At this time, I would like to welcome everyone to the WEX Second Quarter 2016 Earnings Call. I will now turn the call over to Steve Elder, Senior Vice President of Investor Relations. Please go ahead.

Thank you, operator, and good morning, everyone. With me today is Melissa Smith, our President and CEO; and our CFO, Roberto Simon. 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 we submitted to the SEC. As a reminder, we will be discussing non-GAAP metrics, specifically adjusted net income, during our call. Adjusted net income for this year's second quarter excludes acquisition and divestiture-related items, stock-based compensation, restructuring costs, foreign currency re-measurement losses, similar adjustments attributed to our non-controlling interest and certain tax-related items. The company provides revenue guidance on a GAAP basis and earnings guidance on a non-GAAP basis, as we are unable to predict certain elements that are included in our reported GAAP results including the impact of foreign exchange re-measurement gains or losses due to the uncertainty of market fluctuations. Please see Exhibit 1 for an explanation and reconciliation of adjusted net income to GAAP net income included in the press release. Beginning with Q3 of this year, we will be excluding the amortization of deferred financing costs. 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, 2016. While we may update forward-looking statements in the future, we disclaim any obligations to do so. You should not place undue reliance on these forward-looking statements, all of which speak only as of today. With that, I'll turn the call over…

Thank you, Melissa, and good morning, everyone. For the second quarter of 2016, our total revenue was $233.9 million, a 9.5% increase over the prior year period, and above the high end of our guidance range of $216 million to $226 million. Net income on a GAAP basis for the second quarter was $12.6 million or $0.32 per diluted share, compared to $26.5 million or $0.68 per diluted share for the second quarter last year. Non-GAAP adjusted net income came in above the high end of our guidance range of $42.1 million or $1.08 per diluted share, down from $48.3 million or $1.25 per diluted share for the same period last year. This decline includes an $8.2 million impact from lower fuel prices in the second quarter of 2016. In addition, 2015 results benefit by a $5.7 million gain from our fuel price hedges. Our performance this quarter was driven by solid results across all of our core verticals. Versus our guidance, the primary drivers we had the increase in revenue and earnings were solid volumes in our fleet business, coupled with the ongoing benefit of pricing modernizations and higher-than-expected fuel prices. Operating expenses were generally in line with our expectations. The Fleet Solutions segment achieve $144 million in revenue, an increase of 6%. Fuel prices, again, play a significant role. The average domestic fuel price in Q2 was $2.29 versus $2.74 in Q2 last year. This decline in fuel price core revenue to go down by approximately $14 million in the quarter. As a reminder, for a full year basis, it's $0.10 change in average domestic fuel prices will increase or decrease revenue by approximately $12 million including the volume of EFS. During the second quarter, payment processing transactions increased to $94.2 million, 9% higher than the prior year…

The first question comes from Sanjay Sakhrani of KBW. Sanjay Sakhrani - Keefe, Bruyette & Woods, Inc.: Good morning. Sorry. I was on mute. Sorry about that. How are you guys? Melissa D. Smith - President, Chief Executive Officer & Director: Hi. Good.

Good. Sanjay Sakhrani - Keefe, Bruyette & Woods, Inc.: So I had a question on the Fleet Solutions segment. When I look across the revenue lines, those all seem pretty strong relative to our expectations and the margin seem – the yields seemed a lot higher than we anticipated. Could you just talk about the sustainability of that going forward? Melissa D. Smith - President, Chief Executive Officer & Director: Yeah. And there's a couple things that are impacting that. There was a re-class that we did into that business from Health, so about $3 million that got re-classed out. So, if you look at the Health segment, it looks – the growth looks a little lower than it really is and it looks a little bit higher than it really is. So just to kind of keep that in mind. But if you look across the business, there's about $18 million worth of additional revenue that came into the second quarter outside of payment processing revenue. If you strip out that $3 million, there's still $15 million of incremental revenue. A lot of that, beyond just the organic growth piece, is coming from the pricing modernizations that we're doing. So that work – we talked about being in a test mode and making a number of changes over the last couple of years. We rolled in a lot of those into the second quarter. So we do think that that's generally sustainable when you remove that re-class out of it just to think of that as a little bit of noise, but if you move that out, we do anticipate they're going to see something continued like that. The things that might change and that we're still tracking are customer behavior patterns so if we see some changes in…

Our next question comes from Ashish Sabadra of Deutsche Bank.

