Good morning. My name is Christie, and I will be your conference operator today. At this time, I would like to welcome everyone to the EMCOR Third Quarter Earnings Conference Call. [Operator Instructions] I would now like to turn the call over to Mr. Nathan Elwell with FTI Consulting. Please go ahead.

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

Thank you, Nathan, and good morning, everyone. Welcome to EMCOR Group's earnings conference call for the third quarter of 2013. For those of you who are accessing call via the Internet and our website, welcome to you as well, and we hope you have arrived at the beginning of our slide presentation that will accompany our remarks today. Please move to Slide 2. Slide 2 depicts the executives who are with me to discuss the quarter and 9 months' results. They are Tony Guzzi, President and Chief Executive Officer; Mark Pompa, our Executive Vice President and Chief Financial Officer; Mava Heffler, Vice President, Marketing and Communications; and our Executive Vice President and General Counsel, Sheldon Cammaker. For call participants 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 Presentations. You can find us 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 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 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's services, adverse business conditions, increased competition, mix of business and risks associated with foreign operations. Certain of the risks and factors associated with EMCOR's business are also discussed in the company's 2012 Form 10-K and in other reports filed from time to time with the Securities and Exchange Commission. With that out of the way, please let me turn the call over to Tony Guzzi. Tony?

Good morning, and thanks to everyone on the call for joining our Q3 2013 call and your interest in EMCOR. This morning, I'm going to speak to the pro forma numbers, and Mark's going to walk you through the reconciliation in his section. Consistent with last quarter, we have 2 pro forma items: the U.K. construction closure and the cost associated with that, and the deal cost from our acquisition of RepconStrickland. And I'm on Page 3. Also, you will see a resegmentation of our business with results from our operating team management realignment, post-RepconStrickland acquisition. And I think, as investors, you'll like that because it gives you greater transparency and easier comparisons as we go forward here for our businesses. Really what we did is we took the U.S. Facilities Services segment. We broke it into 2 segments: the Building Services segment and the Industrial segment. The U.K. electrical construction, and mechanical restructure remain the same. Building Services is now the Mechanical Services, Government Services and Site-based Services parts of our business, and Industrial Services would be Ohmstede, Redman and RepconStrickland. Let me go through a little on the quarter and how things are shaping up year-to-date, and I'm on -- going to be on Page 4 and 5. In Q3, we had revenue of $1.629 billion, and that was just up slightly versus Q3 of '12. If you look at the underlying pieces, we had pretty good growth in Electrical, which has been our most steady business over a long period of time. We had some growth in Mechanical. We had okay growth in Building Services despite really tough headwind in our Government Services business, although they're still nicely profitable. And we declined in Industrial, which was really not a surprise just even with the acquisition of RepconStrickland.…

Thank you, Tony, and good morning to everyone participating on the call today. For those participating via the webcast, we are now on Slide 6. As Tony indicated, I will begin with the detailed discussion of our third quarter 2013 results before moving to year-to-date key financial data derived from our consolidated financial statements included in both our earnings release announcement and Form 10-Q filed with the Securities and Exchange Commission earlier this morning. Consolidated revenues of $1.63 billion in the quarter are up 1.4% from 2012. Revenues attributable to businesses acquired of $47.7 million positively impacted our U.S. Industrial Services and U.S. Mechanical Construction Services segments during quarter 3. Excluding the impact of businesses acquired, third quarter revenues declined organically 1.5% despite the majority of our reporting segments generating organic revenue growth within the quarter. Domestic Electrical Construction revenues increased 6.8%. Domestic Mechanical Construction revenues increased 3.9%. U.S. Building Services revenues increased 3%. U.S. Industrial Services revenues declined 11.6%, while our U.K. segment revenues decreased 16.5%. Revenue growth within the domestic Electrical Construction segment can be attributed to increased project activity within the quarter in the commercial, institutional and transportation market sectors, predominantly within the Western and mid-Atlantic geographies. Revenue growth within the U.S. Mechanical Construction segment can be attributed to increased project activity within the industrial market sector, primarily related to power generation and food processing activities. U.S. Building Services revenue growth within the quarter was due to increased demand within the Mechanical Services division, offset by revenue declines from both government and commercial site-based services due to both reduced levels of indefinite duration and definite quantity project opportunities due to sequestration, as well as the strategic reshaping of our commercial site-based business project portfolio, which we have referenced due to the last 2 quarters. Consistent with my…

