Good morning, and welcome to the AECOM's Third Quarter 2016 Earnings Conference Call. I'd like to inform all participants this call is being recorded at the request of AECOM. This broadcast is the copyrighted property of AECOM. Any rebroadcast of this information in whole or part without the prior written permission of AECOM is prohibited. As a reminder, AECOM is also simulcasting this presentation with slides at the Investors section at www.aecom.com. Later, we will conduct a question-and-answer session. I would like to turn the call over to Will Gabrielski, Vice President, Investor Relations.

Thank you, operator. Before reviewing our results, I would like to direct you to the Safe Harbor statement on page one of today's presentation. Today's discussion contains forward-looking statements about future growth and financial outcomes. Actual results may differ significantly from those projected in today's forward-looking statements, and due to various risks and uncertainties. Please refer to our press release, page one of our earnings presentation, and a report filed with the SEC for more information on our risk factors. Except as required by law, we take no obligation to update our forward-looking statements. We are using certain non-GAAP financial measures in our presentation. The appropriate GAAP financial reconciliations are incorporated into our press release, which is posted on our website. Please also note that all percentages refer to year-over-year progress except where otherwise noted. Our discussion of financial results excludes the impact of acquisition and integration-related expenses, financing charges, the amortization of intangible assets, and financial impacts associated with expected and actual dispositions of non-core businesses and assets unless otherwise noted. Today's discussion of organic growth represents the year-on-year change for the entire company on a constant currency basis. Beginning today's presentation is Mike Burke, AECOM's Chairman and Chief Executive Officer. Mike? Michael S. Burke - Chairman & Chief Executive Officer: Thank you, Will. Welcome, everyone. Joining me today is Steve Kadenacy, our President; and Troy Rudd, our Chief Financial Officer. I will begin with an overview of AECOM's results and discuss the trends across our business. Then, Troy will review our financial performance in greater detail. Steve will conclude with financial guidance before turning the call over for a question-and-answer session. Please turn to slide three. Our third quarter results included several noteworthy accomplishments. Organic growth in Americas Design accelerated to 4.1%, and our confidence in further growth…

Thanks, Troy. Please turn to slide 12. We've built tremendous momentum and are proud of our performance on a wide range of items, including cost synergies and project execution, and our out-performance in areas like tax and benefits. However, we've also faced headwinds. Lower oil and gas prices negatively impacted both our oil and gas construction business, and the Middle East markets. Additionally, we now anticipate interest expense to be higher than we planned, and the U.S. dollar has strengthened following the Brexit referendum, which creates a translation headwind to our results. Taken as a whole, we are confident in reiterating our full year adjusted EPS guidance of $3 to $3.40. Our wide range of EPS guidance is primarily attributable to the timing of our first AECOM Capital monetization, which has the potential to close in either this fiscal year or next. With a nearly $40 billion backlog and growing pipeline, we're highly confident in the trajectory of our business. Now, we'll turn the call over for Q&A. Operator, we're now ready for questions.

Thank you. And our first question comes from Steven Fisher from UBS. Please go ahead.

Thanks, good morning. W. Troy Rudd - Chief Financial Officer & Executive Vice President: Good morning.

Good morning.

Mike, you mentioned increasing confidence in growth in the Americas Design business, and it had a nice acceleration here. Are you thinking we could see double-digit growth there over the next year or so? And what would have to happen to achieve that kind of growth? I know you mentioned several prospects in the near term. How many of those you think need to convert? And what would have to happen to get that kind of growth? Michael S. Burke - Chairman & Chief Executive Officer: Steve, first of all, I don't like – I don't want to give revenue guidance for next year just yet. So, I want to try and stay away from that question at this point. But the bottom line is, we have been very focused on restructuring our business in the Americas Design that we have done and completed over the past year. We saw the organic growth two quarters ago start to comeback. We saw a very nice organic growth this year. We talked about the positive momentum that we're seeing in the pipeline, transportation is the biggest segment there and presents some of the biggest opportunities, that backlog was up to 12% in the quarter. So the momentum is clearly there. We're feeling good about it. We're seeing momentum at the federal level with the FAST Act, we're hearing both presidential candidates are both talking about infrastructure. And we're seeing a number of municipalities around the country that are putting in place, specific tax measures. So all the right indicators are there that would cause us to feel fairly bullish about the prospects for the Americas, but I'm not ready to give revenue guidance just yet.

