Good day and welcome to the KAR Auction Services, Inc. Q4 and Full-Year 2015 Earnings Conference Call. Today's conference is being recorded. Later, we will conduct a question-and-answer session. At this time, I would like to turn the conference over to Jonathan Peisner, Treasurer and VP, Investor Relations. Please go ahead.

Thanks, Cassandra. Good morning, and thank you for joining us today for the KAR Auction Services fourth quarter 2015 earnings conference call. Today, we will discuss the financial performance of KAR Auction Services for the quarter ended December 31, 2015. After concluding our commentary, we will take questions from participants. Before Jim kicks off our discussion, I would like to remind you that this conference call contains forward-looking statements within the meaning of the Safe Harbor provision of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties that may affect KAR's business prospects and results of operations, and such risks are fully detailed in our SEC filings. In providing forward-looking statements, the company expressly disclaims any obligation to update these statements. Lastly, let me mention that throughout this conference call, we will be referencing both GAAP and non-GAAP financial measures. Reconciliations of the non-GAAP financial measures to the applicable GAAP financial measures can be found in the press release that we issued yesterday, which is also available in the Investor Relations section of our website. Now, I'd like to turn this call over to KAR Auction Services' CEO, Jim Hallett. Jim? James P. Hallett - Chairman & Chief Executive Officer: Great. Thank you, Jon, and good morning, ladies and gentlemen and welcome to our call. Just want to outline a few things I'm going to talk about today, and then we'll get down to business. I want to talk about our 2015 results. I want to provide you with 2016 guidance. I want to speak about capital allocation, including an acquisition that we announced last night that I'm absolutely ecstatic about, and then talk about some longer term trends that we see going on within our businesses. And then finally…

Thank you. And we'll go first to Ryan Brinkman of JPMorgan.

Great. Thanks for taking my question. Firstly, congrats on Brasher's. My understanding is that they were seen as unlikely sellers, that they have an established presence and high share in the markets that they serve and therefore, could be a great geographical tuck-in. Firstly, is that understanding correct? And then secondly, if it is, does that mean that there likely wouldn't be as many cost synergies because maybe you don't have so many yards in the areas where they operate? And if so, were the synergies that Jim was talking about maybe more on the revenue side? Can you provide any color there? And then does it mean anything for AFC? Any opportunity for AFC? James P. Hallett - Chairman & Chief Executive Officer: Yeah. Ryan, I think your assessment of the opportunity is spot on. It is a great acquisition. It is in a geography that we're currently not in. Again, very strong organization and as I've said, very highly respected family by our customers, regarded for their customer service levels. I would tell you that some of those synergies that I talk about are going to be revenue synergies, but not to say that there won't be some efficiency opportunities. And in terms of AFC, as I mentioned in my commentary, absolutely an opportunity for AFC. Not to say that AFC doesn't have dealers in these markets or possibly have transacted at some of these auctions, but now this gives us a presence. As you know, we locate our AFC offices within an auction whenever possible. So, as we're able to put these as we say boots on the ground, integrate those offices, we think this is an exceptional opportunity for AFC.

Okay. Great. Thanks. And then just on IAA, too, EBITDA's been very strong there, maybe better than we would ordinarily expect, just given the stronger dollar and softer scrap metal prices. So, can you say if you're passing on higher fees that's offsetting the impact or is it more just the really strong volume giving you good expense leverage? And just lastly on IAA, too, the volume is up 16%, that's pretty huge. Copart said on their last call that they've gained a big customer win. Should we start to see the volume gains moderate? Does that impact you? And if so, how should we think about the cadence of any tapering? James P. Hallett - Chairman & Chief Executive Officer: So, Ryan. First point is I would say that the performance at IAA is primarily driven by the volume increases. And then in regards to customers, bottom line is there is wins and losses. And there is always RFPs that are going to come and go, and we're going to win some, we're going to lose some. But things I would point to and ask you to focus on is I would ask you to focus on our performance. And when you take a look at our performance year-over-year and the volume increase that we've demonstrated, I would think that would point to we're winning more than we're losing.

Yep. Okay. Thanks a lot. James P. Hallett - Chairman & Chief Executive Officer: You're welcome.

And we'll go next to Elizabeth Suzuki of Bank of America.

Good morning. James P. Hallett - Chairman & Chief Executive Officer: Good morning. Eric M. Loughmiller - Chief Financial Officer & Executive Vice President: Good morning.

