Ladies and gentlemen, thank you for standing by and welcome to the Wendy's Company Second Quarter 2015, Earnings Results Conference Call. Thank you. I will now turn the call over to David Poplar, Vice President of Investor Relations. Please go ahead sir.

Thank you, and good morning, everyone. Our conference call today will start with comments from our President and Chief Executive Officer, Emil Brolick, who will provide an update on the progress we are making on our brand transformation. After Emil, our Chief Financial Officer, Todd Penegor, will review our second quarter financial results and outlook. After that, we will open up the line for questions. Today's conference call and webcast includes a PowerPoint presentation, which is available on the Investors section of our website, www.aboutwendys.com. Before we begin, please take note of the safe harbor statement that appears at the end our earnings release. This disclosure reminds investors that certain information we may discuss today is forward-looking. Various factors could affect our results and cause those results to differ materially from the projections set forth in our forward-looking statements. Also, some of the comments today will reference non-GAAP financial measures, such as adjusted EBITDA, adjusted EBITDA margin, and adjusted earnings per share. Investors should refer to our reconciliations of non-GAAP financial measures to the most directly comparable GAAP measure. And with that, I will now turn the call over to our President and Chief Executive Officer, Emil Brolick. Emil J. Brolick - President, Chief Executive Officer & Director: Thank you, David. And good morning, everyone. I will share a few thoughts on our second quarter performance and then speak to the strategic underpinnings of our business that distinguish the Wendy's brand. In the second quarter, North American system's same-restaurant sales increased 2.2% and company's same-restaurant sales were 2.4%, or 6.3% on a two-year basis. Our Image Activation initiative continues to produce solid results, as reimaged restaurants contributed 170 basis points to company-operated same-restaurant sales. We also realized a 40-basis-point year-over-year improvement in restaurant operating margin to 18.2%. Adjusted EBITDA from…

Thank you, Todd. Please note that we will be returning scheduled calls with the sell-side for the remainder of the day. But if you need to reach us, please e-mail me at david.poplar@wendys.com or leave a message at 614-764-3311, and we will get back to you as soon as we can. Before we open up the phone line for questions, I'd like to review some upcoming events on our Investor Relations calendar. In September, Greg Lemenchick and I plan to attend the C.L. King Conference in New York. In October, our senior management team will host an Image Activation market visit here in Dublin sponsored by Karen Holthouse and Goldman Sachs. Looking further ahead, we plan to issue our third quarter earnings on November 4 and Greg and I plan to attend the Morgan Stanley Conference in New York on November 18, as well as the Wedbush Conference in Santa Monica on December 9. We are currently working on a couple of other events in the back-half of the year and will look to confirm those in the coming weeks. And now we are ready to take your questions.

Your first question comes from the line of Michael Gallo of C.L. King. Michael W. Gallo - C.L. King & Associates, Inc.: Hi. Good morning. Emil J. Brolick - President, Chief Executive Officer & Director: Good morning, Mike. Todd A. Penegor - Chief Financial Officer & Senior Vice President: Good morning, Mike. Michael W. Gallo - C.L. King & Associates, Inc.: I just want to dig in a little bit, it seems like whatever you've got in the core products and the premium products, it's done well. But you haven't been able to really get that balance in terms of value. So I was wondering, I know you've made changes to that menu over time, but how do you better make that part of the menu relevant in terms of driving better back onto the menu? Emil J. Brolick - President, Chief Executive Officer & Director: Sure. Yeah. Mike, this is Emil. The – I think it goes beyond just the evolution of the right price, right size menu. I think we're clearly seeing the shift for – the consumer today is looking for a more relevant total offering in terms of bundled meals and where we see particularly relevance is in that $4 to $6 check range and we believe that the responses that we are in market testing now will definitely address that more aggressively than does the right price, right size menu. And I think we'll see the – beginning to see the benefit of that early in the fourth quarter, as well as into 2016. Michael W. Gallo - C.L. King & Associates, Inc.: Okay. Thanks very much.

