Good day, ladies and gentlemen, and welcome to the CDW First Quarter 2018 Earnings 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 maybe recorded. I would now like to introduce your host for today's conference Chairman and Chief Executive Officer, Tom Richards. Sir, you may begin.

Thank you. Good morning everyone. It's a pleasure to be with you today and to report on our first quarter results. Joining me on the call are Collin Kebo, our Chief Financial Officer; Chris Leahy, our Chief Revenue Officer; and Sari Macrie, our Vice President Investor Relations. I'll begin with a brief overview of our results and key drivers. Chris will run through our performance by customer end-market. And I'll share my thoughts on our expectations for the rest of 2018. Collin will run through the quarter's financials and then we'll go to your questions. But before we begin, Sari will provide a few important comments regarding what we will share with you today.

Thank you, Tom, and good morning everyone. Our first quarter earnings release was distributed this morning and is available on our website investors.cdw.com along with supplemental slides that you can use to follow along with us during the call. I'd like to remind you that certain comments made in this presentation are considered forward-looking statements under the Private Securities Litigation Reform Act of 1995. Those statements are subject to risks and uncertainties that could cause actual results to differ materially. Additional information concerning these risks and uncertainties is contained in the Form 8-K we furnished to the SEC today and in the company's other filings with the SEC. CDW assumes no obligation to update the information presented during this webcast. Our presentation also includes certain non-GAAP financial measures including non-GAAP earnings per share. Our non-GAAP measures have been reconciled to the most directly comparable GAAP measures in accordance with SEC rules. You'll find reconciliation charts in the slides for today's webcast as well as in our press release and the Form 8-K we furnished to the SEC today. Please note that, all references to growth rates or dollar amount increases in our remarks today are versus the comparable period in 2017 unless otherwise indicated. In addition, our references to growth rates for hardware, software and services today represent U.S. net sales and do not include the results from CDW UK or Canada. Also note that 2018 and 2017 net sales amounts are reported under the accounting standard ASC 606. The number of selling days in the first quarter was the same in both 2018 and 2017. Our sales growth references during the call will use average daily sales unless otherwise indicated. A replay of this webcast will be posted to our website by this time tomorrow. I also want to remind you that this conference call is the property of CDW and may not be recorded or rebroadcast without specific written permission from the company. And with that let me turn the call back to Tom.

Thanks, Sari. We had an excellent start to the year delivering strong top line growth and profitability. Net sales were $3.6 billion up 10.8% above last year, up 9.6% on a constant currency basis. We delivered adjusted EBITDA growth of 11.9%, 10.9% on a currency adjusted basis, and non-GAAP net income per share growth of 41% up 39% after currency. These results include all the delayed shipments related to product shortages and partner process changes that we shared with you on our last call. Excluding these shipments, currency adjusted revenue growth was strong increasing high-single digits. This quarter's excellent performance reflects three key drivers: our balanced portfolio of customer end-markets, the breadth of our product and solutions portfolio, and our variable cost structure. Let's look at how these performance drivers help to deliver profitable growth once again this quarter. First, our balanced portfolio of customer end-markets. As you know we have five U.S. sales channels, Corporate, which serves customers with coworkers from generally 250 and up; Small Business, which serves customers with roughly 20 to 250 coworkers; Healthcare, Government and Education each generating annual sales of more than $1 billion. We also have our Canadian and UK operations, which together generated more than $1 billion and $1.5 billion in 2017. Our scale enables us to further segment these channels into customer end-markets and dedicate sellers and technical resources to deeply understand the needs of each market and address their unique customer priorities, because markets often act in a countercyclical way, this segmentation also enables us to mitigate the impact of different macroeconomic and external factors that can impact each of these unique end-markets. Chris will take you through a high-level overview of performance this quarter by each of our channels. Chris?

