Good morning. My name is Rebecca and I will be your conference operator today. At this time, I would like to welcome everyone to the First Quarter 2016 Earnings Release Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. Thank you. I would now like to turn the conference over to Mr. Ed Egl. You may begin.

Thank you, Rebecca. Good morning, everyone. And thank you for joining us for our first quarter 2016 earnings conference call. With me this morning are David Steiner, President and Chief Executive Officer; Jim Fish, Executive Vice President and Chief Financial Officer; and Jim Trevathan, Executive Vice President and Chief Operating Officer. Before we get started, please note that we have filed a Form 8-K this morning that includes the earnings press release and is available on our website at www.wm.com. The Form 8-K, the press release and the schedule for the press release include important information. During the call, you will hear forward-looking statements which are based on current expectations, projections or opinions about future periods. Such statements are subject to risks and uncertainties that could cause actual results to differ materially. Some of these risks and uncertainties are discussed in today's press release and our filings with the SEC, including our most recent Form 10-K. David and Jim will discuss our results in the areas of yield and volume, which unless otherwise stated, are more specifically references to internal revenue growth or IRG from yield or volume. During the call, David and Jim will also discuss our earnings per diluted share, which they may refer to as EPS or earnings per share, and David and Jim will address operating EBITDA and operating EBITDA margin as defined in the footnotes for the earnings press release. Any comparisons, unless otherwise stated, will be with the first quarter of 2015. The first quarter of 2015 net income, EPS, income from operations and operating EBITDA have been adjusted to enhance comparability by excluding certain items that management believes do not reflect our fundamental business performance or results of operation. These adjusted measures, in addition to free cash flow, are non-GAAP measures. Please refer…

And your first question comes from the line of Andrew Buscaglia with Credit Suisse. Andrew E. Buscaglia - Credit Suisse Securities (USA) LLC (Broker): Hey, guys. Thanks for taking my question. If you could talk a little bit more about your volumes this quarter, obviously, there is some seasonal improvement. So I'm just trying to get a sense of what it's going to be like going forward, and what's the sustainable volume number into Q2, and what would this quarter then adjusting for what you said was recycling benefit, too. David P. Steiner - President, Chief Executive Officer & Director: Yeah. If you look at the volumes for the quarter, we think that about 30 basis points of the improvement was attributable to the recycling volumes which, as we said, won't repeat in the following quarters, but that's okay because they're not profitable volumes. And then about 20 to 30 basis points we estimate would be the amount that was pulled forward sort of from the second quarter. It's always a question when you have – whether it's good weather or bad weather in the first quarter, do volumes disappear when you have bad weather or do they just get pushed into the second quarter? And the same is true with good weather. Did volumes get pulled in from the second quarter to the first quarter, or is it just more economic activity so that there's going to be more volume? And so before we adjust our full year guidance, we wanted to be a little bit more precise on what the – we wanted to give a fairly tight range. And so waiting until the second quarter seasonal uptick, I think, will allow us to sort say, okay, here's a more normalized look at what the volumes are going…

And your next question comes from the line of Jeff Volshteyn with JPMorgan.