Your next question comes from the line of Karen Holthouse of Goldman Sachs. Karen Holthouse - Goldman Sachs & Co.: Hi. One quick question, just modeling question, and then an actual question. The modeling question is – I missed this I think a little bit in prepared comments, can you just walk through 2015 and 2016 again the cash taxes versus GAAP taxes piece of it? And sort of a longer-term question, the comment earlier that we should expect an international update sometime in 2016, should we think about it as something that has the potential to be incremental either on the cost or the sales side or the revenue side to what's been laid out for long-term guidance or is anything there sort of beyond the timeline for how we're already thinking about numbers? Todd A. Penegor - Chief Financial Officer & Senior Vice President: Hey, Karen. This is Todd. So on cash versus GAAP taxes so for 2015, we see cash taxes at about half the rate of what you would see GAAP taxes, so we've spelled that out in the earnings release, but as you move into 2016 and beyond, cash and GAAP taxes will move almost the same. So there would be approximately the same amount plus or minus, $5 million to $10 million based on timing of the use of some of the tax attributes. Todd A. Penegor - Chief Financial Officer & Senior Vice President: As far as international, we do have international growth built into our long-range guidance that we've already previously provided, but what we haven't given is anything specific around the number of restaurants that we would expect against that LRP over time, and what we want to do is provide you more detail probably at Analyst Day in February around our long-term growth aspirations in international. We'll have some updates on the progress in the core four markets that we've been really focused on when you think about Japan, India, Brazil and the Middle East, and where we want to go from there. So more to come on that, but that is embedded in our guidance at the moment, but we want to provide some more specificity going forward. Karen Holthouse - Goldman Sachs & Co.: Great. Thank you.

Your next question comes from the line of David Carlson of KeyBanc. Todd A. Penegor - Chief Financial Officer & Senior Vice President: Okay. So on G&A, yeah, if you look at the run rate, it would say we're tracking more to $240 million. You've got to remember, there is a couple of things when you think about the back half of the year, one, we have a 53rd week, so you have another week of G&A expense that we do pick up in the back half of the year. And as we've previously articulated, with some of the savings that we had from last year's G&A initiative, we are reinvesting back into technology, we are reinvesting back into development for future growth. So those investments largely come in the back half, some have come to life with the opening of our 90 Degree Labs that we've announced about two months ago. We're now working to staff up that lab, and we continue to ensure that we've got the resources on the development front to drive those 1,000 gross new North American restaurants that we committed to have opened by 2020. Todd A. Penegor - Chief Financial Officer & Senior Vice President: Yeah. So we continue to see pressure on wages two fronts, one is minimum wages at the state level continue to increase, and as there is a war on talent to make sure that we're competitive in certain markets. So we've made some adjustments to that starting wage in certain markets. The impact hasn't been material at the moment, but we continue to look at initiatives on how we do work to offset any impact to future wage inflation through technology initiatives, whether that's customer self-order kiosks, whether that's automating more in the back of the house in the restaurant, and you'll see a lot more coming on that front later this year from us.

Your next question comes from the line of Jeffrey Bernstein of Barclays.

