Greetings and welcome to the Quanta Services Conference Call to Review Fourth Quarter and Full Year 2016 Results. As a reminder, this conference is being recorded. I'd now like to turn the conference over to your host, Kip Rupp, Vice President, Investor Relations. Please go ahead.

Great. Thank you, operator, and welcome everyone to the Quanta Services conference call to review fourth quarter and full year 2016 results. Before I turn the call over to management, I have the normal housekeeping details to run through. If you would like to be notified when Quanta publishes news releases and other information, please sign up for e-mail alerts by going to the Investors and Media section of quantaservices.com, or download the Quanta Services Investor Relations app. We encourage investors and others interested in our company to also follow Quanta on the social media channels listed on our website. Please note that in today's call, we will present certain non-GAAP financial measures. In the Investors and Media section of our website, we have posted reconciliation of the differences between these measures and their most directly comparable GAAP financial measures. Please remember that information reported on this call speaks only as of today, February 21, 2017. And therefore, you are advised that any time-sensitive information may no longer be accurate as of any replay of this call. This call will include forward-looking statements intended to qualify under the Safe Harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements include all statements reflecting Quanta's expectations, intentions, assumptions or beliefs about future events or performance or that do not solely relate to historical or current facts. Forward-looking statements involve certain risks, uncertainties and assumptions that are difficult to predict or that are beyond Quanta's control, and actual results may differ materially from those expressed or implied. For additional information concerning some of these risks, uncertainties and assumptions, please refer to the company's 2015 Annual Report on Form 10-K and its other documents filed with the Securities and Exchange Commission, which are available on Quanta's or the SEC's website. Management cautions that you should not place undue reliance on these forward-looking statements, and Quanta does not undertake any obligation to update any forward-looking statements, and disclaims any written or oral statements made by any third-party regarding the subject matter of this call. Finally, Quanta Services is hosting an Investor Day on April 4 at our training facility in LaGrange, Texas with other activities taking place in Austin, Texas. This event is for institutional investors and sell-side analysts only. If you would like to attend the event, please contact me for additional information. We'll webcast the event live and we'll have an audio replay available both from the Investors and Media section of our website. With that, I would like to now turn the call over to Mr. Duke Austin, Quanta's President and CEO. Duke?

Thanks, Kip. Good morning, everyone, and welcome to the Quanta Services fourth quarter and yearend 2016 earnings conference call. On the call, I will provide operational and strategic commentary before turning it over to Derrick Jensen, Quanta's Chief Financial Officer, who'll provide a detailed review of our fourth quarter results. Following Derrick's comments, we welcome your questions. We finished 2016 on solid footing, with significant revenue and profitability momentum in the second half of the year. While I'm pleased with this substantial improvement, we're not satisfied and remain committed to returning our operating margins to historical levels. Our third and fourth quarter results demonstrate progress towards that goal and our commitment to realizing the long-term earnings potential of the company. We ended the quarter with record 12-month backlog. I would note that our backlog does not yet include various projects we have been awarded that have ongoing permitting requirements, and which have an aggregate contract value well in excess of $1 billion. We are confident that these projects will move forward and expect to include them in backlog when we have better visibility into final contract terms and probable construction starts. The American election and the potential positive impact the new administration's policies could have on our business has created a lot of press and speculation. We are hopeful that the regulatory reform will progress and owners permitting and approval processes will ease. It is important to note however, that our end markets and related project opportunities do not rely on government funding to move forward and any additional government infrastructure support is incremental to our positive multi-year outlook. We remain committed to providing dynamic and self-performed infrastructure solutions to improve America's infrastructure. Electric Power segment revenues for the quarter were comparable to the fourth quarter of 2015, however, operating…

