Good day, everyone, and welcome to MasTec's Fourth Quarter 2016 Earnings Conference Call, initially broadcast on February 24, 2017. Let me remind participants that today's call is being recorded. At this time, I'd like to turn the call over to Marc Lewis, MasTec's Vice President of Investor Relations. Marc?

Thank you, Dana, and good morning, everyone. Welcome to MasTec's year-end 2016 earnings conference call. The following statement is made pursuant to Safe Harbor for forward-looking statements described in the Private Securities Litigation Reform Act of 1995. In these communications, we may make certain statements that are forward-looking such as statements regarding MasTec's future results, plans and anticipated trends in the industries where we operate. These forward-looking statements are the company's expectations on the day of initial broadcast of this conference call and the company does not undertake to update these expectations based on subsequent events or knowledge. Various risks, uncertainties and assumptions are detailed in our press releases and filings with the SEC. Should one or more of these risks or uncertainties materialize or should any of our underlying assumptions prove incorrect, actual results may differ significantly from results expressed or implied in these communications. In today's remarks by management, we will be discussing continuing operations, adjusted financial metrics, as discussed and reconciled in yesterday's press release and supporting schedules. In addition, we may use certain non-GAAP financial measures in this conference call. A reconciliation of any non-GAAP financial measures not reconciled in these comments to the most comparable GAAP financial measure can be found in our earnings press release, our 10-K, or 10-Q, or on the Investor and News sections of our website located at MasTec.com. With us today, we have José Mas, our CEO; and George Pita, our Executive Vice President and CFO. The format of the call will be opening remarks and analysis by José, followed by a financial review from George. These discussions will be followed by a Q&A and we expect the call to last about 60 minutes. We had a great quarter and year and there's a lot to talk about today, so…

Thanks, José, and good morning, everyone. Today I'm going to cover fourth quarter and full year 2016 financial results, including cash flow, liquidity and capital structure, as well as our initial guidance views for 2017. In summary, we are very proud of the significant organic revenue growth and financial improvement achieved during the year ended 2016. In addition, our capital structure and liquidity are in excellent shape as we enter into 2017. Looking forward, we expect further improvement and record performance in 2017 and we're also very excited about our prospects for 2018 and beyond. As Marc indicated at the beginning of the call, our discussion of financial results and guidance will include non-GAAP adjusted earnings and adjusted EBITDA, and reconciliation and details of non-GAAP measures can be found in our press release, on our website, or in our SEC filings. Consistent with our prior treatment, when addressing our fourth quarter 2016 performance, adjusted results exclude the impact of approximately $1.4 million pre-tax of restructuring costs incurred primarily in our Electrical Transmission segment. These costs consist mainly of employee separation costs and lease termination expenses, and we've substantially completed these restructuring efforts as we end year end 2016. Here are some summary comments regarding our fourth quarter 2016 performance. Fourth quarter 2016 revenue organically grew over $300 million or 31% when compared to the same period of the prior year, with strong double-digit revenue increases in the Oil and Gas, Communications and Electrical Transmission segments. Fourth quarter 2016 adjusted EBITDA was approximately $154 million, $22 million above our guidance expectation. This level compares to $82 million in the 2015 quarter, representing an 87% increase or approximately $72 million. On a rate basis, fourth quarter 2016 adjusted EBITDA was 11.5% of revenue, a 350 basis point improvement compared to prior year's…