Good morning. Thank you for taking my questions. Looking at 2016, if you try to put it kind of all together, where do you see the main threats to your 2016 guidance? Where would it be coming from? David P. Steiner - President, Chief Executive Officer & Director: Well, to be quite honest with you, I don't see any threats to the guidance. I see some opportunities on the upside. But if there was going to be a threat, clearly recycling is still a little bit volatile. We haven't seen the rebound in commodity prices that you'd expect to see. Look, our core price is pretty much locked and loaded for the year. I mean, that is going to happen. Once we saw the – when you see these volumes turn positive and you see that our addition rate's exceeding our defection rate, it's hard to see volumes turning backwards. And so the things that are under our control, I think there's only upside, no downside. I guess, really, the only potential downside would be in a general economic downturn, what would happen to volumes. But I think if there is a general economic downturn, it's not going to be led by housing like the last one was. And so we should see, at least, a six- to nine-month lag in any reduction in volumes. And so it's hard to see how 2016 can do anything other than meet or exceed our guidance. James E. Trevathan - Chief Operating Officer & Executive Vice President: Dave, I might add the issue of the economy itself. We still see positive container weights in the quarter. We have the last couple of quarters and our service increases are exceeding decreases six or eight quarters in a row. So that's pretty good economics on what's happening in North America. James C. Fish - Chief Financial Officer & Executive Vice President: Yeah, Jeff. One of the common questions that we get is about the strength of the industrial sector and we best measure that by looking at our special waste pipeline. When you look at special waste for the first quarter, it really didn't show a whole lot of impact from weather because in the month of January, we were actually down year-over-year about 4.5%. We were up about 1% in February, so pretty close to flat. And then March, we were up 6.1%. And when you look at April, April looks like it's up probably double March. So when you ask about the risk to EBITDA, one of the areas that is somewhat – it does fluctuate some is that special waste pipeline and it looks pretty encouraging right now.

That's very helpful. And if I can ask one more, just if you could give a little more color on the geographies and how does performance change in various regions where you operate? David P. Steiner - President, Chief Executive Officer & Director: Yeah. It is interesting to see that after the last economic downturn, you saw the trends completely switch from being Sun Belt driven to being more Rust Belt driven. And what we've seen over the last six to nine months, as you've seen it sort of revert back to what I would call a pre-recession economy where housing starts in Florida and throughout the Gulf Coast and then all the way into California are driving very strong results throughout the sunbelt. And you've seen the Sun Belt actually performing better than the Rust Belts. It's why we like having a diversified business. It works in any kind of economy. Obviously, right now, you're seeing the South do better than the North. But the North continues to drive improved profitability, it just happens to be a little bit stronger in the South. So from a geography point of view, I think you can sort of follow the housing trends and say that our business is following that, which is very strong from Florida through the Gulf Coast then into California. And then continued strength, but not as strong throughout the Midwest and East Coast. James E. Trevathan - Chief Operating Officer & Executive Vice President: I would echo what the Waste Connections guys said this morning which is pretty strong growth universally across the country and in Canada as well, except where you have kind of big E&P operations, and those are weak. And so those areas of the country have been a little bit depressed, but the rest of the U.S. and Canada looks pretty strong.

This is very helpful color. And one last maintenance question from me is just on CapEx. So your total number for CapEx remains the same, you have a little bit of an increase for leachate investments where – and then you've have more truck investment. What is being reduced as far as capital investment? David P. Steiner - President, Chief Executive Officer & Director: We're not really reducing anything. We're actually increasing the number of trucks. It just moves us within the range, right? The range is $1.3 billion to $1.4 billion and what we're spending on leachate treatment facilities is well less than the amount of the range. So we are not cutting back on capital for Yellow Iron, on capital for containers and capital for trucks we're actually increasing that from last year. So it really just moves us a little bit up in the range. James C. Fish - Chief Financial Officer & Executive Vice President: Yeah. We're probably going to be – you remember last year, we're $1.23 billion in CapEx. We gave the $1.3 billion to $1.4 billion range. This year, we're probably going to be in the middle of that, maybe towards the higher end of it. Exactly what David said which is about 125 extra trucks, about $25 million additional capital invested in our Yellow Iron fleet which is, in some cases, has got some older equipment. And then putting in some wastewater treatment facilities, which we'll have the pay back to them but they have a big upfront capital cost.

Thank you very much. This is very helpful. David P. Steiner - President, Chief Executive Officer & Director: Absolutely.

