Ladies and gentlemen, please stand by, we're about to begin. Welcome to MasTec's Fourth Quarter 2017 Earnings Conference Call initially broadcasted on February 28, 2018. 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?

Thanks, Aaron, and good morning, everyone. Welcome to MasTec's fourth quarter 2017 earnings conference call. The following statement is made pursuant to the 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 the 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 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 in the posted PowerPoint presentations located in Investors and News section 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 and followed by a financial review from George. These discussions will be followed by a Q&A session, and we expect the call to last about 60 minutes. We had another great quarter capping off a great year and…

Thanks, José, and good morning, everyone. Today, I'll cover fourth quarter and full year 2017 financial results, including cash flow, liquidity and capital structure, as well as our initial guidance expectation for 2018. In summary, we are very proud to report yet another year of record financial performance, including record annual 2017 revenue levels, record year-end 2017 backlog, as well as record annual 2017 operating results. We are also proud that our 2018 guidance expectation for revenue, adjusted EBITDA, and adjusted diluted earnings per share is at yet another new record level, and we enter 2018 with our capital structure and liquidity in excellent shape. Looking past 2018, as José just mentioned, numerous market initiatives are expected to ramp up during 2018 and should continue to expand into 2019 and beyond, leaving us very excited about our future growth prospects for several years. 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. Reconciliation and details of non-GAAP measures can be found in our press release on our website or in our SEC filings. It is probably worth noting that we had some unusual items that benefited our fourth quarter GAAP results that were properly excluded from our adjusted results. First, as a result of the Tax Cuts and Jobs Act enacted just before year-end 2017, we recorded a one-time GAAP benefit in the form of reduced income tax expense of approximately $120 million or $1.46 per diluted share as a result of our initial re-measurement of our U.S. deferred income tax balances. And this benefit was not included in our adjusted results. Secondly, due to revised GAAP accounting rules related to the income tax effects of stock-related compensation, we recorded a GAAP benefit again in…

Thank you, sir. And we'll go first to Alan Fleming with Citi.

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

José, MasTec seems in a position to be a big beneficiary from tax reform. So maybe you can start off by talking about any change in behavior that you're seeing from customers today and how much they're wanting to spend coming out of tax reform and any impact that's having on either your visibility or your confidence in your outlook for 2018? José Ramón Mas - MasTec, Inc.: Sure. Two things. One, obviously, we had a sizable direct benefit from the tax legislation that I think we've included in our numbers today. But you're right, more importantly, our customers are all talking about spending more money and more capital. A very recent example, we're seeing a sizable increase right now in wireless backlog, and that's happened very recent here in the last few days and weeks, which we're still trying to kind of understand what it means for 2018. But we feel great about what our customers are saying both for this year and more importantly going into the future. And I think everybody's really excited about their own businesses. Everybody's excited about where they are from a cash position and a debt position, and I expect our customers to spend more money. And part of that is driven by the overall economy and the improvement there and the needs for them to stay competitive and, obviously, part of it is driven by their cash expectations and some of the benefit that they're seeing from a tax perspective.

Okay. And maybe switching gears onto Oil & Gas. Can you talk about the cadence of Oil & Gas work in backlog for 2018, Rover is close to winding down here? As you transition to your next big project in backlog, how much control do you have on the timing of ramp-up there and do you feel good about being able to manage a relatively seamless transition to where you don't see any big loss in utilization kind of in the first half of 2018 and how much contingency have you built in there? José Ramón Mas - MasTec, Inc.: Sure. It's an important part of our business. I think one of the things that we have done really well over the last couple of years is pick projects that kind of fit with each other. So, it's a lot of what goes into our planning and our thinking about what we're going to do in the future. I feel really good about our performance for 2018 and where we are relative to the projects that we expect to start, where we are in those cycles, and what's left to accomplish. We're on schedule. We feel great about it. Quite frankly, just from an overall pipeline perspective, we're – we continue to be amazed by the level of activities, not just for 2018, but what we're seeing for years on out. It's very exciting. We're in dialogue with a number of different customers on multiple projects. We're not going to do them all, but it gives us a chance to really kind of fit where and schedule – where within our schedule projects fit and work with customers to hopefully have the most seamless timing between projects we can possibly do. So, it's a lot of what we're doing, a lot of what we spend our time on and planning in that business and quite frankly we're blessed because there's so many out there that we kind of get to pick and choose.

