Good morning, and thank you for holding. Welcome to Rent-A-Center's First Quarter Earnings Release Conference Call. At this time, all participants are in a listen-only mode. Following today's presentation, we will conduct a question-and-answer session. As a reminder, this conference is being recorded, Thursday, April 28, 2016. Your speakers today are Mr. Robert Davis, Chief Executive Officer of Rent-A-Center; Guy Constant, Executive Vice President, Finance and Chief Financial Officer; and Ms. Maureen Short, Senior Vice President – Finance, Investor Relations and Treasury. I would now like to turn the conference over to Ms. Short. Please go ahead, ma'am. Maureen B. Short - SVP-Finance, Investor Relations & Treasury: Thank you, Stephanie. Good morning, everyone, and thank you for joining us. Our earnings release was distributed after market close yesterday, which outlines our operational and financial results for the first quarter of 2016. All related materials are available on our website at investor.rentacenter.com. As a reminder, some of the statements provided on this call are forward-looking statements, which are subject to many factors that could cause actual results to differ materially from our expectations. Rent-A-Center undertakes no obligation to publicly update or revise any forward-looking statements. These factors are described in our earnings release issued yesterday, as well as, in the company's SEC filings. I'd now like to turn the conference call over to Robert. Robert? Robert Dale Davis - Chief Executive Officer & Director: Thank you, Maureen. Good morning, everyone, and thank you for joining us. As part of our multi-year transformation strategy, there were a number of levers that we set out to manage to become more consistent and to reduce the amount of risk in the business. Although there is still more work to be done on our top line results in the Core and Acceptance Now, I'm happy…

Our first question comes from Budd Bugatch from Raymond James. Your line is open. Beryl Bugatch - Raymond James & Associates, Inc.: Good morning, and thank you for taking my questions. I guess my first question is on the debt paydown. Congratulations on that. That's pretty exciting to see that. I just want to know that it's sustainable. You said you're undrawn now on the revolver, which means that you can start I guess looking at the notes, if that's going to be where you're going to go. What's the outlook for the second quarter and the balance of the year? Guy, can you give us a feel for how that cadence might play out? Guy J. Constant - Executive Vice President – Finance, Chief Financial Officer and Treasurer: Well, as you know, Budd, generally the first quarter of our year tends to be our strongest cash flow quarter simply because of the amount of payouts we see when our customers receive their income tax payments. And, of course, that was accelerated somewhat this year by the income tax refund that we received as well in the first quarter. Typically the second quarter we tend to tread water a little bit and our cash flow tends to be somewhat even and then we tend to do a little bit better in the back half of the year. Although I will say that our working capital that we're using in order to purchase products is coming in much better than we thought it would and we would expect that to continue. As for looking at the notes or share purchases, you'll recall we have to be under 2.5 times to do that. We're obviously very close to that point, and so once we get to that point, then all options are…

Our next question comes from J.R. Bizzell with Stephens, Inc. Your line is open.

Good morning and thanks for taking my questions. Guy J. Constant - Executive Vice President – Finance, Chief Financial Officer and Treasurer: Hey, J.R. Robert Dale Davis - Chief Executive Officer & Director: Morning, J.R.

So on the POS system I know the original plan or maybe the plan that we discussed at the end of 4Q was kind of expectation to be done by 1Q, and now I know you all said you made some tweaks and now it's looking like 3Q. Could you give us an update on the trend you're kind of seeing from the implemented and the one-third of stores that do have that product or that new POS system? And then maybe your expectations. The main reason you kind of guided first quarter down from an EPS standpoint; should we kind of be thinking about dividing that a little bit of a tailwind – or sorry; a headwind into the remainder of the next few quarters? Guy J. Constant - Executive Vice President – Finance, Chief Financial Officer and Treasurer: So, J.R., as we look at rolling out the POS system, we obviously want to manage the impact that we have on the stores and we want to reduce the potential transition period impact overall to results. And so, as we roll out stores every week, we're constantly monitoring the results to make sure that it's landing well in our stores because it's a big change. While it's a system that we believe provides better ease of use for our store co-workers and certainly gives us a platform to do a lot of things that we haven't been able to do with our older system, there is a transition period, and so we have to watch that very closely. Now that being said, we don't anticipate now that the impact is going to be any more significant than we originally did, but clearly the timing is a little bit different than we originally expected. So, your point that perhaps we didn't see as large an impact as we expected in Q1, we're likely to see a larger impact than we expected in Q2, but our overall guidance for the years remain the same. So, it's really just a shift in terms of when the impact happens.

Perfect; thanks. And then kind of switching gears, the direct locations that are up and running now – was wondering if you could kind of give us an update on the trends you're seeing there, and then further building on that, kind of your expectations for your direct rollout for the remainder of the year. Robert Dale Davis - Chief Executive Officer & Director: So, I think, J.R., in regards to that question, we've got VAN Direct in about 550 locations or so. The trends that we're seeing are improving, but not where we want them to be overall, particularly on the back end from a credit and loss perspective. The commercial capability sales team that I've referred to earlier is working both on the direct and the high service model or manned side. We're seeing a robust pipeline beginning to fill, and so we're going to have options with regards to the number of manned locations as well as VAN Direct. I think our primary focus and our preference is obviously to have the manned locations be the ones that we look to open before VAN Direct. Having said that, the pipeline for both is full, but we are going to focus our efforts primarily on the manned side as opposed to VAN Direct. We do expect VAN Direct to have a number of locations open throughout the balance of the year, but not the 500 or so that we referred to or opened last year. So, the pipeline is strong, the trends are improving, but not where we want them to be, but the high service or manned model is where our efforts are going to be focused on.