Thanks, Duke, and good morning, everyone. Today, we announced revenues of $2.1 billion for the fourth quarter of 2016, reflecting a 10.7% increase from the fourth quarter of 2015. Net income from continuing operations attributable to common stock was $88.5 million, or $0.57 per diluted share, compared to a net loss from continuing operations attributable to common stock of $2.6 million or a loss of $0.02 per diluted share in the fourth quarter of 2015. Impacting the quarter and reflected as adjustments in Quanta's adjusted diluted earnings per share calculation were tax benefits of $20.5 million or $0.13 per diluted share, associated with the release of tax contingencies as a result of the expiration of various federal and state tax statute of limitations periods. These benefits were partially offset by approximately $8 million, or $0.05 per diluted share, of asset impairment charges primarily due to a pending disposition of certain international renewable energy services operations in our Electric Power segment. This compares to a $6.6 million property and equipment impairment charge reflecting the last year's fourth quarter results. After last year's charge and through 2016, we evaluated various avenues for profitability improvement, but determined near the end of 2016 that the disposal of these operations best fit our ongoing strategy. We would expect no further losses associated with these assets. Adjusted diluted earnings per share from continuing operations attributable to common stock, a non-GAAP measure, was $0.56 for the fourth quarter of 2016, compared to $0.30 for the fourth quarter of 2015. Also negatively affecting the fourth quarter of 2016 were litigation costs incurred of approximately $6 million, or $0.02 per diluted share, resulting from Quanta's defense of allegations that it violated the non-compete agreement entered into in connection with the disposition of certain telecommunication construction operations in December of…

Thank you. Our first question is coming from the line of Tahira Afzal with KeyBanc. Please proceed with your question.

Thanks. Good morning, and congrats on a great quarter.

Thank you, Tahira.

Thank you, Tahira.

Okay. So first question is, Duke, I mean these pipeline projects, expected backfill second half potentially. I guess they're pretty fast done, so as we look at the timeline by which it's too late for them to contribute, I assume we're kind of safe as long as you book them by maybe June, July.

Yeah, Tahira. The market is robust right now with some of the other projects, larger projects going into construction. We're certainly optimistic that most of the projects on the back half will have the ability to fill it. We're a little bit worried with Canada, just the overall economy there. So, we'll be cautious on how we guided the back half with the Canadian market as it is. But we're optimistic that we can fill the back half here in with large pipe for the second half 2017.

Got it. Okay, Duke. And second question is in regards to the transmission side. You mentioned something pretty interesting which is, you're seeing projects that are of a size you haven't seen before in the U.S. Is it partly because they're now different in terms of how they're being structured, as in they're more merchant, or is there something more sizeable shaping up outside of that?

Really, Tahira, I think the industry is trying to move renewables across multi states, multi jurisdictions so you're seeing a lot of larger longer projects from a DC voltage even, AC voltage. So, you're starting to see us move across state lines, ISOs, independent operators. So as you start to see that, the projects get bigger, larger. Some of them are long in nature from a standpoint of the beginning to the end. So you hear a lot about them and nothing happens for a long time. So permitting, siting, all those things take a very – that's a long cycle on those larger projects. So, you hear a lot. We see a lot of them out there. We're around the edges. We're optimistic that a few of them will go over the next three to five years here.

Got it. Thanks very much. And I'll hop back in the queue.

Thank you.

Our next question comes from the line of Andy Wittmann with Robert W. Baird. Please proceed with your question. Andrew John Wittmann - Robert W. Baird & Co., Inc.: Hey. Great. Guys on the $1 billion of awards that you mentioned in the prepared remarks that were won in the quarter, I was hoping you could give a little bit of context. It sounds like those are pipeline driven, but could you talk about the split between electric and pipeline and the visibility at which, or the steps that need to happen for those to actually get permitted and therefore wind up in your backlog?

I think the projects that on the $1 billion or $1 billion plus is primarily pipeline. We'll talk about them as we get a firm contract to start date to get the ability for us to understand the scope and the commitments that we have with our customers and be able to explain that in a firm nature, in a firm contract we'll, as they go into backlog, we'll make sure we communicate to the Street. But we're confident, these will go into construction. Andrew John Wittmann - Robert W. Baird & Co., Inc.: Okay. Maybe just as a follow-up on the pipeline side. I guess you mentioned the kind of the out-year opportunity for Canadian-driven pipelines and clearly there's been the Trans Mountain, Kinder Morgan's Trans Mountain pipe is getting some traction. Keystone is potentially back on the table. Enbridge is thinking about upgrading their Alberta Clipper lines into the U.S. I guess, Duke, from talking to the customers that you can talk to and looking at the market out there, how many or all of these do you believe can go? Or is that too much maybe offtake from Western Canada? I'd love to get your thoughts on the economics of those as well as the timing at which you might see some of those first ones start moving into backlog and then maybe into construction.