Thank you, sir. And we'll take our first question today from Noelle Dilts with Stifel. Noelle Dilts - Stifel, Nicolaus & Co., Inc.: Hi. Good morning and congratulations on a really excellent quarter. José Ramón Mas - MasTec, Inc.: Thank you, Noelle. Noelle Dilts - Stifel, Nicolaus & Co., Inc.: So, I wanted to start with Oil and Gas and just dig a little bit deeper into how you're thinking about that business next year. So, first, could you give us an update on Rover, how you're thinking about the construction schedule there and tree clearing? And then, obviously, a really standout margin here in the quarter. I understand you're looking at that from a more conservative perspective next year. But can you help us understand if there was anything sort of like in terms of favorable closeout one-time items that really drove the strength in the quarter? Or is that really just reflective of the benefit of seeing this mix toward and shift toward mainline work? And then finally, if you could just touch on any trends you're seeing in the Canadian market? José Ramón Mas - MasTec, Inc.: Sure. So, the first part of your question, which was around Rover, I think all we'd say is we'd refer back to our Energy Transfer had their earnings call yesterday. They've basically said that they expect to make their deadline and they expect that job to be completed sometime in November. They expect to have all permits in hand to be able to accomplish that and re-concur with their sentiment and agree, and we expect that job to be completed or substantially complete by the end of November. As it relates to margins for the quarter, there were not any one-time or closeouts or anything like that. So it was…

And we will take our next question from Tahira Afzal with KeyBanc.

Hey, José and team, congrats on a great quarter. José Ramón Mas - MasTec, Inc.: Thank you, Tahira.

So, José, it seems you might have low-balled in a sense your outlook for second half of the pipeline side, especially given your presence on the Permian side. So if you look at where margins could potentially go, if you can backfill the second half, could we see margins really exceeding 2016 levels fairly notably given how strong your first half is coming through? José Ramón Mas - MasTec, Inc.: Well, let me be clear. We don't expect to slow down in the second half of 2016. So, we still expect the second half of – I'm sorry the second half of 2017...

2017, yeah. José Ramón Mas - MasTec, Inc.: ...will be healthier than the second half of 2016. So, we're not baking in a reduction in revenues.

Okay. José Ramón Mas - MasTec, Inc.: I think George was talking about revenue – I think the growth rate will be lower because it's a tougher comp, but revenues should be up the second half of 2017 versus the second half of 2016 in our pipeline segment. As it relates to margin, we obviously had a very good year, we have a very strong second half of the year. Full year margins in our pipeline segment were 15%, they were 19% in the fourth quarter. There is no reason why we shouldn't be able to replicate that over the long term. I think, at this point, with all of the obviously noise that was around some of the major projects – continues to be around some of the major projects, we've taken a conservative full year view. And if we can execute to the extent that we executed in 2016 then we're hopeful that we'll be able to beat the numbers that we're putting out today.

Got it. Okay. And, I'm sorry, José, you mentioned something earlier on on telecom initiatives, as you think, looks really real. Can you talk a little more about that, if you don't mind? José Ramón Mas - MasTec, Inc.: Yeah. Look, we're very bullish with our Communications sector. We've had a couple of headwinds in that business, margins were up in 2016 versus 2015. But they lagged a little bit in the second half of the year, it was driven by a lot of the growth initiatives, we had a lot of bodies in that business, especially in our installation business we think that's going to hold. We're pretty excited about the level of that business. We have had a slowdown in our security initiative relative to installations. One of our major customers there has significantly reduced their outlook for 2017 in what they're going to try to do. There is lots of big opportunities out there related to fiber expansion. Even with Google going away, there's a lot of other customers that are getting very aggressive in that space and we're very bullish about our opportunities. We think 5G is going to be obviously a big driver in our wireless business. I think some of this we see in 2017. I think we see a lot more of it in 2018. Again, we've got some really exciting opportunities. As they play out, we'll see. I think, again, we're taking somewhat of a conservative view in 2017. We expect despite the headwinds that we're going to have with both Google and some of our security business, we think we're going to pick up work to more than offset that. So I think we'll be close to flat, if not hopefully a little bit better than that.

Yeah. José Ramón Mas - MasTec, Inc.: We're excited about FirstNet, which has a lot of potential. We think that award is coming relatively soon over the coming months. And as that plays in, it's going to have a pretty dramatic impact on our wireless business over the course of the next few years.

Okay. Great. Thank you very much. And congratulations again, José. José Ramón Mas - MasTec, Inc.: Thanks, Tahira.

And we'll take our next question from Matt Duncan with Stephens.

Morning, guys. And congrats on a great year. José Ramón Mas - MasTec, Inc.: Good morning, Matt. Thank you.