Okay. And in terms of cash flow, how much of that $300 million plus that you need in Q4 is really just normal scope collection versus any specific change orders or the AECOM Capital timing or other big lumpy project-related items that there's a higher degree of uncertainty on the timing? W. Troy Rudd - Chief Financial Officer & Executive Vice President: Steve, it's Troy. Across the business, each quarter, we collect over $4 billion of cash flow. And in that – in those collections, there's no single item that stands out particular. It's just collecting on all of our projects, so across the diverse portfolio.

Okay. So nothing, just regular flow of business for fourth quarter? W. Troy Rudd - Chief Financial Officer & Executive Vice President: That's correct.

Okay. All right. Thanks a lot.

And our next question comes from Andrew Kaplowitz from Citigroup. Please go ahead.

Good morning, guys. W. Troy Rudd - Chief Financial Officer & Executive Vice President: Good morning. Michael S. Burke - Chairman & Chief Executive Officer: Good morning.

Good morning.

If we analyze DCS suggested operating margin in 3Q, it appears to be the best of since you bought URS, that's despite we have been pretty flattish over the last several quarters. Obviously, you talked that the goal was about positive mix here from Americas Design. But is this the URS cost review really taking hold now in this business? And can margin continue to go higher here in DCS, even if revenue does, stay relatively flat?

We assume – you're clearly seeing margin improvements based on how we're running the business. I'd put that in two categories of performance, Andy, one is the cost synergies that we're taking out that are the DCS Americas and DCS in general has benefited more than the other businesses because of the size of it and the overlap, and second is general project execution that's improving our margins as well. And then, I hesitate to comment on expectations of what margins would do in a flat environment because we are expecting and are more bullish on growth for the following year.

Okay. That's fine. Thanks, Steve. So let me ask Steve's question in a different way. DCS contracted and awarded backlog is down in the quarter, it's sequentially low within DCS. Americas Design backlog appears to be up. So how do we think about this trade-off if this kind of trend continued? In other words, if we do have continued declines in the Middle East, maybe stagnation in the UK, can you still grow DCS related earnings based on the strength of Americas Design as we go into 2017?

If I understand your question right, you're basing it on a declining backlog in DCS. And if you adjust for FX, as well as non-core asset disposals during the year and during the quarter, our backlog in DCS is about flat. And you can't really look year-over-year or quarter-over-quarter, add backlog growth, it's – it can be lumpy. So, our expectation is not to have a declining DCS business. We have a growing Americas DCS business, that's our biggest engine, and the opportunities that we see in EMEA and APAC are coming back. And, in fact, I think we said it on the call, we've now seen growth coming out of Australia for the first time in many quarters. And the opportunities that we see in Asia and in the UK, for instance, are enough that we would be bullish on overall DCS growth despite any drawbacks or continued low oil prices in the Middle East.

Okay. That's great, Steve, and then just one clarification. Can you give us a little more color as to what happened in the quarter in oil and gas? I know you talked about the revenue decline. How much did the wildfires impact your business? You had talked last quarter about that you'd see breakeven contribution margin for the year. What does that look like now? And then ultimately, how are you thinking about the business as we go into 2017? Can you give your confidence level that it'll stop being a drag on performance?

So, Andy, first of all, the fires in Fort McMurray did have a significant impact in the quarter. Our biggest portion of our oil and gas business outside of the environmental engineering is in Canada, and that business was entirely shut down for a good part of the quarter. So it was significant. And we feel pretty good about the future of that business. It's – we know what's happening with oil prices. We expect that over time, they will recover more – bring back some reasonable growth to that sector. But clearly, in the quarter, it was a pressure on the business headwind. You did have a second part of that question?

Okay.

It was profitability. And we do expect to make money in that business mainly through our cost reductions up in Canada and in the U.S. oil and gas business. And going forward, the prospects that we see out of some of the majors in our significant clients off of our new cost basis, we would expect that, that business will be incrementally positive in FY 2017.

Okay. Thanks, guys.

And our next question comes from Chad Dillard from Deutsche Bank. Please go ahead.

Hi. Good morning.

Good morning. Michael S. Burke - Chairman & Chief Executive Officer: Good morning.

