Good morning. My name is Lee and I will be your conference operator today. At this time I would like to welcome everyone to the First Quarter 2013 Conference Call. [Operator Instructions] Thank you. Mr. Elwell, you may begin your conference.

Thank you, Lee. Good morning, everyone, and welcome to the EMCOR Group conference call. We're here to discuss the company's 2013 first quarter results, which were reported this morning. I would now like to turn the call over to Kevin Matz, Executive Vice President of Shared Services, who will introduce management. Kevin, please go ahead.

Thank you, Nathan, and good morning, everybody. Welcome to EMCOR Group's earnings conference call for the First Quarter of 2013. For those of you who are accessing the call via the Internet in our website, welcome as well, and we hope you have arrived at the beginning of the slide presentation that will accompany our remarks today. Please go to Slide 2. Slide 2 lists the executives with me to discuss the results for the quarter. They are: Tony Guzzi, our President and CEO; Mark Pompa, Executive Vice President and CFO; Mava Heffler, Vice President of Marketing and Communications; and Sheldon Cammaker, who hasn't made it into the call room yet. He'll probably join us in a moment. For call participants who are not accessing the conference call via the Internet, this presentation, including the slides, will be archived in the Investor Relations section of our website under Presentation. You can find this at emcorgroup.com. Before we begin, I want to remind you that this discussion may contain certain forward-looking statements. Any such statements are based upon information available to EMCOR's management's perception as of this date, and EMCOR assumes no obligation to update any such forward-looking statements. These forward-looking statements involve risks -- and here comes Shelley. Please.

Sorry, I'm late.

Yes, thanks, Shelley. Risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Accordingly, these statements are no guarantee of future performance. Such risks and uncertainties include, but are not limited to, adverse effects of general economic conditions, changes in the political environment, changes in the specific markets for EMCOR services, adverse business condition, increased competition, mix of business and risks associated with foreign operations. Certain of the of risks and factors associated with EMCOR's business are also discussed in the company's 2012 Form 10-K and other reports filed from time to time with the Securities and Exchange Commission. With that being said, please let me turn this call over to Tony. Tony?

Thanks, Kevin, and thank you all for joining our call this morning. I will be on Slides 3 and 4. We started pretty well here. We made $0.44 per diluted share, and that's inclusive of about $0.01 in restructuring cost, and that's in our U.K. operation. Revenues grew by 1.9% to $1.57 billion, and all that growth is organic, and that is with a planned reduction of $22 million or 15.5% in our U.K. operations as we continue to rightsize our U.K. construction operations. Our business grew 3 point -- our U.S. businesses grew 3.7% on a combined basis, about where we expected to start the year. And remember, we have pretty tough compares against double-digit organic growth in the first quarter of 2012. SG&A still at 8.8% of sales shows that we're still benefiting from good leverage, and we still have very strong cost discipline. Operating profit for the quarter is $51.2 million, up $5.1 million or 11.1% versus the prior year. Operating margins are at 3.3%, up 30 basis points versus the prior year. We go into the segment discussion. Our electrical and mechanical segments had operating margins on a combined basis of 3.5%, which is a more traditional first quarter for us versus prior year performance of 5.4%. As we noted last year, we benefited from a claim settlement that has several significant contract close outs in the first quarter of 2012. Electrical margins were a little stronger than we expected at 6.2%, and mechanical margins were weaker at 2.1%. In our mechanical operations, we had some headwinds on some large multi-year institutional work that impacted the quarter as the schedule has been pushed out and we had to take a tough view of our success and recouping the extra labor that we will expect -- we…