So, you guys went through in your prepared comments your revenue and margin expectations for the most part, but I don't know that you sort of went through it all. It would be helpful if maybe you could talk about each segment from both a growth perspective and a margin expectation as we move through 2017? And then specifically in the Oil and Gas segment, are you expecting a project closeout benefit in the first quarter? That's, obviously, it did sound like you're expecting a very big margin there again, maybe even bigger than the fourth quarter level here in the 1Q and then dropping down a lot. When the seasonality of that business is obviously different, right, the revenues ramp through the first three quarters, so just kind of trying to understand what's going on with margins there? José Ramón Mas - MasTec, Inc.: Sure. So, again, in our Power Generation group, we expect a high single-digit growth rates. Margin should be slightly better than they were in 2016, but relatively flat. Our Transmission group should perform a lot better from a profitability perspective. We're also expecting revenues to increase there. Our Communications business, we're expecting to be flattish from a top line perspective based on what we've talked about with the potential to get better. We're probably holding margins relatively flat there in our guidance. As you look at our pipeline business, we expect strong growth from a revenue perspective, real strong double-digit, closer to 20% growth on a full year basis, and we did 15% margins this year. In our modeling, we've got margins slightly lower than that, and a lot of that has to do with just as we get better clarity on our performance, jobs and what happens in 2017. Obviously, we did a lot better than that in 2016 There is no reason why we shouldn't do some of that in 2017, but I think we're taking a conservative look at it. What did I miss there? Matt, did I miss any of your questions?

No. I think you got it. The only thing you didn't get is just the margin level in the first quarter relative to the rest (45:30) José Ramón Mas - MasTec, Inc.: Yeah. So, we will have project closeouts in the first half of the year. We could potentially have benefits associated with them. We do have a little of that baked in. And I think, again, we need a little more clarity in that, but we will obviously give you that as that pans out.

Okay. And then as the follow-up question on cash flow, George, you talked about in your prepared comments that you guys have obviously done a good job reducing the leverage and now you want to focus the cash on growth. Talk a little bit about your priorities there both from an organic growth perspective where you would see cash going and then M&A what kind of things you guys are looking at and the timing of when you think you may be able to get some deals done (46:04) there? José Ramón Mas - MasTec, Inc.: Yeah. I'll answer it, Matt. I think we've been pretty clear over the course of the last couple quarters that we haven't made an acquisition in 2.5 years, you're going to see us more involved from an M&A perspective. There are a number of markets that really interests us that we really like that we think could add a lot of value to MasTec. And I think over the coming quarters, we'll be able to talk about that and give you very clear direction on what it is that we're doing.

Okay. Thanks, José. José Ramón Mas - MasTec, Inc.: Thanks, Matt.

And we'll take our next question from Alex Rygiel with FBR. Alex J. Rygiel - FBR Capital Markets & Co.: Thanks. Great quarter, guys. José Ramón Mas - MasTec, Inc.: Thank you, Alex. Alex J. Rygiel - FBR Capital Markets & Co.: José, it looks like you're getting back to sort of that magical number of 10% EBITDA margins, but, yeah, you've got a couple of business units that are kind of lagging relative to maybe your expectations. Where do you think the new magical EBITDA target is for MasTec? José Ramón Mas - MasTec, Inc.: Look, we've always said that our goal was 10% to 12%. I think – I don't think that's really changed. I think we have the opportunity to expand margins. Obviously, our pipeline business is there, we've to get our other businesses up. Lots of opportunities to do it. Some of it – we're investing in a number of these businesses to try and to diversify and grow them. I think we're going to start to see those efforts pay off. I think our Transmission business in 2018 is going to really perform at a high level again. So I think we can get there. Alex J. Rygiel - FBR Capital Markets & Co.: And then coming back to sort of a topic that's been discussed a little bit here. Your revenue guidance is positive, up 7% this year, but your backlog is down a little bit. So book-to-burn is going to be a little bit greater in 2017 than it was maybe in 2016. What kind of visibility do you have on that in the near term? Is the first quarter kind of new award activity level running at a high pace that gives you that level of confidence? Is it FirstNet? Is it…

And we'll take our next question from Jason Wangler with Wunderlich.