So I just wanted to go back to your comments on Management Services, the projects under bid and about to be bid. How should we think about the timing for awards and the revenue recognition? I mean, is this something that we should contemplate will hit in the latter half of 2017? Just trying to get a sense for the cadence there. Michael S. Burke - Chairman & Chief Executive Officer: Yes. The – you should expect that those decisions will be made in the latter half. As you've heard that we have about $15 billion in bids under consideration right now. We have a big part of those – I'm sorry, we have $20 billion of bids under consideration, $16 billion of that will be in Q3 of 2017 alone, expect a decision in that quarter. So a big part of that will be decided throughout 2017, but it's much later in 2017.

Got it. And then, just moving over to Construction Services. So despite the Fort McMurray fires, margins, at least to me, seemed a little bit better than expected. So just looking towards the fourth quarter as well as into 2017, I mean how should we think about second half margins? I mean, is it reasonable to see them get to the lows and mid-2s, particularly that you'll have higher-margin stadium work there? Michael S. Burke - Chairman & Chief Executive Officer: Yeah. I don't know if it would be completely attributable to higher margin stadium work, but just the general mix and the fact that we won't have the significant headwinds from the Fort McMurray fires dragging down the oil and gas business, which is rolled up in that CS business. So I can see us definitely improving from where we were in the third quarter. I don't know if we get quite as high as 2.5%, but it's possible.

Great. Thank you.

And our next question comes from Jamie Cook from Credit Suisse. Please go ahead. Jamie L. Cook - Credit Suisse Securities (USA) LLC (Broker): Hi. Good morning. I guess a couple of questions. Mike, you guys had some nice wins, I guess, this quarter on the power side, too. Can you talk about sort of the timeline of those projects? I'm assuming they'd be pretty meaningful contributors to 2017. Were the projects fixed price so your comfort level with the risk, because that would be not a type of business that I would think AECOM would do historically? I guess that's my first question. And then my second question, as we're thinking – and I know you guys don't want to answer questions on 2017, but as we're thinking about I guess, Mike, where you are now with the integration of URI? Actually you guys are obviously are exceeding or doing better than you originally thought with sort of the cost savings associated with the transaction. When we think to 2017, should we start to think about clean numbers, i.e. there's not going to be any additional restructuring in 2017 associated with the acquisition? Michael S. Burke - Chairman & Chief Executive Officer: So, let me take the latter part of that first and then Steve will take you into a little more details on the two power projects. First of all, we are ahead of schedule on the synergy plan that we had laid out from the beginning. As you know, we have twice increased our expected synergies from the transaction over the past two years. We are on track to exceed those heightened numbers that we've provided. All of that is going very well. Going into 2017, we're doing our planning for that right now. There may be…

Yeah. And that's right, Jamie, the power projects weren't historically AECOM type of work, but they were squarely in the sweet spot of URS type of work. In fact, one of the wins is for a long-term client where the same team, very experienced team is delivering the project. So subject to a pretty good risk process within the old EIC business and the current AECOM, EIC business combined with AECOM risk process, we're very confident that we're going to deliver those projects on budget. And it's also worth noting that our hard bid construction within the overall AECOM is still only about 4% of our backlog. So, we do manage our overall mix of risk within that backlog. Jamie L. Cook - Credit Suisse Securities (USA) LLC (Broker): So the projects were fixed price, just to be clear, and did you get any advance payment on the project, if they were fixed price, that helped the cash flow in the quarter? Michael S. Burke - Chairman & Chief Executive Officer: The terms are fairly complex, but we do expect within the first quarter of delivering the project to be cash flow positive on those projects, but no advance payments. Jamie L. Cook - Credit Suisse Securities (USA) LLC (Broker): And, sorry, they are fixed price? Michael S. Burke - Chairman & Chief Executive Officer: They are fixed price, yes. Jamie L. Cook - Credit Suisse Securities (USA) LLC (Broker): Okay. And I guess the second question just related to that, I mean, can you talk, are there additional opportunities, Mike, when you're thinking about the back half of 2016 and 2017 on the gas-fired power side that you could speak to, just the number of projects that you're bidding on? Because that market does seem to be one area…

And our next question comes from Tahira Afzal from KeyBanc Capital Markets. Please go ahead.

Thanks a lot. So, I guess, first question is, it's great to see the synergies you are hoping for finally starting to unfold positively. Can you talk a bit about the inherent risk profile of these opportunities, if it really differs from what you guys already focused on right now, which is more cost plus? Michael S. Burke - Chairman & Chief Executive Officer: Well, Tahira, first of all, as Steve just mentioned, only 4% of our backlog is fixed price risk, and this is not something that's new to us, we have done small amounts of fixed price risk over the years. And it'll continue to be a small piece of our business, but where there are opportunities and where it's a project that we're comfortable with, where we have great depth of expertise and high confidence of delivering it on budget, we will take that fixed price risk. We're not going to shy away from it, but it's a small single-digit percent of our business that's really hard bid pricing.

