Good morning. My name is Dishanta and I will be your conference operator for today. At this time, I would like to welcome everyone to the WEX Third Quarter 2015 Earnings Conference Call. I'd now like to turn the call over to Micky Thomas, Vice President of Investor Relations and Treasurer.

Thank you, operator. Good morning. With me today is Melissa Smith, our President and CEO; and our CFO, Steve Elder. The press release we issued earlier this morning has been posted to the Investor Relations section of our website at www.wexinc.com. A copy of the release has also been included in an 8-K which we submitted to the SEC. As a reminder, we will be discussing a non-GAAP metric, specifically adjusted net income, during the call. Adjusted net income for this year's third quarter excludes an unrealized loss on fuel price derivatives, net foreign currency remeasurement gains, amortization of acquired intangible assets, expenses related to stock-based compensation, restructuring charges, certain acquisition-related expenses, non-cash adjustments related to our tax receivable agreement, a discrete charge attributable to our regulatory reserve, adjustments attributable to non-controlling interests, including a change to the redemption value and the tax impact of these items. For consistency, we have revised adjusted net income for the third quarter 2014 to exclude the impact of remeasurement non-operating FX losses to conform to the approach that was adopted earlier this year. And our full year guidance excludes the impact of these foreign exchange gains and losses, consistent with the guidance previously announced. Please see Exhibit 1 included in the press release for an explanation and reconciliation of adjusted net income to GAAP net income. I would also like to remind you that we will discuss forward-looking statements under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those forward-looking statements as a result of various factors, including those discussed in our press release and the risk factors identified in our annual report on Form 10-K filed with the SEC on February 26, 2015. While we may update forward-looking statements in the future, we disclaim any obligations…

Your first question comes from the line of Ramsey El-Assal with Jefferies.

Hi, guys. I was wondering if you could walk us through sort of the – there is a lot of moving parts this quarter obviously. But for your guidance revision for the full year, can you sort of breakout the component drivers there? I understand fuel prices have deteriorated. There is some other things going on in the business. What drove the sort of full year guide down? Steven Alan Elder - Chief Financial Officer & Senior Vice President: Ramsey, when you look at the – just kind of the top end of our guidance for Q4 versus what we implied last quarter, you get a drop of about $0.15 in EPS. Most of that change, almost all of that change is just a continuation of a couple of the trends that we saw in Q3. So, macro factors like fuel prices and foreign exchange rates contribute a little more than half of that decrease, about $0.08 per share. And, we're also planning on about $0.04 per share, which we're kind of classifying as like pre-integration work for the EFS acquisition. And so then you're left with, call it, $1 million or so of just kind of other movements within the business. So, the big factors really are the macro fuel price in FX and then some of the assumptions we're making on integration work related to EFS.

Okay. Got it. Got it. So, the third quarter – those factors that caused the miss in third quarter are flowing through and there is just some incremental continuation of the trends and some deal related cost et cetera. Okay. Got it. Also, I wanted to ask you about your Other Payment segment. The volume growth rates and the revenue growth rates there have decelerated sequentially. I was just wondering if there is any commentary that you can give us in terms of parsing out maybe Evolution1's performance. I know you talked about, I know you gave us some metrics around the virtual card segment, but I was just wondering if you could kind of go little deeper on the Other Payment segment and talk about some of the dynamics this quarter? Steven Alan Elder - Chief Financial Officer & Senior Vice President: So, if you parse out Evolution1 and remember, there was – we closed the acquisition in the third quarter last year. So, it's not a full quarter of activity last year. Evolution1 actually grew spend volume by about 48% and again, temper that with a little bit of non-comparability due to the timing at the close of the acquisition. And the virtual card business, which again is – in this quarter is about 85% travel related and 15% other stuff, that grew about 15%, $5.8 billion of the $6.5 billion in total. In terms of the growth rate, I'd say the travel stuff is actually pretty well in line with where it was before and what you've probably seen is a deceleration in the Evolution1 side because of the comparability, right. We didn't have it at all in the second quarter of last year.

Okay. Great. And just one other quick question. Did you guys ever give us any kind of qualitative or quantitative direction on Benaissance and potential for – how that will impact 2016? Melissa D. Smith - President, Chief Executive Officer & Director: We actually said that it would be slightly accretive. So just overall...

