wanted to make sure we call it out. So, for the full year, it still is what it is, but there was a timing artifact in the model.

And so, it's just general expenses, it's nothing... Steven W. Streit - Chairman, President & Chief Executive Officer: Yeah, salaries and SG&A, exactly right, yeah.

Got it. All right, thanks a lot, guys. Steven W. Streit - Chairman, President & Chief Executive Officer: Sure.

Thank you. The next question comes from George Mihalos from Credit Suisse. Please go ahead. George Mihalos - Credit Suisse Securities (USA) LLC (Broker): Great, thanks for taking my question, guys. I think you said the impact from the MoneyPak was about $12 million in the first quarter. Just wondering what trends exactly have you seen in April and I guess how much of a deterioration have you seen in April to make you sort of raise your conservatism by 50% or so for the full year? Steven W. Streit - Chairman, President & Chief Executive Officer: Well, it isn't because of April necessarily, April by the way was similar to March. It may have been slightly worse, but in the zone and seasonality, not particularly crazy one way or the other. It's really more Q1 and that is that when we put the model together George, we looked at, let's call it, portfolio behavior, the full ecosystem of all that trickles down from the sale of a reload. And then, you have the reload transaction itself. The reload transaction itself is easier to figure out, that's the number of units times $4.95, or whatever the average number is. It's way harder to figure out all the trickle-down effects of how many fees and how much interchange and all that kind of a thing. So, we guessed high, meaning we were, we put in too much in the model for portfolio effect that did not materialize in the way we thought it would, but we underestimated the transaction count. So, we didn't think there'd be $12 million, we thought it would be something less than that. So when we realized that we had that many transactions gone in the quarter, the question is uh-oh, if that now flows through and…

Thank you. The next question comes from Mike Grondahl from Piper Jaffray. Please go ahead. Steven W. Streit - Chairman, President & Chief Executive Officer: Hi, Mike. Mike J. Grondahl - Piper Jaffray & Co (Broker): Hey, guys. First question, can you break out the active card growth for the Green Dot branded card and the private label card? Steven W. Streit - Chairman, President & Chief Executive Officer: We can, so the branded division, if you will, if you think of our business slides in our slide deck, business lines, the branded side was up about 3% from memory, and guys, tell me if I'm wrong.

Yeah, that's correct. Steven W. Streit - Chairman, President & Chief Executive Officer: And the private label side was down a similar amount, I think closer to 6% and then the average was minus 2%, a little less than 2%, it was like 1.8%, something. Mike J. Grondahl - Piper Jaffray & Co (Broker): Got it, okay. Did you complete or start that roll out in the Walmart Neighborhood stores? Steven W. Streit - Chairman, President & Chief Executive Officer: It's a fabulous question and I wish I knew enough to give you that detail. The answer is Walmart builds Neighborhood stores as they build them. And when the stores get merchandized, our products are in those stores. To answer the question, Mike, fully and maybe we can get it after the call, I need to get familiar from our Walmart GM with how many stores have been built and opened and merchandized, and I don't have that at the tip of my tongue. Mike J. Grondahl - Piper Jaffray & Co (Broker): Okay. Thank you. Steven W. Streit - Chairman, President & Chief Executive Officer: You bet.

Thank you. The next question comes from Tulu Yunus from Nomura. Please go ahead.

...taking my question. Just firstly on MoneyPak going back, when do you think the MoneyPak, when did they disappear from the shelves? I know you stopped shipping them out sometime I believe in 4Q, but by...? Steven W. Streit - Chairman, President & Chief Executive Officer: Well, it was even more harsh than that. So, what we did was actually beginning in April of last year, it's been a fairly long process. They were out of all Walmart stores in April of 2014. Then we took them out of certain dollar stores towards Q4 of last year. Then they came out of other stores, and I have a roadmap that we can share later. But all the biggies were out, call it, by the end of January. And then on February 1, we literally pulled the plug. In other words, even if it was on a shelf and the customer went to buy it, it would not process, it would say invalid sale. So we actually technologically killed the product for those where it was still in the shelf by February 1. So the answer is, it was off, oh I'm going to take a guess and say 70% or 80% of all stores in January and then we technologically killed it on February 1.

Okay. But then so why is the – you lost $12 million in revenue in 1Q, a period where two months you didn't have the product at all, and in the first month, it sounds like you didn't have the product working at most stores? Steven W. Streit - Chairman, President & Chief Executive Officer: Yes.