How did commercial consignment trend throughout the year and was the fourth quarter weakness just a short-term issue, supply constraint? And what should we think about as the outlook for commercial consignment in 2016 once we get past like a first quarter correction that you mentioned? Eric M. Loughmiller - Chief Financial Officer & Executive Vice President: Thanks, Liz. I'll start and then Jim will probably add something. It was a fall off in the fourth quarter with a 3% increase in commercial consignment after double digit increase in the third quarter, little weaker in the first quarter, strength second, but third quarter was the strongest. And really, as I mentioned, it wasn't a lack of supply. It's really the consignors and it's predominantly going to be the OEMs and the captive finance companies, you had the cars coming back. They were selling aggressively on the upstream or the private label site which was up 32% for the quarter. But as it got to the physical auction, the cars are on the ground. They did the work to improve the quality of the vehicle which is the ancillary services. And while we don't discuss a specific inventory number at ADESA, those cars are building up and we're seeing, as if you visit one of our sites, you'll see a lot of cars on the ground even right now. James P. Hallett - Chairman & Chief Executive Officer: Yeah. And the only thing that I would add to that is there's the impact of the holidays that could be slowing down, pushing these cars to the channel. And then I would just finish off by saying, I don't believe that this points to a trend. I believe there's an anomaly that took place in the quarter. And I think what we need to do is we need to look at what takes place here in the first quarter of the year, and into 2016, I think you'll see that volumes will get physical auction. Eric M. Loughmiller - Chief Financial Officer & Executive Vice President: And in previous calls, we've talked about the trends in lease originations from three years ago. The originations that are due to mature or expire in 2016 are at least half a million greater than the volume we had maturing or expiring in 2015. And I've seen some articles that get that number even higher than that, maybe as much as 800,000 more. So, there's no indication that there's going to be any tapering of the commercial volumes in our opinion. We expect a very good year in that part of our business.

Okay. Thanks. That's really helpful. And since it seems like the market is very concerned about another downturn in the U.S. cycle, can you just talk about what happened at ADESA in the last downturn because it seems like your worst year for growth which is 2011 only had about a 5% year-over-year decline in revenue. So, I'm curious if you can break out how much of that decline was organic versus acquisitions and what the worst case scenario would be. Eric M. Loughmiller - Chief Financial Officer & Executive Vice President: Well. And again, Liz, as you focus on ADESA or do you want to focus on consolidated?

I was just looking at ADESA specifically. Eric M. Loughmiller - Chief Financial Officer & Executive Vice President: Okay. So, at ADESA 2011, we had done our last acquisition of a physical auction property in August of 2008. And we put a moratorium as we were conserving capital back in that period of time. So really, what you saw is the fact that we have, as Jim has mentioned, great visibility. And the visibility is created because when there's that softening in the new car space or the retail sector, it takes two years to three years before it hits the wholesale used car market because you've got all that activity that is really derived from events that occurred two years, three years earlier. And so, we prepare for that. And as you do that, we invested in the dealer consignment sales force. We really went after other segments of the market. And I'll turn it to Jim and he can maybe talk about the multiple levers in the businesses. There's multiple segments for us to attract volume. James P. Hallett - Chairman & Chief Executive Officer: Yeah. I think Eric has mentioned the good part of it here. I think we recognize that commercial volumes were going to fall. But we also recognize that was going to take a few years to run off these commercial volumes before they hit the low in 2011 and 2012. And we focused on building a dealer consignment team. And our dealer consignment team ramped up to over 300 people in the field, totally focused on working on getting more dealer consignment. And we took our dealer consignment from 25% of our business as a low, up to currently above 50% of our business. So that was the major offset, was trying to…

Great. That's encouraging. Thank you. James P. Hallett - Chairman & Chief Executive Officer: You're welcome.

And we'll go next to John Healy of Northcoast Research.

