Good morning. My name is Dushyanta and I will be your conference operator today. At this time, I would like to welcome everyone to the Iron Mountain First Quarter Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. Thank you. I would now like to turn the conference over to Melissa Marsden, Senior Vice President of Investor Relations. These go ahead.

Thank you, Dushyanta, and welcome everyone to our first quarter 2016 earnings conference call. This morning, we'll hear from Bill Meaney, our President and CEO, who will discuss highlights of the quarter and progress toward our strategic initiatives; followed by Rod Day, our CFO, who will cover financial results. After our prepared remarks, we'll open up the phones for Q&A. And as we have done in the past, we have posted our earnings commentary and supplemental disclosure package on the Investor Relations page of our website at www.ironmountain.com, under Investor Relations/Financial Information. Referring now to page two of the supplemental, today's earnings call and slide presentation will contain a number of forward-looking statements, most notably our outlook for 2016 financial and operating performance. All forward-looking statements are subject to risks and uncertainties. Please refer to today's supplemental, our earnings commentaries, the Safe Harbor language on this slide and our most recently filed Annual Report on Form 10-K for a discussion of the major risk factors that could cause our actual results to differ from those in our forward-looking statements. In addition, we use several non-GAAP measures when presenting our financial results and the reconciliations to these measures, as required by Reg G, are included in our supplemental reporting package. With that, Bill, would you please begin? William Leo Meaney - President, Chief Executive Officer & Director: Thank you, Melissa, and good morning, everyone. And thanks to all of the investors, analysts on today's call for your continued support during the process of finalizing our acquisition of Recall. In fact, it was one year ago today that we announced the agreement in principle between our two firms. As you saw last week, we have now satisfied all conditions for closing and will do some next Monday, Australian Time. I cannot say…

Your first question comes from the line of George Tong with Piper Jaffray. George K. F. Tong - Piper Jaffray & Co. (Broker): Hi. Thanks. Good morning. In the North American tape business, services internal revenue declines remain elevated which suggests that we're still early in the cycle in terms of the tape rotation revenue decline process. When do you expect the decline in services there to normalize? And could you provide a status report on some of the newer services initiatives you have that can help offset the headwinds? William Leo Meaney - President, Chief Executive Officer & Director: Okay. Hi, George. Good morning. Thanks for the question. So, we still don't see much of an abating of that trend. So we're not predicting the bottom – I mean it's – as I think I've said a few times, it's on the records management side, we have seen a flattening out, but on the tape, it's a little bit behind the curve. What's encouraging is that we see high single-digit, low double-digit quarter declines in the – what I would call the transportation or rotating the tapes, as you say, part of the service business, but we see mid-single-digit growth in those new services, which is what allows us to offset the rate of decline. So, we do see – albeit off a small base – but we do see significant impact in terms of growth to some of these new service offerings like the service offering I highlighted on the call with EMC. George K. F. Tong - Piper Jaffray & Co. (Broker): Got it. And then looking ahead to the company pro forma for Recall, can you discuss what your expectations are for Recall's fundamental performance? What assumptions are embedded in your guidance with Recall? And if…

Your next question comes from Andrew Steinerman with JPMorgan.

Hi. I'd like to spend more time on the service internal growth of 3.8%. I did catch that you said it is more project oriented but this is kind of a massive standout, if you kind of look over the last four quarters versus 3.8% growth. Could you just give us a sense of – do you feel like there was anything that was particularly one time or are these projects you know that should come up regularly and do you think that service revenues will grow for the year within North American RIM? William Leo Meaney - President, Chief Executive Officer & Director: So – its a good question, Andrew. So good morning. The – so, first of all, I would say that they are specific projects, but not necessarily one-time in nature. In other words, what I'm saying is we expect to continue to have these kinds of projects that we sell as we go through, but they're not – these are – it could be a project for company X today and company Y tomorrow. So these are discrete projects but not ones that we don't expect to have a recurring pattern. That being said, which I said both in my remarks, I think Rod also mentioned in his remarks, that these tend to be more lumpy. So I wouldn't change our guidance in terms of overall growth in terms of revenue, because you will see some ups and downs on that. So I would keep the guidance the same, and that's our expectation. But it is an area – you're right to call it out. It is an area that we're putting more and more discrete focus on as an initiative because we're hearing from our customers, they are looking for more and more those kinds of, what I would call, project related services as we kind of take their – a full management of their document from creation to storage approach. So just by the very nature, it is more project related. We have focused more of our attention in providing those kinds of services for our customers, so you can expect continued growth in that area, but it will be lumpy.

But do you think it will be positive for the year? William Leo Meaney - President, Chief Executive Officer & Director: It will be positive. Yeah. For sure it will be positive for the year. Yeah.

Great. Thank you.

