Good morning. My name is Joana and I'll be your conference operator today. At this time, I would like to welcome everyone to the Polaris Third Quarter Earnings 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. Richard Edwards, Director of Investor Relations, you may begin your conference.

Thanks you Joana and good morning and thank you for joining us for our third quarter 2015 earnings conference call. A slide presentation is accessible at our website at www.polaris.com/irhome, which has additional information for this morning's call. The speakers today are Scott Wine, our Chairman and Chief Executive Officer; Bennett Morgan, our President and Chief Operating Officer; Ken Pucel, our Executive Vice President of Operations, Engineering & Lean; and Mike Speetzen, our Chief Financial Officer. During today's call, we will be discussing topics including product demand and shipments, sales and margin trends, income and profitability levels, manufacturing expansion initiatives, foreign currency movements, and other matters, including specific guidance for our expectations for the remainder of 2015, and some qualitative comments on 2016, which should be considered forward-looking for the purposes for the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from those projections in the forward-looking statements. Now I'll turn it over to, Scott Wine, our CEO. Scott? Scott W. Wine - Chairman & Chief Executive Officer: Good morning and thanks for joining us. I was recently with renowned author and speaker, Arthur Brooks, President of American Enterprise Institute, at an event where he gave a keynote address. One of his central themes was the strong correlation between happiness and success. Brooks is one of the most eloquent proponents of free enterprise and we share a view that competition is a net positive in most every market. In that regard, the off-road vehicle space is quite healthy, as competitive activity is more intense than in any time in my seven years with Polaris. Our metal is certainly being tested but we responded well, once again gaining side-by-side and ATV market shares. And although we missed the timing by a quarter, I'm happy to report that…

Your first question comes from James Hardiman with Wedbush Securities. Your line is open.

Hi, good morning. Thanks for taking my call. A couple of questions on the retail numbers and sort of bridging that gap. I don't want to front run Hovorka's question, but can you break down the 3% ORV growth between ASP and volume? And as I think about the 10% North American retail target that you gave following the second quarter, 7% in third quarter, are you backing off of that target or is there opportunity to regain that? Michael T. Speetzen - Chief Financial Officer & Executive Vice President: Yeah. So, from – this is Mike. Good morning. From an ASP perspective, we were essentially flat. And the one comment I would make, if you think about our ORV growth rate in the third quarter of 3%, we had about 2 points worth of currency headwind against that. So, on a constant-currency basis, that will look a bit more like 5%. Bennett Jay Morgan - President & Chief Operating Officer: And James, this is Bennett. On the retail sales, I think as we articulated, we were pleased with our share gains. That was about what we modeled coming into the quarter. The industry was a little weaker than we expected, particularly in side-by-sides. And again, a lot of that is attributed very much to oil and ag and continued sluggishness in Canada. And as a standpoint, we don't get into the business of forecasting retail as we go forward. But we still think the rates we communicated were appropriate quarter-by-quarter, but I don't expect to make up what was lost in the third quarter with a miraculous rebound in the fourth quarter.

Got it. And then when we think about the end markets, I mean, you basically touched on it, but the share gains are there, but in both ORVs and in motorcycles we've seen decelerating trends over the course of the year. Do you think some of that was pull-forward given that the promotional environment really stepped up at the beginning of the year and maybe people bought ahead of time, or was it more to your point sort of the Canadian deterioration and some other items there? Bennett Jay Morgan - President & Chief Operating Officer: Yeah. I think motorcycles for us and ORVs may be a little bit different. On motorcycles, I don't think the promotion environment with our new brands and innovation has an impact at all, and even what the industry is doing doesn't have a tremendous amount of impact where we are at least in our – part of our life cycles. On the ORV side, I mean, it's been a competitive promotional environment for most of the year. Again, a little bit more than we anticipated, but not anything that we haven't covered or planned for. I don't think there's significant pull forward going on. I think it again is – you could see Texas weak and you could you could Alberta continue to be difficult with oil and ag. You can see some of the sluggishness in some of the states where the crop prices like corn are down and so forth, cattle pricing is down, and we see that and we saw that more in the third quarter than we did frankly in the second quarter.

Great. Thanks, guys.

Next question?

Your next question comes from Tim Conder with Wells Fargo Securities. Your line is open.