And your next question comes from the line of Michael Hoffman from Stifel. Michael Hoffman - Stifel, Nicolaus & Co., Inc.: Jim, Jim, how are you today? James E. Trevathan - Chief Operating Officer & Executive Vice President: (30:04). David P. Steiner - President, Chief Executive Officer & Director: I'm doing fine, too, Michael. Michael Hoffman - Stifel, Nicolaus & Co., Inc.: Good. I asked. On the MSW, when you talk about that type of a volume number in the landfill, one could go that's eye-popping. Well, (30:19) 2% GDP. So Jim Trevathan, you made a comment earlier that container weights – on a same-store basis, what's your container weight trend been in your commercial business? James E. Trevathan - Chief Operating Officer & Executive Vice President: It's been positive the last couple of quarters, Michael. Michael Hoffman - Stifel, Nicolaus & Co., Inc.: In the 2%, 3% type zone? James E. Trevathan - Chief Operating Officer & Executive Vice President: A little below that. 1.5%, in that kind of range. Michael Hoffman - Stifel, Nicolaus & Co., Inc.: Okay. So, that's more reflective of underlying consumerism GDP, and that's how we should think about this is good but shouldn't get irrationally exuberant about 13% MSW in one quarter? James E. Trevathan - Chief Operating Officer & Executive Vice President: Agree. Absolutely agree. Michael, we also had – Dave mentioned the waste energy plants. We also had a couple of competitor landfills close during the quarter or during the – really, the second half of last year. And we've picked up a good portion, if not all of that volume at one of them. And that's helping that 12%, 13% MSW volume growth. That'll continue but some of the one-timers that David and Jim mentioned will not continue. David P.…

And your next question comes from the line of Al Kaschalk of Wedbush Securities.

Morning, everybody. David P. Steiner - President, Chief Executive Officer & Director: Morning, Al. James C. Fish - Chief Financial Officer & Executive Vice President: Good morning.

Just wanted a couple of housekeeping items. For 2016, how much acquisition revenue is included in your expectations? David P. Steiner - President, Chief Executive Officer & Director: Yeah. When we looked at the beginning of the year, we thought we'd do $100 million, $200 million of tuck-ins. I would say that we're probably on pace for the lower end of that right now. And then obviously, we sort of used a mid-year convention for that. And then, of course, we got the SWS revenue. So we had, what, I'm sorry, $90-some-odd million become... James C. Fish - Chief Financial Officer & Executive Vice President: $92 million and then (42:49) David P. Steiner - President, Chief Executive Officer & Director: Yeah. Exactly. $92 million and then you'd take the divestures out. But I would guess that that $90 million run rate is probably good for the year. James C. Fish - Chief Financial Officer & Executive Vice President: It might be a little high just because we anniversary Deffenbaugh. So, what you're going to get is a full year of SWS, a full year of EnviroServ which is a little smaller out west. David P. Steiner - President, Chief Executive Officer & Director: But then you replaced that with the small tuck-ins, right? James C. Fish - Chief Financial Officer & Executive Vice President: We replaced that, yeah. David P. Steiner - President, Chief Executive Officer & Director: So it could be. It kind of depends on how those tuck-ins go throughout the year.

Okay. It's a good point. Deffenbaugh's anniversaried already, or is there a couple... David P. Steiner - President, Chief Executive Officer & Director: Al, well, yes. It's anniversaried at the very end of Q1.

Okay. James C. Fish - Chief Financial Officer & Executive Vice President: With a full first quarter of kind of gain, if you will, in Deffenbaugh, but then nothing in the second quarter. It's all kind of integrated in an anniversary.

Okay. In constructive light, if you don't mind, may I ask this question? Understanding that the volume was strong and there were couple of the extra work pay, one other things that just escaped my mind. But the messaging, David, around volumes seems to be a little misplaced and I said – and taking this in the light of what I'm intending it. You've been pushing for getting to flat. It now seems you're going to be substantially above that flat level, yet we all know that the underlying business doesn't really change all that much. So for lack of a better word, what did we miss on looking at the business or directionally? Where were you a little too conservative on the trend there for volumes? David P. Steiner - President, Chief Executive Officer & Director: Yeah. Look, I would say the underlying business actually has changed fairly dramatically. I mean, you see it not only in our numbers but you see it in everybody's numbers. The roll off volumes right now have been nothing short of spectacular. And our roll off volumes doubled quarter to quarter, and that's with the energy services being down. And so roll-offs bench really strong. C&D has been very strong. MSW has been very strong. Special waste has continued to be nicely positive. And then on the commercial side, I think you're seeing sort of a cumulative effect of the new business in new commercial construction that we've seen over the last few years. So I really think the underlying trends in our business are as positive as they have been since 2007.