Slightly accretive. Melissa D. Smith - President, Chief Executive Officer & Director: We think that is a long-term growth play for us in the marketplace and it's not going to have a significant impact from a financial perspective in the next year. Steven Alan Elder - Chief Financial Officer & Senior Vice President: Just in terms of revenue, I mean, you're talking $20 million, $25 million business, right, so it's fairly low.

Okay. Great. Thanks a lot. That's all from me.

Your next question comes from the line of Bill Filler with Citi.

Hi, guys. Thanks for taking my question. Just to dig deeper on the guidance. It seems like the lower fuel prices take out $8 million or $9 million. So it seems like there is a little bit more that came off the high end of the range. Just wondering if you guys could provide some more color on the top line guidance change? Thanks. Steven Alan Elder - Chief Financial Officer & Senior Vice President: Yeah. So, for Q4, I mean, you're right. If you're talking about full year, that $8 million or $9 million I think is what you came up with, that would be pretty well in line. Foreign exchange rates took another $3 million, $4 million. And then you are kind of left with, call it, $4 million of kind of other movements within the business both in the third quarter and the fourth quarter combined. So again, it's mostly those macro factors that are moving the revenue guidance.

Okay. So, I guess, from your guys' perspective, the transaction activity in Fleet and Other Payments was consistent with your prior expectations. Is that right? Melissa D. Smith - President, Chief Executive Officer & Director: Generally speaking, it's actually in the results came in, if you look at all the other factors from a revenue perspective within Q3 and what we're projecting forward, there's some give or takes. As Steve said, some things came in a little higher and some things came in a little lower, but generally, it actually came in pretty close to what we expected.

Okay. And then, I mean, in terms of the expenses, so you had some M&A related costs in the third quarter. It sounds like some integration work in the fourth quarter. I guess, I mean, mostly you talked about setting this business up for margin expansion. How should we think about 2016? I know you're not prepared to give guidance at this point, but should we view some of these costs as one-time or will some of these costs flow into 2016, understanding also that we have a fairly significant flip in the Esso business for 2016 as well? Melissa D. Smith - President, Chief Executive Officer & Director: Yeah. So just to give you a little color on, and as you said this is not guidance. But the costs that we're incurring right now, I would put into the categories is one-time. The cost we incurred in the quarter were legal costs largely associated with the transactions. And Steve talked about the pre-integration work. It kind of continued down that and it's work we're going to do in advance of the actual integration. Going into 2016, you kind of lay out the different pieces. One of the things that's obviously top of people's mind are fuel prices and it's part of what we're doing from an acquisition perspective is to create more of a buffer around that. But as we go into 2016, obviously we're on hedge for that period of time. So there will be an impact associated with that depending on what actually ultimately happens with fuel prices. But then on the positive side, we'll end up with the benefit of the acquisitions rolling into the business, and we've talked about the accretion we expect from that, and primarily FX would obviously be the leading component of…

Okay. That's helpful. A lot of puts and takes going on. Maybe one last one then. I think last quarter you guys talked about kind of an organic constant currency revenue growth number for 2Q. I didn't hear it for this quarter. Can you guys provide, I guess, the currency impacts on the top line for the quarter? And maybe also size some of the divestitures that you made and how that impact the revenue during the third quarter? Thanks. Steven Alan Elder - Chief Financial Officer & Senior Vice President: Yeah. So the number that you talked about, last quarter we quoted 10% Q2, this quarter it was 9-and-change, like 9.5% in the third quarter. So, compared to last year, the revenue was down about $10 million for FX rates, and then fuel prices were into the – well into the $20 millions – almost $30 million of fuel price impacts compared to last year. So, the adjusting for those things as well as the two acquisitions, two divestitures that kind of gets you in the 9.5% range.

Great. Thanks.

Your next question comes from Darrin Peller with Barclays.

Thanks, guys. The 1.38%, or the almost 1.4% net interchange rate in the payment processing was pretty good. Just can you give us some color on what drove that, given it's been ticking down for the past few quarters? And then I just have a follow-up question on the net interchange rate on the Other Payment side. Melissa D. Smith - President, Chief Executive Officer & Director: One of the things we announced last quarter is that we'd extended our relationship with Expedia, which has had an impact on the comparability of that number. You can see that factoring in, which I'd say is the biggest factor. Steven Alan Elder - Chief Financial Officer & Senior Vice President: That's on the Other Payment side. On the fuel side, I'd say it's just kind of stabilizing. Fuel prices have gone down a little bit, which helps bring that rate up just a touch as well. And really nothing aside from mix is really changing in there. We're very stable with the rates that we're getting from the merchants. The rebates I'd say are only really changing to the extent we win business. So that's a good thing, so that's just leveling off is how I'd phrase it.

