Good morning, ladies and gentlemen, and welcome to Henry Schein's Second Quarter Conference Call. At this time, all participants are in listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. As a reminder, this call is being recorded. I would now like to introduce your host for today's call, Carolynne Borders, Henry Schein's Vice President of Investor Relations. Please go ahead, Carolynne.

Thank you, Sylvia, and thanks to each of you for joining us to discuss Henry Schein's results for the second quarter of 2016. With me on the call today are Stanley Bergman, Chairman of the Board and Chief Executive Officer of Henry Schein; and Steven Paladino, Executive Vice President and Chief Financial Officer. Before we begin, I would like to state that certain comments made during this call will include information that is forward-looking. As you know, risks and uncertainties involved in the company's business may affect the matters referred to in forward-looking statements. As a result, the company's performance may differ from those expressed in or indicated by such forward-looking statements. These forward-looking statements are qualified in their entirety by the cautionary statements contained in Henry Schein's filings with the Securities and Exchange Commission. In addition, all comments about the markets we serve, including growth rates and market share, are based upon the company's internal analysis and estimates. The content of this conference call contains time-sensitive information that is accurate only as of the date of the live broadcast, August 4, 2016. Henry Schein undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this call. I ask that during the Q&A portion, you limit yourself to a single question and a follow-up before returning to the queue. This will provide the opportunity for as many listeners as possible to ask a question within the one hour that we have allotted for this call. With that said, I would like to turn the call over to Stanley Bergman. Stanley M. Bergman - Chairman & Chief Executive Officer: Thank you, Carolynne, and good morning, everyone, and thank you for joining us. I'll provide further information, further color on our performance during…

Sylvia, can you open the Q&A, please?

Your first question comes from Jeff Johnson from Robert Baird. Jeff D. Johnson - Robert W. Baird & Co., Inc. (Broker): Thank you. Good morning, guys. Can you hear me okay? Steven Paladino - Chief Financial Officer, Director & Executive VP: Yes, very well. Jeff D. Johnson - Robert W. Baird & Co., Inc. (Broker): Great. Steve, I guess or Stanley, I guess it's a question for either of you. But I'm having a little trouble reconciling I guess a couple of things. And one is that, you're having some very solid performance in the Vet and the Medical side, probably better than we expected or better than you expected, but better than we expected. Dental's soft, but if I back out that little bit of precious metals, consumables still growing north of 2%. So, no big disaster there. But, Steve, when I look at your guidance, you're taking it down a nickel at the top, another nickel if I adjust for the tax rate, updates you provided today, it just seems like it's a pretty sizable take down in guidance of $0.05 to $0.10, I'm sorry, at the top-line, when there's strength elsewhere in the business. And I just can't understand, maybe, how sizable that change was on the Dental side in the last month or two in what you've been seeing? Steven Paladino - Chief Financial Officer, Director & Executive VP: Well, there's a couple of things. Remember, we do want to be cautious on the conservative side in our guidance. As we've said, in the U.S. Dental, we saw a slowness of sales that began in June, and while we're not convinced that this is a long-term permanent impact, we do want to make sure that if it continues for a little while that our guidance is…

Your next question comes from John Kreger from William Blair. John C. Kreger - William Blair & Co. LLC: Hi. Thanks very much. Stan, maybe just a follow-up on that same theme. How did some of your specialty products do across dentistry versus more of your typical preventive and restorative? So, for example, how does your implants do in the U.S. and Europe? Stanley M. Bergman - Chairman & Chief Executive Officer: So, our implant business in general, John is doing okay. And again, we want to be careful about not creating expectations that we're going to report monthly sales on an ongoing basis. But because of this particular situation, I must say, it caught us a little bit by surprise heading into our Dental National Sales Meeting in June. It is possible that a little bit of a downtick occurred because our entire sales force was out of the field for a while. But to answer that question directly, April and May were pretty good in the implant business. June was a challenge, but it would appear that July bounced back. But again, John, we're talking within a hundreds of basis points both sides, not even hundreds, 100 or so basis points both sides. So I'm not sure if this is conclusive on the downside or conclusive on the upside. I will say the U.S. implant market is quite strong; we're comfortable with the European markets for implants. But on the margin, our implant business has been driven by few countries, not Henry Schein on the ground, but through distribution agents in countries like Russia and Turkey and even Japan. And these are markets that have been very helpful, again driving within 100 basis points here or there growth. But we're a little cautious about these markets. Having said…