Perfect. Thank you, guys. I'll hand it over. Good luck.

We go next to Jamie Cook with Credit Suisse. Jamie L. Cook - Credit Suisse Securities (USA) LLC: Hi. Good morning. I guess two questions. One, José, can you just talk about potential for capacity constraints in the market and how you're managing that and whether your revenue forecast for 2018 or as you look to 2019 are constrained by any – by capacity constraints or lack of labor availability? And then my second question was I think on the Communications side, you talked about a level of investment that's required in the first half of the year relative to the back half of the year. So, if you could just sort of speak to that as well, provide a little more color. Thank you. José Ramón Mas - MasTec, Inc.: Sure. So, on the question of personnel, I think we've done an awesome job and we don't talk a lot about it of hiring really good people from within the industry, from outside the industry and brought them into the fold at MasTec which has allowed us to continue to grow our base to bring on really, really strong people all the way at the operator level. We're in a business much like yours where there's a following of people and if you get the right people, you get great following. And we've been very successful in being able to add on to our team and think we've been an employer of choice for some time now. So, we've worked hard on that. We feel good about where we stand especially for 2018 around where we stand with people. For 2019, we're already working on plans to try to mitigate what we think will be a tightening labor environment. And our customers know it and I think it's being…

We'll take our next question from Brent Thielman with D.A. Davidson. Brent Edward Thielman - D.A. Davidson & Co.: Yeah. Thanks. Good morning. Great quarter, great year. José Ramón Mas - MasTec, Inc.: Hi, Brent. Thank you. Brent Edward Thielman - D.A. Davidson & Co.: José, on Communications, great to see that the margins continuing to improve as the year's gone on. Given we still haven't really seen the real spend yet from some of these big CapEx initiatives out there, how do you feel now, I guess, about getting towards that upper end of the target range for margins for that business? José Ramón Mas - MasTec, Inc.: I think we're going to get there. It's a matter of timing. It's a matter of when, I think, the workload hits on all levels, which we're probably looking at 2019. But there's no doubt in my mind that margins are going to increase in that segment. The market's prime for it. And just based on sheer activity volumes and utilizations, I think margins for all people that are in this industry right now in that communications side are going to improve. Brent Edward Thielman - D.A. Davidson & Co.: Okay. And then secondarily, I guess, any discussion about the install-to-home business trends you're seeing there? And I guess based on the work you're picking up in Communications overall, I mean, as you look out over the next 18 months, do you see faster growth in wireless or the wireline side of the business? José Ramón Mas - MasTec, Inc.: Well, for MasTec specific, since the wireline business is a little bit smaller for us, I think, from a pure percentage of growth perspective, we're probably going to see the biggest increases in wireline. We have tremendous opportunities in the wireless market with what's happening there. As a lot of that fiber begins to get installed, you're going to see a lot of the periphery-type work happening around the network. And so, we expect sizable increases in both our wireline and wireless businesses. We're seeing it as backlog builds, it's getting closer and closer, so it's very exciting. Just to touch on the install-to-the-home business, we expect it to be down again in 2018 versus 2017. The business is performing well. We've got a lot of opportunities as we think about the future, and we think about what's happening with wireless local loop, and a lot of the similarities of what we're doing today versus what's going to have to happen in that environment. And we've got just about every one of our major customers significantly now talking about wireless local loop opportunities. And I think that's a great area for our install-to-the-home business to flourish and take advantage of. So, something we're looking hard at and something that we think will really help us on that side. Brent Edward Thielman - D.A. Davidson & Co.: Thank you. José Ramón Mas - MasTec, Inc.: Thank you.