Thank you. Bennett, if we could just sort of stay on the same subject here, the retail. Can you kind of – pardon me. Can you kind of talk about the bridge here going from plus-14% to the mid-single-digits here by yearend? And then any color you can give us in the same vein here with that in dollar terms, or if the PG&A is factored in, the dollars from that perspective? And then maybe a question for Ken or Mike, whoever wants to take this one. The expected cost of the paint system, it appeared that the $20 million that you'd originally laid out for this year, that could be a little bit more given the gross margin guidance there. And then I think, Ken, you'd referenced then you expect part of that to obviously abate, thankfully, going forward into 2016. Thank you. Scott W. Wine - Chairman & Chief Executive Officer: All right. Let's answer Tim's question, in the next hour, we'll take another one. Bennett Jay Morgan - President & Chief Operating Officer: I'll start with the inventory, we were up 14%. As you know, our third quarter is generally a quarter where we are in the midst of aggressive new model year launch periods. And I would tell you, we are tracking right to the plan that we've communicated to you about mid-single digits. It doesn't imply any kind of significant change from what we said before. Again, when you look at those percentages, there is no PG&A in it, it's all units, Tim. Some of that has to do with year-over-year comparables and I would tell you that we feel really, really good. The 14% frankly is probably maybe higher than some of you may have expected, but I think that's, in all honesty, because we were much more successful in getting motorcycles out than many of you had probably anticipated that being up about 30%. ORV down to 10% is right about where we want to be and we'll continue to land that glide pattern down by the end of the fourth quarter. Michael T. Speetzen - Chief Financial Officer & Executive Vice President: And then, Tim, from a gross margin standpoint, a couple of comments. One, the paint system costs that we articulated, we still largely expect those to be in the range that we've talked about previously. So that's not leading to the gross margin erosion. And you're correct that we do expect some of that to abate as we get into next year. Really, it's being driven by the degradation we've seen in the Canadian foreign exchange rate. As you know, that rate particularly hits us pretty hard from a gross margin perspective. So, promotion costs are up as Bennett articulated, so that's got a bit of a drag. But at the end of the day, this is really being driven primarily by foreign exchange.

Okay. And then as a follow-up, gentlemen, just more of a comment. Just some early feedback. Whatever flexibility you have in the pending change in your reporting on the segments, I know you mentioned the SEC, you have an agreement with them and they'd requested some things. But your disclosures now appear very good and it would appear the way things are going to be grouped that the visibility from an investor perspective could be reduced. So, anything you can do to mitigate that, that would be greatly appreciated. Thank you. Michael T. Speetzen - Chief Financial Officer & Executive Vice President: Yeah, Tim. So, the only comment I'd make is, we will continue to have robust disclosures. So, I have a feeling your comment is around PG&A, so, we'll obviously still continue to talk about that as a separate discussion.

Thanks, Tim. Next question?

Thank you.

Your next question comes from the Robin Farley with UBS. Your line is open.

Yeah. It seems that your off-road sales guidance for the year haven't changed, but maybe came in a little bit light in Q3. So, with no change for the year, should we just be thinking of kind of similar in the existing range? And then my second question is on the comments about SEC disclosure. Can you just give us a little color behind why would they ask you to combine, or want you to combine, ORV and snow? Just trying to understand that. Thank you. Michael T. Speetzen - Chief Financial Officer & Executive Vice President: Yeah. So, let me start with the segment. The SEC did not ask us to take a specific action other than to evaluate the fact that we shouldn't be reporting as one segment. That really is stemmed by the changing profile of the business with the motorcycle business growing and with our strategic intent around growing the Global Adjacent Markets. As it relates to ORV and snow, we will continue to aggregate those because when you at them from an economic perspective as well as from a non-economic, so of things like distribution method, customers, sales channel, et cetera, the two businesses are very similar. Now, we'll obviously continue to give insight into revenue patterns and retail patterns as we have in the past, but from a segment reporting perspective they will be aggregated. Bennett Jay Morgan - President & Chief Operating Officer: And, Robin, this is Bennett. I'll try to take a crack at your first question. Again, I would tell you, we feel very comfortable we'll be able to land our ORV guidance and deliver the dealer inventory levels and are confident in our ability to gain share in the retail. So, while it might be a little bit lighter than you expected, I think it was right within our expectations the way we were looking at what we expected from that business in the third quarter.