Okay. That's helpful. Finally, if I just may pick a little bit on the SG&A, Jim Fish. I saw some recent head count reduction announced. I think there was more for outsourcing. What other benefits are there in terms of trying with the goal of keeping the dollar level flattish that was just asked previously? James C. Fish - Chief Financial Officer & Executive Vice President: Yeah. First, let me correct one thing, what you saw was probably in Phoenix, and we moved – by the way, the difference between outsourcing and offshoring there/ They're still employees, we just have now employees at our own host office, back office indoor in India. So they're still considered employees, and are still carried under our payroll as opposed to true outsourcing there. But really, the big drivers of SG&A dollar increase, as I said to Michael, were acquisition related which we think is a good thing. We will make sure that we try and take as much of the kind of duplicate SG&A out of these acquisitions, as we always do. But the sales component is very important. I mean, if you think about Deffenbaugh, it was an area that we had no operations. If you think about EnviroServ, it's an area where we had operations but they had a niche business. So, the sales component of SG&A will stay on and is very important to us in terms of growing top line dollars. And of course, the other piece is just a true-up of incentive compensation plans. James E. Trevathan - Chief Operating Officer & Executive Vice President: Hey Al, if the concern is just the creep into our SG&A, we – Jim and I both and Dave are still on track. We look at all of increases or even replacements and make sure that the absolute right thing to do and there are very few of those on the sales side even, although, Jim is right, we retain the Deffenbaugh additions. We have added some sales heads in early 2015 but fewer in 2016. And we look at those on a return basis. Are they generating the value or we don't do them. James C. Fish - Chief Financial Officer & Executive Vice President: I would tell you, nobody is more cognizant of the danger of SG&A creep. When things look good on all other financial metrics, the one that can get away from SG&A. So as Jim said, we are scrutinizing every single not only head count addition but even replacements to make sure that we're only adding where we need to add and where it adds top line or bottom line.

Excellent. Great. Appreciate it. Thanks. Good luck. David P. Steiner - President, Chief Executive Officer & Director: Thank you. James C. Fish - Chief Financial Officer & Executive Vice President: Thank you.

Your next question comes from the line of Corey Greendale with First Analysis.

Just a couple from me. First of all, so the pricing – the core price in industrial has been strong, got even stronger. Is that reflective of what you're seeing in temporary roll off or is that being driven more by permanent work? David P. Steiner - President, Chief Executive Officer & Director: That's temporary roll off. We had a roll off season that started very early. We had unseasonably warm construction season. And virtually, across the board we heard from our folks out in the field that they're not able to – they don't have the trucks and the containers to meet the demand. So what do you do when you don't have capacity to meet demand? You add more trucks and drivers and you raise your price, and that's basically what we saw. And not only do you raise your price, but all of a sudden, those cans that are only being pulled once a month, you take them back and you put them out into another customer where they're pulled more often. And so we saw an unusually strong roll off season. And again, that's continued through April.

So, on – sorry. James E. Trevathan - Chief Operating Officer & Executive Vice President: I was going to say, if I can add to that, that doesn't diminish the increases that we're getting on the permanent business as well. It just says most of that came from the answer that Dave gave you.

Yeah. So the data suggests that the market is absorbing it well with the low churn. If you had told me two years ago that you're going to get 10% core price in industrial, I would have said you're going to shock the market by doing that. So it sounds like that's not happening. Is there any time that that could be starting? Or is it that there's so much demand and you've got the capacity by virtue of being Waste Management, and some of the smaller local providers just don't have capacity so you're able to do that now, but maybe more capacity comes in over time? David P. Steiner - President, Chief Executive Officer & Director: That's exactly right. I mean, I think you hit the nail right in the head. There is limited roll off capacity and it got stretched in the construction season. Not everywhere, it's regional. And so we haven't seen that slow down. And again, it's not just raising prices. It's making sure that you're getting the most efficient use out of that container and that driver and I think we've done a pretty good job of that out in the field of making sure that we're getting the maximum number of polls out of our can. James C. Fish - Chief Financial Officer & Executive Vice President: And it all sounds, Corey, like, when you talk about a 10% increase as if there's concern that we lose permanent roll off business and that's why David pointed out. But this is largely a microeconomic application of pricing to the temp roll off business as a function of strong, strong demand in certain geographies.