Thank you. Jim and Eric, I just kind of wanted to ask you kind of a bigger picture question. When you look at kind of the off-lease supply that's coming into the market and you look at kind of the areas of the retail side of the business that is absorbing this side of the business, one of the things that we've noticed is just how that's fueling the growth in the certified pre-owned market. And if you look at some of the trends there, it seems like growth there is kind of leveling off a little bit. Do you guys see that leveling off? And if that does level off, I mean is that kind of a canary in the coal mines to you, guys, that, hey, these vehicles are now going to end up at the physical lanes because the franchise dealer base just simply isn't large enough to absorb all of these units? Curious to get your kind of thoughts on kind of how that hinges together in the industry. James P. Hallett - Chairman & Chief Executive Officer: Yeah. John, I do see it stabilizing or leveling off and I do see more of these vehicles going through the channels and getting to the independent dealer. And I think if that happens, Eric, what were you going to say? Eric M. Loughmiller - Chief Financial Officer & Executive Vice President: Yes. I mean John, I think you summed it up very well, but the car is going to sell. The car is going to go somewhere in the wholesale marketplace to some dealer who can retail the vehicle at the right price. And I think what we're focused on is the economic variables. You've got supply, you've got demand, but you have not price. And I do think we're seeing in the marketplace the used car values of those late model CPO vehicles is coming down, right, and the dealers are less focused on saying, hey, I can't get the premium. So, I'll turn it back to Jim. James P. Hallett - Chairman & Chief Executive Officer: Yeah. Eric M. Loughmiller - Chief Financial Officer & Executive Vice President: But I think that's really where the independent dealer comes in because that's the best car on their lot, not the used car on the new car dealer lot. Right, Jim? James P. Hallett - Chairman & Chief Executive Officer: No question and I was going to add that. We know that they've whittled down the population of franchise dealers. It's franchise dealers that are primarily buying these cars for CPO purposes. They're not adding any more franchise dealers. So, that population is not growing. So, at some point in time, when they have enough supply that these vehicles have to get released to the open market and give the independents an opportunity to buy those vehicles.

Got you. And Eric, I want to ask a little bit about the loan loss movement on AFC. I know you've talked about it going up a bit. I was hoping you could give us a little bit more color on kind of your expectations on this, if there was a couple of customers where you had some write-offs. But if memory serves me right, I thought you guys lowered your reserve in the third quarter. So, is this simply kind of things catching up as you'd originally expected a quarter or so ago? I'm just trying to understand that. Eric M. Loughmiller - Chief Financial Officer & Executive Vice President: No, John. We've actually been increasing the reserve every quarter this year. What was down was the provision for loan losses and that's just the timing. What happens is the write-offs run through our provision for loan losses. And that's going to be due to the timing of when the dealers are going in and out of the business, right? And so, there was – and also, the recording of recoveries. I mentioned we had low recoveries in the fourth quarter, higher recoveries in the third quarter that nets the number down. So, we're not seeing a trend that would tell us over the course of a year, you'll see major change. That's why I highlighted the $16 million number. But again, the timing can be – and it's not unusual to have a little bit more bad debt at the end of the year. And it's also – I'm not predicting anything, but it's also not unusual to have a little less at the beginning of the year because that's the strong used car retail season and the dealers just don't run into their struggles until later in the year.

Got you. And then, just one final question. There's been some headlines in the space about General Motors and their kind of entrance into this kind of preferred collection where they're trying to move units maybe directly to the consumer that come out of the lease or the rental channel. Can you guys talk about if that's something maybe you're helping them with or that's a competitor or just kind of your initial thoughts on that product? James P. Hallett - Chairman & Chief Executive Officer: Yeah. A couple of thoughts there is – number one is that's very much in its infancy, so, it's just getting announced and just getting started. Secondly, I would say to you our job is not to try and direct the car or direct the customer to any one particular channel, and we're going to sell cars whatever way the customer wants to get them sold, and yes, we are very much involved in the process with General Motors of facilitating these transactions, and we will be getting fees when those transactions take place.

Great. Thank you, guys. James P. Hallett - Chairman & Chief Executive Officer: You're welcome. Eric M. Loughmiller - Chief Financial Officer & Executive Vice President: Thank you.