Your next question comes from Jon Block from Stifel. Jon Block - Stifel, Nicolaus & Co., Inc.: Great. Thanks. And good morning. I'll try to ask two. The first one just the delta in growth between North America Animal Health and Dental is significant. You got Animal Health growing about 11% adjusted, Dental consumables 2% to 2.5%. So, Stanley, can you talk to the consumer and why you think we're seeing this divergence in these two industries and is this sustainable? In other words, can you have this, call it, 900 basis point delta in growth between what are essentially two consumer-driven industries? And then I've got a follow-up. Thanks. Stanley M. Bergman - Chairman & Chief Executive Officer: Jon, that is probably the number-one vexing question we have. The animal health market is doing well, yet we are doing better than the market both here and in Europe. But it is doing well, it's alive and well. We saw similar things, and I don't want to draw any more analogy to what I'm about to say than just the narrow point I'm going to make, don't read any trends into this. But in 2008, 2009 and 2010, Animal Health, in most of those quarters did better than Dental. But I don't want to come to any conclusions because there are a lot of other factors in Dental, insurance. We have to also remember I think we may have gotten a false positive in the first quarter. We saw growth was significant on consumables and that may have been due to weather. I think the dental market in the United States has been more or less flat for a while and driven a little bit by inflation and also perhaps visits to implant dentists a little bit more. But, again,…

Your next question comes from Robert Jones from Goldman Sachs. Robert Patrick Jones - Goldman Sachs & Co.: Thanks for the questions. And just hate to go back to this, but on the North American dental market, I wanted to hone in a little bit on the merchandise side. Obviously, must have really fallen off in June based on your commentary. I'm curious, is there anything you could elaborate on or share with us relative to the competitive environment? Did you see any changes in behavior from your traditional competitors in the way that they're approaching their go-to-market strategy? Did you see any increased pressure from alternative distribution channels, like online pure play competitors? Just anything that might help us get our heads around what seemingly was a pretty consistent growth until May and then obviously, based on the numbers you've shared, seems like a fairly dramatic pullback in June, would be helpful. Stanley M. Bergman - Chairman & Chief Executive Officer: Yeah. So, Bob, let me stress that this is not the first time we've seen this. Even in the last three years, four years, five years, we do periodically have a month or two months with a challenge. What happened here is that we had an extremely good April and May, and we didn't expect it to fall off this much. So that's number one. Number two is, I don't think there's any major that changed dynamics on the competitive side. It is a competitive market to be sure. There's no shortage of competitors. Everybody is fighting for that last dollar. So it is a competitive market. Having said that, we do own some brands in the discount area and they did not see any real change in dynamics. Their trending is more or less the same as…

Your next question comes from David Larsen from Leerink.

Hi, can you talk a bit about the Medical division. It looks like the growth rate was very in the quarter, but it seems like it did decelerated a little bit sequentially. How's the relationship with Cardinal and how are trends in that space? Thanks. Stanley M. Bergman - Chairman & Chief Executive Officer: Yeah. So, David, I think we've mentioned in the last couple of calls that the sales in Medical to some extent is to a large extent dependent upon bringing on these larger accounts, and they come onboard in a lumpy way. So we brought a lot of these accounts onboard in the last two years. It's obviously not sustainable at these phenomenal rates, because the market is not growing by these rates. The market probably, and there's no specific data, is growing by a couple of hundred basis points and definitely not because of inflation, because pricing is moving from branded to generics on the pharmaceutical side and on the MedSurg side. So, we've had very healthy growth in this area, organic. We are growing on top of that. So I would repeat what we said in previous calls, that we are gaining market share. I think we're gaining very nicely on the market share side organically. Of course, the Cardinal acquisition did help, but organically, I think that's where the impetus is coming from. So I'm not sure, as I said in my – I think in the prepared remarks, that these double-digit growth numbers are sustainable in Medical, but we will grow at a multiple of the markets. And we will increase our profits in this area as we drive more profitable mix in products in this area. We're very happy with our Medical business. Now on the Cardinal side, the integration of the…

Great. Thank you.