Thank you, Tony, and good morning to everyone participating today. For those of you participating via the webcast, we are now on Slide 5. As in past quarters, I'll begin with certain highlights of our first quarter results before moving to key financial data derived from our consolidated financial statements, including both our earnings release announcement and Form 10-Q filed with the Securities and Exchange Commission earlier this morning. Consolidated revenues of $1.57 billion in the quarter were up 1.9% from first quarter 2012. All revenue growth in the quarter is organic. The United States revenues increased 3.7% over quarter 1 last year, U.S. facilities services revenues increased 12.7% year-over-year, domestic electrical revenues increased 5.9%, while our domestic mechanical quarterly revenues decreased 5.8%, and our U.K. segment revenues decreased 15.5%. Revenue growth within the domestic facility services segment can be attributed to increased activity within the industrial, commercial and mechanical services divisions, while the growth within domestic electrical construction is predominantly due to higher revenues from their industrial, institutional and commercial sector activities. Consistent with the last quarter, the decrease in revenues from our U.K. segment is the result of our continuing plan to deemphasize our engineering and construction operations, as well as reduce project activity within their facilities services business. Revenue declines within our domestic mechanical construction segment are due to reduced volumes of work within healthcare, industrial and institutional market sectors. Please turn to Slide 6. Selling, general and administrative expenses increased $4 million within the quarter. As a percentage of revenue, SG&A in Quarter 1 is 8.8%, which represent a modest 10% point -- minus 10 basis point increase from last year's Quarter 1 percentage of 8.7%. Restructuring activity in the quarter was due to a reduction of workforce within our U.K. segment related to engineering and…

Thanks, Mark. And I think that sentence there encapsulated how we really run EMCOR for a long period of time. And certainly what has allowed us to perform in really a choppy market over a 4-year period. And I think we've been consistent in saying that over a 4-year period. And it really starts with what we see on page 10. You've got to select the right work and then you got to execute it. And that right work comes whether it be construction or service. We went through a backlog a little bit, and it's about $3.42 billion. It's up maybe 1% from last year. But the reality is it's up a little stronger here in the U.S construction business. It's up maybe 5%. Facilities is down a little bit, but that's mainly due to what we talked about in the fourth quarter, where we mutually agreed with some of our service customers that the relationship wasn't as successful as we would have liked it to have been for us, even though we were performing very well for them. And some of them were going through a fairly extensively restructuring on their own, and we thought we'd better just break the relationship. And so that's really a reduction in the facilities business, and you would call that good reduction, coupled with the increase in construction, U.S. business up about 3%. Now we're down intentionally in the U.K. business. Mark talked about that. We're getting to the right mix. You all may wonder why we can't get there quicker. But if you remember the long-term history here, we've done a lot to reshape the U.K., to make it a lot less volatile to our results, and our goal is sometime in the middle of next year to be there. So…

[Operator Instructions] Your first question comes from the line of Alex Rygiel with FBR. Alexander J. Rygiel - FBR Capital Markets & Co., Research Division: A couple of quick questions. First, as it relates to capital allocation, which it seems like you ended on, I've noticed you haven't bought back too many shares in the last 6 to 9 months. What is the company's position on the buy back program?

We have very limited windows that you can buy back. We control the decision. We do the 10b5-1s. We have $100 million authorization. It's there for a reason. And I think we will continue to be active. Alexander J. Rygiel - FBR Capital Markets & Co., Research Division: And then in the U.S. mechanical business, there were some completion delays. Is there any way you could either quantify that negative impact in the quarter, or somehow address the potential negative drag it could have in future quarters?

Well, I'll start at the high level. I mean, we think we obviously reflected what future quarters would be in this future quarter because we have to do that in our accounting to get things right for the quarter. That being said, the quantification of it, we're not going to get specific, we didn't perform where we could have in mechanical as a result of it and really no closeouts. At the highest level, what we're concerned about on those type of jobs right now is less what we control and more what others control. And it's really the pace and timing of completion. And if you refer back to my earlier comments on how decision makers are, especially in the federal government area, are making decisions right now, it's hard to have a partner on the other side that you can get clarity from. Mark?

The only thing I would add is, obviously, if we wanted to share that information, we would have disclosed the actual amount in the Q. You know from our history, we try not to isolate every contract movement because otherwise we'd use every tree for paper that's in the country. But nonetheless, yes, 2.1% from a margin contribution perspective for the mechanical segment is exceedingly well. We typically would expect to see something around 3% or slightly north of 3% this time of year. So if you want to imply that that's the drag, I would say that's probably a good place to start. We'd like to think that we captured everything, but it's a fluid process. But from an order of magnitude perspective, I would be surprised if you see anything as dramatic in future quarters this year unless something drastic changes from the client side.