Okay. All right. So, I guess, back to the Other Payment side for a moment, there's nothing else from – other than Expedia, nothing else from mix or any other re-signed contracts? Steven Alan Elder - Chief Financial Officer & Senior Vice President: No. Nothing significant at all.

Okay. And then just one quick follow-up on the Esso side. I mean, I know you guys mentioned breaking even on that next year. You've obviously been making a substantial amount of investment in the platform. Any progress with other major oil brands at this point in time? Melissa D. Smith - President, Chief Executive Officer & Director: I would say we feel really good about how we're positioned from a product perspective. Every time that we show the product and the underlying technology, it is incredibly well received, and the market is active. So you've heard me say for a while, I think of this as kind of longer-term life of the business. But the investments we're making are actually resonating within the marketplace, and I think that's a very positive sign for us.

Yeah. And is it too far-fetched to assume that we would see other announcements within the next like year to year-and-a-half, or is it just that much longer of a sales cycle? Melissa D. Smith - President, Chief Executive Officer & Director: No. I don't think that that's far-fetched. You're getting year-and- a-half is quite a bit of time still. But I think that that's certainly possible.

Okay. All right, guys. Thanks very much.

Your next question comes from Tien-tsin Huang with JPMorgan.

Hi, great. Thanks. You guys gave a lot of good disclosure already. I'm just curious just on the hedges, if you were to strike the hedge today, what would that look like? Steven Alan Elder - Chief Financial Officer & Senior Vice President: I assume, you mean next year, Tien-tsin?

Yeah. Sorry, looking out, exactly. Thanks. Steven Alan Elder - Chief Financial Officer & Senior Vice President: It would be plus or minus a few pennies, it'd be right around $2.50 a gallon.

Got you. So $2.50 is sort of a good assumption. Thanks. And then just the softness in the same-store. I know you talked about that for a couple quarters now. But just curious just thinking about the correlation of that to credit losses ahead, is it reasonable to think that maybe we could see a little bit of a tick up in credit loss or not necessarily based on history? Melissa D. Smith - President, Chief Executive Officer & Director: It's interesting, there's not always a direct correlation as you might think.

Okay. Melissa D. Smith - President, Chief Executive Officer & Director: Although it's certainly something we're paying attention to, particularly with the SIC codes. Now, if you look at it across the market, we're tracking about half a dozen – I'm sorry, two dozen SIC codes and about half of them are negative and about half of them are positive. So you've got this interesting market right now where you've got industries like obviously oil and gas that's getting hit pretty hard. But we're also seeing softness in same-store sales in our larger fleet customers, which are typically more resilient on – and in terms of credit loss. And so in the places where you typically might see more softness like the construction trades are actually looking good in terms of same-store sales. So, I wouldn't say that we're making a direct correlation between what we're seeing in same-store sales and what we anticipate in credit loss, but we're certainly paying attention to what we're seeing overall in the economy and being thoughtful about that in terms of how we approach our credit procedures.

Okay, good. One more – it is helpful. One more just on Benaissance, just is it costly to integrate that with Evolution1? Is that – have you sized that for us? Thank you. Melissa D. Smith - President, Chief Executive Officer & Director: No, we don't think that it is costly and the business from a product perspective, we think is going to be just a natural extension of what Evolution1 has been doing in the marketplace. They've already been partnering with Benaissance and have had success in that market. So, there'll be some ordinary course work that we do, but we don't envision this to be a significant cost.

Okay. Great. Thank you.

Your next question comes from Jim Schneider with Goldman Sachs.