And we'll go next to Tony Cristello of BB&T Capital Markets. Anthony F. Cristello - BB&T Capital Markets: Thank you. Good morning. James P. Hallett - Chairman & Chief Executive Officer: Good morning, Tony. Eric M. Loughmiller - Chief Financial Officer & Executive Vice President: Good morning. Anthony F. Cristello - BB&T Capital Markets: First question, I think your earlier remarks, Jim, you talked about some of the industry trends and low gas prices, miles driven, and what's going on with the average age of the vehicle as it pertains to the IAA side of the business, and I'm just wondering (40:06) where we continue to see outsized volume growth because the age of the fleet is going to lead to potentially even a greater number of total losses. And if that's true, when you look at your business and the ability to potentially leverage or take advantage of that volume, where are sort of a key point that you'd say, hey, we think this is going to be really good for the business because of yard side or levers on fleet of movement of vehicles and those type of things? James P. Hallett - Chairman & Chief Executive Officer: Yeah. Tony, I think the one thing that I would point to immediately is what we've always referred to as the differentiator in our business model and that's our hybrid methodology, the fact that we offer every car in an online venue, as well as the physical venue, and as a result of that we feel that not only do we attract more eyeballs, but we also feel that we drive higher resale or we drive higher return on these cars as well. Eric, do you want to add that? Eric M. Loughmiller - Chief Financial Officer & Executive Vice…

And we'll go next to Matthew Fassler of Goldman Sachs. Matthew J. Fassler - Goldman Sachs & Co.: Thanks a lot, and good morning. James P. Hallett - Chairman & Chief Executive Officer: Good morning, Matt. Matthew J. Fassler - Goldman Sachs & Co.: My first question relates to the acquisition. As we model that, I know it's primarily an auction business, but it also is a floor planning business. How much of that EBITDA number that you disclosed relates to the finance business versus the auction business, so that we can model it out appropriately? Eric M. Loughmiller - Chief Financial Officer & Executive Vice President: Again, we've not disclosed the component, but I can tell you relative to the 2016 number in our guidance, there is a very modest amount for the floor plan business. Because within the details of that, we did not acquire the book as of the closing date. We are not planning to acquire that. So, there'll be a runoff and we'll fill it back up. So, it's not a significant component of the $25 million. It is a component but not significant, Tony (sic) [Matt]. Matthew J. Fassler - Goldman Sachs & Co.: With the profit mix, if we were to say, for example, take IAA out of your business, would the profit mix be similar to what it is for KAR or would it be a different kind of number? Eric M. Loughmiller - Chief Financial Officer & Executive Vice President: Matt, ask again. I... Matthew J. Fassler - Goldman Sachs & Co.: I guess, if you were to think about the mix of the contribution of credit, would it be similar to what you all have if you were to take your salvage business out of your P&L thinking about the…

And we'll go next to Bret Jordan of Jefferies LLC.

Hi. Good morning. James P. Hallett - Chairman & Chief Executive Officer: Good morning, Bret. Eric M. Loughmiller - Chief Financial Officer & Executive Vice President: Good morning.

Question on Brasher's, I guess if you look at the mix of their business and its online versus physical and maybe revenue per unit, how does it stack up to your ADESA? And is there an ability to leverage maybe some of your online efforts against their volumes? James P. Hallett - Chairman & Chief Executive Officer: Yeah, Bret. We believe there is – independents tend to sell a little bit less online than what the change do, not a huge gap, but a little bit less. So, we do see an opportunity to increase our online buyer activity there. And what was... Eric M. Loughmiller - Chief Financial Officer & Executive Vice President: And on revenue per unit, if you just take what we gave you, there is finance income. They're a little bit below us, but they had a pretty strong revenue per unit. I think we can add some additional services that Jim mentioned. Some of the logistics we do in CarsArrive and High Tech Locksmiths would be new services in their market. So there's opportunity on the upside, but it's not a huge difference relative to what we see at our physical auction. James P. Hallett - Chairman & Chief Executive Officer: Yeah. Overall, I think I – well, I did state earlier that number one is the mix is very comparable. And there isn't really a major gap in either revenue per car or the number of online vehicles sold, somewhat, but nothing that we don't think we can't bring up to our levels in a very short time period.

Okay. And then on ADESA's incremental margins, you've got that negative impacts from the higher ancillary mix. Is there a tipping point where the volumes can offset what's going to be a year-over-year drag from higher ancillary? I mean, can we pick up, if we've got another 0.5 million units coming off lease this year. Are we going to see that margin gap close year-over-year despite the physical ancillary services? Eric M. Loughmiller - Chief Financial Officer & Executive Vice President: Yeah. Bret, what I was focused on is the fourth quarter always has higher revenue per unit and lower margin. And I gave you the incremental margin, last year was 29%, the lowest of the year. Yes, we're not pleased that it was more like 24% this year, but it would have been lower than what we'd experienced all year. And so I just – I think the business will take care of itself. You go to the first quarter and second quarter, there's just a lot more volume. There's a lot more auction revenue. The revenue mix as well as the margin mix is much more consistent as you get into the season of the wholesale used car marketplace.