So, you're – and you're expecting a kind of an acceleration in Q4 in off-road? Bennett Jay Morgan - President & Chief Operating Officer: Yeah. I guess, I would say the implied guidance, yeah, would be up slightly. Scott W. Wine - Chairman & Chief Executive Officer: Yes. Mid-single digits.

Okay. All right. Great. Thank you.

Thanks. Next question?

Your next question comes from Craig Kennison with Baird. Your line is open. Craig R. Kennison - Robert W. Baird & Co., Inc. (Broker): Good morning. Thanks for taking my questions. Ken, can you start by maybe commenting on the risk and benefit of adding ORV production capacity in Huntsville at a time that the ORV market is growing but at a slower pace? Kenneth J. Pucel - EVP-Operations, Engineering & Lean: Yeah. So, when we look at our longer-term capacities, we really like Huntsville. In the short term, we're on target to ramp up in the second half. Well, actually it is the second quarter of next year. We need that capacity next year. There is no other way to meet the capacity constraints that we have or get over the capacity constraints that we have. So, Huntsville is in the plan, it's required, and we're going to leverage it next year. Now, we're going to ramp the facility over the next four years, and so we're looking to make sure that we use it to the best of our abilities. Scott W. Wine - Chairman & Chief Executive Officer: I'd just add that – Craig, it's Scott. I'd just add that the – you probably don't recognize on a product line basis how constrained we are at times of the year. And so, the specific action to create RANGER capacity there allows us really to implement our overall Lean strategy in each of the product lines. So, the – while it won't be an immediately full factory, it'll facilitate the Lean transformation of both Monterey and Roseau and allow us to have much shorter lead times and ensure that we don't have these seasonal capacity constraints that we faced the last couple of years, which drive inefficiencies in…

Next question?

Your next question comes from Jaime Katz with Morningstar. Your line is open.

Hey. Good morning, guys. I just have a quick question about that Global Adjacent Market category. I think in the past you guys had mentioned that you expected the market to grow sort of high-single digits and then that might be something close to $1 billion business by 2019. And I'm curious if we should be paring back our thoughts about that segment or if that grows a little bit faster through acquisitions, either with or without the PG&A that will be included in the category? Thanks. Scott W. Wine - Chairman & Chief Executive Officer: No. I would – I think you'd be regretting backing off that right now. If anything, we think we've got lots more opportunities there. You never want to bet on the timing of M&A, but like I said, Matt has done a really good job of building a team and infrastructure for us to better understand that segment of the market and how we grow both inorganically and organically. We still very much like our chances to create a billion-dollar platform there reasonably quickly.

Okay. And then, do you have any additional comments on when in the year, next year you might think you might be working through those backlogs. It sounds like for motorcycles that they might be done by year-end. But I suspect you guys could maybe get through that a little bit earlier. Any thoughts? Scott W. Wine - Chairman & Chief Executive Officer: Well, I mean the clear challenge is to make sure we can meet the spring selling season, and that's what Ken and the team are aggressively working on. I think because of the demand we expect to see there, it will really be the first half before we get through the entire backlog situation. But we like our ability to be able to barely meet demand going through the early season selling, and we'll kind of hit a better standpoint as we get to the June-July timeframe.

Thanks so much.

Next question?

Your next question comes from Drew Crum with Stifel. Your line is open. Drew E. Crum - Stifel, Nicolaus & Co., Inc.: Okay, thanks. Good morning, everyone. I think earlier in the year, guys, you suggested that 20% of your motorcycle sales would come from Slingshot. Given the increased sales guidance for 2015, is there any update there? And then my follow-up pertains to ATV. Your model year 2016 lineup had a heavy emphasis on entry-level product. Just talk about the initial consumer demand for this product. And as it relates to the ag end market, I think you guys suggested at your dealer meeting back in July that things have stabilized. Is that what you're seeing, or are conditions getting worse as we go through the back half of 2015? Thanks. Scott W. Wine - Chairman & Chief Executive Officer: I'll take a crack at it. On the Slingshot, I think we're going to great pains not give you a number, but I think it is very fair for you to assume based on our comments that Slingshot is overdriving and has become a greater percentage than what we've communicated as we go throughout the year. So, that's how I would hold it for you, is that's certainly driving much of the improvement. In regard to the ATV question, I do think oil and ag, at least from what we saw on retail trends, degraded for us in the third quarter. And some of that might have to do with some of the financial markets wobble that we saw in mid-to-late August where oil dropped again. But those markets were clearly weaker in the third quarter. Entry rec ATVs has been a pain point for us as we kind of communicated previously. We made a number of changes to our product plan where we're kind of phasing out the ETX and bringing in the new products. But in all honesty, Drew, those just were hitting the market at the very, very end of the quarter. We did see some improvements in our entry rec performance, but I still tell you that's an underperforming segment for us. So, we'll see what happens as we go forward here in the fourth quarter as our new products get to the marketplace. Drew E. Crum - Stifel, Nicolaus & Co., Inc.: Okay. Thanks, guys.

