Good day, ladies and gentlemen, and welcome to the Monster Beverage Fourth Quarter and Year-End 2015 Financial Results Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session, and instructions will follow at that time. As a reminder, this conference call is being recorded. I would now like to introduce your host for today's conference, Mr. Rodney Sacks, Chairman and CEO. You may begin. Rodney Cyril Sacks - Chairman & Chief Executive Officer: Good afternoon, ladies and gentlemen, thank you for attending this call. I'm Rodney Sacks. Hilton Schlosberg, Vice Chairman and President, is with me today, as is Tom Kelly, our Senior Vice President of Finance. Before we begin, I'd like to remind listeners that certain statements made during this call may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 as amended, and Section 21E of the Securities Exchange Act of 1934 as amended, and which are based on currently available information regarding the expectations of management, with respect to revenues, profitability, future business, future events, financial performance, and trends. Management cautions that these statements are based on our current knowledge and expectations and are subject to certain risks and uncertainties, many of which are outside the control of the company that may cause actual results to differ materially from the forward-looking statements made during this call. Please refer to our filings with the Securities & Exchange Commission, including our most recent Annual Report on Form 10-K filed March 2, 2015, as well as our most recent report on Form 10-Q filed November 6, 2015, including the sections contained therein entitled Risk Factors and Forward-Looking Statements for a discussion on specific risks and uncertainties that may affect our performance. The company assumes no…

And our first question comes from Vivien Azer from Cowen. Your line is now open. Vivien Azer - Cowen & Co. LLC: Hi, thank you very much for taking the question. I have just one point of clarification. Hi. The $42.5 million impact, was that the global number or was that just international? Rodney Cyril Sacks - Chairman & Chief Executive Officer: $42.5 million I believe is (34:00) it relates to international. Hilton H. Schlosberg - Vice Chairman, President, COO, CFO & Secretary: Yes, it does. Rodney Cyril Sacks - Chairman & Chief Executive Officer: Yeah. Relates to international. Vivien Azer - Cowen & Co. LLC: That's just international. Perfect. Thank you for that. And so my bigger picture question, clearly, the underlying health of the business is just fine, and there's a lot of moving pieces in terms of this transition, but can you help give us a sense of the timeline of when we might expect some of this destocking and distributor transition disruption to abate, please? Thank you. Rodney Cyril Sacks - Chairman & Chief Executive Officer: I just want to clarify, that $42.5 million does include the impact of destocking. Yeah, which is then global. Hilton H. Schlosberg - Vice Chairman, President, COO, CFO & Secretary: Not the destocking, the buy-in. Rodney Cyril Sacks - Chairman & Chief Executive Officer: The buy-in. Sorry. It does include the buy-in. Hilton H. Schlosberg - Vice Chairman, President, COO, CFO & Secretary: It does include the $11 million from that buy-in. Rodney Cyril Sacks - Chairman & Chief Executive Officer: Yep, so I want to just clarify that. Sorry, could you repeat your follow on question? Vivien Azer - Cowen & Co. LLC: Certainly. So lots of moving pieces, underlying business remains healthy, but the disruption is clearly a…

And our next question comes from the line of Bill Chappell with SunTrust. Your line is now open.

Thanks. Quickly, two things. One, can you give us a little more behind the thought process on the size of the share repurchase? Why not more? Why this? And then, also on the AFF acquisition yesterday, can you give us a little idea, I'm just trying to understand, should we just bake in that whole $90 million of operating income that you'll receive or is there some since they were a supplier, do you not get all of that? I mean, how do we model that going forward? Hilton H. Schlosberg - Vice Chairman, President, COO, CFO & Secretary: Bill, maybe I can answer that. Hi.

Good afternoon. Hilton H. Schlosberg - Vice Chairman, President, COO, CFO & Secretary: On your first question, I think you know that we are conservative folk when it comes to borrowing, and we took a decision, and the board took a decision that we would rather maintain a cash-positive situation, hence the amount of the buyback. So the results of the buyback will mean that we will not have to go into borrowings. So that's the answer to your first question. The answer to your second question is the $87 million operating income that we discussed is the operating income in 2015. Some of the customers may, in fact, choose not to continue with the company. But we account for 87% of the company's business. And the business that we place with AFF is indeed profitable to them. So as you model, I think a good chunk of that $87 million could be taken into enhancing operating income for the consolidated organization. But as results of the other 13%, it's really too premature to say. But the number will be determined in due course.

And our next question comes from the line of Mark Astrachan with Stifel. Your line is now open. Mark S. Astrachan - Stifel, Nicolaus & Co., Inc.: Hey, good afternoon, guys. So the 9.5% gross sales in January, just want to clarify. So that includes the new Coke Concentrate acquired business, but also laps the old business, which includes the Warehouse business. Is that correct? Rodney Cyril Sacks - Chairman & Chief Executive Officer: That is correct. Mark S. Astrachan - Stifel, Nicolaus & Co., Inc.: Great. And then secondly, just trying to understand again the supply-demand reported versus, and demand metrics here, I don't get it. I mean, I understand there's moving parts here, but last quarter you killed numbers versus expectations. The June quarter was almost flat. This quarter, again, a miss relative to people's expectations. I get you don't give guidance. But, I guess, is there anything that you can help us sort of understand that makes us believe that the end demand per what we see in the scanner data in the U.S., what we hear from distributors outside of the U.S., is still consistent with how you believe your end demand is actually looking? And, obviously, then reconcile that with what you reported from a top line standpoint in the quarter. Rodney Cyril Sacks - Chairman & Chief Executive Officer: I think that you've got to look at the – and that's a very good indicator, that's why we spent time on the call dealing with the Nielsen numbers, and we've actually also referred to some of the sales-out numbers from our distributors because that is more indicative of your ongoing and sort of more stable demand for our product. So Nielsen are just – as you know is pure scanned data, and therefore, that's…

And our next question comes from the line of John Faucher with JPMorgan. Your line is now open.

