Good day, ladies and gentlemen, and welcome to the Monster Beverage Corporation's Second Quarter 2015 Financial Results 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 is being recorded. I would now like to introduce your host for today's conference, Mr. Rodney Sacks, Chairman and CEO. Sir, please begin. Rodney Cyril Sacks - Chairman, Chief & Principal Executive Officer, Monster Beverage Corp.: Good afternoon, ladies and gentlemen. Thank you for attending this call. I'm Rodney Sacks. Hilton Schlosberg, our Vice Chairman and President, is with me today, as is Tom Kelly, our Senior Vice President of Finance. Before we begin, I would like to remind listeners that certain statements made during this call may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities Exchange Act of 1934 as amended, and which are based on currently available information regarding the expectations of management with respect to revenues, profitability, future business, future events, financial performance and trends. Management cautions that these statements are based on our current knowledge and expectations and are subject to certain risks and uncertainties, many of which are outside the control of the company that may cause actual results to differ materially from the forward-looking statements made during this call. Please refer to our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K filed March 2, 2015, as well as our most recent report on Form 10-Q filed May 11, 2105, including the sections contained therein entitled Risk Factors and Forward-Looking Statements for a discussion on specific risks and uncertainties that may affect our performance. The…

Our first question comes from the line of Judy Hong with Goldman Sachs. Your line is now open. Judy E. Hong - Goldman Sachs & Co.: Thank you. Hi, everyone. Rodney Cyril Sacks - Chairman, Chief & Principal Executive Officer, Monster Beverage Corp.: Hello, Judy. Judy E. Hong - Goldman Sachs & Co.: So if I look at your second quarter international trends, and I think you talked about local currency growth in some of the markets like EMEA and Japan, it actually looks very healthy despite some of the transition issues that you called out in a few of the markets. So, number one, can you just talk about what's driving some of that underlying improvement? Maybe it's the Coke System doing better or it's some of the new markets you're entering? And then even the improvement that you saw in July, what's driving that? And then the markets that you're having some challenges, like Brazil and Italy and maybe even other markets that were having discussions about the transition, can you elaborate on how much progress you're making? What are some of the early learnings as you're talking to these bottlers and thinking about the pace in which you can transition some of the bottlers to the Coke System? Thanks. Rodney Cyril Sacks - Chairman, Chief & Principal Executive Officer, Monster Beverage Corp.: Let me take the last question first. In many of these markets, it's not a question of what we can do. The question is, you've got existing distributors and bottlers who obviously have heard about the Coke transaction and believe that their territories will ultimately be transitioned to Coke. So what they've generally have really pulled back on their investments in their markets, in investing in putting extra effort. And although we've tried to obviously…

Our next question comes from the line of Mark Astrachan with Stifel. Your line is now open. Mark S. Astrachan - Stifel, Nicolaus & Co., Inc.: Yeah, hey. Thanks. Good afternoon, guys. Rodney Cyril Sacks - Chairman, Chief & Principal Executive Officer, Monster Beverage Corp.: Hi, Mark. Mark S. Astrachan - Stifel, Nicolaus & Co., Inc.: I guess just two questions. One is sort of a follow up on the last one. If you could talk maybe about directionally, did the July number benefit from restock? Or did you see more of that in, call it, months of May and June, and so the July number is more of a representation of demand? I guess you could see that from the scanner data, but maybe if you could give us a bit of commentary on that, that'd be helpful. And then secondly on cash, I appreciate your commentary from a board standpoint, but $3 billion in cash is obviously an awful lot. So what prevents you from going into the market, call it, Monday, Tuesday, whenever the window opens up next week, to buy back a lot of stock? Or how should we sort of think about the share repurchases? Is it going to be in open market for some period of time? Will there be an ASR tender? If you could just sort of help us directionally on that, that'd be great too. Thank you. Hilton H. Schlosberg - Vice Chairman, President, COO, CFO & Secretary, Monster Beverage Corp.: Well, Mark, if I could answer that question on cash there, there will be a return of cash to shareholders. The board is meeting tomorrow and it's one of the issues that will be tabled on the board meeting. And I can't say what route the board will take, but…

Our next question comes from the line of Amit Sharma with BMO Capital Markets. Your line is now open.

Hi. Good afternoon, everyone. Rodney Cyril Sacks - Chairman, Chief & Principal Executive Officer, Monster Beverage Corp.: Hi.