Thanks, Mark, and I'm on Page 12. We have enhanced our backlog disclosure and now we report by segment, which we started with the Q2 2013 reporting. Total backlog at the end of third quarter stands at $3.39 billion, virtually flat with backlog as of September 2012. Our U.S. backlog is up $60 million year-over-year, and our U.K. backlog is down $46 million, and all of that's planned or 21% for the same time period. As already mentioned in the call, backlog in the U.K. continues to decline as we complete the planned withdrawal from the U.K. construction operations, which I'm sure everybody will be happy when we quit talking about that after 9 months of talking about it. Here in the States, U.S.-based construction backlog increased $208 million. That's what gives us -- starts to give us a little excitement here that maybe, maybe nonresidential construction might be showing early signs of coming back. We're close to 10% over the year-ago quarter with the Electrical segment up $298 million or 42% on the back of industrial and transportation projects, as well as a nice couple of commercial projects in the New York City area. As we know, Electrical is our most consistent performer over a long period of time. The Mechanical segment was down a little year-over-year, and this is nothing other than the normal ebb and flow of project work and contract awards, and you'd note that might be an okay thing considering the 2 aforementioned projects we discussed for both in backlog at this time last year. So that's basically what it's done year-over-year. Please note that 70% of our total backlog is really made up of these 2 segments, and these are the 2 segments when you really look at backlog, their earnings are driven from…

[Operator Instructions] Your first question comes from the line of Adam Thalhimer with BB&T Capital Markets. Adam R. Thalhimer - BB&T Capital Markets, Research Division: Yes, Tony what would be your early thoughts on 2014? I mean, very broad strokes, is it a growth year for you?

Well, I mean, I think you've got to put it in 2 piles. We've done enough here in '13 that it should be a growth in earnings, right? I mean, I'm not going to -- we've made a significant acquisition. We're starting to see the improvement in our Building Services segment. We feel good about some of the long-term projects we've been working on to get to the contract stage in construction. So unless the nonres market completely rolls negative, 2014 should be a growth year for us. And then if you take the U.K. closure being behind us and what that could mean in the underlying numbers, even if you do all these add backs, we have a pretty good services business over there and we'll get the leverage on SG&A then with just a little bit of growth. We certainly aren't adding a lot of cost outside of the acquisition in the deal cost. So it'd be hard for us to say right now that we don't expect a growth year, some top line and probably more pronounced on the bottom line. Adam R. Thalhimer - BB&T Capital Markets, Research Division: That's encouraging. And then I haven't followed you guys for a while now, I mean, you in particular. I mean, maybe I'm reading something into it that's not there, but I mean it sounds like you're more positive than you kind of ever have been on a private nonres recovery.