Thanks, Tom. The sales team delivered a very strong quarter with increases across all of our U.S. channels and our international operations. In Corporate, sales increased 9%. We continue to see outstanding results from both our category penetration initiatives, which are focused on deepening relationships by expanding the number of products and solutions each customer purchases from us, and also from our ongoing prescriptive book management. A more solid footing in the economy, coupled with rigorous execution of our programs, drove a continuation of the momentum we had in the fourth quarter with customers moving forward with more integrated longer tail projects. We are also seeing nice traction from new customer acquisition programs. Altogether these efforts resulted in strong performance in both solutions and transactions. Small Business increased 12%. Customer confidence remained strong and changes made to our go-to-market strategy continued to gain momentum, driving both transactional and solution sales. We continue to make progress fine tuning our approach to cost-effectively deliver value to Small Business customers including resource allocation and investments in our e-commerce platform, while early our sellers indicated that customers were not yet making decisions based on tax reform in either of our Corporate or Small Business segment. On the Public side of the U.S. business, sales increased 7%. Government was up 12%. Federal's high-single-digit increase reflected ongoing success working with targeted agencies as they move ahead with funded projects as well as the impact of January client device sales to the Department of Defense to meet the security mandate deadline. State and local delivered another quarter of excellent results, up mid-teens, once again driven by new contracts and ongoing success in public safety. Education results were mixed, up 1% overall. K-12 sales were flat on top of last year's mid-teens growth. Client device sales remain under…

Thanks, Chris. Clearly, our sales team success depends on their ability to meet customer needs and that is where you see the impact of the next driver of our results, our broad product and solutions suite. Our ability to meet the total technology needs both integrated solutions and transactional of our customers is one of the fundamental reasons for our consistent performance. This is a key point of differentiation for us in the marketplace. Our products and solution breadth ensures that we always have something we can do to help a customer. First quarter, customer priorities remained similar to what we saw throughout 2017. We saw ongoing focus on datacenter optimization and efficiency, security and the integration of software into solutions as well as the continuation of client device hardware refresh. We saw a strong growth across solutions and transactions with both increasing high-single digits. U.S. hardware increased 8% led by client devices, which increased low-double digits and was above our expectations. Growth was strong across all customer end-markets except K-12. Even excluding the DoD shipments in January, client devices grew high-single digits. In addition to market factors, client device growth benefited from new customer acquisition programs. These programs leverage our unique service offerings, which combine capabilities like buy and hold, staging, and imaging with our broad product portfolio. Video equipment, which includes digital signage and display panels, also increased double digits in the quarter. Data center hardware, which includes server storage and power and cooling increased high-single digits. Customer focus remained on optimizing data center infrastructure with economical yet high-performing solutions. This drove growth in emerging technologies like hyperconverged, which grew more than 70% in the quarter. NetComm hardware also increased mid-single digits. Software increased 10%, growth was driven by three ongoing trends. Software as a Service, which increased…

Thanks, Tom. Good morning, everyone. As Tom indicated our first quarter financial results reflect the combined power of our balanced portfolio of channels, breadth of product offerings and variable cost structure. They also reflect successful investments in our three-part strategy for growth and demonstrate the progress we are making against our long-term financial strategy to drive strong cash flow, deliver sustained profitable growth and return cash to shareholders. Before I get started, I'd like to remind you that all of the financial information I will review reflects the adoption of ASC 606. So, it's apples-to-apples comparisons for 2017 and 2018. Turning to our P&L. If you have access to the slides posted online it will be helpful to follow along. I'm on slide 8. Consolidated net sales were $3.6 billion, 10.8% higher than last year on a reported and average daily sales basis. Average daily sales were $56.4 million. On a constant currency basis consolidated net sales were 9.6% higher than last year. Currency impact was driven by favorable translation of the British pound and Canadian dollar adding roughly 120 basis points of growth. Currency tailwinds were 50 basis points higher than the fourth quarter. On an average daily sales basis sequential sales were down 5.4% versus Q4 2017 a lesser decline than anticipated. This reflected four factors – first a more positive than anticipated currency tailwind; second, stronger than expected client device sales; third, international success capturing fiscal year end buying; and fourth, the shipment of sales impacted by Q4 supply chain delays, which delivered more than 100 basis points of sequential growth and added nearly 150 basis points of year-over-year growth. Excluding these shipments and the impact of currency, net sales increased just over 8% year-over-year. Gross profit for the quarter increased 9.1% to $604 million. Gross margin…

Thank you. And our first question comes from Adam Tindle from Raymond James. Your line is open.

Good morning, Adam. Adam Tindle - Raymond James & Associates, Inc.: Thanks, and good morning. The phrase tuck-in accretive deals was recently removed I think, last quarter, and replaced with expand CDW strategic capabilities on the slides. And I think you could have somewhere near $1 billion of liquidity based on your share repurchase guide and debt position. So, would CDW consider something larger like this and how would you evaluate those options and I have just one follow-up? Thanks.