Next question.

Your next question is Joe Spak with RBC Capital Markets. Your line is open.

Good morning, everyone. I just want to go back to the pain issue again. And I believe you called out that maybe half of that $20 million would abate in 2016. But I'm assuming embedded in that is a much higher volume assumption for motorcycles as well because your capacity's improved. So it would seem that actually on a per-unit basis it would be significantly lower than half the cost. Is that the right way to think about it, or are you talking sort of on an apples-to-apples basis? Kenneth J. Pucel - EVP-Operations, Engineering & Lean: Yeah. This is Ken. I would say, you want to consider that we're adding additional capacity investments at the same time. So there are some investments that we're adding and yet we're at the same time improving our rework, our efficiencies, all the material costs and supplies going into it. So, on a unit cost basis, it's slightly improved to flat.

But in your, I guess, commentary, which would suggest about $10 million cost, so a $10 million year-over-year benefit, I mean, that does assume a higher volume output as well? Kenneth J. Pucel - EVP-Operations, Engineering & Lean: That does, yes, significantly.

Okay. And then on gross margins, since you sort of called out the order of magnitude on FX. I think you said it was 60% of the decline, and you're going to be, I guess, giving a little bit more segment gross profit detail next year anyway, is there any chance we could get some order of magnitude as to what mix was? Because obviously PG&A was lower. So based on what we know, I think that sort of was a drag. And maybe the promotion impact as well to the gross margin? Michael T. Speetzen - Chief Financial Officer & Executive Vice President: Yeah. So, I mean, I think, Joe, consistent with what we talked in the past, obviously, you saw the growth in our motorcycle business and you should see it when we disclose the new segment that, that business is below the company average. It's still early in the maturity of that business model and certainly with PG&A being down to a 3% growth level as we've indicated in prior conversations, that is also a higher gross margin business. So, there's certainly some mix at play. But again, the majority of this is really being driven by the incremental costs associated with the motorcycle business, as well as the foreign exchange.

Okay. So, order of magnitude, those are the two largest and then you get down to mix and promotion? Michael T. Speetzen - Chief Financial Officer & Executive Vice President: Yeah. I mean, for the most part, on a current quarter and a full-year perspective, those two almost explain the entire variance versus last year.

Okay. Thanks. That's helpful. Michael T. Speetzen - Chief Financial Officer & Executive Vice President: You bet.

Okay. Next question?

Your next question comes from Kevin Milota with JPMorgan. Your line is open.

Hey. Good morning, guys. On North American retail sales being up 7% in the quarter, is it possible to give us the cadence that you experienced on a monthly basis through the period? And then secondly, on your second half retail sales commentary that you provided in the second quarter up 10%, with the softness experienced in the quarter is there an update to that about 10% number that you previously provided? Thank you. Bennett Jay Morgan - President & Chief Operating Officer: All right. Kevin, this is Bennett. In regard to the update on the guidance, there isn't. Like I said, we don't generally comment on that going forward. What I would remark is that we don't expect because the industry was soft in the third quarter that we're going to make that shortfall up in the fourth quarter, but again our outlook remains generally unchanged as we go into the fourth quarter. The first question was...?

It's on cadence in retail. Bennett Jay Morgan - President & Chief Operating Officer: Yeah. Generally, we don't comment on that as well. And again, if you remember, as we went in, we moved the timing around of our big ORV clearance event, which created what I would call, some abnormalities for us within the quarter. And so, I think any kind of commentary on what our retail did within the quarter isn't necessarily indicative of anything that's going on. I think the only thing I would tell you is that we did see the market pause for a little bit in late August when the financial markets were unsettled and oil shot down. That was really the notable bobble we saw for a couple of weeks there in the marketplace.

Okay. Thank you very much.

Next question?