Yeah. I'm not privy to obviously what the shippers are saying. But, I would say that in general, if you're moving heavy oil out of Canada, you want optionality. And I think as long as they are able to move to different geographic areas, you'll start to see pipe move. You're railing most of it now. So anywhere you have a rail line, it makes a lot of sense to have a piece of pipe. So that alone will create markets on both coast lines there in Canada. As we start to look to the lower 48 and some of the larger pipe here, same dynamics. Shippers want optionality and our clients are in a robust environment to build pipe and we see it in Canada and the lower 48. We're in great positions on both sides of the border there. We're optimistic. We like the markets in the next three to five years. It's robust in my mind from a bidding cycle, everything we can say about it. Basically, it's permitting delays and things of that nature that concern us. Andrew John Wittmann - Robert W. Baird & Co., Inc.: Thank you.

Our next question is from the line of Jamie Cook with Credit Suisse. Please proceed with your question. Jamie L. Cook - Credit Suisse Securities (USA) LLC: Hi. Good morning. Nice quarter. I guess my first question relates – I guess just given the backlog that you have and your confidence that you can backfill the back half of the year within Oil and Gas, why are we still only sort of targeting a 5% to 6% operating margin for the year just given the visibility you have and the prospects that you have in place? And then my second question, just with regards to the Canadian outlook, obviously, Fort McMurray, that's a – the approval is a good sign. But can you just help us with what your sort of assumptions are for the Canadian market in 2017 and then how would you characterize the potential for upside if you could frame that for us? Thank you.

Yeah. Thank you, Jamie. From the standpoint of you filling the back side and our margin capability there, I think utilization is a big part of that. As we fill it, we're optimistic that our margins will improve. We need to fill the pipe. We need to see it. We need to see it go. We'll be conservative until we do big pipes fast, book and burns fast. So we'll be cautious on how we guide to that. And as we fill it, we'll talk to you about it in the next quarter or the next quarter, whenever we fill it, if we fill it. Again, we're optimistic. The end markets are there, and I think we – I think, from our standpoint, we'll improve. Our guidance will improve as we move forward through the year. On the Wolfmack (37:26) project in Canada, I think we would say, in general, that that does strengthen our guidance. And so, but from that standpoint, I'm worried about the overall economic position in Canada and just in general the pressing of the business as far as going down on our margins and what Canada can do to the overall business. So, we're cautious on the Canadian markets.

Jamie, I'll add one bit of color as well that it's a segment mix and seasonality. I mean, at this stage in the game, we have a fair amount of that pipeline work – majority of the pipeline work we have in backlog today loaded to the front half of the year. And to that end, the seasonality of the rest of the business has a tendency to put pressure on margins. As we get to the latter part of the year, to the extent we see those awards, that's where you probably see the ability to see some of that expansion. But right now, we think it's prudent to guide to the margin range of that 5% to 6% until we see how those other mainline-type opportunities are playing and offset the seasonality. Jamie L. Cook - Credit Suisse Securities (USA) LLC: Okay. Thanks. I'll get back in queue.

Our next question comes from the line of Noelle Dilts with Stifel. Please proceed with your question. Noelle Dilts - Stifel, Nicolaus & Co., Inc.: Thanks, everyone. Good morning. I wanted to expand on that margin expectation conversation. So looking at your margin targets for 2017, both ranges are below the 10% to 12% targeted range you've been talking about for Electric and well below the 9% to 12% range I think you've been looking at in Oil and Gas. So can you just give us some thoughts on, are those ranges still targets over the long term, or has something kind of fundamentally changed in both of those segments that's shifting your thinking? For example, in Electric, how is the shift toward EPC driving your thinking around margin? Thanks.

Yeah. I think what I would say is that our goals and targets for both segments are still to be at or near the double-digit range. The biggest thing driving Electric Power is the headwinds relative to the Canadian market. If you were to look at 2016 and remove the effects of the power plants, in Canada, the rest of the electric operations are operating solidly in the double-digit range. So, the headwinds right now are still the softness in the Canadian market. The larger transmission opportunities that we see here coming into 2017 in Canada obviously give us some potential for the upside. With the remaining portion of the business, you're still dealing with some degree of headwinds, and we try to factor that into the overall range – factor in the degree of prudency to the overall execution. But again, it's pretty important, I think, to recognize the rest of the business is operating strongly in the double-digit range. For the Oil and Gas segment, it's a complement in the mix of work. We've talked extensively over the last few years about how the degree of mainline opportunities and how they flow into the year will heavily influence our ability to be at the stronger margin profile. In our original commentary, over the years, has also – before we ran into some of the headwinds associated with the broader energy market, as oil prices might decline, the remaining portion of our business is still yet functioning in a depressed oil price environment to an extent, and that is putting pressure on some of the other areas of our business, working against some of the complements or upside potential we see on the mainline side. So, as the mainline gets a complement of work that happens to be more spread through the given year rather than just being front-end or back-end loaded, as well as the mix of work and energy dynamics changing, we still believe that we can see upward momentum for those margins in the long term. Noelle Dilts - Stifel, Nicolaus & Co., Inc.: Okay. And then second question. Could you update us and give us some thoughts on what your equipment spread utilization was in Oil and Gas Infrastructure in the back – in the fourth quarter and then as we move into 2017? And then also how are you thinking about the legal expenses moving into next year as well? Thanks.