Great. Thank you very much. Two questions. One just thinking about just the broader category, things like quick service is performing quite well. I'm wondering how you think about maybe your own performance, whether I think you might be taken share from fast casual, which I know is kind of where you target to really after versus maybe benefiting from weakness of your largest peer. And maybe on that note, any change in category promotional activity whether it's your largest peer or otherwise? And then I had a follow-up question on Image Activation. Emil J. Brolick - President, Chief Executive Officer & Director: Yeah. Sure. Jeff, as we look at the category, I still think that there is a – when I look at traffic counts in the industry, they're still fairly soft while QSR though continues to be the stronger element versus casual dining or mid-tier restaurants. So, obviously it's a great place, it's a great place to be. And as we look at share shifts in the business, it is hard to identify exactly where those come from. So, our focus is really, as we've said in the past, very much on beating ourselves. And we feel very good about our promotional products or LTO items, very good about the core items that we have put out where they've performed at or above our expectations. And the opportunity is to continue to refine that price/value message, and importantly I think we've identified some insights there that are going to help us to do that. So, we're very encouraged for the remainder of the year, as – really as we look into 2016. And so, we like where we are. We continue to execute against the Cut Above brand positioning, and believe that that will distinguish us both versus traditional QSR competitors, where we're going to give people a new QSR experience, but at a QSR price, and we also think it's going to hold us up well against the new QSRs, because our average check is some 40% to 45% below where their check is.

Got it. And then just the Image Activation, I know you mentioned in the press release, and I think you said it on the call, you're still seeing those sales with 10% to 15%, I mean that number seems I guess critical to achieve your ultimate AUV, as far again I think people are always wondering if and when that 10% to 15% might get tweaked downward. I mean, just wondering your thoughts, it would just seem like as more of your systems complete and there is more across broader quick service pursue similar strategy and they get a sales lift, maybe not as large, but just hard to imagine the whole category can sustain that momentum. So I'm wondering if there is any change or tweaking in your outlook or do you see anything new when you do more remodels in the existing market or maybe the next store doesn't get as much of a lift or do you still feel like 10% to 15% is very reasonable over the next two years? Todd A. Penegor - Chief Financial Officer & Senior Vice President: We still feel for the ultra-modern standard design and that design with upgrades, that the 10% to 15% lift is reasonable. From a company perspective, where we see the results of those incremental sales, we do see the strong follow-throughs of 40% plus continuing to happen. And it's really been helping the health of the overall brand, right. As we trade a more consistent experience across all Wendy's across the country, you do get an all boats rise with the tide element of IA. But we continue to see sustainable results. And as you know we've been at this for now many years both from the company restaurants and now as low as the franchisees that have been adopting, where we see sustainable results in that 10% to 15% range, not just during the first year, but moving into the future. So it's always those lifts in year one. And then in year two, we start to see those restaurants grow in line with the system averages, and it's really a function of bringing those lost consumers and new consumers into the restaurant, creating a great experience from the place, the people and the product side to continue to drive that growth, and make sure they become return customers over time.

Great. Thank you.

Your next question comes from the line of Sara Senatore of Bernstein. Sara H. Senatore - Sanford C. Bernstein & Co. LLC: Hi, thank you. I have one point of clarification, I guess and then, more of a philosophical question. So the first question is just on the Image Activation impact, I think the stores are out of the comp base for the first, during construction, and then immediately after as you get these very big initial lifts. I am just trying to understand kind of the timing in the sense that you are expecting a pretty market slow or deterioration I guess in terms of the contribution in the back half. Is it safe to assume that the biggest lift has been in the first half of 2015 and from here, we'll see kind of diminishing lifts? And I guess related to that, are you comfortable in your kind of product and marketing calendar that you can offset that and still meet your comp targets with a more diminished contribution from Image Activation? Todd A. Penegor - Chief Financial Officer & Senior Vice President: Yeah, first part on IA, and then I'll turn it over to Emil to talk about the back half calendar and the confidence in the guidance that we've provided. But you're exactly right. So if you think about all of our IA activity from 2014, we did a lot of IAs in the third quarter and the fourth quarter of last year. And as we go through the construction period which is usually five weeks of closure and then the following 13 weeks, which is the grand opening impact, that those restaurants as they're being constructed are out of comps. They got basically an 18-week period. We got the benefit of all of those IA…

Your next question comes from the line of Will Slabaugh of Stephens, Inc.