And it would be client driven. Alexander J. Rygiel - FBR Capital Markets & Co., Research Division: That's helpful. And one last question. Obviously, there's some seasonality in your business these days. And every single year as we come out of this recession, it's probably going to look a little bit different. Can you sort of help us to better understand sort of 1Q into 2Q? The refinery business is big in 1Q. It softens in 2Q. The weather has an impact. USM is helpful sometimes in 1Q, but maybe not so in 2Q. So can you sort of talk about that seasonality trend that you're anticipating and how the month of April sort of looked as it relates to that?

If you look at it -- you'd captured it pretty well there. I mean, the refinery business is not as strong in 2Q as it was in 1Q. We should start seeing if the weather gets a little better here. Our mechanical service should come up. USM, somewhere between second and third quarters is the weakest quarter, depending on what start-ups look like on the landscaping side and how much leverage work people have to do to get their operations presentable to their customers. So I mean, typically, you've got facilities. Q1, if refining is going well and mechanical services gets off to a decent start and we got just a little bit of help from the weather, Q1 is one of the stronger quarters. That being said, we had very strong back half of the year last year starting in Q3. We tend to look at these things -- as you know, we're not quarterly driven. It's hard to do our business that way. In the construction, typically, in a typical year, it starts a little slow and builds momentum through the year. A lot of that has to do with customer budget cycles. So it's not so much the large projects, but it will do that. That's the typical $2 million to $10 million project that will do that because as much as we don't think it is, it is tied to our customer's budgeting process. And the large projects are what will cause margin ups and downs at any given quarter, Mark?

Yes, I agree with what Tony said. I think when you look at the facilities services business, clearly, Q1 and Q4, as Tony indicated from the industrial side, tends to be strong. Our focus tends to, on a commercial site-based side, tends to focus more outside as we go into quarter 2 and quarter 3. And you clearly saw that last year that there was some seasonal weakness. And certainly, in quarter 2, quarter 3, because of some timing on the industrial side kind of masked the seasonality somewhat there because we had some work that was shifted from Quarter 1 to Quarter 3 in that space. And somebody said, our construction operations, clearly in 2012 and 2011, got off to very strong starts at the beginning of the year. You've been around long enough, Alex, to remember the more dramatic seasonality our business had. Clearly the portfolio of companies was much different back then, but nonetheless, the construction business is a construction business. So we're anticipating that you're going to see improved results from both those 2 segments as we move through the year. In the U.K., we're obviously trying to manage that situation for the best that we can. But as we try to reposition their focus, we're hopeful that it's going to be more consistent contributor throughout the 12 months of the year.

And really if you look back, Alex, over the past 12 months in our services business, I think you start to get an idea of maybe what it's capable of. We're not all the way there yet, but we're starting to get an idea of what it's capable of.

Your next question comes from the line of John Rogers with D.A. Davidson. John B. Rogers - D.A. Davidson & Co., Research Division: Just a couple of follow-ups on Alex's question. In terms of the restructuring charges that you had in the quarter, Mark, you referred to those, do you think you have it all now?

No. I think Tony indicated that you're going to continue to see restructuring activity over the next 3 to 4 quarters. We're doing it over phases. And obviously, the accounting rules are the rules, so we can't recognize the cost until certain actions happen, and not all actions have been affected at this point. John B. Rogers - D.A. Davidson & Co., Research Division: But can you give us a sense? I mean is it dramatically different than what we saw in this most recent quarter?

No. I think the activity that you saw in the quarter just ended is going to be pretty consistent with what you're going to see. You might have a quarter or 2 that could be slightly higher and then the subsequent quarter will be slightly lower. So I would say a realistic number per quarter is around that $1.2 million to $1.8 million or $2 million per quarter. John B. Rogers - D.A. Davidson & Co., Research Division: Okay. And that's included in your guidance?

That's correct.

Yes. John B. Rogers - D.A. Davidson & Co., Research Division: Okay. And then in terms of the -- especially on the construction work that you're now bidding on, have you seen a change in margins there? Or is the -- I mean because I know Tony you're talking about margins looking at them over multiple quarters, but they have come down over the last -- certainly, number of quarters, and I'm just trying to get an understanding of how much is project issues versus pricing in the market.