Only two questions. One, could you talk about what portion of your non-U.S. sales are going through non-Coca-Cola distributors at this time? And what's the level of decline with those? Any sort of help that would be great. And the second one is in non-U.S. markets where Coca-Cola does not have a contractual obligation to partner with you, unlike the U.S. market, are you seeing greater difficulty? Or it's just going through the process of finding out terms and conditions that are acceptable to both the parties? Rodney Cyril Sacks - Chairman, Chief & Principal Executive Officer, Monster Beverage Corp.: I think there is a general excitement amongst all of the Coke bottlers to take on Monster and to partner with us. And I think it's right through the Coke. I think there's a very good attitude throughout the Coke System. I think the issue is – as I indicated earlier, it's getting to be able to get them comfortable with the basis on which we do business which is different to the traditional Concentrate sort of model business that Coke has followed for centuries. And to get them to understand us and work through the legal issues such that we're getting through value chain issues. And generally to the extent that we've worked with them, they're all comfortable with the value chain issues that there are satisfactory ways in which we can work to share the issue and they're excited by that. It's a positive for them. But we obviously have to negotiate and get through everybody, trying to muscle each other at the moment to take a position which will obviously be (38:30) going forward. So we're just having to work through those issues. But we are hopeful that we'll get through in most of them. And if…

And our last question comes from the line of John Faucher with JPMorgan Stanley (sic) [Securities] (42:10). Your line is now open.

Thanks. Good afternoon, everyone. Two quick questions here. The first is, and I apologize if you gave this in the numbers. Did you talk about the underlying growth of the acquired Coke brands in terms of how you think they're doing? And will the bottlers view them as reinvigorated as you take over responsibility for or ownership for them? And then secondly, I had a question on the gross margin. Given the regional mix with weaker U.S. and stronger international, the gross margin was still up a lot. Any thoughts in terms of what's driving the gross margin expansion? Thanks. Rodney Cyril Sacks - Chairman, Chief & Principal Executive Officer, Monster Beverage Corp.: Gross margin generally has probably been affected a little bit by the Concentrate division, which is the strategic brands which have higher gross margins. And we've just been able to achieve some lower costs, which we indicated, in our brands even though there is a balance between international and domestic. But what had happened is I think our international margins have also improved on this quarter versus previous quarters. So while they are perhaps a little bit lower than our domestic margins, the improvement in those margins have had an effect and have helped push up our overall margins. Hilton H. Schlosberg - Vice Chairman, President, COO, CFO & Secretary, Monster Beverage Corp.: And what we said earlier on the call, John, was that there were higher gross margins because in the Finished Products segment, which is largely a function of product sales mix and lower cost of certain raw materials. So we did refer to that earlier on in the call. Rodney Cyril Sacks - Chairman, Chief & Principal Executive Officer, Monster Beverage Corp.: So could you repeat your first question, John? Hello?

Can you hear me? Rodney Cyril Sacks - Chairman, Chief & Principal Executive Officer, Monster Beverage Corp.: Sorry, no. Can you repeat your first question?

Sure. So the first question was about the Coke energy brands that you acquired and what the underlying trends were for those businesses in July and whether the bottlers feel more reinvigorated given the fact that you are going to be probably providing a greater level of focus on those brands. Hilton H. Schlosberg - Vice Chairman, President, COO, CFO & Secretary, Monster Beverage Corp.: I just want to remind everyone that the Concentrate business was only in for two weeks in the quarter. We closed the transaction on the 12th, which is a Friday. From the 15th to the end of the month, the Concentrate sales were incorporated in the financial results for this quarter. So turning to July, I don't have those numbers for July. I think we had them earlier for the Concentrate division. Rodney Cyril Sacks - Chairman, Chief & Principal Executive Officer, Monster Beverage Corp.: I think the sales for the Concentrate division or the brands have been a little choppy but it's been very early. We only got the brands recently. We then didn't have access to a lot of the underlying marketing information about the brands until we closed. We're still getting information and trying to understand the brands. We have marketing guys working with us. Some of the people we took on from Coke but some of our own guys are having to travel to different markets to try and understand the brands. And we're still trying to put together our strategy on these brands. Obviously, we've talked with the Coke guys and we've reassured them that we're going to obviously focus on these brands and give these brands attention. And at the moment, I think they're doing fine, but I can't give you an indication of direction because it really just…