Okay. Eric M. Loughmiller - Chief Financial Officer & Executive Vice President: Does that answer your question?

Yes, it does. Then one last question. You said you've signs of return in Canada, and I guess maybe you could give us a feeling for what's giving you that impression that the Canadian market is turning. That will be great. James P. Hallett - Chairman & Chief Executive Officer: Yeah. There's no question that we've talked in the past that Canada as we went into the recession certainly lagged the U.S. coming out of the recession. We've seen an improvement in new car sales in Canada. We've seen absolutely an improvement in the number of vehicles that are being leased. I think if my memory serves me correctly, Canada reported record sales of new car sales last year of $1.9 million, and again, a very high percentage of those cars are being leased cars would start to fill the pipe for the out-years.

Okay. Great. Thank you. James P. Hallett - Chairman & Chief Executive Officer: You're welcome. Eric M. Loughmiller - Chief Financial Officer & Executive Vice President: Thank you, Bret. And Cassandra, I know we only have five minutes scheduled, so we'll try to move quickly through the last questions. I know there's a number waiting in the queue.

And we'll go to Bob Labick of CJS Securities.

Good morning. James P. Hallett - Chairman & Chief Executive Officer: Good morning, Bob. Eric M. Loughmiller - Chief Financial Officer & Executive Vice President: Good morning, Bob.

Hi. Just maybe a little bit background. How long have you been speaking with Brasher's and what prompted them to ultimately sell now? And are there other similar-size independent auctions out there, or are they one of the biggest ones that was left? James P. Hallett - Chairman & Chief Executive Officer: Well, I can tell you, Bob, I've been speaking with Brasher's for 20 years. As a matter of fact, I told the folks the other day that when I attended my first National Auto Auction Conference, I rode a shuttle bus from the airport to the hotel with Larry Brasher. So, that goes back 20 years. But the long story of this story is we continue to talk with these independents on a regular basis. We see them at conferences, and we see them at events, and we have some initiatives that we work on in the industry together. And so it's been a longstanding relationship, not only with myself but maybe more so with some other folks in our organization. And then secondly, I would say that we've always maintained that there's probably five to 10 really what I would call plum opportunities, although we may have captured the biggest plum here. But there's really five to 10 opportunities out there that if they became available and we could get these done at the multiples that we've maintained discipline around, then we'd be very much interested in acquiring those in the market that I'm talking about.

Okay. Great. And then I know – just to be quick, on IAA, you've talked about the favorable outlook for sellers and buyers in 2023, many years ahead of growth (54:01). Could you just clarify, do you have enough capacity in your existing footprint or do you need to make acquisitions at IAA as well or can you grow your existing footprint without acquisitions? How are you planning on getting ready for all the volumes over the next five years? Eric M. Loughmiller - Chief Financial Officer & Executive Vice President: Bob, good question. We're always looking for property and the ability to add property. And we have done some small acquisitions where there's an independent out there that has land and it's the best way to get to the land or we may just enter into a lease. But those acquisitions are more focused on the property. But again, we continue – we have a real estate group that's never finished with their job. They're always looking for opportunities to get more places to park wrecked cars in the markets where the wrecked cars are increasing in number. So, we don't see any limitation. At the same time, we don't have excess land, so you're constantly looking at it.

Great. Thank you very much. James P. Hallett - Chairman & Chief Executive Officer: You're welcome.