Well, let me first say that we – now that we sit in the current financial position that we didn't have early on in our public life. I think we've been pretty transparent, Adam, about our interest and consideration of inorganic growth and looking at deals whether they be strategic truly in nature or to help drive growth. And so, I don't know that there is anything different other than we continue to look at the parts of the marketplace where we might add a particular capability that it would take us too long to build internally or other parts of geographic expansion that would help us serve customers on an international basis. Adam Tindle - Raymond James & Associates, Inc.: Okay. That's helpful. Thanks, Tom. And just as a follow-up, CDW often talks about being selective in taking the right kind of revenue. But I think Collin mentioned in the prepared remarks that partner funding grew at half the rate of sales, gross margin is still declining and were lapping those hardware mix comparisons last year. So, could you just talk about the results and whether maybe the environment is forcing somewhat of a pivot here from being selective? And what's causing the change in partner funding as it – because I would have thought partners would reward a retailer more handsomely for strong performance like this. Thank you.

So, I would say, there was – I don't know, I think there were two or three in there, Adam. So, let me just try to knock them out one at a time. The first is, no we haven't changed our selectivity. In fact, I would describe us as probably even being more selective when it comes to where we go, what products and services we decide to focus on and part because of our strategy that we just finished for the next three years. So, no change in selectivity. In fact, number of opportunities this quarter much like other quarters, we just said you know what, no, thank you. Now, sometimes when you make that decision that can impact where you end up on a particular scale from a funding perspective. I think the one thing to keep in perspective is, the funder, funding growth from partners, was very – was positive this quarter and meaningfully positive. It just didn't keep pace with the unexpected growth in top line sales. And sometimes that unexpected growth comes in areas that are areas – that are prime areas for the vendors and sometimes it come in areas that are prime for customers, but aren't necessarily prime for vendors. And so, we think we do a really effective job of balancing those two things, meeting customers' growing needs, and at the same time, serving our partners well in the marketplace. So, I don't really think about it as a marketplace dynamic. The other thing that I was pleased to see is, I tend to look at the margin two different ways. Sequentially, it's kind of the current condition in the marketplace, because what happened last quarter is the closest reportable period to what we're experiencing now and you heard that there was nice positive growth. A lot of that was driven by our strong solutions performance in the quarter. And then, I look at it year-over-year and just to say, okay, what's – what have we done differently. And while there was a slight decline in the margin year-over-year, I think Collin walked you through some of the things that are happening and part of it was just the strong hardware growth, which I'm not going to turn away from. The last thing I would say though, and we have been I think, rock solid consistent on this, is the area we put many calories on, even some degree more calories on is, our adjusted EBITDA performance, because that is what we can control, that is making sure that our cost structure is aligned with what's going on in the marketplace. We don't control everything that happens with gross profit.

Adam, it's Collin. The only thing I'd add to what Tom said is, that there are several components to partner funding. I think the most commonly thought of is vendor incentive rebates, but there are other things where partners will help fund some of our advertising programs and so a driver there would necessarily be sales, but the driver would be more the timing of our marketing campaigns. Purchase discounts are also a component of partner funding and that can vary based on which partners you're mixing into and out of. So, just consider that there are many different drivers of what contributes to partner funding year-over-year and that's why we've consistently said, you can see that contribution bounce around from quarter-to-quarter depending on those drivers. Adam Tindle - Raymond James & Associates, Inc.: Okay, thanks. I'm not used to heading lead off, so thanks for it. Let me take a couple extra pitches there.

Cliché (00:39:41).

Thank you. And our next question comes from Amit Daryanani from RBC Capital Markets. Your line is now open.

Thanks and good morning, guys.

Good morning, Amit.

Good morning, guys. I guess two questions for me as well. Maybe to start with, Tom, Q1 your extremely strong organic growth performance even if I take out FX and some of the push-out contributions, I get growth that's something north of 8% for the March quarter. Could you maybe just help me understand we're doing 8% plus growth in Q1, we're talking about 3% plus IT spend, 300 basis points of share gain for the full year, what ended up being better that you don't think will sustain for the rest of the year. Is that the IT spend was better or you think share gain is somewhat higher?

Yeah, good question. I think there were a couple different reasons that made the first quarter look a little stronger. The first one was the better than expected client growth. And you heard me allude to some of that was driven by the DoD mandate, which ended in January so that's one. Two was the go-forward or delay or whatever the right term is of the supply chain activity, which we alluded to in the last quarter. The third thing was the opportunistic performance by our international team and what I would describe as both the public and the year-end opportunity. And then the fourth was currency. So, if you kind of look at all those and fast forward them you're going to see, a few of them were if you will onetime events.