I'm positive for a couple of reasons. I don't know where the nonres recovery is going to be, but I certainly know it's not going to be 0 to 1% much longer. And I get to see that from a number of different sources from distribution through OEMs and other places. The second thing is I really like the kind of capabilities we have in the company. Adding our capability and to serve the petrochemical and refining market is good for our company long term. Starting to see the merits of a building this Building Services sector over 8 or 10 years and starting to get to the performance levels we're starting to expect is good. And really, as upset as I am about those 2 projects in mechanical, I can bifurcate those projects for you. One of them is just a tough nasty job with a tough nasty client on a DOE side, and that's what it is. And we've been very conservative in recovery. I'm guessing we're going to do a little better some day than we're currently projecting, but we thought the best interest to be conservative because of the slowness in government decision-making right now. On the other job, we don't lose $9 million a job on EMCOR typically. I think we've done that in my 9 years, as of today, I think we've done that 2 or 3 times since I've been here, and one of them or 2 of them were overseas. So when I think about that, our Construction business underlying is performing very well, and seeing the backlog growth in electrical is a really good thing. So I am -- I hope I'm known as a fairly pragmatic person, but I like the things we've done in '13 to position ourselves for '14 and beyond. Adam R. Thalhimer - BB&T Capital Markets, Research Division: Okay. And then last one for me, I'm just -- so I think when we thought about Repcon last quarter, we were thinking kind of $0.10 in the back half of the year, $0.30 next year. What's the thought process today? I mean, the turnaround season looks good for next spring.

Yes -- no, I mean, we never gave guidance on '14, but, yes, we thought $0.10. Quite frankly, the difference between $0.05 and $0.10 is a little more cost as we integrate things on the ground. That might be a $0.01, $0.015. And quite frankly, if you have a turnaround because of a plan of changing hands that gets pushed into 2014, it doesn't take a lot of revenue to go from expecting to make a couple of million dollars in the quarter to being a little bit below breakeven on RepconStrickland. I would tell you some of the fundamentals look very good. Our Welding Services business looks very strong, and the underlying RepconStrickland businesses look good going into '14. Of course, Ohmstede continues to be strong. I don't want to forget those guys, you know that. They're sort of the foundation of building our presence there.

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

So the Facilities segment split certainly shows a real improvement in Building Services from a margin perspective. Can you talk a little bit more about contributors there? And obviously, Government Services was a headwind. So the Mobile Mechanical and Site-based really overcame that, and you're talking about kind of pent-up demands. Can you kind of expand on that a little bit for us?

Sure, and I'll ask Mark to comment or Kevin, if they so please. Big picture if you look year-to-date, which I'd like to start there, because there's a substantial performance there year-to-date as we get close to 4% margins. We're starting to see our site-based business really start to come together. We had a midsized to small legacy business, so when we added USM to it, let's be clear, the integration was rough at the beginning. We're starting to see how that all works together, and it's working. And you're seeing that both through customer retention, some new awards, and you're seeing that through gaining greater share with the customer. And that's really through leverage work. And that's where you start to see the pent-up demand. Customers are trusting us more now to do that leverage work, where they're doing more leverage work, and we think it's a combination of both. You go to the Mechanical business, and this is an interesting thing. Degree cooling days, which are how many hot days you've had that call for air conditioning, and that's a combination of humidity and ambient versus temperature are actually down this year. So it's not been a weather-driven event because that's what you always have to ask when you see it's been a repair-driven event. It's been an improvement in our underlying small project work margins on less volume in the small projects, and it's been an improvement in our service agreements. And you put the 3 together, you get to a good place. On the Government Services side, even though they have less volume, these guys are in a lot of ways are like running a good option offense, right? They grind it out for 3 yards and they bust the big 16-, 20-, 50-yard play. They're still grinding out to 3 to 5 yards. And because of the lack of project work in IDIQ work, they can't bust to long play this year. So their profitability is down, but they continue to be profitable and helpful. Mark?

Nick, the only thing I would add to Tony's commentary is with regards to the Commercial business. Yes, we've spent a number of quarters talking about how we reshaped our project portfolio or our customer portfolio. And you really started to see the benefit of that in the margin in 2013. Certainly, we like to be able to provide solutions to all of our customers, but to be quite honest with you, sometimes the economic arrangements aren't where they needed to be, and we've made sure that we've gotten ourselves out of those arrangements where it made sense and you're starting to see the benefit of that in the underlying margins reported in the current year.