Hey, good morning. Was just curious, José, you mentioned in your prepared remarks, obviously, activity returning to the shales and things. The long-haul pipeline stuff has been going very well obviously for you. But are you starting to see some more of that kind of callout business in that shorter-term work to kind of come back or if not maybe when you see – you think that could start to come up given the increase in activity? José Ramón Mas - MasTec, Inc.: I think we're seeing some increase. Obviously, that business was down over the last 12 months, for sure. It hasn't really impacted us because we've been so busy everywhere else and I think we still are so to some extent, we're somewhat limited in our capabilities to be able to respond to some of that upside, but I think it's getting a lot better. I think customers are going to be constrained to find resources to do those shale plays. We're working hard to preparing ourselves and to be able to play a role in that. I think we see some of that in 2017. But quite frankly, I think we see more of it as we look into 2018 and 2019, I think it's going to play really well with what's happening across the rest of the business and give us yet even more opportunities for growth.

Great. Thanks. And just would love to get an update maybe on what you're seeing in Mexico. Obviously, with Waha kind of wrapping up, just – are you starting to see some things that there could be opportunities there again in a constrained market, but something that obviously you've been focused on in the past? José Ramón Mas - MasTec, Inc.: We're extremely bullish and we continue to believe Mexico is a great market, we think we're going to play a significant role there. Obviously, there is a lot of issues with Mexico at a macro level today as we obviously deal with the issues between the U.S. and Mexico. Mexico has got – Pemex has serious financial constraints relative to what they can do. The needs are there, the needs haven't gone away. And I think that those needs will be filled, they're going to be filled creatively. There is a lot going on down there, there is a lot of opportunities, and we obviously – it's obviously taking more time than we would've liked and hoped. One of the reasons we didn't really talk about it in our prepared remarks today, but still a very important initiative for us that we think over the next couple of years plays a big role in our ability to continue to grow, especially our Oil and Gas segment, and to a lesser extent our Transmission segment.

Great. I will turn it back. Thank you. José Ramón Mas - MasTec, Inc.: Thank you.

We will take our next question from Adam Thalhimer with Thompson Davis. Adam Robert Thalhimer - Thompson Davis & Co.: Hi. Good morning, guys. Congratulation. José Ramón Mas - MasTec, Inc.: Good morning, Adam. Adam Robert Thalhimer - Thompson Davis & Co.: José, can you give us a little color on your traditional tower work within the Communications segment? José Ramón Mas - MasTec, Inc.: You said tower? (51:58) Adam Robert Thalhimer - Thompson Davis & Co.: Yeah. José Ramón Mas - MasTec, Inc.: It's solid. I mean, we had a really nice year in 2016. We experienced nice growth in that business. Again, we think that's a critical component of what's going to happen on a go-forward basis. Obviously, 5G is a combination of lots of different technologies come together, creating lots of opportunities for us. We don't think the macro side goes away. We think there is going to be a lot of work associated with macro side. So that business is good. Adam Robert Thalhimer - Thompson Davis & Co.: Well, that was my next question was with 5G, do you see more tower work or more fiber work initially? José Ramón Mas - MasTec, Inc.: Again, it's called wireless, right, so we understand that that everything is going to end up on a fiber, but it requires multiple touch points. So, there is going to be a significant combination of technologies that go into 5G. We can play in all of them, which I really think differentiates us as a provider. We're excited about all of them. We think they're all going to be pretty meaningful as we look at what's happening over the next few years But, to your earlier point, we absolutely believe that the macro market is intact and is an important component of what's going to happen with 5G on a go-forward basis. Adam Robert Thalhimer - Thompson Davis & Co.: Okay. Thanks. José Ramón Mas - MasTec, Inc.: Thanks, Adam.

And we'll take our next question from Bobby Burleson with Canaccord.