Yes, thank you. Good afternoon. Rodney Cyril Sacks - Chairman & Chief Executive Officer: Good afternoon.

I want to talk a little bit about the Concentrate revenues, and Hilton, you talked about this before that the numbers that we got in the filings were pro forma numbers, but it seems as though the Concentrate numbers continue to come in a little bit lower than – well, not a little bit this quarter, a lot lower than what I would have anticipated there. Is there – is that FX? Is that volume? Is that inventory adjustments at the bottlers as you look to transition to this new model? Is there something going on in terms of the Concentrate revenues versus the pro forma numbers that we got in the filings? Thank you. Hilton H. Schlosberg - Vice Chairman, President, COO, CFO & Secretary: Well, some of it was indeed forex, as we highlighted that number on the call. Some of it was that some of the international distributors – international bottlers were, in fact, overstocked as we went into the transaction really to ensure that they would not miss a beat with regard to production. So, some of it is that. Some of it is indeed the fact that some of the KO brands have been falling off in market share, and that is something that we are addressing. We spoke earlier that we're repositioning a number of their brands – or a number of our brands. We're repackaging them, and we have a number of marketing initiatives going with regard to those brands. So a lot of it is a lot of all of that. But, in essence, I think we remain satisfied with the acquisition of the strategic brands, and we remain satisfied with the profitability that those strategic brands are generating to us relative to the purchase consideration that we paid. Rodney Cyril Sacks…

And our next question comes from the line of Nik Modi with RBC Capital Markets. Your line is now open.

Yes, thanks. Just two questions from me. On the acquisition, does this flavor supplier, are they dealing with some of these new breakthrough products that you've been discussing, the three to four new products? Just wanted to get some clarity on that. And then the bigger picture question is when you think philosophically about how you launch into a market, should we think about it in a similar template on how you handle the U.S. in terms of kind of SKU by SKU, flavor by flavor, or do you think you'll go with a much broader SKU set as you enter some of these global markets? Thanks. Rodney Cyril Sacks - Chairman & Chief Executive Officer: Just perhaps dealing with the SKU set, there isn't a one-formula-fits-all. In some countries, we'll launch with two or three flavors, but not a massive array of 10 flavors. In other countries, we'll do one or two flavors. And then obviously try and seed up our principal Green Monster, that's the flagship, that's where all our marketing around the world goes to, and get that on the shelf. And then basically expand from there as quickly or as slowly as we need in order to make sure that we're able to get our products on the shelf and they're able to sustain a satisfactory sell rate. And so that is (47:24) and that's what we've done throughout Europe and everywhere else. We started with two flavors, I think it was Green and then Lo-Carb, and then we introduced a juice, and then we introduced another. And that is how we've continued to go. In some of the Ultra flavors in Europe, we took the decision to actually introduce two or three at the same time as a line. So again, it's flexible, and it depends on where we see the demand and where we see the ability to secure shelf space for the products. Hilton H. Schlosberg - Vice Chairman, President, COO, CFO & Secretary: And then the second question – or the first question I think was is this flavor company involved in developing new flavors for us for new products? And the answer is yes. The other point I wanted to make earlier to Bill Chappell, and I'm just going to make it on the call, is that we spoke about the total net revenues of $168 million approximately from AFF. Please remember that as we go forward, a significant part of that will flow through in cost of sales and gross margin rather than in additional revenues, because on a consolidated basis, we will not reporting those sales as sales. They'll come into our financials as a reduction in cost.

This concludes Q&A for today. I would now like to turn the call back over to Mr. Sacks. Rodney Cyril Sacks - Chairman & Chief Executive Officer: Thank you very much. One of the things I would like to perhaps just stress on the call is I think there've been one or two questions that were just posed to us as to why we did the transaction now and timing and we have other things. But I just wanted to say that this was an acquisition and the strategy behind buying and getting ownership of our own flavors was something we considered very important and valuable as far back as a decade ago. And we have made approaches repeatedly, we have spent time trying to negotiate. And really it came about last year that I think the owner was approaching getting I think close to his 80th birthday, and for the first time after an approach, they decided that they were receptive, the family, to an approach. And obviously, we took the opportunity when we could. It wasn't just spur-of-the-moment. This was something we've been wanting to do for a very long time. And then, there has been some other suggestion asked whether this is – people if we could expect more acquisitions along this line. We don't think so. We're not going to say, give you an emphatic no on anything. But certainly that is not our intention to get into the flavor business or concentrate business. We're not intending to expand it. This clearly was a very strategic acquisition for a supplier of almost all of our products. And for us, we're able to lock up pretty much most of these revenues, or our revenues, as we sell. As we go forward, every additional case of Monster we…