From Jimmy Baker with B. Riley & Company. Your line is open. Jimmy Baker - B. Riley & Co. LLC: Thanks very much. Just a couple of follow-ups there on ORV. I think you attributed the overall ORV industry deceleration to side-by-sides and certain geographies, Canada and so forth. Wondering if you could just break that down on an industry basis, side-by-side performance between the sport and utility segments? And separately could you talk about ORV market share in the quarter looking distinctly at side-by-sides and ATVs? Scott W. Wine - Chairman & Chief Executive Officer: Yeah. I'll try to give you something, Jimmy. From a standpoint of breakouts between sport and rec utility, as we saw throughout most of the year, sport's been stronger than rec-ut, and that's been the case pretty much all year, not just for RANGER and RZR for us, but also for the industry, best we can see. From a market share standpoint, we don't really get the breakdown within those segments because it's a much more less current reporting thing. So, I can't really tell you the breakdown other than my belief is that we gained a slight amount share in both of those from what we can gather, but that's far less precise than what we've seen. Is there anything else? Jimmy Baker - B. Riley & Co. LLC: Okay. And then I don't want to beat a dead horse on the segment reporting, but will you continue to offer the same level of retail and channel inventory disclosures specific to each existing product segment? And then separately, since you'll be disclosing gross margin by segment will you be providing gross margin guidance by segment on the next quarter call? Michael T. Speetzen - Chief Financial Officer & Executive Vice President: On the first one, yes. On the second one, we will provide further clarity in the future. Bennett Jay Morgan - President & Chief Operating Officer: Not likely. Jimmy Baker - B. Riley & Co. LLC: Okay. Thanks very much. Michael T. Speetzen - Chief Financial Officer & Executive Vice President: Thanks, Jim.

Next question?

Your next question comes from Trey Grooms with Stephens. Your line is open.

Yeah. Hey. Good morning, guys, this is Drew Lipke on for Trey. One of my questions has been asked. But one I was curious, on the more favorable OpEx can you elaborate on the levers that you're pulling there and how we should maybe think about this going into 2016? And then as we look at the both the heightened competitive environment in ORV and maybe a little more promotional environment in motorcycles, how should we think about selling and marketing expense as we look in the fourth quarter and into 2016? Bennett Jay Morgan - President & Chief Operating Officer: We often refer to what we call a [obscenity] (53:06) baseline. And I would tell you that our OpEx growth rate over the last five years has been so high, we kind of created that in terms of where we could spend. We are continuing to invest heavily in innovation. We've got a, I think, a fair amount of marketing. We're not crazy with it, but we're just actually not spending at a same aggressive growth rate that we had in OpEx that we have over the last five years. So, I think you're seeing a slowdown to a more normal rate. And we feel like we're still able to position the business well for current success, but also future success and not limiting our ability there. So we had that opportunity.

Okay. And then just last one, again on ORV. Can you talk a little bit about the promotional trends within ORV between both ATV and side-by-side, and then maybe specifically on RANGER versus RZR? Scott W. Wine - Chairman & Chief Executive Officer: Yeah. They were both reasonably aggressive both ATV and side-by-sides. I would say generally third quarter traditionally is a little bit more of an aggressive period for the industry because you've got the new model year products coming in. There's been a number of new products, so I think a lot of competitors are focused on that transition, and that's traditionally when we run our FAC clearance event. So it's a little bit elevated. But it was pretty consistent frankly amongst all the products. I would tell you from our standpoint, the only anomaly would probably be with our level of innovation that we had on the RZR side, we had less dollars there than we did elsewhere and versus the industry.

Okay. Thanks, guys.

Thanks. Next question?

Your next question comes from Michael Swartz with SunTrust. Your line is open.

Hey. Just wanted to follow up on a question I think Craig asked earlier. Just in regards to the capacity going in at Huntsville amid a weakening retail backdrop, and understanding this is capacity you need for the next 3 years, 5 years, 10 years. Does it at least change the way you assess the return on that project in the near term? Scott W. Wine - Chairman & Chief Executive Officer: Not really. I mean, like I said, we don't just quickly say, let's go put a plant out somewhere. There's a tremendous amount of study that goes into it. And when we went through that study over the last several years, I was personally surprised by how urgent – even in a flat environment, how much we needed that plant to drive efficiencies in our business, and ultimately get – don't underestimate our commitment to creating this Lean enterprise where we can provide vehicles to our dealers on a much more, not only from a timely manner but almost made-to-order manner. And we couldn't do those things without this capacity. And additionally, it's not very efficient to run plants beyond their capacity limits. And quite frankly, when seasonal demand would hit, we would be in that situation where we're going out and saying, way too much for labor to try to build the product. And we get out of that. So, we never built into our models that there was going to be 20% ORV growth consistently for the next five years.