Okay, that's helpful. And then kind of switching gears to the industrial side of the business. And kind of qualitatively, what are you hearing from customers about fall turnarounds through October and then what your expectations are for the spring?

The way I look at the businesses, I start with what does labor availability look like and can you get the skilled craftsman you need to be successful? Labor's clearly getting tighter in the Gulf Coast. And for a company like EMCOR U.S. Industrial Services, that is a good thing. And the reason that's a good thing, it means because we are an employer of choice for a number of reasons. Primarily, they're pretty sure they're going to get paid. They're going to be trained, and they're going to be safe. And they're going to be run by people that know what they're doing. That's a big deal when you're a skilled tradesman. That availability is compressing, so it means the better contractors are going to get to work. When the better contractors to get to work, that should be good because wage rates will go up, but then we will benefit from that through the markups. I mean, leverage goes both ways here, and that's a positive thing. Our customers are smart enough to know they want the best craft on the job to do the toughest jobs. And we will have them. We have the most skilled project managers. What's interesting when you think about how the folks now approach a turnaround season, they no longer -- yes, they're not on a quarterly basis for the most part, right? They will shift always, but they sort of look at the turnaround season now between October and April and late September to April and they think about how they need to mix crews and what they're going to take units down, what becomes an increased scope, what becomes a reduced scope. If you take that total time horizon, the season looks very strong. It's difficult to get clarity on what gets done in fourth quarter versus what gets done in first quarter, what gets done in first quarter, what may slip to April now because everybody's aware there's only so many guys that can do this work and so many engineers that can help design this work, and people are really starting to think about how you get the best crews out there. Does that make sense to you?

Your next question is from the line of Noelle Dilts with Stifel. Noelle C. Dilts - Stifel, Nicolaus & Co., Inc., Research Division: My first question, you alluded to seeing a little bit more cost associated with the integration of Repcon. So I was hoping you could just go into a bit more detail there on how the integration is progressing where you're seeing a few more challenges than you originally anticipated. And then can you just talk about -- just touch on who's running the company if there have been any changes there and just kind of give us an update.

So we feel good about the management today as we did through due diligence, as we did over the 70 days so we've owned it. When I talk about costs, it has to do with getting the productivity and labor and not having unabsorbed time. We've had very little cost associated with moving people out of the business or restructuring. It has to do with -- we, EMCOR and Repcon, we had to get to a little clearer on how much labor we want to hold power for in the off-season. And that's not a big number, but we're pretty productive with our labor as they were. We might just be a little more productive without labor. As far as management, they're there for the long term. The team that runs the overall business was the team that we are very happy to have as part -- as our teammates, that ran Ohmstede originally. And that's now the group in charge of the whole segment for EMCOR. Noelle C. Dilts - Stifel, Nicolaus & Co., Inc., Research Division: Okay, great. And then going back to your comments on the length of the turnaround season going from now from October to April, can you just kind of remind us of how you're thinking about the seasonality of the Repcon business, and then also if you can touch on when you start getting some visibility into orders translating into work kind of how far had you start to get some visibility for that business.

I'll cover the orders part of it and I'll let Mark go to seasonality.

Yes, Noelle, with regards to the seasonality and obviously, we saw this during the ownership period of Ohmstede, which we acquired in late 2007. Unfortunately, the majority of the revenues and profits are generated in quarter 4 and quarter 1 of each year. And as Tony just indicated, sometimes things slide between those 2 quarters. But if you look at that 6-month window for sake of discussion is where the majority of the turnaround activity is happening. We were fortunate in 2012 that we had a significant amount of work that actually came back into quarter 3, really late quarter 2 or early quarter 3 that did not replicate itself this year, and I'll let Tony speak to the visibility of those arrangements.