We'll go next to Andy Wittmann with Baird. Andrew John Wittmann - Robert W. Baird & Co., Inc.: Taking my question, guys. I wanted to ask about the Oil & Gas business in particular. And regarding the awards in the quarter, obviously, you guys press released and talked about the 1. – I think you said there's a $1.5 billion large job, but there's clearly more work that went in during the quarter than just that. José, I was wondering if you could give us some characteristics of the other types of work that supplemented that large win. Was it gas, oil? What's the size of the pipeline? Is this another long haul pipeline? Just as it relates to the margin profile, I guess, was the reason why we're asking. José Ramón Mas - MasTec, Inc.: Yeah. I think we've got a lot of large projects. Obviously, we're talking some pretty sizable numbers, so we're talking over $1 billion in additional wins. It's not made up of hundreds of projects. It's made up of a handful of projects, so they're all sizable in nature. And I think it's a very similar profile to the type of projects that we've been working on in the last couple of years. And we think that the – I guess to directly answer the question, I think the margin profile on those projects is very good. If you look at our 2017 year, and you kind of back out our one big project, which quite frankly we didn't generate the margins on that project that we typically enjoyed or would hope to, our margins in 2017 were very similar to 2016 ex that project, so – which is a sizable difference from the margins that we reported. So, if we can continue to perform…

We'll go next to Noelle Dilts with Stifel. Noelle Christine Dilts - Stifel, Nicolaus & Co., Inc.: Hi, guys. Good morning and congratulations on a good quarter. José Ramón Mas - MasTec, Inc.: Thank you, Noelle. Congratulations to you too. Noelle Christine Dilts - Stifel, Nicolaus & Co., Inc.: Thank you. So, just looking at the backlog that you're reporting versus revenue guidance, even if you back out the cost reimbursable work that you booked this year, it still seems like there's this big disconnect between these huge backlog growth numbers and what you're guiding to. We know you've been tended to be conservative with guidance. You know it's just something. Should we attribute this to conservatism, or is it more a function of timing? José Ramón Mas - MasTec, Inc.: Well, I think it's our ability to try to understand what the timing will be on a full year basis, so obviously, we're very comfortable with the guidance that we're putting out today. We've talked about trying to be conservative in the past. So, our goal is to exceed the expectations that we're laying out. With that said, if these are the numbers that we produce in 2018, we'd be super happy and proud of them because they'd be the best numbers in our history. With that said and I think we'll continue to say it, we feel really good about if things fall our way, then obviously, we hope to be able to be talking about the fact that these were very conservative numbers when we laid them out at the beginning of the year and we ended the year in a much better place. But I think when we take all the facts that we know today with all the potential risks that exist in our segments…

Our next question comes from Matt Duncan with Stephens.

Hey. Good morning, guys. Congrats on a great quarter. José Ramón Mas - MasTec, Inc.: Thank you, Matt.

So, in Communications, you mentioned, José, that you've had some pretty sizable wireless wins, it sounds like, here over the last few weeks. I don't know if maybe you can quantify those for us. And then as you think about the growth as we move through the year, the midpoint of the guide's kind of 10%. Is it fair to assume you're sort of mid-single digits first half, mid-teens back half, and then maybe that level of growth can carry into next year based on what you're seeing in the market? José Ramón Mas - MasTec, Inc.: Yeah. So, a couple of things, right. I think we've heard our customers talk a lot about additional spend for months now, whether it was tax related or whether it was business related. I think what we're getting really excited about is we're finally seeing it come through in real projects. So, it's not just a number that's being thrown out there, but the numbers now being quantified with specific projects, and that's what we're always waiting for to truly understand when it's going to affect us from a financial perspective. So obviously, as some of this stuff rolls in, there's – it takes time to develop these projects and the front end takes longer than the actual construction activity. But we are expecting a ramp towards the second half of the year, so I don't think your numbers are too far off, and we expect obviously strong growth going into 2019. And the more visibility we get, we'll be able to probably more clearly bucket those numbers, but we feel pretty good about it.

Okay. And then, just the size of the wireless wins you've had over the last few weeks. And then, my other question was going to be in Electrical Transmission, that's a business that we haven't spent much time on on this call, but you guys have obviously had a very nice improvement in profitability there that contributed, I think, maybe to the outperformance that you had last year. As you look forward, what is the margin level that you want to see that business get to and how long does it take you to get there? José Ramón Mas - MasTec, Inc.: We've said all along we expect it to be a double-digit margin business. We've got to get some wins to do it. We think we're well on our way there. So, I don't know. We're not going to get there in 2018, but I would fully expect to be there in 2019.

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

We'll go next to Tahira Afzal with KeyBanc Capital Markets.

Hi, team. Congrats on a good quarter again. José Ramón Mas - MasTec, Inc.: Thank you, Tahira.