Yes. Not a whole lot is really project issues, John. We can isolate those to really a handful. And it's really no more than typical, and it is a handful. I mean, what you're seeing, right, versus where we were in '09 and '10 and the first part of '11, we were finishing work that was taken when times were better. And they were large projects, and we finished them, and we did very well on them. What you're seeing now, as we grind it out over the last year and half, 2 years, are the margins are coming down a little bit, but the volume is coming up a little bit. So I think that if we could operate our construction business at the levels we did last year and what we plan on this year and the kind of markets we've been dealing with, with a little bit of volume growth, we're pretty happy. John B. Rogers - D.A. Davidson & Co., Research Division: You mean happy in terms of holding margins or?

Holding margins. And I don't see this as a market. Again, I'm taking a 12-month rolling average. John B. Rogers - D.A. Davidson & Co., Research Division: Right, right, right.

I'm not talking about first quarter margins. Clearly, I don't want to make 2% in mechanical. I'll take 6% in electrical tomorrow morning, right? But if you look back over '12, 5 -- 4 or 5 quarters, you can hold them there. You could get a little bit of growth on top of it. You'd be in a pretty good place. And then as the markets gets busier and you absorb labor, the margins will go up, you'll be in a better place. But you know, we haven't had a lot of growth in nonres construction now for 4 years. We've had pockets of it. I mean, I think the Gulf coast is busy. Parts of the country are busy. You got busy up in New York area with Sandy, I'm not sure, there's still fairly high trade unemployment in New York. It's still -- we're executing very well in a tough market. John B. Rogers - D.A. Davidson & Co., Research Division: Okay. And you seem to imply, Tony, that you'd be more open to acquisitions or looking at them. Can you talk a little bit -- are they available out there?

Well, I think part of it is understanding assets we like. We watch assets over a long period of time, John. These are -- some of them are things we've looked at now over 8 or 10 years. We know who bought them the first time. They may be getting towards the end of their ownership period and maybe that will happen in the next 12 to 18 months, things that we like. They're in the industrial space. They're in the mechanical services space. And there's a couple of construction businesses that we'd like to own. And so we know the people. They know we're here. I don't think all of them will be just a negotiated deal between EMCOR and them. Some of them will go through a process and some of them won't. And we've always been open to acquisitions. I've always had the idea that deals happen when they happen, but we never force acquisitions either because that doesn't end up in a productive play. John B. Rogers - D.A. Davidson & Co., Research Division: Okay. But are there -- I mean I guess, there's still -- it sounds like there's opportunities -- plenty of opportunities out there.

Yes. There'll be plenty of opportunities if you take a couple year view of it. John B. Rogers - D.A. Davidson & Co., Research Division: And just last housekeeping item, the little acquisition that you had in January, did that add any revenue or -- is that revenue growth all organic?

No, it's all organic. That acquisition actually closed on January 1 of last year. So it was in for the full quarter of '12, and then obviously the full quarter of '13 -- first full quarter of '13.

Your next question comes from the line of Adam Thalhimer with BB&T Capital Markets. Adam R. Thalhimer - BB&T Capital Markets, Research Division: Tony, you said that Q1 results were a little bit better than you were expecting in line with the Street. Where was the upside versus your expectations?

Well, I mean, we hadn't performed in our site-based business, the places that we -- in the mechanical service business in the first quarter for 2 years. And so that they could come in and do as well as they expected, better than we expected, was a good place to be. In industrial, we did expect to be good. We expected that, and it was just a little bit better than that. And you know what? Hats off to the industrial guys. They also did it with a great safety record through the period. And that really is a competitive advantage and, knock on wood, because we know every day that has to be earned. And clearly, on the electrical construction, that's probably okay. It's a little stronger. And mechanical, for all the reasons we talked about, didn't do what we expected in the quarter. We run a mix of businesses. We've always hoped to get them all firing on the same cylinders -- on all cylinders, and one of these quarters, that's going to happen. Adam R. Thalhimer - BB&T Capital Markets, Research Division: Okay. And then on the transportation market seems to be improving a little bit here, not just for you but for others. It seems like there's some big projects moving forward in spite of sequestration, is that...

Yes , I think you're accurate with that. Yes. Adam R. Thalhimer - BB&T Capital Markets, Research Division: And that can continue or do you think sequestration...