I understand. And then I understand that the leachate related charge you're talking about, not a big dollar amount. But can you remind me, have you done other kind of specific cost offsetting fees at landfills or have you only done that on the collection side before? David P. Steiner - President, Chief Executive Officer & Director: We've applied the environment charge at the landfill. Certainly not as much across the board as we have on the collection line of business. And that's why this one's going to be landfill focused. I mean, it really is a landfill particular problem. The environmental charge, when you look at our cost for environmental compliance that stretches across all aspects of our business. This is peculiar to the landfill. Again, I think if you look at everybody in the industry, you'd see both industry players and private players. You'd see that their leachate costs are going up. I mean, it's just a function of higher volumes and higher transportation cost. And so I think the industry has two choices, right? You either watch that return on capital shrink at the landfills, which it has been doing over the last few years or you do something to reverse it. We've decided to do this liquids management charge. I can't speak for anyone else, but that's the way we're going to drive that return on capital. Because look, we invest more capital on the landfill than any other single asset that we have. Now we've got to get the return on it.

Yeah, I understand. And I realized kind of market conditions change so maybe not a good analog. Where I was going with that, I was wondering if you could make a drawn analogy what the reaction was when you implemented the environmental charge at the landfills. Have you found competitors kind of following along or if they use that as an opportunity to try to take volume from you? David P. Steiner - President, Chief Executive Officer & Director: No. I mean, I would say for the most part – again, the environmental charge is not widespread on our landfill customers. But for the most part, we've seen the market react quite favorably.

And then just one last quick one, you already addressed the line question a bunch of different ways, but when you reported last quarter, you said that you thought volume gets stronger in the back half of the year. Do you still think that is likely to be the case? David P. Steiner - President, Chief Executive Officer & Director: Yeah. Well the couple of headwinds that we have going into back half of the year are the recycling volumes, right? And that was about a 30 basis point benefit in the first quarter. But if those volumes go negative like we expect them to go in the back half of the year, it's probably a little bit more of an effect because it will go from positive 3.1% to negative 2% in the back half of the year. So it could be a little bit more than 30 to 40 basis points. But the underlying macroeconomic trends that we see in the industrial and the commercial line are strong. And so I would expect – look, we've always said we don't look at volumes for volumes' sake. We look at volumes to try to add profitable volumes. And what I would say is that the trend line on the profitable volumes that we're going to add is going to be very positive throughout the rest of the year. Some of those negative volumes like landfills, maybe some residential contracts, some of those things might moderate the volume growth a little bit but I expect that we'll continue to see good strong growth in the landfill line and the industrial line and the commercial line.

Got it. Thank you and congratulations on the good start to the year. David P. Steiner - President, Chief Executive Officer & Director: Thank you. James C. Fish - Chief Financial Officer & Executive Vice President: Thank you.