So, José, has your visibility on 2020 on the pipe side improved over the last few months? It seems like you're feeling a little more comfortable talking about that. And I'm just trying to get a sense on what's driving that. José Ramón Mas - MasTec, Inc.: Quite frankly, we're feeling better about a longer timeline than that. We've got customers today talking about projects that are three and four years out and planning for that. So, these are conversations in places that we historically haven't been in with customers because they haven't been planning that far out. So, obviously, we're in 2018 and we've got to accomplish the work that we have at hand. But when you're talking to customers about work for 2019, 2020, 2021, 2022, that's an incredible place to be in. That's why we're so confident in where the market's heading. We see so many projects in early stages. We've got so many conversations about projects that if they're not public, they're not out there. Nobody's following them. And it's just – it's very refreshing to be a part of that, and it gives us tremendous confidence for that business for a very long time.

Got it. Okay, José. And I guess the next question is just around sequential forecasting or modeling in a sense. If you look at second quarter last year, which you exceeded because of closeouts and just good business, the guidance was for around $0.61. Given this trend and momentum in the underlying business, do you see yourselves growing earnings versus that $0.61 guidance that you gave at the second quarter of last year? José Ramón Mas - MasTec, Inc.: As we look at the second quarter versus as we plan out 2018, I think our second quarter in 2018 is going to look very similar to our second quarter in 2017.

Got it. Without the closeouts, right? José Ramón Mas - MasTec, Inc.: We have closeouts all the time, Tahira. So, I don't know that in Q2 of 2017, there was any. I think the big closeouts were in Q1 of 2017 more so than in Q2 of 2017.

I see. Okay. José Ramón Mas - MasTec, Inc.: So...

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

And we'll go next to Alex Rygiel with B. Riley FBR.

Thanks. A very nice quarter and year, José. José Ramón Mas - MasTec, Inc.: Thank you, Alex.

José, let's talk big picture about the balance sheet and future uses of cash. You built a great business here. Your primary business lines are very significant. Where do you go from here? Are we looking to deploy a lot of capital into additional acquisitions to add a kind of a rapidly expand third or fourth leg? Are we looking to possibly aggressively buyback stock at this level given the valuation? What's the bigger three-year view here? José Ramón Mas - MasTec, Inc.: I think we're always analyzing that, Alex. I think everything's on the table. I think George alluded to it in his comments, right? Acquisitions have been an important part of our growth story for a long time, although we haven't made many in the last couple years. We bought a little bit of shares in the fourth quarter. We feel our stock is undervalued at this point, so it's obviously something that's on the table. So, we feel good about cash flow generation for 2018 which is the main driver for it because it's what gives us the cash and the ability to be able to talk about these things and do them. And I think we continue to relook at where we are there and then try to make those decisions. So, I guess my general answer would be everything is on the table, and I think we're aggressively looking at all of the above.

And the returns on the Waha project are fantastic. Are there any future opportunities like that that could be replicated either in the U.S. or in Mexico? José Ramón Mas - MasTec, Inc.: We think so. It's obviously part of what we're looking at and places that we would potentially deploy capital.

Thank you. Good luck in 2018. José Ramón Mas - MasTec, Inc.: Thank you, Alex.

We'll take our next question from Robert Burleson with Canaccord.

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

So, just curious on tax reform, just digging in a little bit more on the indirect benefits. If we look across your segments, are there certain areas where you think you're going to see a bigger impact in terms of how customers deploy that capital? José Ramón Mas - MasTec, Inc.: I think it's everywhere. Our Communications customers have probably been more vocal about it. But quite frankly, a lot of our Electric customers, a lot of our Oil & Gas customers, they're all getting the same benefits. So, it's part of their discussions as well. So, we actually think it's very broad-based.

Okay, great. And then you had a nice uptick in backlog for Power Gen in Q4, and I'm wondering how diversified by project or customer is that business going forward and what's the average project size that you're looking at there? José Ramón Mas - MasTec, Inc.: It's a good question. When we look at – if you look at our reported backlog number, it's only an 18- month number. If you look at our total backlog in Power Gen, it would be a much higher number. And as I think about our total backlog number, we probably have north of $500 million of wind projects in that number. We've got a couple hundred million in biomass projects and a couple hundred million in other types of projects. So, I think it's very broad-based. I think the diversity in those projects is better than it's ever been, but still with a core focus on what we've done for a long time and excelled well at especially in the last year. So, we feel really good about where we sit in that business, the potential for both long-term revenue growth but, more importantly, the margin profile and what we were able to accomplish in 2017 and hopefully continue to build on that.