Hi. Good results from the quarter. My question was around the 3Q guidance. The 3Q guidance on the EPS side was a bit soft compared to what we were expecting. I was just wondering are there any puts and takes there.

Are you talking the full year guidance?

No, I was...

We can't hear you very well.

Oh, sorry about that. No, I was specifically talking about the third quarter guidance, the EPS guidance for the third quarter came in a bit soft compared to what we were expecting, just wondering any puts or takes in that?

Yes. Well, let me picture this for you in a summarized way. First thing, you saw that we beat expectations in the second quarter. And on the other side as well, our – the fuel prices are coming as expected. So, on those areas, we do not see a material change from what we have in the previous range. What I would say to you is that as we move, and Melissa has talked about that, we have owned EFS for almost a month right now. And this is – we are saying that for the full year – the remainder of the year, the numbers are going to be positive. But obviously, as I mentioned on the call, we're going to be ramping up positive results, especially as we enter 2014. Because as you can understand in the third quarter, we're just taking the business and we progress on the integration on the synergies, we're going to see the results coming in the fourth quarter. The rest of the moving pieces are in line, except also what I mentioned to you that we have this credit loss in the Travel business, which will have a small impact as well in the third quarter.

Yeah. Thanks for that color. Maybe just a quick follow-up question on the EFS. Melissa, you talked about the new customer wins and the customer backlog. In the 8-K, you've provided a lot more details around the $26.5 million of incremental EBITDA which is expected to come from these new customers. I was just wondering if you can give some more color around what's driving these new wins. I thought OTR business is normally a low-mid single digit growth business. What is driving this 40% growth and how should we think about the growth going forward? Melissa D. Smith - President, Chief Executive Officer & Director: Yes. I mean, in terms of what's driving it, it's really coming in a couple of buckets. The first customers that they sign in, and in this case, it's not just fleet customers, but also corporate payment customers. So, they've signed – they've started to ramp, but they haven't experienced the full run rate of that because they're – if you look month to month, the business is growing. And so, you're getting benefit of that growth stacking up each month, and so that's the first category. The second category is around customers that have been signed but are going through an implementation period, an implementation period for EFS on the fleet side. Part of why their products are well-received in the marketplace is because of the level of the integration that they have. That integration is great from a customer perspective because it allows them to do things in a much more seamless way and it increases the amount of flexibility and functionality that they have. But there is a process that people have to go through in order to do that implementation. And so, that what's driving that piece of the backlog. And again, there is a piece that's related to fleet, there's a piece that's related to their corporate payments arena and they've seen some really strong growth on both of them. Corporate payments is coming off a much smaller base. So, on a percentage basis, it seems an oversized growth.

Thanks for that color. Melissa D. Smith - President, Chief Executive Officer & Director: (33:02) our forward view, when we – when we announced this, we talked about this being a high-single digit grower over time. So, as we – we did kind of a longer-term view, that has been how we had initially looked at this business. I think that they have the potential of doing something beyond that from what we're seeing so far.

No, that's great. Thanks for that color. And maybe one final question on the fuel sensitivity, that $0.10 change in fuel prices having a $12 million impact on revenues. Is that slightly higher than the prior estimate? And what does it mean for the EPS? Is it still $0.16?

What I would say to you is that we haven't (33:44) included in this new number obviously the EFS, which has around a $100,000 impact. So, we go from the $11 million to $12 million. In terms of the EPS, there's a very material change from what we were guiding before.

Okay. Thanks.

The next question – the next question comes from Bob Napoli of William Blair. Bob P. Napoli - William Blair & Co. LLC: Thank you and good morning. Just on your modernization, your pricing modernization, I mean, it still looks to us like the – your – your fee income and it's well below still even the testing that you're doing, while it's up a lot from where you were, it still seems like it's well below where your biggest competitor is. What are your thoughts around continued modernization or – and what part of your base – customer base and how – what percentage of your customer base are you implementing those – that pricing modernization? I would imagine it's primarily with small to mid-sized companies. Melissa D. Smith - President, Chief Executive Officer & Director: That's right, Bob. So, the piece of the portfolio, when I talk about pricing modernization, it is related to small fleets in the United States. And so it's a section of our overall portfolio. And that's when you look at our larger fleets, we're typically the premium offering in the marketplace, and that's because of the functionality that we offer. We think that, that is worth the premium that people are paying. When you get into the smaller fleet marketplace, we just hadn't really changed the pricing that we had in the marketplace for quite some time even though if you look at kind of externally, there were a number of changes being made to move these more to the fleet. And so the changes that we've made have been really just updating that. And what we're trying to balance as – as we do this, we care a lot about brand. We care a lot about the brand of our partners too…