Got it. And, Mike, does that go for the combined cycle plants as well, because typically, they're fixed price and if these are cost plus, are there opportunities you're looking at also cost plus? Michael S. Burke - Chairman & Chief Executive Officer: No. These – the combined cycle ones, the two that we're talking about in the quarter are not cost plus, they are fixed priced projects. But it's technology – GE technology that we're very familiar with. It is not first-in-kind technology. It's a – there's a proven track record of building plants exactly like this.

Got it. And second question really is on at the last call, Mike, you talked a bit about smart cities sort of technology really sort of entering and trickling into your space and the opportunities there. We started to see some of your peers talk about that now as well. Could you sort of update us on where that opportunity stands for yourselves? Michael S. Burke - Chairman & Chief Executive Officer: Yeah. Tahira, these cities are at the core of our strategy. We see the major urbanization trends of the world continuing, as well as accelerating. And so, we see that the outsized growth opportunities in the major cities of the world, and we do believe that given our combined expertise across the entire design build sector, we're not just doing transportation, we're involved in transportation, water, energy, both generation and distribution and housing. So we really cover the whole landscape. And we think we're better positioned to deal with smart cities than anyone else. And in fact, we are participating in a number of the big smart cities in India. I'll be traveling to India at the end of the month to meet with Prime Minister Modi, and I'll be leading a forum on smart cities in India, where we see some of the biggest opportunities, where we've got large scale greenfield smart city development. So we expect to be a leader in that end market around the world.

Got it. So, Mike, just a quick follow-up to that. As you know, India just announced a fairly transformative tax reform. It seems like it's going to lead to a fairly notable uptick in the GDP going forward. Is it too early to really comment on opportunities arising from there? Michael S. Burke - Chairman & Chief Executive Officer: There is no question, the new GST tax regime across India, I have seen the same predictions that you have that it will contribute to 1% to 2% to GDP growth. There is – it is very good for us. One of the challenges that we've had on the large scale cross country transportation is the historical tax regimes that were broken down by the states, made it difficult to do anything to cut across the whole country. And so now, as Modi moves to a more national tax regime and a national regulatory regime, it'll allow them to put in place, the broad scale infrastructure that they need, and we are as well-positioned as anyone to help them with that.

Thanks, Mike.

And our next question comes from Andy Wittmann from Robert W. Baird. Please go ahead. Andrew J. Wittmann - Robert W. Baird & Co., Inc. (Broker): Great. Thanks for taking my questions. I want to dig into the MS segment a little bit more. And just talk about, I guess, the pace of awards and particularly not just contracts, but task orders and the velocity of task orders that you are seeing out of the federal government today. Could you just give us a flavor of the kind of the dynamics you're seeing there? Has the lifting of sequestration actually tangibly helped the pace of actual dollars being spent or are we still bidding on contracts which are still a little sluggish coming out? Michael S. Burke - Chairman & Chief Executive Officer: So, as we've talked about, we have seen a 25% increase in our bids under evaluation. Last quarter, we announced that we had $12 billion of bids under evaluation. This quarter, that increased 25% to $15 billion of bids under evaluation. We have another $10 billion in bids that we will be submitting in the coming months. And all of that compares to our current $8 billion of backlog. So, the amount of opportunities that we are pursuing is greater than it has ever been. But much of that is attributable to the fact that we now have a combined expertise that is significantly greater than it was when we were two standalone companies. A lot of that opportunity is being generated by our positioning versus suggesting that the lifting sequestration or anything else has accelerated the pace in Washington. Now, I don't see any macro indicators that are causing the pace to accelerate, but it's simply that we now have combined capabilities and scale to pursue…

And our next question comes from John Rogers from D.A. Davidson. Please go ahead. John B. Rogers - D.A. Davidson & Co.: Hi. Good morning. I just want to follow up a little bit on the margin profile. Mike, you talked about 8% long-term margins in Management Services. How much work is left that's substantially above that at this point? Michael S. Burke - Chairman & Chief Executive Officer: I'll let Steve jump in there.