Good morning. Thanks for taking my question. Regarding the same-store sales trends, I think down 2.7%, I think last quarter they were in the same kind of ballpark. Can you maybe highlight whether that's extended or that weakness is extended to any other verticals other than the kind of trucking and energy segments you cited last quarter? And I guess do you see any signs that – or any prospects of that kind of recovering in the near term or you think it's going to be weakness for another couple quarters to come? Steven Alan Elder - Chief Financial Officer & Senior Vice President: Jim, I'd say, I mean, we just called out, the two areas that really contributed the 2.7% this quarter were the large fleets and the oil and gas industry. If you take those two things out, everybody else was basically flat. So, last quarter, we talked about manufacturing was weak in Q2 and we did see that one get somewhat better, but it's still down about 4%. I think it was 7% last quarter. And the other one we called out last quarter was transportation down about 3%. That was actually pretty flat this quarter. And as Melissa just mentioned, construction was actually pretty solid at almost 3% positive. In terms of where it goes in the future, I think we really correlate that to where the economy is headed. And so, I just got a crystal ball to tell us where the economy's going, we'll tell you where the same-store sales are going.

Fair enough. And then just a clarification. Regarding the Esso accretion statements, Steve that you made about turning positive or accretive in 2016, is that a full year statement? And if so, does that kind of imply that you would see still some losses in the first half offset by gains in the back half? Steven Alan Elder - Chief Financial Officer & Senior Vice President: It is a full year assumption. So, I don't think we're going to sit here and predict that there will be less certain day next year that we turn the quarter and now we're suddenly positive. I mean, I think with fuel margins that can go up and down, you can get some variability in there. Obviously, credit losses could have some variability as well. So, it's clearly our expectation to be at least breakeven next year on an operating basis out there. It could go up and down in the first half of the year, it could go up and down in the second half of the year with some of that variability, but the expectation is still at least breakeven next year.

Okay. Thank you.

Your next question comes from Meghna Ladha with Susquehanna.

Hi. This is Hamza Fodderwala in for Meghna Ladha. Thanks for taking my question. Just a follow-up on the same-store sales growth, could you maybe break out what your overall same-store sales growth was this quarter and then also, specifically in some of your main verticals like mining, transportation and manufacturing? Melissa D. Smith - President, Chief Executive Officer & Director: So, same-store sales were actually negative 2.7% in the – our U.S. fleet market.

Okay. Melissa D. Smith - President, Chief Executive Officer & Director: The big categories – you're talking about our large fleets team down, mining was also down pretty significantly year-over-year. And, I can go through a lot of detail, but there – if I look at kind of the bigger categories, transportation was down a little and construction was one of the bigger ops, up 3%. So, you've got a – just a bunch of gives and takes, about half of them are positive and about half of them are negative. Construction because its – there is a decent correlation between that and our business is probably the biggest positive driver.

Okay. Okay. And then just a follow-up, given some of the consolidation of fleet payments based over the past year, how should we think about the pricing environment, in general? And maybe could you elaborate on some of the pricing initiatives that you're thinking about as you get ready to close the EFS transaction next year? Melissa D. Smith - President, Chief Executive Officer & Director: Sure. Pricing is something that we think about and we spent a lot of time obviously thinking about the last couple of years, how to make sure that we're priced competitively and consistent with the value propositions that we have in the marketplace. And we've made a number of tweaks just to bring the two things in alignment in their marketplace and we've seen some of the benefit of that rolling through our business in 2015. Just as a kind of a philosophy that's been just a philosophy of ours is make sure that we're thinking about that on a periodic basis and that we're being thoughtful about the correlation of those two things of value proposition and the pricing in the marketplace and where that stands competitively. And when we think about competitively, we think about across a wide spectrum of competitors in the marketplace, including third-party (46:46) and including new entrants into the marketplace. And so, it's a very broad view that we take when we think about that. And I would say that that's been true across the board and that will be true for us on a go-forward basis and regardless of what's happening with any particular competitor.

Okay. And then just lastly, do you see any lift in your transaction growth generally in periods of lower fuel prices just – and if not why is that the case? Steven Alan Elder - Chief Financial Officer & Senior Vice President: I would say that the absolute dollar level of fuel prices doesn't really impact our customer base directly. If you think of yourself as a small business person, say you're a plumber, an electrician, or something like that, it doesn't matter whether the price of fuel was $2 or $4 a gallon, you're going to go to the job sites and calls that you have to operate your business. If that weakness or strength in the pressure fuel translates more broadly into the general economy, then you can have more of a secondary impact and we've seen that before, but even going back a few years, if you go back to Hurricane Katrina, we had a spike in fuel prices, pretty severe one, but we saw no impact on our customer buying behavior, because the economy was still strong and they still had work to do and jobs sites to go to. So, and it works in reverse as well, right. I don't think that the same-store sales is correlated to fuel prices or just because price is lower, our businesses aren't going to drive more, they're going to drive what they need to do to operate their business.