I mean, the way it works, Noelle, for a significant turnaround and more than a couple of million dollars or more than having 100 or so folks on the job is you'll start planning with those customers. Although they won't promise you the work. You'll start planning with them anywhere from 12 to 18 months ahead of time. And you have planners on the ground, and they're paying for those planners really on a cost plus basis, you're not making much on them. Your hope is if you get your planners on the ground that you're going to be the one doing the turnaround. In most cases, that is true and not 100% true. And then somewhere 60 to 90 days out, things start to firm up on what scope may look like or not look like. And then they start to try to figure out what kind of crew you're going to be able to marshal to get on the site. It really firms up somewhere between 30 and 60 days as formal contractual. Although about 90 to 120, we have a pretty good idea we're going to do it. So 30 to 60 goes to form of contraction. Contraction here means for this scope of work, here's what you're going to charge me on a task, or on a dollars per hour, here is what you're going to charge me for tools and all the overhead associated with it. And here's what the markup on that will be. Now the reality of doing this kind of work, and it's not a lot different from even doing some of the smaller mechanical work we do or the work we do in the process plants. You don't know exactly what you're going to find until you open it up. So…

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

My apologies. Actually, my call dropped earlier. So if I ask something that's been asked already, again, my apologies. So first off, we've been hearing from a lot of peers in the refinery space that turnaround projects, and I think you mentioned this to some degree also, but turnaround projects are not large anymore and coming all in one big size, but rather are being broken up our smaller end pieces and are being done over a wider time period. Does this take away any competitive advantage that you guys have as EMCOR has been a larger company? Does it give any additional advantage on the offset to small mom-and-pop shops? And if it does, how does EMCOR counter that?

Yes, I'm not sure that they've become that much smaller. Again, I go back to the mix of work. We see some fairly significant turnaround work coming, and large ones, and we see some small ones. We see the small ones that go into large ones. I think the reality is for a mom-and-pop, the barriers to entry continue to be quite substantial. You start with just the safety requirements and the insurance requirements to do this work. They're pretty significant. Then you go with the working capital requirements to do this work, right? For the most part, the way you do turnaround work is you don't get big mobilization like you would on a construction project or some other big time immaterial jobs you may do like in a nuclear world. In the turnaround road, you pay the guys, and then you wait for your money. And then for a mom-and-pop, you take the combination of liquidity, coupled with safety, coupled with insurance, not to mention technical resources and technical ability. There are always going to be around pieces of it. Are they going to do the higher end work like the LP LP [ph] work, the heat exchanger extraction, which could be very difficult or the cat cracker lift or the highly skilled turnaround welding guys on the alloy? Yes, they may have 5 or 6 guys. Well we'll have 200 or 300 guys sometimes. So that's not the issue I think what refiners have learned to do over the last 3 to 5 years is they've learned to buy options, right? So what they want to do is try to keep their units up as much as they can. You have more refining-only-focused companies. They understand the business. You've seen assets change hands that way. I think the long term, that plays into the ability of larger contractors with great local execution that have the ability to get things back into the shop and get it fixed, and that's EMCOR.

And then a follow-up. Looking at your guidance and looking at the midpoint of what you have now to what you guys had originally projected at the beginning of the year then taking into account $0.10 in additional EPS contribution from Repcon and then taking to account the 20-or-so cents in potential losses in your Mechanical business from those 2 projects, the midpoint is actually looking pretty good for -- when you take all that into account. And so with that -- I know we've gone over a lot of negatives on this call in terms of maybe what's gone wrong. But in terms of positives, what in your operations has happened positively and looking at it now versus what you originally thought at the beginning of the year.