Yeah. Good morning. Congratulations. José Ramón Mas - MasTec, Inc.: Thank you. Good morning.

I think a lot of my stuff has been answered here, but one thing I was just wondering about is capacity on the pipeline side. At what point do you guys feel like maybe you start to run into some limitations on headroom to grow that business, if you can give us kind a sense for what kind of revenue you think you could do, total capacity-wise there, and if customers are concerned looking out to 2019 in terms of constraints hurting them? José Ramón Mas - MasTec, Inc.: Yeah. So, it's something we're looking at all the time. Obviously, we're trying to manage our growth relative to where we think the market is. But if you just take our third quarter and you fully annualize it, it's almost a $3 billion run rate. We've talked about Canada having the potential to be another roughly $500 million if we got to historical levels and we talk about what we could potentially do in Mexico. You put all that together, it's obviously a very big number and a lot bigger than where we're currently at. So, we still feel that our ability to grow that business long term, the room that we've got to grow even with what we've got in place today is pretty significant. Obviously, in the U.S. today, we're running at a pretty good utilization level and we ran at high utilization levels in the second half of the year, and I think thus we saw some of the margin appreciation. But when you add in some of the other areas that haven't performed as well, our top line opportunity to grow that business over the coming years is pretty substantial.

Okay. Great. And then just on Communications, curious whether or not for the wireline work that you do there, the fiber work, do you guys expect 5G to start to be a bigger driver of growth on that side of the business versus traditional fiber deployments as you look out to 2018? José Ramón Mas - MasTec, Inc.: We think they're both big drivers. Gigabit deployment is – a lot of the telephone companies are still – even the cable TV companies are looking to expand in that area. There is a lot of fiber deployment happening relative to residential Internet speeds. It's a big driver of the business. We don't think that that's going away. We actually think that that's increasing and will continue to increase over the next couple of years. We think we're very early in that cycle. Augmenting that will be the fiber initiatives related to wireless, which again we think will be somewhat substantial. So opportunities for growth in that business are fantastic as well as the deployment of wireless initiatives associated with that fiber that comes out. So lots of opportunities there.

Great. Thanks. José Ramón Mas - MasTec, Inc.: Thank you.

We'll go next to Alan Fleming with Citi.

Hi. Good morning, guys. José Ramón Mas - MasTec, Inc.: Good morning, Alan.

Good morning. José, I think you characterized Electrical Transmission as probably having a transition year in 2017, but I'm wondering if you can talk about when you think that business can get back to more historical margin levels of the – I think at least in the high single-digit rate range? And then would you be disappointed if, in fact, if you weren't able to grow backlog in that business by the end of the year? José Ramón Mas - MasTec, Inc.: So we will grow backlog in that business by the end of the year and we will achieve hopefully those levels in 2018.

Okay. Easy enough. Let me switch to install-to-the-home, I don't think anybody has asked you about that. It had a great 2016, but I think it was running into some more difficult comps in 4Q. So wondering how that business performed in the quarter? And then how should we think about that business in 2017, is it going to moderate to more kind of low single-digit growth rates or kind of continue to do better than that this year? José Ramón Mas - MasTec, Inc.: So, included in that business, we've obviously got security as well, which we consider an installation, obviously, initiative. Security is struggling, so we're going to some drop-off in that business in 2017 related to 2016 out of pure installation, out of pure DIRECTV business, we expect that business to be very solid in 2017. We had tremendous growth in that business in 2016, some of the highest growth rates that we've experienced at least in the last five years. We think that those volumes hold. We're pretty confident in that business and what the requirements are there. But some of the other ancillary businesses are little bit of a drag on 2017, so we'll see where we end up, but we're probably expecting that business to be down slightly because of that on a full – as a full business on a full business run rate.

Very good. Helpful, guys. Good luck. José Ramón Mas - MasTec, Inc.: Thank you.