Why can't we just sort of like, I guess, annualize that? Is it because of seasonality? I mean because your overall estimate of $60 million to $65 million is significantly higher than sort of 12 times four, right? Steven W. Streit - Chairman, President & Chief Executive Officer: Yeah, that's right. Well, if you annualize it and said, first of all, you don't have three full months, but let's say you have – it'd be hard to guess, but let's pretend it was $50 million having to be killed January 1 instead of February 1, a complete guess. You could annualize that and say, okay, well, there is a $60 million in transaction costs, right. So if you take the $12 million and annualize that, you already have $48 million, call it, $50 million to buy you some time for the one month that you were a little bit active. But that's just the transaction cost. That part's the easy part. What – and maybe I didn't explain it well enough, but you have this portfolio trickle-down effect. That's the part that's been so difficult for us to get right. The transactional part is somewhat more trivial. We can figure that out once we see the run rate, although there is a seasonality. But we know what the seasonality is over many years. So Q1 is always going to be your heaviest quarter, so not every quarter would be that heavy, but you could figure that out with a seasonal overlay and we do internally. The way harder part is, what does that mean for active cards? What does that mean on GDV for active card and therefore interchange for active cards? And does that mean there'll be fewer active cards altogether because we're selling less cards to bad guys like crooks and good people will use them because they want a card for their son or daughter or husband or wife. And so, these are all the behavioral metrics that you have to try and figure out. And then the one that's even harder than that is the cashier frankly. Some retailers, we love all of our retailers, but some have better training protocols than others. So it would not at all be uncommon in Q1, especially when we first made the change, to walk into a particular retailer, the customer knows exactly what they want to do, hey, can you swipe my card, what do you mean, swipe it? Manager aisle three, what do you mean swipe it? No, buy a MoneyPak. No, no the company said you swipe it, I don't know what that means.

Right. Steven W. Streit - Chairman, President & Chief Executive Officer: Unfortunately, that's retail, it's not pretty, but that's the nature of the game and some are better than others. And over time, as enough customers complain and figure it out, we will see that training effect moderate, but in Q1, that's a big part of it as well. So, it's somewhat of a guess. And look I'll be honest with you, as we talked about this. We thought, well, look, we can wait another quarter to lower the guidance. In other words, it's pretty early on to the year, maybe we wait another quarter to get six months of data, which would give us a little more of a reliable run rate. But the difference of transactional volume was a good 30%, 40% ahead of what we thought it would be in Q1. And the answer is holy cow, if that continues at that rate in Q2, by the time we reguide and lower the top end in Q2, we already may be in that zone. And we didn't want to get in that trap. So, it may be that we have a little bit of a hair trigger on the top end, but we don't think so. With that kind of transaction count, we know, just to your point, that just on a run rate basis, you could be 50% there, so that's already $10 million over – our high end estimate was prior. And then you figure out what is the increased trickle-down or we're saying, okay, maybe there's another $10 million to $15 million of increased trickle-down, but it may not happen exactly that way. It did not happen that way in Q1, obviously it was a pretty good quarter, but that's what we're thinking.

Got it. And if I could just sneak in one last one, you talked about private label and Greet Dot brand is doing better than you planned. Can you, have you sort of adjusted your guidance to reflect that? And if so, could you share what your revised expectations are on both of those? Thank you. Steven W. Streit - Chairman, President & Chief Executive Officer: Well, we don't guide on many – kind of one business line. It's the entire enterprise and then we guide with organic, which is a combination of all of our organic portfolios with Walmart and Green Dot. So, the guidance implies whatever performance we think we're going to have on those cards within that. I'll say this by the way. Walmart is a wonderful acquisition partner. And we sell the Greet Dot brand at Walmart. So, when we talk about the Green Dot brand versus the private label program, both are sold at Walmart. You can buy the Green Dot brand and we sell a tremendous number of Green Dot brand cards at Walmart. And it's fair to say that much of the success we've had in the Green Dot brand has been driven by Walmart, maybe at the expense of our own private label card at Walmart. So, it's all – Walmart is still an important distribution partner and you can see that when you look at total revenue concentration versus the revenue represented by the private label program contract. But in any event, it's all in the implied guidance, that mix would be in their good and bad, all portfolios.

Got it, thank you. Steven W. Streit - Chairman, President & Chief Executive Officer: You bet, thank you.

Thank you. The next question comes from Tien-tsin Huang from JPMorgan. Please go ahead. Steven W. Streit - Chairman, President & Chief Executive Officer: Tien-tsin, you would win the name annunciation of the day award.

Oh, no, I'm used to that. I don't even pay any attention to it, but thanks for that. I guess I'll start with you, on your last comment on the Walmart side. What was the actual revenue in the quarter in the concentration, and I don't think I heard any mention of GoBank. How did that do at Walmart? Steven W. Streit - Chairman, President & Chief Executive Officer: Yeah, we didn't talk about the GoBank or the other stuff because the script was so long based on all the other data about MoneyPak that we just didn't fit it in, but GoBank continued to do well. The retention continued to do well. Really, the same story as last time, that product has done well, but we wanted to do better and better and we want that product to be another channel that can help us get to that seven figure run rate. Jess or Paul, which one of you would have the total Walmart concentration for the quarter or product?