Your next question comes from Shlomo Rosenbaum with Stifel. Adam Parrington - Stifel, Nicolaus & Co., Inc.: Hi, this is Adam Parrington for Shlomo. Sorry, I apologize if I missed this, but could you go over the items that caused services or the margin to be lower year-on-year? William Leo Meaney - President, Chief Executive Officer & Director: Yes. I think probably it's best for Rod to take you through a bridge. Adam Parrington - Stifel, Nicolaus & Co., Inc.: Okay. Roderick Day - Chief Financial Officer & Executive Vice President: Yeah, let me do that. So if we look at the same periods last year, our service gross margin was 26.1% and this quarter we came in at 24.3%. There's really two key factors that's driving the difference. One is we had an increase in medical costs year-over-year that accounts for 1.0% of that differential. And the second is we took some severance costs in a number of our services businesses as part of a sort of ongoing program to drive longer-term improvements in margin. And that has an impact of 0.6%. There's a small other component which has to do with some vacation accruals. If you're to factor those in, we'd actually would have had a service gross margin of 26.2% and say that would compared to 26.1% from last year. So that's the drivers of difference. William Leo Meaney - President, Chief Executive Officer & Director: And the one thing I would add, so – and you would expect our margins to be kind of similar year-on-year because the mix hasn't shifted that much. But what we've said, I think, on the last couple of calls, what you will see over time is not that we're not focused on margins, but we're less focused on the specific…

The next question comes from Kevin McVeigh with Macquarie.

Operator, can we go to the next question, please?

Your next question comes from Andy Wittmann with Baird. Andrew John Wittmann - Robert W. Baird & Co., Inc. (Broker): That was great. William Leo Meaney - President, Chief Executive Officer & Director: Yeah. Yeah. I don't know where Kevin was, but it must have been fun. Andrew John Wittmann - Robert W. Baird & Co., Inc. (Broker): I was just hoping that you could talk a little bit about the pricing characteristics by the major markets that you break out, Bill. Are you seeing any change in the marketplace? That would be helpful. Thanks. William Leo Meaney - President, Chief Executive Officer & Director: Okay. It is a good question. I think I understand the question behind the question because in some of the markets we highlighted, there were some of the segments we highlighted is that volume was growing faster than revenue, if I understand where your question is coming from. I think the – I wouldn't read too much into that. I think generally, our guidance is the same that we're achieving inflation or a little bit more than inflation in terms of pricing in each of our markets. So it does look a little bit odd in this quarter that you see in a couple of segments where we actually achieved higher volume growth than total revenue growth on a storage basis. I think that's more driven by a couple of things. One is, that in one of our business lines, we had a major – a very large customer major renewal, and I think as we've talked about before is when we have large customer renewals is you get this sawtooth where at the renewal point is you take a discount, and then it climbs up through that period. So there was a little bit…

Your next question comes from Karin Ford with MUFJ. Karin A. Ford - Mitsubishi UFJ Securities (USA), Inc.: Hi, good morning. I wanted to ask about storage rental revenue internal growth. 2.2% in 1Q. I think you said in your remarks that you're still expecting it to be up roughly 2.5% for the year. What do you think is going to drive the acceleration later on in the year there? And what are you seeing in terms – which segments are – how are they trending? William Leo Meaney - President, Chief Executive Officer & Director: Hi, good morning, Karin. So I think a couple things. One is, I think if you look at the 2.2% this quarter, it's in line with what Q4 was and as much of anything driven by that we had a 3% increase in Q1 last year. So it's a quarter on quarter, in other words, it's a high comparable versus last year. So it's the main thing that's driving the – or one of the main drivers of driving it. The other thing which we said is that we expect a ramp through the year. I mean, we feel like we're well on track. But that's why we said we expect still at the end of year to end up north of 2.5% in terms of internal storage revenue growth. The other thing you should go back, is important to look at, if we look at year-on-year comparison, if we look at just total internal revenue growth, total internal revenue growth for the company quarter one 2015 was 1.4% and we have delivered 2% this quarter and overall last year we had 1.5% and we delivered 2% this quarter. So we feel comfortable with the ramp even on a total revenue basis that we're…

William Leo Meaney - President, Chief Executive Officer & Director: If there's no – it doesn't look like there's any further questions, operators. So first of all, I guess we'd like to thank everyone. I know it's a busy time of the year for dialing in and listening in today. And again, we're very excited that we think we've had a very good quarter, which is more importantly is giving us a very strong foundation and entry point into the Recall acquisition which we're really excited about. And the company hasn't done an acquisition that is this transformational probably since the Pierce Leahy acquisition, which was done my predecessor. So we're really looking forward to taking the strong quarter, layering on what Recall can bring as a next stage for growth in the company both in terms of cash flow and dividend growth. So thank you again and look forward to speaking to you next quarter.

Thank you, ladies and gentlemen. This does conclude today's call. You may now disconnect.