I think the margin execution underlying in our business year-to-date broad-based has been better than we thought it was going to be at full stop. Even in the Construction business, you take out that there's $20 million of losses, and one of them absolutely, like I said, I think we've beat ourselves up pretty good on the industrial, but we do the right thing by our clients at EMCOR and don't sit there and debate things. We got it done. It was a private client, we got it done. And we had the resources to bear to get it done. Very few people could have done that. But I switched to the other one that cause the losses, we'll see what happens on that chapter. We've been very conservative in how we view it because we had to be. We'll see where that turns out. Reality is we're not entirely being treated fair on that job site, and that'll have a different outcome some day hopefully. So if I correct for that and add back $15 million or so in the mechanical, margins are pretty good there. And look, all that work we won there were won in this slow growth recessionary environment to perceive the slow growth environment. In Electrical, yes, these guys are doing phenomenal in a very tough market and are doing phenomenal across all the sectors. And that's the benefit of long-term discipline and scale. That doesn't mean you're never going to have another hiccup. It means that we haven't had any. And when we do, we get after it right away. In building services we're doing a little better than we thought we would. We thought we'd do well. We thought we had started to put the right planks in place and the team on the ground in site; they said enough. We're getting this in the right direction. Mechanical service guys really called their portfolio. So when you put all that together, yes, there are more positives. But you know what? The numbers are what they are when they print, and we're disappointed after bringing the low end of the range, but we just can't overcome the increased impact of sequester.

And finally, last question for me. ECS, you mentioned backlog is up 10% year-over-year domestically. And I apologize if you talked about this already, but in terms of pricing, are we seeing any improvement in the pricing environment there, 100 basis points, anything?

Well I don't know if that's large. I think you're seeing -- again, let's go back. It's definitely better than 9%, definitely better than 10%. We actually think end of '11 to mid-'12 was a little bit of a step back for the markets. We were real careful with the kind of work we took. We think it's a little bit better from there, and we continue to work on productivity so that we can do what you're seeing in Electrical and Mechanical outside of those -- that job or 2 to deliver the margins that we need to and use prices upside.

Your next question from the line of John Rogers with D.A. Davidson. John B. Rogers - D.A. Davidson & Co., Research Division: Couple of things. First of all, in terms of just timing of a nonres recovery, Tony, I mean, I know we're all hopeful 2014 will be better, but even if it starts to get better early in the year, when do you really expect to see any benefits from that, late next year?

Well I think in certain sectors that are less dependent on a nonres recovery, we may see it a little earlier. As you get to things like transportation and some of the health care work is a little lumpier, so that may be a little less recovery. Commercial, I don't know. I mean, I think we've had a steady march upwards underlying if you correct for the $80 million to $100 million or so we've taken out of long-term contracts that just weren't working for us. So it sort of have been this gradual grind in commercial. I think it's a lot less lag than the other ones. It could be a -- yes, the other ones -- big infrastructure project may be a lag of 8 to 12 months. Commercialized, more like 3 to 6 months.

You don't -- you just don't to same lumpiness as you do.

Yes, it's more gradual and what we're seeing, John, and it's a positive and you can't quantify this yet, but you'll eventually, I think, see it in more awards and maybe better pricing. A lot of midsized guys aren't really around anymore.

There's plenty of competition, but we've hired some folks that had their own companies and now they basically are working for us as pretty significant project managers or division heads. We've seen a lot of deal flow there. Of course, we haven't done any of them. We have no reason to do that. And when you talk to the bonding guys, there's a lot less people there bonding today in the mid-market and plan on bonding than they did in the future. You put all that together a company like EMCOR can really benefit on the more complex work, whether it be commercial or institutional. John B. Rogers - D.A. Davidson & Co., Research Division: Okay. So if we do get an upturn early in '14, I mean, you could see the benefits.

Yes, absolutely. Absolutely. John B. Rogers - D.A. Davidson & Co., Research Division: And then you mentioned on -- in your earlier comments about targeting 5% margins in the Building Services. As you look at the mix of what you have now, Tony, what are -- what's reasonable margins for some of the other segments? I don't know if you want to go there.

Which parts, John? John B. Rogers - D.A. Davidson & Co., Research Division: Well, I guess, I mean, most important, I guess, the Industrial Services.

I know, I think, where are we, year-to-date, Mark? 7%...

7%, 9%.