Hey, this is Mark. So, the total Walmart concentration would be 40%. But if we're looking at just MoneyCard... Steven W. Streit - Chairman, President & Chief Executive Officer: Yeah, I'm sorry, you may be right because of TPG, that's right. Okay, I was going to say that sounds very low.

When we're looking at MoneyCard, it's the 29% where we, under the 30% where we thought it would be. Steven W. Streit - Chairman, President & Chief Executive Officer: Yeah, but the total concentration he's saying is 40%, and the reason it's not the 50% I expected when he said that was because we have TPG in their guidance. So, the answer is, that will come up another quarter, okay.

Okay, that's good to have. Thank you. And then, just with my follow-up, just tax, the TPG question and also a tax rebate kind of question if you don't mind, just so the tax, the TPG shift in the channels, do you have a plan to point that to your product next year to sort of reverse that trend? And as I was picking up that question, I was wondering, was some of the difficulty in modeling MoneyPak related to tax rebates, maybe driving more historically into the MoneyPak, just trying to understand what was hard to model. No, okay. Steven W. Streit - Chairman, President & Chief Executive Officer: The MoneyPak modeling miss or what we think is going to turn out to be the modeling miss is just that we had a formula that we assumed based in part on what happened when we took MoneyPak out of Walmart of how many customers would simply move to SwIT. And that fundamental model was low. In other words, we assume, let's pretend that X percent would go to SwIT, and in fact X minus some percent went to SwIT. So that's the fundamental miss there and it wouldn't have anything to do with tax refunds. On the TPG side, so I'm not sure it's a trend. And to prepare for the earnings call, I spoke with our CEO there, a great guy, Bill Maher. And I said Bill, tell me about this, because what we're saying, it's a shift from your franchise higher-margin players, if you will, or net margin into online or digital which has lower margins and that's the channel mix that we saw. Is it a trend? Is it a one-time event? Their view is it's not a trend, it's just what happens year-to-year, season-to-season, sometimes…

It does. Thank you, Steve.

Thank you. The next question comes from Smitti Srethapramote from Morgan Stanley. Please go ahead. Smittipon Srethapramote - Morgan Stanley & Co. LLC: Steve, I think my name beats Tien-tsin's. Steven W. Streit - Chairman, President & Chief Executive Officer: Operator, if you're listening by the way, it's meant to be a humor and it's very tough, I would have just as tough of a time. But go ahead, Smitti. Smittipon Srethapramote - Morgan Stanley & Co. LLC: Sure. So, first question is, can you help us quantify the cost synergies from the acquisitions, where they're coming from and also help us understand the – you're able to maintain guidance, can you help us understand where the upside to EBITDA and EPS are coming from, if you can help it? Steven W. Streit - Chairman, President & Chief Executive Officer: Yeah, what was the first question? I couldn't hear what he said, what's the guidance – where the cost synergies come from? Yeah, so let me answer the first one first. The cost synergies come from all the things that Green Dot, well, I'll call, the mother ship does so well. We're just such a high scale player in terms of things like call center and IVR and increasingly software development and risk and loss management and regulatory oversight, and all the things you need to do in States to sell financial products. So think about that whole, what I call, the belly of the beast, the widget factory. And we do that at such high scale and not to sound overly proud of our company, but we do it so well in terms of the quality scores and the way we do the training of our employees in call center and at risk. We really are best-of-class operator in…

Thank you. The next question comes from Ashwin Shirvaikar from Citibank. Please go ahead.

Thank you. Hey, guys, so midpoint-to-midpoint, you lowered revs by $30 million, that's great. I guess a point of clarification, was the revenue contribution from the two prepaid managers, program managers already included in your prior guidance? Just want to make sure. Steven W. Streit - Chairman, President & Chief Executive Officer: Yes, so AccountNow and Achieve were part of this year's guidance, that's correct. Yeah, I mean – and that's why we try to give the little roadmap to that so you can see about $32 million, $7 million on the miss on TPG for full year and the potential additional impact of $25 million on MoneyPak, those together are $32 million. And that's the delta that we're trying to guide down to. We've padded the top end a little bit with another $8 million because it felt good, but that's how we did the math, that's right.