Understood. And I guess, if I may just follow-up on NetComm, which I think you mentioned was up mid-single-digits. Can you just talk a little bit more about what's going on in that segment because if I recall that's where a lot of push-outs had happened last quarter. So, I would have thought...

Yeah.

That would do somewhat better. So...

Yeah, it is. It was. Although it wasn't a lot of it was part of. I would say it was – NetComm and the data center, Amit were the two areas where we had some push-out. I think part of it is to some degree as Cisco transitions, as a big network partner to a software-driven architecture you get more of the netted down impact on top line. But I would tell you outside of Cisco a lot of the other network vendors had a pretty strong quarter. So, I think some of that shift and you've heard me talk about this, the shift to software-driven architecture is increasing. As that increases, I think you're going to continue to see some of those product lines bounce around top line wise but also see margin enhancement.

Perfect. Thank you, and congrats on a good quarter, guys.

Thanks, Amit.

Thank you. Our next question comes from Matt Cabral from Goldman Sachs. Your line is open.

Good morning, Matt. Matthew Cabral - Goldman Sachs & Co. LLC: Hey, morning, Tom. Just to build on Amit's question. I guess, given the strong start to the year, I wonder if you could talk a little bit more about just what you're hearing from customers on the health of the broader demand environment at this point. And I know Chris had no impact from corporate tax reform so far. But just curious if you think that's an incremental tailwind that builds as we get through the year.

Well, I would tell you, I hope, Matt that does obviously. I think we haven't heard people directly connect would be the way I would say it, the tax reform benefit and IT investment. We have heard people initially take care of coworkers or employees, although, but like we did and then start to think about how do I take the remaining benefit and start to pile through the business. So, I'm hopeful, I think the word we used was cautiously optimistic that one of the things that's going to drive demand for the rest of the year would be as that flows through the decision process inside the companies. And I think it's – I mean, I think everybody feels fairly cautiously optimistic about the economy and we hear that from customers. We just don't hear them say, hey, because of this we're now going to push this project forward and give you that opportunity. But we anticipate that that will happen as we move through the year. Matthew Cabral - Goldman Sachs & Co. LLC: Got it. And then on the international just given the success of your UK push so far, just curious if you think there are any lessons learned from the integration of Kelway so far that almost created a blueprint in some sense for you to just apply to future M&A outside the U.S. going forward?

I'll give you my answer and then I'll let Chris give you her spin on it. As I've told my team, if I could replicate the Kelway experience, every time we do an acquisition I'm all in, because it's met an expanding customer need, it was accretive to the business, they've benefited from being part of CDW. We have benefited from some of their experience, like managed services. So, not that I'm greedy, Matt, but I'd love to have that every time we go forward. Having said that, I think it's given us increased confidence and awareness of expanding our international footprint because of what we learned and the success we've had and Chris, who had a lot to do with that successful integration, I will let her comment.

Yeah. Matt, I think Tom really said most of it. You can be assured that we've developed plans and blueprints off of that acquisition all the way from frankly lead generation to the evaluating opportunities, but planning well in advance for the integration because we've come to realize how important that is to the immediate and then long term success of an acquisition. Matthew Cabral - Goldman Sachs & Co. LLC: Got it. Thank you.

All right, thanks, Matt.

Thank you. And our next question comes from Jayson Noland from Baird. Your line is open. Jayson A. Noland - Robert W. Baird & Co., Inc.: Okay, great.

Morning, Jase (45:42). Jayson A. Noland - Robert W. Baird & Co., Inc.: Yeah, good morning. Congrats on the quarter. And just to clarify Tom, the lead times are back to normal in NetComm and data center?

Well, the answer is, all of the supply chain issues that we had in the fourth quarter were cleaned up. Having said that, we continue to hear rumblings of potential delays, which is why I described it as a wildcard going forward. Jayson A. Noland - Robert W. Baird & Co., Inc.: Okay. Understood. The follow-up is on cloud and security strength. Are you able to find the right talent to invest in those two markets or at least train new hires and enter these areas that you expect to see continued success through the year?

So, Jase (46:34) the answer is yes. And part of it is because of our ability to find people inside of CDW who have both experience and/or interest in focusing on security or cloud performance that helps us if you will fund the resource additions that we want to make. And I think the last part of it was, absolutely yes, that these will continue to be meaningful growth areas for CDW from both a skill, capabilities and footprint standpoint. Jayson A. Noland - Robert W. Baird & Co., Inc.: Okay, great. Thanks, Tom.

Thanks, Jase (47:13).

Thank you. Our next question comes from Matt Sheerin from Stifel. Your line is open.