Well, I think that's going to continue because some of them are -- they have to be done. We're not playing in a high-speed rail between Las Vegas and Southern California or stuff like that. Maybe we'll build a station somewhere. The stuff we're doing or likely to do are infrastructure plays that should lead to productivity and have a long, long term use of it. So I don't think -- sequestration may slow it down a little bit, but it's not going to change the shape of the project. Where sequestration hurts, whether it be transportation or whether it be on a DOE site or whether it be in a DoD base or whether it be in a NASA facility, where it hurts is, I need to build this next building. I need to put this new water treatment facility. I need to upgrade the one I have. I need to change the substations up to bring them out of 1968 technology. I need to do those things. I have had a plan to do that over a number of years. And where sequestration hurts is they say, we'll, that $5 million, that $10 million, that $15 million project, we're not going to do this year. We're going to put that off to next year. So what they're doing is compounding the problem that they're going to have because now they're probably putting maintenance risk. It's why I really see sequestration hitting is a maintenance capital. I don't see it on this long-lead capital projects as much. Adam R. Thalhimer - BB&T Capital Markets, Research Division: Got it. And is there anything that would give the decision-makers more clarity? I don't know, if they pass a budget or...

Nothing I'm going to comment on, on this call. That ship's sailed. Adam R. Thalhimer - BB&T Capital Markets, Research Division: Just looking at your Slide 10, the backlog. The institutional is such a bigger piece than it was back in '06, '07 and '08. But some of that businesses that you've purchased, is that...

Yes. Yes. I mean you go to the purchase of Boston, you go to some of the contracts we won on the government side. That's what really drove that. A little bit of the acquisition of Pepper. That's what drove that. Adam R. Thalhimer - BB&T Capital Markets, Research Division: Okay. And then finally hoping maybe you can just comment on non-risk construction broadly, U.S. backlog up almost 3%. Seeing how other people...

I think we're probably moving a little better than the market right now based on some other people I've heard in this first quarter. But the market's slow, and it's still a big market. That's the -- especially the commercial part, the buildings part of nonres, should be 20% or 30% bigger than it is right now.

Your next question comes from the line of Rich Wesolowski with Sidoti. Richard Wesolowski - Sidoti & Company, LLC: Does all the seasonal strength in Armstead's [ph] turnaround business fall into the March quarter, or is there a slug in June as well?

It's hard to tell right now because it was so good in the first part, but we continue to be reacting to our customers. You don't know because at this part of the year, they can turn it off at the Philips [ph] side whenever they need to. So it'd be too quick to say because there was some things that came into the business last year that we didn't expect. And there's some other things that didn't happen in the first quarter. Would rather let it happen than tell you about it. Richard Wesolowski - Sidoti & Company, LLC: Okay. So do you view 1Q facilities margin as an exceptionally strong seasonal results or rather something that can be even approached later in 2013?

The way I look at it is I look backwards 12 months. And I take a trailing 12 month number and I say, how are we doing against getting to the 5%? And we are closing on it very closely now. We're within 10 to 30 bps depending on how you look at it. And after this, after June, we'll be even closer, probably. And then we can say, okay, where do we go from there because now we've now clocked a trailing 12 month, really, really through a whole cycle of seasons that we do at or near 5%. And for us to get over that on a sustained basis, it means the industrial business is doing really well and it means we're improving faster than we expected in the site-based side. And it means we've had exceptional performance in the projects side of our mechanical services business. Those 3 things happened. In 2008, we printed at 6.7. All 3 of those things happened -- or 2 of those 3 things happened in a big way in 2008 when we made that happen. And government doesn't hurt us. Government's been our steadiest performer. We can do worse than we're thinking right now in government to make that happen. And look our guys have done a great job with productivity in the face of really tough customer sentiment. Richard Wesolowski - Sidoti & Company, LLC: Okay. And last one, I recognize that March is a seasonally low period for your cash flow. But your outflow in this March quarter was surprising. I'm wondering if you caught anything there. If you did in the prepared remarks, then I missed it.

Yes, well, specifically, with the very strong revenue growth in facilities, partly driven by industrial, just the nature of that business is that you're always billing in arrears. And you're obviously, you're paying your labor and your subcontractors real time. So that's a big part -- that is a big part of it. So if you look at the performance quarter-over-quarter, there was a significant improvement in Quarter 1 '13. So that's really the additional use of cash between the 2 periods.