Bob, this is Roberto. What is important to keep in mind in is the first, we have talked extensively about the contract signings we have had in the segment and the impact this have on our interchange rate. And obviously, this has no change. Second, we also talk last quarter about our few customer meeting higher rebate tiers levels which obviously has an impact and a fluctuation in the interchange rate. And finally, in this quarter, we have saw the spend levels of the same customer come down a bit. So, we had a small benefit in our interchange rate as we have aligned our year-to-date rebates to our best estimate and new tiers. Going forward, we would expect the rate to be around the average of the first two quarters of this year. Bob P. Napoli - William Blair & Co. LLC: Great. And then just my last question on the balance sheet and the – Melissa, you talked in the press release about inorganic, as you look at inorganic growth opportunities. And what are your thoughts on leverage and it'd seem that based on historical leverage levels that you're maxed out for the time being, but are you thinking differently around the balance sheet and your thoughts around inorganic? Melissa D. Smith - President, Chief Executive Officer & Director: I'd say I'm incredibly thoughtful of where we are in terms of our leverage position right now. We're continuing to look at opportunities. But as we're looking at those opportunities and mindful of the fact that we do have more leverage and as we're prioritizing, we're balancing those two things. So, whether the opportunities worth (39:18) coming into the marketplace, whether we want to make sure that we're building relationship with over time and then delevering the business. And our primary focus certainly is around delevering right now. Bob P. Napoli - William Blair & Co. LLC: Thank you.

The next question comes from Ramsey El-Assal with Jefferies.

Hi, guys. Following up on Bob's next to last question. Is there any incremental pricing opportunity at EFS? Is there any kind of pricing rationalization there to be done? I know it sounds like it was a pretty well-run business, but is that something which you see as like an incremental opportunity to your existing pricing strategy? Melissa D. Smith - President, Chief Executive Officer & Director: So part of it, what we were interested in in the asset was just their ability to innovate. And what we're – one of the things we're excited about is the fact that they're rolling out new business intelligence toolkits, which just gives their customers greater visibility into indexed information off of the EFS index. And we see that as an opportunity to create value in terms of creating economic value. And also potentially leveraging that across to our Fleet One portfolio. So, we do believe you're going to see some changes that are coming based on the work that they've done to-date to bring new products into the marketplace.

Okay. But not necessarily pricing specifically, but just sort of cross-sell of new – of their solutions into your base basically? Melissa D. Smith - President, Chief Executive Officer & Director: there'll be a combination of just making sure that we look across the business and think about it in terms of making sure that there are standards. Now, that will happen over time.

Okay. Melissa D. Smith - President, Chief Executive Officer & Director: The more immediate piece that's coming is relating to the new products that they're bringing into the market.

Got it. Okay. And could you give us a little color as you usually do on the same-store sales metrics? You mentioned about a 4% decline which is about consistent, it feels like with the last couple of quarters. Is there any kind of – can you drill down a little bit for us in terms of the verticals that are performing better or worse than expected or is it just basically same old, same old? Melissa D. Smith - President, Chief Executive Officer & Director: It is pretty consistent. The oil and gas continues to really get hit hard. It's down over 30% year-over-year. So, the base is getting smaller, but the numbers are big enough that it still affects the total. That's the biggest thing that's getting affected. The larger fleet profile seems to get hit a little bit more than the rest of the profile. I think Roberto had mentioned that. Also construction's down a little bit; manufacturing is down a little bit and transportation is down a little bit. So, this time, it does seem like there are more positives. So, it's not like you look across the board and you see everything looking negative, but there's a couple of really pretty big negatives (42:36) by oil and gas. And when you look at it from a regional viewpoint, it's the southwest region that's getting hit the hardest which I think is again consistent with what we've seen the last several quarters.