Ladies and gentlemen, we have time for one final question. And your final question comes from Ross Muken from Evercore ISI.

Hi. This is Elizabeth Anderson in for Ross. I was wondering if you could give us any updated thoughts on, in terms of the M&A pipeline and in terms of valuation or technologies that you guys are looking at? Stanley M. Bergman - Chairman & Chief Executive Officer: Yeah. I would say that on the M&A side, we very rarely participate in books that are put out. We have bought some companies where a book has been put out, for example, BioHorizons. But generally, our deals are known well in advance before they're close. It's usually a family company, a private equity firm that understands we're the best buyer. And so really, yeah, I think prices are higher in that segment than they were before, because interest rates are lower. But we don't participate really in the bubble pricing where you are seeing crazy multiples on some deals because private equity has a lot of money on the sideline and because interest rates are low. Our deals are deals that are carved out for specific strategic reasons, a family wants us to buy 80%, somebody wants to stay a partner once the merger does bring their product to our channels. And I would say, we have no shortage of deals; our pipeline is pretty good. And I think we're still on line with putting to work, I think, what is it, $200 million, $220 million, $250 million...? Steven Paladino - Chief Financial Officer, Director & Executive VP: Yeah. Stanley M. Bergman - Chairman & Chief Executive Officer: Sometimes as much as $300 million, but I doubt, less than $200 million a year. These kinds of deals in the end are expensive in the first year from a P&L point of view, because you've got all the deal cuffs (62:18), sometimes you have software amortization that has to be picked up in first year or inventory adjustments, but in the second year or so that become very profitable.

Okay. Great. And I guess as a follow-up, my other question is, have you seen any changes in the large practice dental market in terms of increased competitiveness there, anything like that? I know that some of your competitors have been saying that they're looking more closely at that end of the market. Thanks. Stanley M. Bergman - Chairman & Chief Executive Officer: Sure. There's always increased competition. There's no shortage of suppliers that would like to take these accounts. And we believe that we have very good value-added services. Of course, we will lose an account from time-to-time. But I think in the end, we've shown that we can gain more accounts than lose them, especially those that are centrally managed, that are formulary driven. I think our knowledge from the Medical space, which was introduced into the Animal Health space and into Dental, stands us in good stead. But, yes, there's obviously increased competition. To my knowledge, there's been increased competition over the past decade almost. And I think we're doing okay and we are building more and more value-added services, that's the nature of the free market. Stanley M. Bergman - Chairman & Chief Executive Officer: So thank you, everyone, for calling in. We're, of course, very bullish about the future of Henry Schein; nothing has changed there. We have a good strategic plan. We start in January of 2017 working on the strategic plan for 2018, 2019 and 2020. I'm sure that will result in allocation, reallocation of resources, as you would expect. But overall, we're very pleased with the direction, the longer-term results. Sometimes one business is ahead of another; that's the nature of business. Sometimes you have a challenge here and you've a challenge there and you have a plus here and a plus there. We have a great management team, a team in the organization that is highly motivated and ready for even more competition. And so, we remain very, very excited about where we are and the opportunity for the future. If anybody has further questions, please contact Carolynne Borders at 631-390-8105. And thank you for your participation, and look forward to speaking with our investor community again in 90 days. I believe Steven, and I'm not sure about myself, but I know Steven will be at investor conferences over the next 90 days, and certainly are ready to speak about any questions that you may have in the form of clarification of information already disclosed. So thank you very much.

Ladies and gentlemen, this does conclude Henry Schein's second quarter conference call. Thank you for participating. You may now disconnect.