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

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

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

So, can you speak to the geography of projects in Oil & Gas in 2019? It seems like 2018 is all about the Marcellus and Utica Shale Basins. I'm just curious about what it looks like for next year. And then, also, can you also speak to whether you are bidding on any Mountain Valley Pipeline size type of projects for next year? José Ramón Mas - MasTec, Inc.: So, the size of projects in 2019, we expect to be similar to the size of projects in 2018 or the potential of projects, so those are the type of projects that we're looking at. And I think from a geographic perspective, they're pretty broad-based.

Great. And then can you just speak to the business mix in Communications for 2017 as well as 4Q 2017. Just a question on just Puerto Rico and the restoration work and just how much that contributed in terms of profitability and if some of the growth in backlog was attributable to that as well? José Ramón Mas - MasTec, Inc.: No. I wouldn't say that, there's not much backlog in that at all. Again, a lot of the work that we did down there was just normalized work for being on the island. Again, we've been on that island for a long time and we experienced both positive and negatives during the quarter because we went a long time with an existing workforce there that was unable to work and then it was offset by obviously some of the restoration activities. I don't have an exact number for Puerto Rico. I wouldn't – it didn't – it's not going to make a huge impact on our go-forward results or even in the first quarter. So, it's a relatively small island and there's obviously good opportunities there today. We want to be part of the restoration efforts. We think it's important for the people that live there. They've undergone a very difficult situation and there's still a lot of people that are without power. It's a very sad situation. So, we'd love to help in any way that we can. But quite frankly, from a financial perspective, it doesn't really move the needle for MasTec.

Okay. Thank you very much. José Ramón Mas - MasTec, Inc.: Thank you.

We'll take our final question from Adam Thalhimer with Thompson Davis. Adam Robert Thalhimer - Thompson Davis & Co., Inc.: Great. Thanks for squeezing me in. José Ramón Mas - MasTec, Inc.: Hey. Good morning, Adam. Adam Robert Thalhimer - Thompson Davis & Co., Inc.: Hey, José, the – can you give a little more color on the near term, the wireless awards. Is that all for one carrier or two different carriers? Just what's driving that? José Ramón Mas - MasTec, Inc.: We've seen increased activity from multiple carriers in the last two months I'd say. And I think obviously, we're skewed to one customer in that business from a size perspective and we've seen a lot of increase in activity from them, which is again very favorable. But today, we're experiencing multiple opportunities across multiple customers there today, which – in a much bigger way than we ever had before, which is also exciting because it allows us to diversify that business a little bit. The good thing is there's no doubt that it's coming. Activity is going to be there, it's going to grow, it's going to sizably grow and I think we're going to get our fair share, if not more. So we feel great about the long term prospects of that business. I think 2018 is a better year than 2017 but, quite frankly, as we look out into 2019 and beyond, it's where we're going to see a huge jump there in my opinion. So we can't wait to get there. Adam Robert Thalhimer - Thompson Davis & Co., Inc.: And then how's the – for all that wireline work that you've won, how's the permitting process going? José Ramón Mas - MasTec, Inc.: It's in process. We've always talked about that being a much heavier second half than first half for those same reasons. It's a lot of different markets. So, obviously, it's not the same answer for every market. But, generally, I think things are going very well. Adam Robert Thalhimer - Thompson Davis & Co., Inc.: Great. Congrats, guys. José Ramón Mas - MasTec, Inc.: Thanks, Adam.

And this does conclude our question-and-answer session. I'd like to turn the call back over to José Mas for closing remarks. José Ramón Mas - MasTec, Inc.: So, again, this concludes our fourth quarter and year-end 2017 call. I'd like to thank everybody that participated today and we look forward to catching everybody up on our first quarter earnings call here shortly. So, thank you for participating today.

Ladies and gentlemen, this does conclude today's conference. We thank you for your participation. You may now disconnect.