7%, 9%. And what we clearly think that's between, yes, 7.5% and 10%. We would like to be closer to 10% on an operating income. We've got some early amortization that will -- some of it will wear off, but we're a high single-digit, low double-digit company. Parts of it are much more profitable, a little less profitable. Some of it -- but that would be the probably the most profitable thing we think we would do on a sustained basis. You can go to Building Services. We think we're well on our way there. We think we certainly hope to jump over 4% here soon on a trailing 12 months, and then we hope to jump over 4.2%, then 4.4%, then 4.5% and continue to get the mix right to get to 5% on a sustained basis. Construction, I think, for us to try and poor mouth it more [ph] and say we're a 3% to 4% contractor, that doesn't have any credibility because we've done it so well for so long. Now you know it's lumpy, but depending on the year, depending on the quarter, anywhere from 5% to 7%, depending on what we're doing. Some years, we're going to do little better, but we really don't see them unless we have extraordinary event like we had this year on those top of jobs. We don't plan on running our Construction businesses below 5%. Again, if you look at the assets in those business, which is you can do you can see that you can earn pretty good returns on those businesses when you get to those levels across the board. Of course, the Construction business run well. We really get a high return on net assets. John B. Rogers - D.A. Davidson & Co., Research Division: Okay. And then just last thing maybe for Mark, but there was -- it looks like there was a portion of the Facilities Services that got shifted up into the Mechanical Services segment. How big a business was that as I think about modeling out into 2014?

Yes. It's -- on a annual run rate, it's probably $70 million. Sometimes it can flex up a little bit bigger, but I'd say in the near term, $70 million is probably good number to use. John B. Rogers - D.A. Davidson & Co., Research Division: On an annualized basis?

Yes, on an annualized basis. John B. Rogers - D.A. Davidson & Co., Research Division: Okay. Oh, and Mark, you mentioned 40% tax rate this year, is that a good...

Yes, I'm hopeful we're going to get there. We're at 41.5% year-to-date. I think 40% is going to be the highest number it's going to be for the year. John B. Rogers - D.A. Davidson & Co., Research Division: Okay. So that's a pretty big decline in the fourth quarter.

Yes, absolutely.

And that's important for folks that follow us, right? That beat us up here a little bit in the third quarter. Unexpectedly, we don't control the government agencies do on taxes, right? And it was all positive what they did in the U.K. But if they ever did that in the U.S., we'd be thrilled. You guys could start writing about that, that would be terrific.

Your next question is from the line of Min Cho with FBR Capital Markets. Min Cho - FBR Capital Markets & Co., Research Division: Actually most of my questions have been answered. So just 2 quick ones here. Tony, in your commentary suggested that headcount might be down a little bit more in the fourth quarter. I was just checking to see if that's mostly tied to the U.K. Construction business or the other segments that you're looking to pare that down.

No, no, no. The other ones go based on the work. We have, in fact, start to tick up, we think, as the business continues to grow. In the fourth quarter, it'll go up because of the turnaround business. My headcount comments were specifically towards the U.K. We expect to be at the 90% reduction mark thereabouts by the end of the year. Min Cho - FBR Capital Markets & Co., Research Division: Okay. And then just finally, I know that you still have about $3.3 million in restructuring costs that are left for the rest of this year and maybe into 2014. Can you tell me how much of that is assumed in your EPS GAAP guidance for 2013?

The majority of it is assumed in the GAAP guidance for the year.

At this time, there are no further questions. Are there any closing remarks?

Thank you, all, very much for listening. I hope we answer the questions as it pertains to this quarter. And I think one of you all had it right. There's a lot underlying good things happening here. There's always a tough compare. We really look forward to talking to you all again on a collective basis in February when we give our 2014 guidance, and let's go out and perform. Thank you.

Ladies and gentlemen, this does conclude today's EMCOR third quarter earnings conference call. You may disconnect at this time.