Okay. Lastly from me, any word on the Europe RFPs? I think your competitor mentioned on a conference appearance inter-quarter that there may be one of the RFPs kicking around in Europe potentially coming to a head at some point soon. Has your view there evolved at all? And I guess also, do you think that your leverage level or your ability to get those deals done now that you just closed on EFS, is there any incremental change there in your view that you're competitive with those types of offers? Melissa D. Smith - President, Chief Executive Officer & Director: Yeah, we continue to get great feedback on the products that we have in the marketplace. I think that our ability to grow portfolios is important still, not just in the U.S., but outside the U.S. And so – and we do feel like we're well positioned. The timing of these things, I'm always a little bit more skeptical around how long it takes to go through them because they tend to get elongated from intended timelines. And so, there are things that are in process. We're participating in those processes and we're feeling good at this point in time about the prospective outcome.

And your current leverage level post EFS, these are not terribly capital intensive deals. I understand. No change there in your perception of your – maybe the perception of the other side's ability that you can get the deal done and...? Melissa D. Smith - President, Chief Executive Officer & Director: No. A lot of the transactions are structured in a way that wouldn't be like what we did with Exxon, and I think that that was kind of an unusual transaction in the way that we went to market with them. It often – people start with wanting to replace the technology and they kind of move up the value chain over time, which is consistent with what we've seen in the United States, and so it's a way that build trust and to take on more responsibility. So, I don't envision our leverage as a blocking point for us in Europe.

Okay, great. That's all for me. Thank you.

The next question comes from James Schneider of Goldman Sachs. Melissa D. Smith - President, Chief Executive Officer & Director: Hello?

Jim? Melissa D. Smith - President, Chief Executive Officer & Director: Jim?

Operator, why don't you move to the next question?

The next question comes from Tim Willi of Wells Fargo.

Hi, thanks, and good morning. Couple of questions. I think, Melissa, you referenced in the sort of the Corporate and then Travel some commentary around softness in cross-border. And I know that flowed into the earlier discussion about the yield, et cetera. Could you just maybe – any additional thoughts and color on that topic? Anything that you think might have been related to Brexit versus the unfortunate rash of terrorist attacks, just sort of how you think about that, the trajectory of it and how you guys are monitoring it. Melissa D. Smith - President, Chief Executive Officer & Director: Yeah. And actually there's two pieces to cross-border. One is what we saw in the quarter, which we think had to do more with travel patterns than from what we're seeing. And I don't think that we could comment of whether that's because of terrorist activity or if that's because of Brexit or something else. But we are seeing a little bit of a change in behavior. And what that means to us is when people are moving from within where we're issuing to another country, those cross-border fees aren't there, and so it's a little bit of a revenue impact to us. And the other part of the commentary was around going to local bins (47:05) which is something we've been doing over a number of years. And so – and from a trend perspective, we've been moving customers into local bins (47:10) because there's a number of benefits to the customer. And as we do that, you would naturally see some of this cross-border fees erode. So, you get both of those two things coming together. And so, we just wanted to make sure that we highlighted it.

Okay. And then, can I ask again on fleet. Just in general of Southeast Asia. I know there is a lot of focus on North America and Europe. But I guess as you sort of been around that market now for a while, counting Australia sort of that part of the world, how do you think about growing that part of the franchise versus may be how you went about (47:51) in Europe? Well, it'd have to be a different type strategy? Could it very much follow that playbook of just sort of a left out of an existing program or just some big RFPs. Just any kind of color there. Just out of curiosity of how you think about that growth opportunity and sort of the playbook. Melissa D. Smith - President, Chief Executive Officer & Director: Yeah. We're finding some markets are more fragmented. And it's so – when we talk about country expansion, that's in part because of that fragmentation. That's why it's important that we can move from country to country to get the scale. We are seeing interest with private label relationships and that's what happened with us with both Exxon who now does business with us within Southeast Asia and with Shell where we're doing the prepaid offering for them in Europe and parts of Asia. But we're also seeing interest with just regular private label customers who want us to do traditional processing and outsourcing arrangements. So, there clearly is interest in the market and we see that coming through our pipelines, and so we just see the opportunity there. I put fleet (49:03) in Asia, still as kind of longer-term growth to play because I do think we'll build business there, but because the – it's coming a little bit more fragmented, it's going to take some time for it to accumulate. And it's something that's going to be meaningful for us. But still, it's – they're nice wins and they're accumulating into something that's going to be a nice business for us.