Yeah. The spread capacity, Noelle, we're not at capacity in the either side. So, again, the way those spreads come on and off projects, it's very difficult to give you numbers. But in either case, we're not at capacity and certainly have room in the first quarter here and onward to book work. As far as...

The legal costs, as it relates to how it goes in 2017, I wouldn't anticipate right now anything truly abnormal. This was more from the fourth quarter accelerated timing. But as we go into 2017, we haven't factored into any substantial uptick or downtick in that regard. Noelle Dilts - Stifel, Nicolaus & Co., Inc.: Okay. Thanks. Appreciate it.

Yeah.

Our next question is from the line of Matt Duncan with Stephens. Please proceed with your question.

Hey. Good morning, guys.

Good morning.

I want to dig a little bit more on this Oil and Gas margin. I think we're all kind of struggling with the delta between first half and back half of the year. I mean, it sounds like if we're talking 5% to 6% for the year, the back half probably got to be kind of in the 3% to 4% range. Is that in the ballpark of what you guys are thinking, kind of 7%, 8% first half and maybe, I guess, maybe 3% to 5% back half? Is that the way you're assuming in the guide?

I would say that as we stand here today with the potential for the fourth quarter to have a lack of an uncommitted filling, as an example, then the fourth quarter is probably where you'd see the biggest portion of the pressure for the margins. So, I don't know if I necessarily say it relative to the entire back half of the year, but the third quarter has a tendency for us to have the highest overall margin profile because of the good seasonality. But yes, there could be specific softness in the fourth quarter if we're not able to fill it with other larger diameter work.

And then, Derrick, what are you assuming in terms of the rest of the Oil and Gas business outside a large pipe, because I would think that you would start to see that recovering as rig count has gone up here. And then last thing from me just on FERC with the lack of a quorum right now, is there anything in your backlog that needs a FERC order to move forward or how do you think that may impact you guys?

On the first part, from the margins, the remaining portion of work, we haven't factored in any sizeable uptick in our margins there despite what we're seeing potential on a rig count type dynamic. I think it in our mind may be a bit too soon to have an expectations of 2017 immediate benefit, but we do look at that as a potential for the positive upside.

Yeah, Matt, and also just in general on the pipe margins and the seasonality, there's normal seasonality in the business. And so I think as you see us fill up work and execute, the margins have the potential to move upward and we'll be cautious about how we guide again. As far as FERC, our forecast, we don't need any large pipe to meet the midpoint of the range, so we're confident in our year-end guidance on the Gas side.

Thank you. Our next question is from the line of Alan Fleming with Citibank. Please go ahead with your question.

Good morning, guys. Derrick or Duke, can you guys talk about how much impact storm work or the storm that you talked about last quarter had on your 4Q results. I think the last quarter you said you expected storm work to be higher, but it might come at the expense of other electric transmission work. Maybe it seems like it was a little more modest than you had thought, but maybe can you comment on that and comment on if there were any delays that you saw in your Oil and Gas revenue this quarter because of that storm that had impacted, I think – that had been in 3Q?

Yes. Storm came in at around $35 million for the quarter, maybe just slightly above what we had otherwise forecasted in our original thoughts for the year. But from a margin perspective, I mean, there wasn't any substantial difference realistically. If you recall, in our previous commentary, we had said that the number of customers that we were working for were customers that we've dealt with on a regular basis. And so from a strategic perspective, you don't see maybe quite as much upside from a margin perspective. So very much in line with our original expectations. And then overall for the quarter itself, I mean, just having some degree of seasonality which we had already factored in and expected to somewhat offset that margin expansion. And then the second part of your question was kind of the timing. We did come in at the lower end of our overall revenue guidance, and most of that came out of the Oil and Gas segment. There was a degree of some level of push of that revenue from 2016 into 2017 some of which would have been attributable to some of the heavier rainfall.