Okay. And with regards to the MoneyPak product, as you were taking it out of various stores over the course of last year, were you already seeing some sort of a downstream impact that could have helped you in the analysis to your – I'm trying to figure it out, I mean clearly, you've given yourselves some breathing room here. But I'm trying to figure out sort of the level of confidence if that...? Steven W. Streit - Chairman, President & Chief Executive Officer: Oh gosh, look, I'm trying to think about how to describe it. I think it's fair to say that we've struggled on guiding MoneyPak. To have this kind of a miss or this kind of an increase in the estimate after one quarter would be a fairly good indication that our prognostication isn't exactly going to win the FP&A award of the year. So, I think it's – we have to go back and say, well look, how the hell did that happen? What did we do to figure that out? You go to look at all the analysis. And the core analysis of it, because it's not scientific, you're trying to understand cashier behavior, customer behavior, how much is really fraud, how much is, really to the honest, mom and dad trying to buy a card for their kid in school? You don't know. And so, it's honest guesses and we have actually multiple teams of people in FP&A running their own analysis to see who, I know we chose the highest one which is $40 million of the three analyses that were done. But at the end of the day, it wasn't enough and to make sure not that we're overly cautious now, but the number of transactions I think, if you were to…

Understood. Thank you for that, appreciate it.

Thank you. The next question comes from Andrew Jeffrey from SunTrust. Please go ahead.

Hi guys, thanks for taking the question. Steven W. Streit - Chairman, President & Chief Executive Officer: Sure, you bet.

Steve, as I think about the knock-on effects from the discontinuation of MoneyPak, how have you thought sort of holistically about whether or not there are or were Green Dot customers who were really using MoneyPak solely for sort of that anonymous load, the quasi-cash functionality of the product and may never come back and ultimately create sort of a, perhaps a structural change in the growth profile of the business? In other words, when we lap this MoneyPak... Steven W. Streit - Chairman, President & Chief Executive Officer: Yeah.

...discontinuation, could there continue to be this trickle-off effect, if you will? Steven W. Streit - Chairman, President & Chief Executive Officer: Well, no, you level out. But to your point, Andrew, we fully believe that there's, and that's why we killed the product, that there's some level of nonsense and mischief in the portfolio. And by the way, that would be, as you know, not just with Green Dot, every bank has fraud, every bank. I don't care who you are and what you are. And every prepaid company has it. I think what maybe is a little bit different about Green Dot is because we're the only bank in the industry directly regulated by the Federal Reserve and because as an individual, I have a somewhat conservative view on these kinds of issues, regulatory issues, governance issues, so we tend to run on the more conservative side. As we've always been, as you know by following the company, very, very strict on fraud controls. Way back before anyone talked about tax fraud and anything else, we were on these earnings calls as far back as 2012, talking about new risk controls and new methods of out-of-wallet identity verification. It's a neurotic question, but why is Green Dot doing that? Nobody else is doing that, well now they are. They're going to need to, right. And we've always sort of been on the cutting edge of that. And so we did believe and do believe that some amount of our active cards and some amount of MoneyPak sales were there in ways that we don't want them to be there. We want them out of our company. And this is what I said in my prepared remarks. It may be that at the end of the day, you're a…

Okay. And one quick follow-up, I noticed that some of the historical metrics, card metrics, cash transfer metrics, et cetera, were restated. What's going on with that? Steven W. Streit - Chairman, President & Chief Executive Officer: That, I don't know what that means. Jess, can you restate it what way, Andrew?

(1:01:34). Steven W. Streit - Chairman, President & Chief Executive Officer: Oh, you're talking about key metrics yeah, because we bought companies and bought portfolios and so, so you can't, in other words, we're no longer just a prepaid company. So you have to sort of include now GoBank, which hadn't been included before, and that now has legitimate GDV. We now have an ever-increasing gift card portfolio that we now need to sweep in or should sweep in to give the size of a full network. And then what we did for the GDV at PPG, a lot of initials here, that is large GDV, we did not include that because that's really not consistent with the card portfolio. So that we're keeping separate as a transaction metric. But the explanation should be fairly obvious and logical to our investors. And I would assume it is to you too, but was there a question about one of them that did not seem logical?

No, just to clarify, you just pro formaed the historicals... Steven W. Streit - Chairman, President & Chief Executive Officer: Yeah, and then what you do is you change the prior period to make sure that investors can see the apple-to-apple comparison. That's exactly right.

Thank you. Steven W. Streit - Chairman, President & Chief Executive Officer: Thank you. I think operator, that does it unless my screen is wrong and – is there anyone else?

No, at this time, we're showing no further questions. Steven W. Streit - Chairman, President & Chief Executive Officer: Okay, well thank you for your time today on the call. I know there was a lot of data and lot to share, but we wanted to give you a good crisp review. Thank you, Mark, and you did a fabulous job today and thank you everybody for listening. And we'll see once you, I'm sure, on the conference circuit shortly.