We'll go next to Andy Wittmann with Robert W. Baird. Andrew John Wittmann - Robert W. Baird & Co., Inc.: Great. Good morning. José Ramón Mas - MasTec, Inc.: Good morning. Andrew John Wittmann - Robert W. Baird & Co., Inc.: I just had a couple of questions on large Oil and Gas projects. On the last quarter conference call, you mentioned the names of some of the large projects that you planned to win. It looks like you won all of those. I was wondering if there is any others. And then specifically I wanted to talk about Keystone. The last time there was an announcement on the construction companies that would have a role in that one, your name wasn't on it. But since then, one of the companies has gone bankrupt. And I was wondering if you're eyeing the Keystone project as an opportunity for your company? José Ramón Mas - MasTec, Inc.: Historically, we haven't really talked to a project specific. I know we've talked about awards once they've come in. Obviously, Rover was a big award and we've been talking about that for a little bit of time. But we're not going to get into specific projects on our calls. We're very bullish about the prospects that are out there. There are a number of projects that we feel very good about. Any major project that's out there that's being discussed, I think you can assume that MasTec is going to actively participate in somewhere or another or at least try. Again, there is a lot of work out there. We're very bullish as to what our capabilities are, our reputation in the market. We are a very different company today in that space than we were a number of years ago. I think we're a leader in that industry today and I think it would – I think it's in everybody's best interest to include MasTec and I think we can be very competitive and really deliver for customers across the board. I think you will see that and I think you will see that in our ability to continue to win projects and execute on projects. And, again, we are extremely bullish about our opportunities in that business for the foreseeable future all the way out into 2020 and beyond. Andrew John Wittmann - Robert W. Baird & Co., Inc.: Okay, great. That's the only the question I had. José Ramón Mas - MasTec, Inc.: All right. Thank you.

And we'll go next to Christian Schwab with Craig-Hallum Capital Group.

Yeah. Good morning. Great quarter, guys. José, I just want to follow-up again one more time, if we could, on 5G. Our checks kind of suggest the service providers in line with yours are making an increase in network speed a huge priority again. And I think there's some misunderstanding. As the 5G standard hasn't been set that that's not really what they're going to do. To your point, it's going to be a combination of lots of technologies and different carriers would go at it in different way, whether it's 4.5 or 4.5 Pro or 4.9, et cetera. But I'm curious what you guys are seeing from a customer dialogue standpoint that gives you confidence that movement starts there in the second half of 2017 and accelerate into 2018? José Ramón Mas - MasTec, Inc.: Every customer that we have in the wireless space, just every single wireless carrier is in some form of trial of 5G. As you said, everybody is doing a little bit differently. We have a really good visibility as to what each carrier is trying to accomplish from a network perspective. I think we're participating in all of them currently in some capacity or another. So I think we understand what's coming and we're very bullish about what it means for our business over the coming years.

Great. And would you expect our checks suggest that this upgrade will be a big multiyear upgrade done in steps that will require a lot of modification to the network along the way, and is that what you were trying to suggest that that you have a significant technology expertise in all areas that doesn't really matter how a carrier really ultimately gets to 5G, you win. Is that what you were trying to imply earlier? José Ramón Mas - MasTec, Inc.: Yes. And this is no different than the other technologies, right? 4G, 3G, they were multiple year deployments, it takes a long time to deploy. Again, 5G is a little different, in that it's not your typical – it's not the same as 3G or 4G. There is going to be a lot of different ways to get at it. The really nice thing about MasTec is we play along all of those different initiatives. All of those initiatives create opportunities for our company. We've been positioning ourselves to take advantage of that and we think we are in a great position to do that. So again, very bullish about those opportunities over the long term.

Great. No other questions. Thank you. José Ramón Mas - MasTec, Inc.: Thank you.

We'll go next to Chad Dillard with Deutsche Bank.

Good morning, guys. This is Eric (01:02:49) on for Chad. Congratulations... José Ramón Mas - MasTec, Inc.: Good morning, Eric (01:02:49).

...on a great year. José Ramón Mas - MasTec, Inc.: Thank you.