Okay. Thank you. That's it for me.

Your next question comes from Tom McCrohan with CLSA.

Hi, everyone. I got a couple of questions. The first one on Higher One, I just want to make sure that those deposits are benefiting your operating interest expense line today, is that right? Steven Alan Elder - Chief Financial Officer & Senior Vice President: That's correct, Tom.

Great. And can you remind us the amount of funding that you're getting from Higher One? Steven Alan Elder - Chief Financial Officer & Senior Vice President: Yeah, it's really quite variable and seasonal right. We're talking about students getting financial aid. So, actually September quarter is really from a reporting perspective our high point of the year, as students go back to school in September, they got a lot of financial aid and they haven't had too much to spend it yet. You see, to a lesser extent, we got a bump again in kind of the January February timeframe. On average for the year, we're probably looking at about $400 million worth of deposits. When you look at it over the course of the year, but it can range from low of say $250 million to $300 million to a high of $800-ish million.

And your total funding requirement, it kind of tracks a lot of fuel expenditures, I guess. So... Steven Alan Elder - Chief Financial Officer & Senior Vice President: Yeah.

...what percentage of your funding do you think Higher One is? Steven Alan Elder - Chief Financial Officer & Senior Vice President: Right now, our bank deposit base is, I'll call it $1.2 billion or so. So, maybe a third of the total deposit base is with Higher One today.

Okay. Steven Alan Elder - Chief Financial Officer & Senior Vice President: And just – I don't have any worries about if these deposits go away, the market is very robust for us to be able to raise deposits pretty rapidly should we need to.

Right. These are free though, right, for the most part or how (50:16) cost? Steven Alan Elder - Chief Financial Officer & Senior Vice President: Essentially the relationship is, we're the deposit holder, we're the issuer on the cards that the students use to access the funds. Any of the fee income generated and any of the direct expenses with operating that is kind of pass-through to Higher One and we hold the deposits for essentially effectively at this point at least with low interest rate environment, no cost to us.

Okay. Great. A couple of quick questions on virtual card, Steve, so that I thought I heard you say in the prepared remarks, maybe it was you Melissa that the volume growth in Evolution1 this quarter was 48% and OTA was 15%, is that right? Steven Alan Elder - Chief Financial Officer & Senior Vice President: 48% and 15%, yeah. Melissa D. Smith - President, Chief Executive Officer & Director: Yeah.

All right. What was the volume growth of Evolution1 when you acquired them? Melissa D. Smith - President, Chief Executive Officer & Director: We said that it was a high double-digit grower, high-teens grower.

It's in the acceleration, just all execution of new clients? Melissa D. Smith - President, Chief Executive Officer & Director: The one thing Steve said is that we didn't own them for the full period of last year, so you're getting some benefit just of comparability every year-over-year.

That's great. Melissa D. Smith - President, Chief Executive Officer & Director: We are seeing them grow at about that same rate as what we'd anticipated. So that high-teen growth rate is...

Okay. Melissa D. Smith - President, Chief Executive Officer & Director: ... what we're anticipating for this year.

And then, the 15% growth in OTA this quarter, how has that trended last few quarters, has that been steady at 15% decelerating, accelerating? Steven Alan Elder - Chief Financial Officer & Senior Vice President: It's pretty steady, I would say overall, I mean, you're getting some noise in there from foreign exchange rates, because 35% to 40% of the volume is outside of the U.S. So, the 15% is probably up a point or two sequentially from first to second quarter, but I'd attribute that mostly to foreign exchange rates.

Okay. And last question on the volumes. Was there any noise in Q3 of last year in the volumes if you take away Evolution1, was there any other noise in that quarter, one timers? Steven Alan Elder - Chief Financial Officer & Senior Vice President: On the virtual side?

Yeah, yeah. Just volume-specific question, so was there any noise in volumes? No? Melissa D. Smith - President, Chief Executive Officer & Director: No. Steven Alan Elder - Chief Financial Officer & Senior Vice President: No, it would be pretty rare for us to get the volume-specific anomalies in that business.

Okay. That's all I had. Thank you.