Your next question comes from the line of Saagar Parikh with KeyBanc Capital.

First off, congrats on the solid improvement in EFS. A lot of the questions have been answered, but one I wanted to touch on was I know Adam asked about the transportation's backlog. Could you go a little bit into what you guys do for -- in that transportation end market?

Sure. I mean we do the same thing in that end market that we do in other places. We just do it either on transportation facilities or on roadways. So we cover the waterfront, literally with a [indiscernible] work. We'll do tunnel work on the electrical side and the mechanical side, whether it be tunnel ventilation, whether it be electrical, the lighting and the signaling on roadways, in ports. We'll do airports. We do the full mechanical and electrical infrastructure. We will do -- if they're relighting a bridge, we will do the bridge relighting. We've done that work. We'll do on a -- people remember the T-REX out in Denver. We did not only the lighting on the roadway. I-25 there, we also did the light rail infrastructure. We'll do also that work design/build on a team, some of the bigger work. We'll be joining the team that, and we'll be part of the design/build team. We'll do a design/assist, and we'll do it fixed price. And some of it ends up time immaterial also or a small portion of it.

And so have you guys seen a positive bump up just [indiscernible] from MAP-21.[indiscernible] is going to be leading to more larger projects, larger bridges, maybe tunnels, light rail, high-speed rail, that kind of stuff?

Yes, it might. I mean we think that helps a little bit. For us, it's just getting -- picking the right team to be on for the projects that are coming out. We're not as wired in as other people are to what's happening with the highway bills and everything. Because in the end, for some of the -- especially on the electrical side, for some of the capability we have, there's not a whole lot of people that do what we do successfully on these large projects. And you have to have a lot of wherewithal to do it, right? You have to be able to fund it. You have to be able to bond it. And you have to be able to mobilize the manpower. These outside guys, the transportation guys, when they're doing the outside work, they're different than the people that do the inside work. And you have to have tentacles into that market, into those union holes to get the right labor and the right supervision to make that happen.

Okay, great. And then last question related to your government related business or government -- tied to government clients. What percentage of maybe 2012 or trailing 12-month revenue would you say is related to public spending, federal spending?

Somewhere between 15% and 18%.

Your next question comes from the line of Nick Coppola with Thompson Research.

So apart from the seasonal spring turnaround, it sounds like site based was a big delta relative to your expectations in facilities. What were the key drivers to that? Why did site based do as well as it did?

You could say that it really was very good execution from our leadership team. And in spite of a really tough year last year, they did the things they needed to do to position the business to start performing better. They did a lot of productivity measures, a lot of tough cost takeout. They reinvigorated customer relationships, so that customers have faith in us again to give us the pull-through work and the leverage work. They knew that we needed to satisfy the customers we had today and drive our retention up before we could go out and find new customers. And they did that. And they really worked hard on getting beyond the transition issues and getting DEOX [ph]and USM to work together. And getting beyond the transition issues, remember, the first part of last year, we were starting up too many contracts. And we started them up, and we made them happen, and we're benefiting from that today.

Okay, that's helpful. And then a second question, if you think about the rest of '13 and going forward, I mean, apart from guidance, just -- if you think about which end markets and geographies you're kind of most bullish on, where do you think works going to be coming available going forward?

We think we've built a pretty great industrial offering, and we'd like to add to that. We've been doing it organically. It's not always the popular thing to invest in the downturn, but we're certainly seeing the fruits of the real smart guys we have across the industrial space from food processing to refining that made the investments we needed to make maybe when times weren't as good because they could see that, hey, that wasn't going to be forever. So if you take it on the food processing side, we have -- we kept the right engineers and added to it. We've built more prefabrication capability. And as a result of that, we were able to do work like we did last year for that great company to [indiscernible]. And had we been short sighted in the downturn, we wouldn't have been able to do that. On the industrial side in the refining space, we added to our shop productivity with some welding machines, some drilling machines, so that we can turn around the customers' work faster with better labor productivity. And then we also added a washstand which de-bottlenecks one of the critical things when you're taking the heat exchangers out and a lot of people have to stand and wait on the customers. Our guys designed some trucks and other things to allow us to get us back to our washstand down on the port that looks like really a state-of-the-art facility, and we did that in the downturn. We planned it, and we launched it right before things got a little better. So industrial, we're bullish on. I think commercial, we're bullish on because we've always been good at commercial. And we did nothing to atrophy that muscle. We just need to exercise it a little…