And Robert, kind of building on that, have you pinpointed the issue with the back – the credit, the loss perspective on the direct and what's causing that? Is there something that -- I know you said you are tweaking kind of the underwriting model around -- is that something that you think you've kind of got fixed on a go-forward basis? Robert Dale Davis - Chief Executive Officer & Director: We believe we've got the right amount of focus and effort on it now. Frankly, when we were opening them last year it was at the same time an effort on our part to make sure we had a collections team and a staffing resource requirements that were necessary to address those concerns. We are now fully staffed and fully capable of making sure that we're managing the back end appropriately, and so when we were rolling out last year, we were a little bit behind in terms of having the back-end infrastructure to manage that, but today we feel very good about the resources we brought in, the talent that we have on the team to make sure we're addressing those concerns. So going forward we're confident in our efforts to do so, but we were a little bit ahead of ourselves last year with just the back-end infrastructure. Today we're in much better shape.

Perfect. Thanks for the detail and thanks for taking my questions.

Our next question comes from Brian Hollenden from Sidoti. Your line is open. Brian Hollenden - Sidoti & Co. LLC: Good morning, and thanks for taking my question. Robert Dale Davis - Chief Executive Officer & Director: Morning, Brian. Guy J. Constant - Executive Vice President – Finance, Chief Financial Officer and Treasurer: Hi, Brian, how are you? Brian Hollenden - Sidoti & Co. LLC: Good. Can you give us a little bit more – sorry if I missed this, but what leads you to believe that the competitive pressures have peaked? Robert Dale Davis - Chief Executive Officer & Director: Yeah, it's hard to get a good read on that, Brian. And I would still say they're still elevated, so I wouldn't want to suggest that there isn't still a competitive activity going on, but we do see a couple of things happening in the marketplace. You see, for example, we've made some changes to the economics of the 90-day cash transactions with our retail partners. That program has driven a lot of volume for our retail partners and they've done very well economically on that. We've not done so well, and so we've had some great discussions with our retail partners to try and balance those economics and we've been successful doing that and we saw that in terms of the trends of what you're seeing with our merchandised sales gross profit margin. Obviously if we're in a hypercompetitive or as hypercompetitive environment as it might have seemed where we are going. It would have been very difficult to make a change like that in such an environment and have it stick, but we've been able to see that happen, which implied to us that the environment may not be as competitive as we thought it was. Guy…

Our next question comes from the line of Carla Casella of JPMorgan. Your line is open.

Hi, one thing, did you give Core store skips and stolen rate, I didn't see that. Guy J. Constant - Executive Vice President – Finance, Chief Financial Officer and Treasurer: We did Carla, they were at 3.5%, which was down 30 basis points from what they were a year ago.

Okay, great. And then how much of the gross profit margin improvement in that Core, you mentioned the 40 basis points of improvement, how much of that was just the mix away from smartphones? Guy J. Constant - Executive Vice President – Finance, Chief Financial Officer and Treasurer: Very little of it, more of it was now just the realization of the cash savings that we had already achieved from the reduced sourcing costs, now actually showing up and becoming a larger and larger component of our portfolio. So, as we start to see more of these products that we bought at the 5% to 9% reduction that Robert talked about comprising a larger component of the portfolio, we'll see the gross profit margins improve. So we would expect additional gross profit margin improvements throughout the year simply as a result of more and more of that product getting into our portfolio.

Okay, great. And then just one, I have to ask a debt question since I'm the debt analyst on the call. When you look at your two different bonds, the 2020s and the 2021s, is there a difference in the restricted payment basket for either of those in terms of how much you can do and the risk basket to do dividends and share repurchases. Guy J. Constant - Executive Vice President – Finance, Chief Financial Officer and Treasurer: There is Carla, at least a difference in the way the 2.5 times restriction is calculated. So on the 6.625% notes, letters of credit count as debt in the calculation whereas in the 4.75% notes it does not, so we certainly get under 2.5 times quicker on the 4.75% than we do on the 6.625%.

But there is not a general basket in the two that you have? Guy J. Constant - Executive Vice President – Finance, Chief Financial Officer and Treasurer: Well, we have that $20 million basket that allows us to pay dividends, but in terms of our ability to repurchase notes, once we get under 2.5 times on the credit facility we have complete freedom to be able to do that.

Okay. Great, thank you. Guy J. Constant - Executive Vice President – Finance, Chief Financial Officer and Treasurer: All right.

There are no further questions. I'll turn the call back over to Mr. Robert Davis for closing remarks. Robert Dale Davis - Chief Executive Officer & Director: Thank you, Stephanie. And thank you everyone for joining us. We appreciate your time this morning. Obviously, a lot going on in the company. We made significant progress on a number of fronts and a number of initiatives. There is still work to be done on others and we're focused on doing so and we appreciate your support. We look forward to reporting back next quarter. Thank you.

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