Yeah. I think that the 8% is the run rate MS margin without success fees and award fees. So, I think there will always be opportunities, especially the way our MS team performs to earn above that. So, our long-term guidance is more about the base run rate. John B. Rogers - D.A. Davidson & Co.: Okay. Thanks for that clarification. And then, Steve, in terms of the Power business and as that flows into construction, I assume that the margin opportunity is there, and I know you don't want to talk about specific projects, but are substantially better than your conventional cost plus Construction Services. And I was wondering if you could talk about that, and also, relative to the pipeline that you've talked about, especially with the stadium work and some of those things that I assume is more low single-digit margin type opportunities.

Yeah. Well, the power is definitely above the current combined CS margins, which obviously are impacted by oil and gas, but also have the building construction business in it that has fairly low margins but almost no working capital associated with it. So it's a very high return business for us from a capital standpoint. But in the Power segment itself, the margins can run upwards of 5% for these types of projects. John B. Rogers - D.A. Davidson & Co.: Okay. And in terms of the market opportunities that you're seeing out there, I mean, given that mix of projects that you're targeting, how should we think about the margin potential for that construction business within AECOM?

Well, we've guided 2% to 4%. John B. Rogers - D.A. Davidson & Co.: Right.

The issue there is the terms by which we sign for a particular project can impact our margins pretty significantly. When we are in a JV for instance, where we don't have a majority, you wouldn't see any revenue associated with it, and you'd just see equity earnings, which should improve our margins. So, it's hard to narrow down much more than that given the terms of the projects. John B. Rogers - D.A. Davidson & Co.: Okay. Thank you.

You're welcome.

And our final question comes from Chase Jacobson from William Blair. Please go ahead. Chase A. Jacobson - William Blair & Co. LLC: Hi. Thanks for taking my question. I just wanted to follow up on AECOM Capital. I know it's difficult to predict the timing of closing these deals, but you were pretty confident for most of the deal that it would get done. Is there anything more specific than just timing that may cause that to get pushed to next year? And with that, does it alter at all your plans or the timing of your plans to start raising external funds for AECOM Capital? Michael S. Burke - Chairman & Chief Executive Officer: Chase, first of all, it's nothing more than timing. The project that we intend to sell is we've completed the construction of it. It's a 38-story apartment building. It's over 90% leased that's leased well ahead of the schedule. It's leased at lease rates well ahead of the numbers we use when we underwrote the deal. So, there's no question in our mind that the value that's been created is still sitting there today. And whether that transaction happens this year or next year doesn't change the fact that the value is created and exists on our balance sheet. So, moving the second part of your question, the raising of money has started. We're not ready to publicly announce who our partners are yet on that, but we are in the process of preparing the offering memorandum to go out and raise money. Right now, we have a private equity partner that will partner with us on one of the funds. We are also in discussions with one of the larger pension funds in the world on establishing another infrastructure fund. So we're not…

No. I guess the risk would be that everything, all the directional indicators that are giving us momentum turn on their head, right. So, the things like the momentum of the FAST Act is, that's done and in place. That's not going to change. You've got momentum in Washington. The FAST Act was the first significant bill we saw go through Congress with bipartisan support. So, there's support in Washington for infrastructure. There's support in Washington now for a $10 billion water build that's in the works, so that's double the last water bill, that was $5 billion. We're seeing the presidential, both presidential candidates talking about it. So, I don't see support for infrastructure changing, and we're tracking dozens of specific tax measures in municipalities around the country that are expected to fund infrastructure. So, I don't really, I don't see any of those really turning on their head that would cause me great worry. Chase A. Jacobson - William Blair & Co. LLC: Appreciate it. Thank you.

Great. Thanks, Chase.

Okay. So, if there is no further questions, thank you, operator. I wanted to touch on one additional topic before we close here. I just wanted to advise everyone that along with our usual Form 10-Q filing that we'll make tomorrow, we will also file an amendment to our Form 10-K for fiscal 2015 related to events in fiscal 2015. But I want to be clear, this amendment does not change the financial results reported in fiscal 2015. But in that filing, you will see that we identified a material weakness in an internal control back in 2015. We've already taken decisive steps to fully remediate that issue. But again, there's no impact to our previously reported financial statements for fiscal 2015. But should you have any further follow-up questions about any of the details of this amendment, please contact our Investor Relations department and Will would be happy to walk you through more details about that. But again, thank you, all, for participating today. Thank you for your support of AECOM, and I look forward to speaking with all of you again next quarter. Thank you.

Thank you, ladies and gentlemen. This concludes today's conference. Thank you for your participation and you may now disconnect.