And we'll go next to Shreyas Patil of Credit Suisse. Shreyas Patil - Credit Suisse Securities (USA) LLC (Broker): Hey. Thanks, guys. James P. Hallett - Chairman & Chief Executive Officer: Good morning, Shreyas. Shreyas Patil - Credit Suisse Securities (USA) LLC (Broker): I just have a couple of quick questions. I just wanted to confirm, so the guidance that you've given, that doesn't include the Chicago Greenfield, right, like that's coming on I think later in 2016? Eric M. Loughmiller - Chief Financial Officer & Executive Vice President: No, that would be the Chicago Greenfield. We've anticipated the start date and that's in – the impact of that is included in our guidance. And we've mentioned before, it can take anywhere from 12 months to 24 months to reach positive cash flow at a new site. And that's been contemplated in our guidance. Shreyas Patil - Credit Suisse Securities (USA) LLC (Broker): Okay. So, there is an EBITDA contribution from that? Eric M. Loughmiller - Chief Financial Officer & Executive Vice President: There is an EBITDA impact. And again, early on, there is more cost than there is revenue as you build it. So, without getting into details, the impact is in your guidance. Shreyas Patil - Credit Suisse Securities (USA) LLC (Broker): Okay. And then I may have missed this. But what was your free cash flow in 2015? Eric M. Loughmiller - Chief Financial Officer & Executive Vice President: $338 million. Shreyas Patil - Credit Suisse Securities (USA) LLC (Broker): And then just lastly, I just wanted to come back to the GM comments that you were talking about earlier. So, it does sound like these vehicles are going through your site, which is I think is a good thing. But I'm wondering if GM starts reselling…

And we'll go next to Ben Bienvenu of Stephens, Inc.

Yeah. Thanks. Good morning. Thanks for taking my questions. Eric M. Loughmiller - Chief Financial Officer & Executive Vice President: Good morning. James P. Hallett - Chairman & Chief Executive Officer: Good morning.

So, looking at the IAA segment, the strong unit growth there of 16%, how much of that would be what you would characterize as same-store unit sales or would we think all of it as same-store or same site? Eric M. Loughmiller - Chief Financial Officer & Executive Vice President: No. For IAA, the same-store growth for the quarter was 9% and for the year was 8%.

Okay. Great. And then one last one on Brasher's. You said that you expect to achieve some revenue synergies. Are there any one-time costs that you have to put to work to enhance capabilities there? Are there any dissynergies initially that you expect to incur? James P. Hallett - Chairman & Chief Executive Officer: Quite frankly, I'd say to you, you know what, I just think the ink just got dry in the contract from getting signed last night prior to the market closing. And I believe that as we work through a lot of diligence as we work through more of a diligence, complete our diligence and we get more involved with the management teams there, I think we'll identify what some of the real opportunities are going forward. But I think it's a little bit early to really state what we think could be done on a one-time basis.

Okay. Fair enough. Thanks. Good luck. Eric M. Loughmiller - Chief Financial Officer & Executive Vice President: Thank you.

And we'll go next to Bill Armstrong of C.L. King & Associates. James P. Hallett - Chairman & Chief Executive Officer: Hi, Bill. William R. Armstrong - C.L. King & Associates, Inc.: Good morning, Jim. Good morning, Eric. Eric M. Loughmiller - Chief Financial Officer & Executive Vice President: Good morning, Bill. Before you start, Ben asked a question and I actually have a sheet in front of me. The volume growth same-store was actually 14% for the quarter and 13% year-to-date. I gave the revenue growth number. I apologize. I wanted to clarify that. James P. Hallett - Chairman & Chief Executive Officer: Okay. Now, it's your turn. William R. Armstrong - C.L. King & Associates, Inc.: Okay. Great. On Insurance Auto Auctions, you might – I think I heard you say in your opening comments that you expect the revenue per vehicle or average selling prices to start to stabilize in 2016 versus the declines that we've been seeing. Did I get that right? And if so, what will drive that? James P. Hallett - Chairman & Chief Executive Officer: Well, yeah, I think I said that we expect pretty much what you see. We think that when you consider the drivers of that business and what's going on with foreign currency and what's going on with commodity prices, we think it's kind of hit a level where it's going to be stable. We're going to be able to maintain that level. Don't think it's going to get a lot worse. And I think my comment was what you see is probably what you get going forward. Eric M. Loughmiller - Chief Financial Officer & Executive Vice President: And Bill, let me add, it was the second half of the first quarter last year when scrap prices fell…

And there are no further questions from the phone lines. At this time, I will turn the call back to KAR CEO, Jim Hallett for any additional or closing remarks. James P. Hallett - Chairman & Chief Executive Officer: Okay. Thank you, Cassandra. And I just want to say thank you to the folks that have been on the phone. Again, we believe it's a good story and a good performance and we believe going forward we're going to be able to deliver on the projections that we pointed out here. And I would say thank you for your continued interest and investment in our company. And have a great day. Thank you.

And that concludes our conference for today. We thank you for your participation and you may now disconnect.