Good morning, Matt. Matthew John Sheerin - Stifel, Nicolaus & Co., Inc.: Yes. Good morning, Tom and everyone. Just a couple of questions. One regarding the commentary on the strength in Corporate and Chris talked about the fact that one of the reasons for that success is the increased penetration of product sales within existing customers, both solutions and the client devices. Could you maybe elaborate more on that? Give us any metrics that have shown average sales accounts today versus a year ago or any other metrics? And then within that, are you finding within big enterprises that the decision makers on data center type of products versus client devices are different? And is that a challenge for your account managers?

Yeah. I'll take the first part of that question. We don't give out specific metrics on those types of programs. What I can tell you is, we're seeing increase across the board when it comes to the various initiatives we've put in place, whether its category penetration acquisition et cetera. Those continue to be positive but we don't provide those metrics generally. On the decision maker, I think the answer is it depends. And we have great penetration in both the decision making area for the client as well as data center. Given the, I'll say, the complexion of the sellers that we have been growing and training, their ability to get to the appropriate place, has increased dramatically over the past five years to six years. And so the ability from an accelerated perspective to get to the decision maker in the data center even if you start in the client base where that might have been, as an example, the purchasing folks awhile back, allow us to move over to the other area.

Hey, Matt, I'll give you a one other little connective tissue. One of the things that – I think, excuse me, has been an important part of our success has been the rigor and attention to detail around book management. And part of that has been we've transitioned pretty effectively over the last four years or five years to make sure that the size of a book that a seller gives them an opportunity to make a great living, but also motivates them to penetrate existing accounts instead of just planting new flags. Those incremental customer facing coworkers that we've been adding for the last four years or five years then get the benefit because we now are creating new books at a fairly good rate that have a scale and scope that allows them to go and attack. So, if you're managing a book with let's say, 200 customers, your ability to get to key decision makers is going to be limited based on time. But if you're managing a book that is meaningfully less than that then you're going to be incented and have the time to penetrate other areas of the business and one of the benefactors is our success in the data center. Matthew John Sheerin - Stifel, Nicolaus & Co., Inc.: Thank you. That's very helpful. And then my follow-up on the education market, you talked about K-12 being flattish after many years of double-digit growth. And you talked about the drivers there. And any catalyst that you see within the next year that would sort of bring some signs of life and reacceleration of growth there?

Yeah, Matt. I would say, yes to that. The new kind of learning environment, as we refer to the Classroom of the Future, or the modern learning environment, is really where our customers are focusing. And that's really about optimizing the teaching and learning experience through technology and learning space investments. And while I'll tell we'd expect this year to be pretty modest growth across the board due to the clients' muted demand environment, we do feel that we are very well positioned to assist our customers in this new area and believe it's essential rule, frankly, in the classroom of the future K-12 and we'll see growth rebound in the coming years.

Yeah, Matt, I think the word I've used is kind of a transition year for K-12. And that as Chris used the term creative learning that's just not a description, it's actually a concept that we're finding as a lot of IT tentacles for that. And is exciting for us. And so you can think about us transitioning to the thing that customers are now asking for is to help us create an actual environment that is more conducive to creative learning. Matthew John Sheerin - Stifel, Nicolaus & Co., Inc.: Okay. Thanks very much.

Thank you. Our next question comes from Shannon Cross from Cross Research. Your line is open.

Thank you very much. I just had a couple of quick questions. One just on client. I'm curious as to what you're hearing and thinking about sustainability of the growth that we've seen in client. How much of this has been Win 10 or new products and at what point are all of those computers out there that we all talk about that were five to six years old either replaced or no longer needed? Thank you.

Okay, Shannon. Good morning. First of all I think this has been obviously, we were surprised by the success even in the first quarter. So, the refresh has extended a little bit longer. I don't want to get into crystal balling how long refresh is going to continue because I'm probably going to fall short on that one. Here's what we do, no, that even before we go through periods like the last 12 months to 18 months because, we exclusively focus on the B2B marketplace, client growth has been a constant for us, client device growth. And so, we would expect that to continue. I don't think we have the benefit of the huge tailwind of the DoD. And I don't know that there's a single driver and answer to your question that's driving the client refresh. I think it's a combination of, for example if you have a lot of customers in the technology sector. They're growing like crazy. They're adding employees. Well that in and of itself can drive client growth and it's not tied to Win 10. It's not tied to security. It's just tried to the growth of the business. So, to some degree I think the interesting wildcard on this will be a constant growth of the economy; what does that mean for employee expansion and what does that mean for client growth going forward.