Okay, great. And I just had one last question. In terms of the Higher One deposits and the shift in the funding mix, can you just sort of frame how we should think about the difference between the Higher One deposits and going back to the wholesale CD market? I just haven't had chance to do that yet this morning, but just any general commentary as we sort of think about beyond 2016 and sort of modeling out the cost of working capital there? Melissa D. Smith - President, Chief Executive Officer & Director: So, it really actually doesn't have a significant impact. You're talking about a basis point spread of like 50 basis points...

60 (50:14). Melissa D. Smith - President, Chief Executive Officer & Director: 50? 50 basis points. About 50 basis points.

Okay. So, about 50 bps. Great. That's all I have. Thanks so much.

The next question comes from Danyal Hussain of Morgan Stanley. Danyal Hussain - Morgan Stanley & Co. LLC: Hi. Good morning. Thanks for taking the question. Could you just – a couple more questions for pricing, but could you just walk us through when in the quarter you've more broadly rolled out the changes, so whether we had a full quarter of impact? And then two, whether – what the right, I guess, run rate is? It seems like you're maybe about $10 million, maybe you just clarify that? Melissa D. Smith - President, Chief Executive Officer & Director: So, we actually implemented the changes in July. So, we are getting not necessarily a full impact but pretty close to a full impact. We are continuing to test and roll out additional changes though. So, in our view this isn't done. It's something that's going to continue to happen over a period of time. As we continue to test and learn, we'll implement further changes. Danyal Hussain - Morgan Stanley & Co. LLC: Got it. And then, I guess if you look at guidance, how much you raised it, you're adding it looks like $76 million from EFS. Could you call out or quantify how much incremental you're expecting from pricing? Melissa D. Smith - President, Chief Executive Officer & Director: It was actually included in our last sort of guidance. So when we – so we got a little bit more in the quarter than we had expected, but that had to do more with timing than anything else. So from a – and if you look at guidance to guidance, there is a little bit that we've got in Q2 that we're adding into the full year number. But I would say generally, it's pretty consistent with what we had anticipated as we went into the year and particularly as we gave guidance last quarter. Danyal Hussain - Morgan Stanley & Co. LLC: Okay. Perfect. And then maybe just quick on your Travel, the volume growth. Could you quantify ex-FX growth?

Danyal, in this period is immaterial, the FX impact. Danyal Hussain - Morgan Stanley & Co. LLC: Got it. Thank you very much.

The next question is from Tien-Tsin Huang of JPMorgan.

Thanks. Good morning. On the EFS, the synergy, the $25 million. I think you said it would be ratable. Just wanted to make sure that I heard that correctly. And there is a way to quantify the timing and the magnitude of the reinvestment required to get through the phases of the synergies? Melissa D. Smith - President, Chief Executive Officer & Director: So, your first question around ratable, yeah, I would think of it as a third, a third, a third, roughly is what we're envisioning right now. In terms of the reinvestment, I think you're referring to the fact we said that we are reinvesting across the number of our businesses for the second half of the year.

Yep. Melissa D. Smith - President, Chief Executive Officer & Director: We're talking about something in the order of 4% to 5%. It's not a huge number, but it's enough when you start to talk about the things that are affecting the year. And Roberto talked about the bankruptcy loss that we have, the beat (53:45) that we have, the investments that we're making, they all kind of net out. And then when you add EFS in the mix, which was – what you're seeing play out in our guidance.

I see. And then just on the – you mentioned the bankruptcy, looks like your credit loss assumption is still the same though for the year. Given that bankruptcy, I'm assuming that most of that is cleaned up, but given delinquency trends, is it likely to see – or we likely to see sort of stable credit losses from here, or could we actually see it tick up with some leakage from the bankruptcies and whatever else you see?

Tien, what I would say to you is you are right. We have maintained the guidance as it was. And although we have got this bankruptcy as a one-time event, on other areas, we are seeing improvement as well. So, all in all, we don't see a major impact for the full year.

Okay. Melissa D. Smith - President, Chief Executive Officer & Director: And when we gave the credit loss range, that's for the fleet business alone. So, it doesn't reflect the Travel part.