Yeah. Thanks guys. I had a question about value. If I could circle back there, should we assume that given the positive commentary around your premium LTOs, and then the new value strategy you mentioned coming that should help you out in 4Q, that the share loss at the value end of your menu has become somewhat more material at this point or maybe has that gotten worse or just become more clear in recent quarters, that something additional needed to be done? Emil J. Brolick - President, Chief Executive Officer & Director: Yeah. I would say that we don't believe it's more material, but I think our understanding and insights into it is clear in how we're going to be able to address that, but you are correct in saying we feel very good about the performance of our LTO products and our core products. I guess we're just appreciating even more that the opportunity we had is definitely in the price/value area. And as I mentioned specifically in that $4 to $6 check range, which is also where you see a lot of competitive activity taking place in that area.

Got it. And just one quick follow-up if I could on food cost. Wondering what your outlook was for the back half, if you could talk just a little bit more around that and especially around beef, which looks it have been coming down nice in the past month or two and a number of your competitors have mentioned around some better outlooks for back half of the year? Todd A. Penegor - Chief Financial Officer & Senior Vice President: Yeah. Well, so we've continued to see beef prices not be as inflationary as we thought in the fourth quarter. We in fact probably see it a bit deflationary from where we would have been a year ago. But we have guided now to flat commodity inflation, so if you recall at the end of the first quarter we were thinking the commodity bucket was about 1.5% inflationary. We're now flat. That change is really driven in two fronts, primarily by beef, which is about two-thirds of that improvement, and by pork, which is the other third. So year-on-year, we're really looking at a flat commodity bucket outlook.

Thank you.

Your next question comes from the line of Matt DiFrisco of Guggenheim Securities.

Thank you. I was just wondering if you could comment or at least follow up on some of those questions about the reimaging. If you could talk about the average cost of the stores that you've most recently done, what it is running at. And then also secondarily, I was just curious as far as is it too early to tell or could you give us an estimate of potentially how many stores could sort of get the activation light sort of the $250,000 investment. As you refer to the 60% of your base getting Image Activation, I wonder how high could that number go, if you were to include sort of those $1.4 million and lower AUV stores getting a more modest refresh. Thank you. Todd A. Penegor - Chief Financial Officer & Senior Vice President: Yeah. Matt, so on the costs, we continue to see the costs come in at $450,000 to 650,000 range and the wide range is really a function of what upgrades you would put against the base ultra-modern standard design so those costs have stayed in that range. As we do more and more, the opportunity to take some costs out with some sourcing and partnership with QSCC has started to materialize. As folks get better at constructing these restaurants, we've seen it from a company perspective, we'll start to see it from a franchise perspective, they start to be able to pull some of the construction costs out over time, but still within that overall range. The refresh option, we only have about 10 of those restaurants open to date, all of those are coming in under $250,000 for the most part. We are favorably encouraged by the lift that we are seeing in those restaurants, but it's really too early to declare victory as we are still through the grand opening phase in a lot of those restaurants, but we are encouraged that that is another tool in the tool box to make sure that we can not only reimage our lower AUV restaurants economically but it gives us a chance to make sure that maybe we have an opportunity to mitigate closures over time, as some of those lower AUV restaurants couldn't afford a full ultra-modern standard design upgrade in the future. So that's what we're seeing on the results. As far as what we would see the mix into the future, still it's too early to tell but as we look at the AUVs across the system, we could see refreshes being maybe as much as 20% of the system into the future and we think that's a real positive thing that it could help us continue to accelerate the pace of the reimaging, make sure we have economically viable solutions and we have a place that continues to draw in those lapsed and new consumers and then we will continue to wow them with the great hospitality and the restaurant and the great food.

Okay. Excellent. Thank you.