Yeah, and on the Oil and Gas side, it did impact some of those spreads, and we were delayed some time there. So you had some revenue impact there. And then the Southeast where the storm hit, we have a large concentration of day-to-day MSA-type work, and that work was delayed along with it. So there's some offset in the storm.

Okay. That's helpful, guys. And then shifting to Electric Power, I mean, if I look at your Electric Power backlog, I think on a 12-month basis, it's been relatively flattish for the last year. And I think it seems like your base business there, the small to mid-sized work has been growing at a pretty healthy clip. So, maybe you can comment on kind of what you're expecting in that base business in 2017, and if you combine that with some of the growth that you're, or the visibility that you seem like you have on the larger project side, I mean, what's your confidence that 12-month backlog here in Electric Power can grow in 2017?

We see our customers expanding their capital budgets in multiyear fashion the next three to five years. You start to see visibility in those capital programs. So as that happens, we'll continue to grow that base business. The recurring revenue type MSA work will continue to grow with our customers' capital budgets. As far as the larger projects, as we see Canada, as you see Wolfmack (48:14) go in, some other larger projects that are out there, there's certainly the opportunity to win and execute on those. I do think the Electric segment is in a multiyear cycle, an upward cycle, and we're optimistic in the environment that we're in.

Okay. Thank you, guys.

Our next question comes from the line of Chad Dillard with Deutsche Bank. Please proceed with your questions.

Hi. Good morning.

Good morning.

So, just help me think through the moving pieces on the transmission margin guidance side. So, if I back out those one-time items you're talking about in 2016, I mean you're effectively guiding margins to be flat to down despite having more marginal transmission work. I know that you mentioned that there's some issues in Canada, but I'm just trying to understand, is Canada getting worse or is there issues with pricing, or is utilization coming down? Just trying to understand what the difference is between 2016 versus 2017 that's not leading to raise margins.

Yeah. No. There's nothing that's unique or specific. I think what we've just done is we've not factored in a market improvement in the Canadian environment. We know as we've talked through 2016, we saw a degree of stabilization. But I think it's too soon in the year to factor in some sort of distinctive improvement in the non kind of larger transmission side of the equation. We do have those larger projects that are coming in, specifically at Fort McMurray, but that's going to be kind of probably back-end loaded into the year. And so the first half of the year, I think you still see with seasonality the aspect of being able to have some degree of margin pressure in the broader Canadian side of the equation. But we think we've got the ability to go through and potentially see some degree of upside to the extent that you'll be looking at. But I think it's just too soon in the year to factor that in.

Okay. And then just secondly, over to the Oil and Gas side of the business, can you just speak a little bit more about what your expectations are for growth in the base business either gathering or your pipeline distribution work? And then also with your additional year earnings guidance, is that including contribution from telecom expansion in the U.S.? And if so, how much? If you can speak about that.

Yeah. The base business on the gas side continues to improve like the LDC market, local distribution market with the PHMSA rules that are in place to repair infrastructure, we're in a good environment to continue to see CapEx in those markets. I think we'll continue to expand albeit off a smaller base. But that will continue to grow. As far as telecom, we have our Latin American and Canadian construction going. They're good markets. We have about $150 million to $200 million in our forecast that with those along with the Lower 48 here getting started.

Great. Thank you.

Our next question is from the line of Adam Thalhimer with Thompson Davis. Please go ahead with your questions. Adam Robert Thalhimer - Thompson Davis & Co.: Hey. Good morning, guys.

Good morning.

Good morning. Adam Robert Thalhimer - Thompson Davis & Co.: You talked about a little bit of a hole in Q4 2017 in terms of the large pipe projects. Does that situation get better as you move into 2018 and ACP gets started?

We'll be cautious about how we talk about large pipe. The book and burn and the amount of regulatory process that's involved in those projects, they're distinct, and we need to make sure that we have them, we're moving and we're mobilized before we communicate on them. I do like the end markets in 2018. It's a robust market. I do think we'll fill up early and be able to talk more about that. If we get some ease on regulation through the administration, we'll continue to talk to the Street about, as we get more positive and move into construction. Those things slip three months, it's a big impact to us, and we'll be cautious about how we talk to you. Adam Robert Thalhimer - Thompson Davis & Co.: Okay. And then I think somebody else asked it, but just wanted to ask again on the impact of oil prices and the rig counts being up. In any of your businesses, are you seeing an impact from that?