Thanks, Scott. That's very helpful. Scott W. Wine - Chairman & Chief Executive Officer: All right. Next question?

Your next question comes from Mark Smith with Feltl & Company. Your line is open. Mark E. Smith - Feltl & Co.: Hey, good morning, guys. Just looking at PG&A and maybe some weakness in the snowmobile segment there, was this purely a timing issue, a Canada FX issue, or is there something else going on there? Michael T. Speetzen - Chief Financial Officer & Executive Vice President: On the PG&A side, I think it's – again, that business has been wonderful for us. You've got a couple of unique things going on. There was some timing issues, as you said, that was maybe 2%, 3%. We had really stout comparables. We were up 24% year-on-year in the previous quarter in PG&A. And then there's a little bit slower retail rate across the industry too, which impacted it. So, I don't think that should put any concerns if there's a dark cloud on our PG&A business. This business has been frankly spectacular for us and we still feel really good about our innovation and what we're driving there with the team and I feel good about our prospects as we go forward. Scott W. Wine - Chairman & Chief Executive Officer: Yeah. And the only thing I'd add is our growth rate on a constant-currency basis was just over 7%. Mark E. Smith - Feltl & Co.: Okay. And then just looking at the new plant facility in South Dakota. Do you have one product in particular that you plan on running through there or will that just be a mix? And then does that maybe reduce some of the outsourcing of painting that you've been doing? Bennett Jay Morgan - President & Chief Operating Officer: It gives us some capability to be flexible on our network. And really, we're overloading the complex bikes into that facility because of the technology that's in that facility and it allows us to take some of the complexity out of the Spirit Lake system, which gives us the ability to increase capacity there. So, it's a win-win for us. That's the way we're deploying it. Mark E. Smith - Feltl & Co.: Okay. If I can sneak one in. Do you have a Slingshot dealer number? Kenneth J. Pucel - EVP-Operations, Engineering & Lean: A Slingshot dealer number? Bennett Jay Morgan - President & Chief Operating Officer: Dealer count. Scott W. Wine - Chairman & Chief Executive Officer: Yeah. It's a little over 430 right now. Right on track. Mark E. Smith - Feltl & Co.: Excellent. Thanks, guys.

Okay. Thanks, Mark. Next question?

You're next question comes from David MacGregor with Longbow Research. Your line is open.

Yes, good morning. Thanks for taking the questions. If you mentioned this on foreign exchange, I must have missed it and apologize. But what's the spillover impact to 2016? And then secondly, is your international distribution system where it needs to be to support the growth goals you've laid out? Michael T. Speetzen - Chief Financial Officer & Executive Vice President: Yeah. So, from a foreign exchange standpoint, we're obviously in the middle of our budgeting process. But I think it's safe to assume with the rates where they are today, it will be less of an impact, but it will still be a headwind for us, as Scott mentioned in his prepared remarks. And I think the biggest thing to take into consideration is the degradation that we saw this year from our original expectations was that the Canadian dollar softened throughout the year. And so that obviously have a lapping effect as we get into next year, and that will carry a higher gross margin impact as I indicated earlier. We'll give you guys more detail on that when we provide guidance early next year. Scott W. Wine - Chairman & Chief Executive Officer: And on the second part of the question about international distribution, we have really good distribution in Western Europe and we're building distribution into India and China, building it in Mexico. We're pretty well established in Australia. But overall, as we become a more global company, there is a significant opportunity for us to expand our global dealer network. I mean, I think about India where we, with our joint venture partner, with EPPL and Eicher, we're going to probably add several hundred dealers there for that Multix products over time. And we see other opportunities throughout the world. And really, that's – with Mike Dougherty taking on this new role, he'll have oversight over all of that and the opportunity to help us figure out where to go faster and where to invest, but certainly a long-term opportunity for us.

Great. Thanks, David. That's all the time we have for this morning's call. We appreciate everybody participating. And we look forward to talking to you again next quarter. Thanks, again. Good-bye.

This concludes today's conference call. You may now disconnect.