Your next question is from Noelle Dilts with Stifel. Noelle C. Dilts - Stifel, Nicolaus & Co., Inc., Research Division: Again, most of the questions have been asked at this point. But I was wondering if you could comment on the nonres market, if you could talk about, geographically within the U.S., if you're seeing any regions that are relatively stronger than average?

Again, we're going to go to the commercial part of nonres because we talked a lot about industrial. I think New York has a chance here to get strong. I think it's better than it was, obviously, 2 years ago. We're talking about they have Hudson yards going on. They have recouped from Sandy. You have people moving to different spaces. You have data centers and data infrastructure requirements. I think New York could get strong. Of course, we have great assets on the ground and EMCOR has terrific operators in that market. I think as you go D.C., a lot of people think it will get weaker. I think some of this dislocation with government may create opportunity on the private side. As you go down into Texas, I think Houston will continue to be strong. I love doing business in Texas, and they're some of the best people to work with. You get out to California. We do well because of the energy conservation work. We do well because some of the big infrastructure work that happens out there and some of the tech work. And so California for us just because of our presence there will be okay. Chicago will be fits and starts, depends on where you're lined up and what jobs you're getting. I don't see just heady growth there. And the sort of Ohio, Pennsylvania region will be okay. Noelle C. Dilts - Stifel, Nicolaus & Co., Inc., Research Division: Okay, and then I think I could guess some of them, but how about markets that are pretty dead, and looking like they'll remain so?

Well, we're not much in Detroit anymore. And we're not real bullish on some of the mid-Midwest part of the country. And I don't think anybody's going to be spending a lot of money in Connecticut, New Hampshire, Vermont and New York outside of New York City. Noelle C. Dilts - Stifel, Nicolaus & Co., Inc., Research Division: Okay.

Atlantic commercially will be okay even if it gets strong. We just don't have a huge presence there on the electrical side or mechanical. We do okay but we're more of the midsize project replacement market there. Noelle C. Dilts - Stifel, Nicolaus & Co., Inc., Research Division: Are you starting to see any sort of activity in Vegas?

Look, it's trying to show signs of life. I saw the same article. You probably did in the LA Times. If it comes, we're ready to go. We got a couple of folks that are chomping at the bit to get going again, and they're really good at what they do. Noelle C. Dilts - Stifel, Nicolaus & Co., Inc., Research Division: Okay. And then one last question on the mechanical projects write-downs. I think you alluded to the potential that you might be able to recover some of those costs. Could you just comment on that a little bit further?

Mark?

Clearly, we're going to try to recover the incremental cost, but at this point we're not far enough along to really speak to it. So if something happens, you'll hear it here.

Our final question is a follow up question from Alex Rygiel with FBR. Alexander J. Rygiel - FBR Capital Markets & Co., Research Division: Tony, just a follow up, given your experience at United Technologies, not sure if you saw some of their comments with regards to sort of their order flow for commercial HVAC and fire systems. Do you have any thoughts or comments on that as it relates to your business over the next couple of quarters?

Maybe you can refresh me what they said, Alex, and then I can tie it together. Alexander J. Rygiel - FBR Capital Markets & Co., Research Division: Yes, it looks their order flow was somewhat soft and so double-digit declines in North America in the commercial HVAC side and high single-digit decline on the fire system side. Obviously, your business is a little bit different, but I wasn't too sure if you could maybe connect the dots for us.

I mean we're different, first of all. When you're in the business they're in, it could be because a lot of it gears towards sometimes weather or specific replacement. I think the fire and security issues are very different from what the HVAC would be. On the HVAC, I think it's just -- it could be just a blip here in the season. And it also could be they're losing share. We certainly don't see a market that's down those kind of order rates here in the first quarter. Thank you all very much. With that, Lee, I think we'll turn it off. And I hope everybody has a very good second quarter and a safe second quarter. Thank you for your interest in EMCOR.

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