Good morning. My name is Jessica and I will be your conference facilitator today. Today's call is being recorded. At this time, I'd like to welcome everyone to the Regis Corporation's Fiscal 2015 Third Quarter Earnings Call. All lines have been placed on mute to prevent any background noise. If anyone has not received a copy of today's press release, please call Regis Corporation at 952-806-2154 and a copy will be faxed to you immediately. If you wish to access the replay for this call, you may do so by dialing 1-888-203-1112, access code 6115573. The replay will be available 60 minutes after the conclusion of today's call. I would like to remind everyone that to the extent the company's statement or comments this morning represent forward-looking statements, I refer you to the risk factors and other cautionary factors in today's news release as well as the company's SEC filings. Reconciliation to non-GAAP financial measures mentioned in the following presentation as well as others can be found on their website at www.regiscorp.com. Speaking today will be Dan Hanrahan, Chief Executive Officer; and Steve Spiegel, Chief Financial Officer. After management has completed its review of the quarter, we will open the call for questions. I'd now like to turn the call over to Mr. Hanrahan for his comments. Dan, you may begin. Daniel J. Hanrahan - Chief Executive Officer & Director: Thank you, Jessica. Good morning, everyone, and thank you for joining us today. With me today are Steve Spiegel, our Executive Vice President and Chief Financial Officer; Eric Bakken, our Executive Vice President and Chief Administrative Officer; and Mark Fosland, our Senior Vice President of Finance. Before discuss our third quarter performance, I'd like you to know that today is Stylist Appreciation Day at Regis and I would like to…

Thank you, Dan and Steve. The question-and-answer session will begin at this time. We'll take our first question from Jeff Stein with Northcoast Research.

Good morning guys. Just two questions real quickly. First of all Dan in your released you talked a lot about leadership development training and I'm just kind of curious how we should think about the impact this is going to have on your cost structure on a go forward basis? And secondly just taking a look at your comp-store sales by division, MasterCuts kind of jumps off the page as an underperformer as well as your Regis division. Since MasterCuts is kind of a value-based business, why do you think they are lagging so far behind Supercuts and what do you think – or what corrective measures do you think need to be taken to narrow the performance gap between your mall-based salons and the rest of the company? Thank you. Daniel J. Hanrahan - Chief Executive Officer & Director: Thanks Jeff. I'll start with the leadership development, training and the cost structure. We've been very careful that you heard Steve talk about in his comments to make sure that we manage all of our investments, whether they're capital investments, or they're investments that pass through our P&L very, very careful. And if you take a step back and you look at what we've done over the last few years and go back to 2011 and look at where G&A is today. G&A is down – corporate G&A – G&A is down about $30 million and during that time, we've put an asset protection organization in place. We've put a human resources organization in place. We're adding a technical training team and we're doing all of the leadership development and training. So we've been very, very careful to make sure that we're funded within the G&A cost that we have. And if you look to our field G&A, when we…

Great. Thank you. Daniel J. Hanrahan - Chief Executive Officer & Director: You bet. Thanks, Jeff.

Our next question will from Steph Wissink with Piper Jaffray. Stephanie Schiller Wissink - Piper Jaffray & Co (Broker): Good morning everyone. We just have a couple of questions. First, just as a follow-up to the prior question regarding marketing effectiveness, can you just help us appreciate where your marketing spend was and where it is, maybe where it's going in terms of the mediums where you're finding some effectiveness and then by different channel if you're thinking about it that way, just help maybe frame up the grid for how marketing is being used? And then the second question just respect to the competitive landscape, if you could talk about what you're seeing out there, whether its real estate or marketing and pricing related that would be very helpful? Thank you. Daniel J. Hanrahan - Chief Executive Officer & Director: Okay. So marketing effectiveness. You know, our marketing has been fairly promotional in years past Steph. So when we did something marketing-related, it was usually coupon-related. And where we've been spending our marketing money since is on developing tools that both our guests can use and our stylists can use. So, you know, the one that – couple that I'm really excited about is the mobile app and the website. Seeing the number of people in just such a short amount of time that we're up over 350,000 people signing up for our mobile app is really exciting. And same thing with the number of people coming through our website at Supercuts to sign in for their experience has been really strong and we just launched a national TV campaign with Supercuts. So instead of being just so promotionally-oriented, we're spending more of our money developing these tools. The My Salon Listens tool that I referenced in my comments…

We'll go next to Jill Nelson with Johnson Rice. Jill Caruthers Nelson - Johnson Rice & Co. LLC: Good morning. Just... Daniel J. Hanrahan - Chief Executive Officer & Director: Good morning. Jill Caruthers Nelson - Johnson Rice & Co. LLC: Hi, just to follow-up on the last question just on labor productivity. You saw service margins in the quarter at flat despite putting up a service comp decline. And I think in previous conversions you had talked about you would get to kind of a breakeven point if you saw – you needed a positive 1%, 1.5% comps. If you could maybe just talk about what happened in the quarter and if we should expect flattish margins on a slight comp decline going forward? Steven M. Spiegel - Chief Financial Officer & Executive Vice President: Sure, well, we don't usually give any kind of guidance going forward, but what happened in the quarter was, our margins were helped by productivity in terms of stylist hours relative to the decline in our sales comps. And in addition to that, we saw some benefit from healthcare costs. Offsetting that, we were impacted by minimum wage and other inflationary increases and on top of that we're lapping an incentive light year and so the combination of the goods and the bads offset one another. Jill Caruthers Nelson - Johnson Rice & Co. LLC: Okay. And I know you just recently hired a new chief merchant, if you could just talk about kind of what are you seeing, any new trends on the product side. And also we're seeing more professional hair care brands opening up to selling online, how you think about that impacting the business? Daniel J. Hanrahan - Chief Executive Officer & Director: So I'll take that one. Yeah, we…

Thank you. This concludes the Q&A portion of the call. I will now turn the conference back to Dan. Daniel J. Hanrahan - Chief Executive Officer & Director: Thanks, Jessica. Thank you everyone for your questions and for dialing in and coming in through the web for the call. We'll look forward to talking to you again towards the end of August. Have a great day.

Ladies and gentlemen, this concludes our conference call for today. If you wish to access the replay for this presentation, you may do so by visiting regiscorp.com that is regiscorp.com in the Investor Relations section of the website or by dialing 1-888-203-1112, access code 6115573. Thank you all for participating, and have a nice day. All parties now disconnect.