I think the midstream business is a good business. We need to take away that capacity to go to the end markets. As you start to see larger pipe get built, you'll see the midstream pick-up and the rig counts, obviously, there's takeaway and we're starting to see more rigs, so you'll start to see all those things happen and we're optimistic in that as well.

Thank you. Our next question is from the line of Stefan Neely with Avondale Partners. Please proceed with your question.

Hey. Good morning, guys. Thanks for taking my questions.

Good morning.

Real quick, I wanted to follow up again on the margins for Electric in the back half of the year. Can you help me a little bit think through the impact of the ramp up of the Fort Mc job, I mean does that impact sort of your outlook or are you mostly expecting any improvement in margins to be offset sort of by headwinds in the market in general?

Yeah. I think that as I've said in my prepared comments, that we could see the margins rising into the third quarter. Part of that will be a contribution of the work associated with Fort McMurray, but at the same time, I think it's just broader to the seasonality of our business. I think I'd still factor in a degree of decline potentially in the fourth quarter, again just driven largely by seasonality. One individual project is not going to offset the broader overall segment seasonality is what I'd expect at this stage.

Okay. Thanks. And for my follow-up, was curious if you guys have any update on any sort of cost recoveries from the Alaskan power plant job that you guys finished up last year?

We're continuing to work on those items. We had not anticipated those items to be solved in the latter part of 2016. We've not factored in any recovery of that into 2017. The work is ongoing. We're in the process of quantifying and having those discussions with the customer. But as of today, we're not in a position to quantify.

Okay. Perfect. Thanks a lot, guys.

Yes.

Our next question is from the line of Alex Rygiel with FBR. Please proceed with your questions. Alex J. Rygiel - FBR Capital Markets & Co.: Thank you. Good morning, guys.

Hey. Good morning. Alex J. Rygiel - FBR Capital Markets & Co.: Duke, you had mentioned that you have resumed operations in telecom. I understand you don't want to talk about strategy. But can you update us on what activities you've resumed?

Yeah. We never got out of the telecom business, to be clear. We were always in the telecom business. We had certain things under the non-compete we cannot do. And basically, the primary drivers were we were the telecom contractor or the contractor in the lower 48. We have the ability to do that today. So as we move forward, you'll see us in that market on the general side of this, and not just the Electric make-ready work. So we're optimistic. The market is good. It's a robust market. We built our Canadian operations and our Latin American operations. So we'll participate both in North America as well as Latin America. We like the markets we've stayed at all along. And I'll talk more about strategy as we move forward. I'll leave it at that. Alex J. Rygiel - FBR Capital Markets & Co.: And as it relates to the international, Latin America and Canada, can you just give us a little bit more color on kind of wireless versus wireline and how that business has been growing over the last two years?

Yeah. It's both. In Latin America, I'd say 70% wireline, 30% wireless. Canada is primarily wireline, and the business has been growing double digits plus year-over-year. Alex J. Rygiel - FBR Capital Markets & Co.: Excellent. Thank you.

Our next question is from the line of Steven Fisher with UBS. Please proceed with your questions.

Thanks. Good morning. Just to clarify, to what extent does fill in Q4 rely on Canadian project specifically in Oil and Gas? And sorry if I missed that earlier in the call.

Yeah. I think in general, it does rely on some Canadian work to fill the back half, but again, I think the markets are there, the lower 48 could fill as well and bring the back half up. So the opportunity on both sides of the border are there in the back half.

Okay. Thanks. And then can you just frame the potential Oil and Gas backlog or revenue opportunity if you were fully utilizing all your large diameter spreads and max that on your regional gathering business? I'm just trying to think about whether you could add a couple of billion dollars to this business and get it to be on par from a revenue basis with the Electric business or is there just capacity constraint to prevent that from reaching that kind of scale?

We're building our base business nicely. The opportunities are there. It becomes – you're getting people constrained at some point and so you have to be careful about where you're at in the world geographically, mountainous terrain and the qualified personnel that we have in the field. And we'll be cautious about how we move forward in those markets due to the constraints on some of the people in the field. And we train people every day, we're hiring every day. So as we get people trained, we'll put them in the market and how fast we can do that will dictate how our revenues go in the future.

Okay. Thanks.

Thank you. I'll turn the floor back to management at this time for closing remarks.

Yeah. I'd like to thank you for participating in the fourth quarter 2016 conference call. We appreciate your questions and ongoing interest in Quanta Services. Thank you. This concludes our call.

Thank you. You may now disconnect your lines at this time and thank you for your participation.