Your next question comes from the line of John Glass of Morgan Stanley. John Glass - Morgan Stanley & Co. LLC: Thanks very much. Just first on the lower contribution from Image Activation, is that the new normal for this, once on the company side, now that you've gone through the bulk of them there and you're refranchising more or is this really just more about the timing in the back half? Todd A. Penegor - Chief Financial Officer & Senior Vice President: No, I think it ends up becoming more of the new normal it's probably a little more muted this year with the timing in the back half, wiping all that activity from the front half. But we are coming over that reimage comp as a company and as we move down to the 5% ownership, by the end of 2016, we'll have the bulk of the company restaurants reimaged. So you will start to see from a company side, much less of a tailwind from IA because we're coming across the other of the hump. But importantly, as we move to 2016 and beyond, we're going to start to really focus on system-wide guidance. And this system still has a big opportunity to continue to image activate restaurants. Because if you look at where we were at the end of Q2, we're above 45% of the company restaurants are image activated, only 11% of the franchise restaurants are image activated, so the total system is at 16%. We've now moved to 17% of the system image activated across North America as we opened our 1000th restaurant this week. So we've got some nice momentum. But we have a lot company reimages in the back half of this year and into 2016. And then the franchise community will…

Your next question comes from the line of Joseph Buckley of Bank of America.

Thank you. A couple of follow-up questions and then maybe one that hasn't been asked yet, but does the food cost guidance for the year now of flat imply down year-over-year food costs in the back half of the year? Todd A. Penegor - Chief Financial Officer & Senior Vice President: Slightly down Joe, so we would have been inflationary in Q1, food costs in Q2 would have been slightly favorable year-on-year. So you do pick up a little more favorability in the back half of the year, really pronounced in the fourth quarter. So if you remember last year, beef really started to accelerate and become very inflationary in the fourth quarter of last year, we're seeing a moderating of that inflation and beef will become deflationary in Q4 for us year-on-year.

Okay. And then, question on the Image Activation and what the experience has been. So when you lap that 18 weeks where they come out of the comp base, what happens afterwards? Is there another incremental lift on a year-over-year same-store sales basis starting that 19th week on or do the stores then kind of perform in line with the system? Todd A. Penegor - Chief Financial Officer & Senior Vice President: The most on average so they start to perform in line with the system once you get past that whole brand opening impact. So what we see is, you have that new elevated base so if a restaurant was a $1.5 million AUV, 12 months in, now it's $1.65 million and then it starts to grow in line with the system comps from that $1.65 million and beyond.

Okay. And then can you just maybe talk about the refranchising of Canada, what those proceeds were, and if the margins of those stores were low and therefore coming out has an impact on your second half margin expectations? Todd A. Penegor - Chief Financial Officer & Senior Vice President: Yeah. So the margins in Canada were lower than the total North American overall average. So in the back half of the year, selling those restaurants, which we finished most of those deals late in Q2, will help continue to provide part of the benefit in the back half of the year. So we ended up doing eight deals for the 129 restaurants across Canada, primarily with existing franchisees, but we did bring in one new franchisee into Canada as part of the transaction. And if you look at the total consideration, so this would be purchase price, partial reimbursement for completed IAs, the technical assistance fees that we get upfront, as well as some restaurant growth and development fees, for the sale of those restaurants we picked up about CAD 87 million.

Okay. Okay. That's helpful. Thank you.

Your next question comes from the line of David Palmer of RBC Capital Markets.

Good morning. This is Eric Gonzalez in for Dave Palmer. I was just wondering how the decision to pursue a value strategy was influenced by the beef or commodity cycle? And then how do you decide what sort of value is compelling but not damaging to the brand? And then secondarily, maybe you could touch on some of the technology investments you've made, I know you mentioned mobile order and pay, hoping you must be willing to discuss some early learnings? Thanks. Emil J. Brolick - President, Chief Executive Officer & Director: Yes. This is Emil. I'll start out in comments. The value strategy really is not influenced by the beef cycle. This is really driven by our consumer base, and we all are very familiar with the patterns we see in median disposable household income in the United States, but essentially that number has been flat if you go back as much as 18 years. And so there is a lot of consumers out there who are simply heavy users of quick-serve restaurants, who don't have a lot of disposable income, and because they're using restaurants frequently, a value – price/value is something that is important to them. And we see that as something will be important for a long time to come, and we just have to evolve our offering to be more relevant to the specific needs that they have. And again, I want to emphasize we believe that we have the insights to address that, but as far as how these things affect brand perception, what we're seeing very clearly is with these consumers that there is no adverse effect on brand perception, because they're using your brand, and we believe that actually with Wendy's one of the distinct things that we have is we're giving…

Thanks.