Right. Right. Right. Good point. Understood. Just last one. Just the cross-border. I know that was asked a bunch already, but did you quantify the weakness you're contemplating in the third quarter specifically? I mean, the trend is not surprising. We've heard this from some of the other cross-border processors, but just curious if we can maybe quantify that to some degree. Melissa D. Smith - President, Chief Executive Officer & Director: We have not quantified it. It's included overall in our expectations for the next couple of quarters, but we didn't put a number next to it.

Okay. Fair enough. Thanks as always.

Our next question comes from Tom McCrohan of CLSA.

Hi. Did you give out the same-store sales growth in fleet? Sorry, if I missed that. Melissa D. Smith - President, Chief Executive Officer & Director: It's – in the U.S., it's negative 4%.

All right. That was kind of consistent with last quarter. Melissa D. Smith - President, Chief Executive Officer & Director: It is. Yeah, it looks pretty consistent.

Yeah. Okay. And then, based on the disclosures on normalizing the currency in fuel. I think last quarter you said 12% revenue growth, 16% EPS growth. So, I calculate for this quarter, 16% revenue growth adjusted for those items, but can't seem to get to a comparable EPS figure. What would be the comparable EPS growth figure? Melissa D. Smith - President, Chief Executive Officer & Director: Yes, we – actually we gave you the table in there for revenue, and I think you're getting something closer to 17%, so close. On the earnings side, we've tried to give all that information, it's about 22%.

And how much of that acceleration is just from fuel versus other factors? Melissa D. Smith - President, Chief Executive Officer & Director: So, we neutralized it for fuel. So, it's – the acceleration is coming in part because of the pricing modernization we had, a little bit higher growth in revenue on our Travel business because we had – we had a couple of one-time things coming through in last quarter. And so you had an acceleration which was more because last quarter is a little bit of an anomaly on the Travel side. And I would say that those are really the kind of the bigger things that are moving sequentially.

So, Melissa, if you assume neutralized for fuel, neutralized for currency going forward, is there anything that will prohibit you from growing at these neutralized pro forma growth rates in next several quarters? Melissa D. Smith - President, Chief Executive Officer & Director: But we also had the benefit of EFS in there when you look at the revenue growth. And so, it's going to be – it's going to affect the results. And when we've given out guidance range in terms of – at least longer-term guidance, we've talked about revenue guidance of 10% to 15%. And we're obviously coming a little higher than that when you exclude the impact of fuel prices right now. I think some of that have to do with the pricing work which we do think will have – it's going to have some carry effects for a period of time for us. But I'm thoughtful about the fact that's not going to carry us forever.

Yeah. Yeah. Melissa D. Smith - President, Chief Executive Officer & Director: But it is something that we do think it's going to contribute to the business for a number of periods to come.

Okay. Yeah, so, I guess the only thing about the quarter I'm trying to reconcile with is sequentially Q1, Q2, you had improvements in those two metrics which seemed to be there for a reason to say once we kind of get through and lap all these headwinds from macro fuel, the growth rate's going to be better obviously, the one's you're posting. So, you had a Q1, Q2 acceleration, but the top end of your guidance, you didn't change despite the fact that you kind of tweaked up a little bit the fuel price assumption. So, I'm just struggling – we're trying to make that bridge between this type of growth and the lack of like raising the high end of our EPS guidance. So, is there a simple answer to that that you could provide? Melissa D. Smith - President, Chief Executive Officer & Director: Yes. If you start on the revenue side, which I think is where you're beginning with, that you would see similar – so you'd take the top end of our revenue guidance last time, you add in the $78 million which is the top end of EFS, and the second quarter fee, we are adding in some incremental revenue associated with what we're seeing with trends. And so, I would say we are factoring it in. When you get into their earnings on top end, the two things that are offsetting some of the favorability that we are seeing are very intentional investments that we're making in the second half of the year. We're just – we're seeing really great results in a number of places in our business since we're putting some money back into that. And then the underlying bankruptcy that Roberto referred to, and the piece which we took in the second quarter, the piece we know that we're going to take in the third quarter. So, those things are really just affecting our – what we're doing at the top end. We did move up the bottom end of the range. And it kind of reflects the fact that we're seeing that momentum. But we held the top end of the range because of a couple of things. One of which was intentional and one of which we just know it's going to happen in the third quarter.

Okay. Okay. Fair enough. Thank you.

Are there any closing remarks?

I think, we just want to say thank you for everyone for joining us today and look forward to speaking with you again next quarter.