Your next question comes from Mike Grondahl with Piper Jaffray. Mike J. Grondahl - Piper Jaffray & Co (Broker): Yeah. Thanks for taking my questions. On the fee increases that you made, were those late fees and can you kind of just give us an example of the fee went from X to Y? And then secondly on the financing that you're going to do for EFS, are you planning on fixed rate refinancing or variable? How do you sort of envision that next spring? Melissa D. Smith - President, Chief Executive Officer & Director: So, I'll respond, the financing fee was a piece of the changes that we made. We looked across the kind of spectrum of how we were priced and made some modifications. And we've been doing that over the course of the last couple of years. But financing fee was probably the biggest leverage point though. And as we had looked at that, we were pretty far right at the marketplace and so we made changes in terms of the rate in a minimum and that's what's coming through in the calculations. Steven Alan Elder - Chief Financial Officer & Senior Vice President: And, Mike, in terms of the debt, if you will, for the EFS acquisition, we've got a firm commitment from a group of banks that that's a total of $2.1 billion commitment. So the bonds that we currently have outstanding would be in addition to that. So it consists of a $350 million revolving line of credit, floating LIBOR-based plus 275 basis points. And then, the majority of it – one point almost $8 billion is a term loan B and that is also floating rate. So it's LIBOR plus 350 basis points, but LIBOR has a 75 basis points floor built into…

The next question comes from Glenn Greene with Oppenheimer. Glenn E. Greene - Oppenheimer & Co., Inc. (Broker): Thanks. Good morning. A couple of clarifications on prior questions, but Steve could you just clarify what was the constant currency volume growth in the OTA business? Steven Alan Elder - Chief Financial Officer & Senior Vice President: We quoted the total volume at 15%. So, you're probably looking at a couple of percentage points of impacts from foreign exchange rates coming down. Glenn E. Greene - Oppenheimer & Co., Inc. (Broker): So, very similar to last quarter. Steven Alan Elder - Chief Financial Officer & Senior Vice President: Yeah. Glenn E. Greene - Oppenheimer & Co., Inc. (Broker): And then going back and forth, on the E1 volume growth of 48%, but what was the apples-to-apples if you had it in both periods for the full quarter? Steven Alan Elder - Chief Financial Officer & Senior Vice President: I don't have that information in front of me, Glenn, sorry. Glenn E. Greene - Oppenheimer & Co., Inc. (Broker): Okay. And then... Melissa D. Smith - President, Chief Executive Officer & Director: We expect growing... Steven Alan Elder - Chief Financial Officer & Senior Vice President: Yeah. Melissa D. Smith - President, Chief Executive Officer & Director: If we look at the full year forecast of that, we expect it to be growing this as we had expected it to. And we're thinking about more in terms of revenue growth in that the high teens. Glenn E. Greene - Oppenheimer & Co., Inc. (Broker): High teens, okay. And then, Melissa, you sort of were helpful giving the puts and takes for 2016, but at this point, could you sort of clarify what the drag for WEX Europe is this year and also…

Your final question comes from the line of Bob Napoli with William Blair. Brian D. Hogan - William Blair & Co. LLC: This is actually Brian Hogan filling in for Bob. So, thanks for taking questions. Esso, I guess you mentioned breakeven and covered that in 2016. But I was kind of curious what is your kind of outlook on revenues? I think you were talking call it $32 million, $35 million-ish for 2015, and it's like what kind of growth do you expect? Melissa D. Smith - President, Chief Executive Officer & Director: So, we had said that after we purchased the portfolio, there were a number of things that were different than what we had expected. And in aggregate, that has resulted in more revenue. And so it kind of go through them. The volume in the portfolio was bigger than what we expected when we brought it over. We've been able to actually grow the portfolio, and we've grown it very successfully in terms of also placing it well within the local marketplace. And so those have been additive. So when I talk about the business doing better than expected, it's really been on the revenue side. And then in terms of earnings, we also said that we took on more cost than we had anticipated, and that that's going to be a process in order to change the ultimate cost structure. So I'd say revenue was higher than that number that we had originally quoted. As Steve said, the revenue will fluctuate based on spreads, and so think of the portfolio as a single-digit grower normally, but you're going to see some volatility in terms of the revenue based on what's happening with spreads in the local environment. And so all those things we're going to…

At this time, there are no further questions. I'd turn the call back over to Micky for closing remarks.

Thank you for joining us today. That concludes our call. Good bye, now.