Your next question comes from the line of Keith Siegner of UBS.

Thanks. Just a question, Emil, on the quality is your recipe aspect of the brand. We've seen a lot of news across the industry with focus on removing hormones and antibiotics, artificial flavors and ingredients and I thought that was very interesting how you talked about some of the tests with the chicken. Now that we have Kurt Kane in place here to help lead these efforts, can you give us an update on, let's say, ingredient or product reformulation and the marketing efforts, how you plan to say support or even leverage that quality as a recipe position going forward? Thanks. Emil J. Brolick - President, Chief Executive Officer & Director: Sure. Keith, and first of all, I think that the great success we had with Jalapeno Fresco Chicken Sandwich, the very strong success we had with Baconator and Baconator Fries, and remember Baconator is a product that has an average price point of over $6 because it's a half-pound product. And when I look at the levels with which we're able to sell these items, I believe it strongly speaks to the core equities and qualities that we have as a traditional QSR, and I think that that's one of the things that undoubtedly distinguishes the Wendy's brand. But clearly, quality like everything else, you have to evolve, you have to change, you have to continue to get better at this, and we realized as we looked at our grilled chicken sandwich that we just felt that it was something that needed to evolved and changed, and it wasn't as competitive as it was at one time. And so the product we have in the marketplace is something that we believe that not only addresses the importance of the taste profile, but also the issue with antibiotics that have become increasingly important in the minds of consumers. And we know that sourcing issues particularly for the millennials is something that's very, very important to them, and we believe a product like this can satisfy our very loyal baby boomer customers along with the millennials. And you'll continue to see us do work on our core products as well as LTOs because maintaining that quality margin advantage over traditional competitors is something that is extremely important to us and we're committed to maintaining that advantage.

Thank you.

Your next question comes from the line of Jason West of Credit Suisse. Jason West - Credit Suisse Securities (USA) LLC (Broker): Yes, thanks. Just I guess going back to the discussion around value, can you guys give us an update on kind of the percentage of the menu that, or I guess the sales that are considered kind of value-oriented, and maybe how that's changed over time and as you look to push harder on that part of the menu, how do you protect these margins that have gone up quite a bit on the restaurant side over the last few years? Thanks. Emil J. Brolick - President, Chief Executive Officer & Director: Yes, if you look at the overall marketplace and you look at information from like an NPD CREST, they'd probably tell you that somewhere between 26% to 28% of consumers say the most recent purchase they had was a value purchase. But I think that that could possibly understate the importance of that, because I think a lot of consumers that are out there buying bundled meals now don't necessarily look at that as a value purchase but look at that as something that's available to them on a ongoing basis. So I think an important part of the art of the way we create our marketing plans and our menus is the balance between core LTOs and price/value. And as you know, our stated goal was to have margins rise to 20%, and the progress you see this year is just part of the plan continuation. And so we do not see the efforts that we have underway in our test in anyway degrading our ability to get to those margin goals because remember, one of the most important aspects to driving margins is volume, okay, and topline volume. And we see in our restaurants that are at that $2 million average unit volume today, that they are delivering the 20% margins and even more than that. So we really see the ability to drive customer count sales and profits with the value tests we have going as actually an enhancer of our capacity to deliver these margins. Jason West - Credit Suisse Securities (USA) LLC (Broker): Thank you.

Your final question comes from the line of John Ivankoe of JPMorgan.