Just had a question about the Rover project. Energy Transfer mentioned a couple of times that the contract is fixed price. And just wondering as to who would bear the higher cost burden now that the project (01:03:10) timeline has accelerated? José Ramón Mas - MasTec, Inc.: So, A, I mean, we've – our contract structures don't really change much, they are not much different. We are not going to get into the contract structure related to any particular project. In our minds, the Rover timeline hasn't really changed. We've always expected that project to be completed in November. Obviously, some of the issues around the tree trimming came to light as FERC had to make – made its last-minute decisions there to grant that permit. But outside of that, we feel really comfortable with where that job is and our ability to execute on that. So, we don't view this as a massive acceleration or anything like that. We are comfortable with what's happening. We are comfortable with the contracts that we have in place. And I don't know what else to say about that. We're pretty confident about that.

Okay. Great. Thank you. Switching to visibility on Power Gen market. Given the recent step-down in tax credits, are you starting to see any pull-forward of work there? José Ramón Mas - MasTec, Inc.: I think that the extension of the tax credits over the longer period of time really changed how people were looking at those projects, they were looking at more multiyear cycles. Obviously, tax credits are a critical component of that. I think the technologies on their own have seen a huge cost reduction relative to their competitiveness. So I think they're a lot more competitive today than they've ever been. I think the tax piece is becoming a smaller and smaller piece of the reason why people do these projects, but still somewhat important. So I think we'll see some fall-off of projects relative to – if there is a change in the overall tax burden, but I don't think it will be significant. And quite frankly, the positives of lower tax rates far exceed anything that we could ever see relative to those projects as it relates to MasTec.

Okay. Great. Thanks. That's all for me.

And we'll take our next question from Bill Newby with D. A. Davidson. William Newby - D. A. Davidson & Co.: Hey, guys. Congrats on a great quarter. José Ramón Mas - MasTec, Inc.: Thank you, Bill. William Newby - D. A. Davidson & Co.: Just wanted a quick follow-up on the Transmission business, kind of wondering what you guys are seeing from a customer demand standpoint. And just kind of want to get a feel for how much of the recovery that you guys are expecting in 2017 to be because of the internal initiatives that you guys have taken in and the zero margins that you guys have worked off and how much is because of a recovery in that market? José Ramón Mas - MasTec, Inc.: Well, our expectations in that business aren't – I don't think we have wild revenue expectations in that business, so we are not expecting a number of – we're not expecting significant growth to get to where we need to get to. I think our initiatives are more internal. With that said, I do believe the market is improving. We're seeing a lot more projects, our customers are a lot more confident in what's going to happen over the coming years. There's a lot of big projects that are going to be awarded in 2017. So we view that business as very incremental going into 2018 and beyond and we're pretty excited about what we're seeing in the market place. William Newby - D. A. Davidson & Co.: Perfect. That's all I got. Thanks, guys. José Ramón Mas - MasTec, Inc.: Thank you.

And we'll take our final question today from Stefan Neely with Avondale Partners.

Hey, guys. Good morning. Congratulations on the quarter. José Ramón Mas - MasTec, Inc.: Thank you.

My question is revolving around Communications. As you look to the opportunities that are ramping up in terms of 5G, do you see any need to maybe increase your head count ahead of that or increase your capacity to address that opportunity? José Ramón Mas - MasTec, Inc.: No.

Okay. Excellent. And my last question just to clarify on the Communication margins, do you say first quarter you expect margins to still be under pressure from your head count ramp-up there, but through the balance of the year they're expected to be up marginally year-over-year. Was that correct? José Ramón Mas - MasTec, Inc.: Yes.

Okay. All right. Thanks, guys. That's all I got. I appreciate it. José Ramón Mas - MasTec, Inc.: Thank you.

And at this time, I'd like to turn things back to Mr. Mas. Please go ahead. José Ramón Mas - MasTec, Inc.: All right. Thank you. Really want to thank everybody for participating today. We're really excited about what we were able to do in 2016. Again, we're really excited about 2017 and look forward to starting to update everyone on our first quarter call here in a couple of months. So thank you for participating today.

And that does conclude today's conference. Thank you for your participation. You may now disconnect.