Okay. That's helpful. And then, I guess, with regard to – we've been talking to a lot of your partners on that and there is all of this discussion about flexible consumption models and Device as a Service and it's just basically taking everything to ratable, which obviously is a good thing from our current revenue perspective. I'm curious as to what you're hearing from customers though. Is it still sort of a push versus a pull? Are they increasing their discussions on that? And then how does it all get billed for and accounted for over time? Thank you.

Okay. There's a lot in there. I think I don't know that we're – may be this is an opinion. We are at equilibrium on push and pull. I think people are increasingly looking for ways to outsource IT. If you let me use that term liberally. And whether it's cloud computing or Device as a Service in theory they're saying, we want to take, we want you CDW to take over run it aspect of this business. If you look at our cloud results and you think about some of the Device as a Service examples we've given, it's clearly got some momentum. It actually plays to one of our strengths. And this was something that I was trying to allude to in my formal comments is the logistics capability of CDW and the size and breadth of our warehouses and our logistics infrastructure is, we're finding to be incredibly helpful as we look at Device as a Service opportunities, which we are seeing increase in a meaningful way.

And on the accounting. I am sorry. Just to follow-up on the accounting, the answer is it depends, the transactions can all be structured differently. CDW could make a sale to a leasing company then the leasing company could turnaround and lease to the customer. In that case we recognize it up front. If CDW were the lessor then that would be spread over the life of the lease.

And are you trying more – I'm just curious is there going to be a shift more to a ratable revenue from your standpoint or is it sort of too early to tell?

I think it's too early to tell.

Yeah. I think in the beginning it was funny, we joked about this. There was nothing being done ratably. It was, yeah, it's as a service but we want you to buy it the way that you always did. We have seen, I'd say over the last 18 months more and more comfort by both the partners and the customers and doing it ratably.

Great. Thank you so much for answering my questions.

Thanks Shannon.

Thank you. And our final question will come from Katy Huberty from Morgan Stanley. Your line is open.

Good morning, Katy. Kathryn Lynn Huberty - Morgan Stanley & Co. LLC: Thank you. Good morning. Thank you for taking the question. I'll ask both upfront I know we're towards the end of the call. So, first, just broadly speaking does it feel like the uptick in demand is cyclical in that your business customers are going back and addressing pent up demand and doing typical refresh or are you picking up a mindset shift among businesses where there's thinking about IT penetrating more parts and processes across the business within the use cases? And then secondly, what are the competitive dynamics or your exposure relative to the market that you think allow you to outpace that 200 basis point to 300 basis points growth premium this year?

All right. So, I think the answer to the first question Katy would be it's both. That – in it – if you think about some of my formal comments, it was attempting to get at that is that we are seeing increasingly customers talking to us about kind of becoming their run it partner if you will run IT, which I think is a little bit of them thinking about, how do I reallocate resources? And what parts do I think somebody like CDW can actually do better and then I can take those resources maybe and work on strategic development? So, I think that is – and I – look, I also think tied to that is a little bit of one of the questions earlier about the economy and confidence and spending just more on IT. If you said, why have we been able to continue to take share on a constant basis? I think it's the number of different factors, it is the breadth of the portfolio quite honestly, which as I like to tell our sellers, we always have something that we can do for a customer. The second thing is, as we've gotten more prescriptive on our book management, we have found ways to have greater motivation to penetrate better inside of accounts. If you think about the additional coworkers, we've been on a pretty steady drumbeat now for I think at least the last four years, five years of adding 100 to 125 customer-facing coworkers. So, we're extending our reach. And then, I think the last thing just as an example as part of our strategy, the addition of our expansion of our international capabilities has enabled us to help more of our larger corporate customers with IT solutions around the world. And that clearly has been a major factor in our success rate. Kathryn Lynn Huberty - Morgan Stanley & Co. LLC: That's great. Congrats on the quarter.

All right, thanks Katy.

Thank you. And that will conclude our question-and-answer session for today's conference. I would now like to turn the conference back over to Mr. Richards for any closing remarks.

Okay. Thank you once again everybody for your time this morning and your questions. They help us a great deal and make sure we're focused on the things that are important to you guys and investors. And I'd be remiss, we moved this earnings call up earlier. So you have plenty of time to get ready for Mother's Day. No excuses on anybody's part. Thanks everybody.

Ladies and gentlemen, thank you for participating in today's conference. This concludes today's program. And you may now disconnect. Everyone have a wonderful day.