Hi. Thank you very much. Two separate ones if I can. You've guided to CapEx, consistently guided to CapEx of $150 million combined between 2017 and 2018. And I know from the comments that you're basically going to be done with Image Activation at company stores. So can you help explain how you can spend that much money on the system in 2017 and 2018? And maybe at least just explain how much of that pretty big bucket is new unit development versus non-discretionary CapEx. And obviously I ask that in the context of it is a high level of CapEx spend relative to other companies that have a targeted leverage goal of five to six times. Todd A. Penegor - Chief Financial Officer & Senior Vice President: So John, as you think about the approximately $75 million in each of those years, so the $150 million that you're talking about, one, we will continue to build new restaurants in the markets that we've retained. So as you think about us having 5% ownership, we're talking about 1,000 new restaurants, so we'll be building approximately new 15 restaurants from a company perspective over that time. So that is a big component of that CapEx in that timeframe. And then even bigger, about the same, is the technology investment. So we do continue to believe that investing in technology to manage labor, to create a better customer experience in the restaurant, to enhance the experience for our employees in the restaurants is an important element of continuing to drive margins and the total experience in the restaurant. That's a big part of the investment. And then we got ongoing maintenance against the existing 5% of the restaurants that we continue to retain and we do know that we want to continue to invest in our restaurants. Over time some of our earliest remodels will need a little spruce-up to make sure that we continue to put the money back into the restaurants, so we don't get to the spot where we were a few years ago when we had invested for many, many years in our restaurants. So those are the big three pieces, development, IT and maintenance.

And I am sure you appreciate just me looking from the outside in, I mean it looks like $5,000 per existing restaurant, over 2017 and 2018 combined. So obviously that's not right. So there is a lot going on behind the scenes versus, as you have mentioned, just technology for those restaurants and sprucing up in terms of redoing and Image Activation, and what have you. Todd A. Penegor - Chief Financial Officer & Senior Vice President: Yeah, I mean when you think about the technology investments, those are investments for the system, right, so we are spreading that over the system, the experience. Right now, that's all included in the royalties. Is there something different over time? Who knows. But all we want to do is continue to invest in things that improve the economic model for the entire system.

Okay, understood. And then secondly, I mean there is obviously a lot of discussion of wage prices, wage costs and that there would be increased pricing at the franchise level to offset those increased wages, especially in markets like New York for example that are going to see some very severe increases in wage costs. So can you juxtapose the franchisees' desire and/or need to take pricing at the store level with what sounds like an increased focus overall for the brand on value, can those two things be achieved simultaneously? Emil J. Brolick - President, Chief Executive Officer & Director: Yeah, John, this is Emil. And our franchisees, I find them to be very astute business people, and they have a great sense of their trade areas where their restaurants are and a great I think understanding of what the competitive environment is in terms of their capacity to price. I think the reality is that what you will see in like some of these markets, the New Yorks, where there is these very significant increases, is that they will be – our franchisee will slightly likely look at the opportunity to reduce overall staff, look at the opportunity to certainly reduce hours and any other cost reduction opportunities, not just price. There are some people out there who naively say that these wages can simply be passed along in terms of price increases. I don't think that the average franchisee believes that, and there will have to be other consequences, which is why we have pointed out that unfortunately we believe the some of these increases will clearly end up hurting the people that they are intended to help. And we continue to believe one of the great opportunities you have in a business like ours is that an entry-level person, in a very short period of time, can rise to become a manager in a restaurant and have an income above the median household income in the United State of America and it's a tremendous opportunity I think that is just too often missed in this whole discussion. But our franchisees are astute businessmen, they know that price/value is extremely important, we do, I think, a very good job of communicating with facts, not just with the emotion, they understand where we're gaining business, they understand where the opportunities are, and they very much support the tests and efforts that we have going on price/value.

Thank you.

At this time, I'm showing no further questions. Thank you. This does conclude today's Wendy's Company second quarter 2015 earnings result conference call. You may now disconnect.