And your next question comes from Tyler Brown with Raymond James. Patrick Tyler Brown - Raymond James & Associates, Inc.: Good morning, guys. James C. Fish - Chief Financial Officer & Executive Vice President: Hey, Tyler. David P. Steiner - President, Chief Executive Officer & Director: Good morning. Patrick Tyler Brown - Raymond James & Associates, Inc.: Hey, quick housekeeping item. So Jim Fish, I may have missed it but can you go over the day adjusted collection volumes by line? James C. Fish - Chief Financial Officer & Executive Vice President: Yeah. Let me see here. Flip back into the script for a second. Patrick Tyler Brown - Raymond James & Associates, Inc.: Yeah. Sorry about that. James C. Fish - Chief Financial Officer & Executive Vice President: Okay. So, roll off volume was 4.2%, on a day adjusted basis it was 2.7%. Patrick Tyler Brown - Raymond James & Associates, Inc.: Okay. James C. Fish - Chief Financial Officer & Executive Vice President: I didn't give a day adjusted commercial... David P. Steiner - President, Chief Executive Officer & Director: It's the same negative point 2%. James E. Trevathan - Chief Operating Officer & Executive Vice President: Right. Patrick Tyler Brown - Raymond James & Associates, Inc.: Okay. Okay. So roughly maybe the same impact on each, okay. I do want to dig in a little... sorry. David P. Steiner - President, Chief Executive Officer & Director: There was no impact on the commercial line. Patrick Tyler Brown - Raymond James & Associates, Inc.: Oh, no impact? Okay. Okay. Perfect. All right. And then I do want to dig in a little bit more on the landfill volume. So if you look at your actual tons consumed, the $23.6 million versus $20.9 million that actually went in to…

Your next question comes from the line of Joe Box from KeyBanc Capital Markets.

Hey. Good morning, guys. David P. Steiner - President, Chief Executive Officer & Director: Morning.

So with cash flow expected to be above the range and leverage up some but still below the 3 times kind of mark that you're looking for, can you maybe just gives an update on the buyback and maybe should we think about another ASR at some point, either this year or on the horizon? David P. Steiner - President, Chief Executive Officer & Director: Yeah. We said at the beginning of the year that we'd spend $600 million on the share buyback and I would expect that we would at least hit that number. We've talked about – we did $250 million in the first quarter, we've talked about doing another $250 million ASR this quarter. And so we'll certainly spend the $600 million. I think there's probably a little bit of upside to that number as we see the cash generation through the year.

Got it. Thanks for that. And... James C. Fish - Chief Financial Officer & Executive Vice President: There's a couple things there on the leverage ratio and then capital allocation. The leverage ratio finished at 2.77, up a bit from the end of Q4 largely related to the acquisition of SWS. But we think for the year, we'll probably be in that 2.6 to 2.7 range. Long term we probably expand that range a bit and kind of call it 2.5 to 3.0 just to give us some opportunity there if we see a big acquisition that looks like it's strategic and reasonably priced, we may go after that. Unfortunately, at this point we don't see any of those out there. So we'll just go – when we think about capital allocation, we'll go with kind of the $100 million to $200 million in acquisitions. And then we'll maintain that leverage ratio, long term in that 2.5 to 3 range.

Got it. Thanks for that, Jim. And then one last quick one. So I want to flesh out the volume growth a little bit. You're still seeing resi volumes decline. Can you maybe just talk to the undercurrents that you're seeing within volume and maybe the impact on margin? Because obviously a solid incremental EBITDA margin this quarter. Is there may be a double benefit with the volume? You're getting a positive mix and then you're also getting more volume at the landfill. Just any color there would be helpful. David P. Steiner - President, Chief Executive Officer & Director: Yeah. I think it's exactly right. When you look at the lines of business from a margin perspective going from top to bottom, you go landfill, commercial, industrial, residential, right? And when you see the predominant volumes coming into those – to the landfill and into the industrial side, and you saw 360 basis points of improvement on the commercial side. It's like I said, we don't go after volumes for volumes' sake. We try to go after the volumes that actually make money. So if we lose a little bit of volumes on recycling, lose a little bit of volumes on residential, I'm not going to tell you that we like that because they do generate some EBITDA, but when you look at it from a mix point of view and from a profitability point of view, I'd much rather be adding volumes on the commercial, industrial, landfill line than on residential and recycling. James E. Trevathan - Chief Operating Officer & Executive Vice President: Yeah. Maybe one more point, Dave, is that on the resi side, when you renew a contract or you gain a contract, it's generally a capital outlay. So we look at return on that invested capital stronger there. Because the other lines of business are inherently strong on an ROI basis.

Got it. Thanks for the color, guys. I appreciate it. David P. Steiner - President, Chief Executive Officer & Director: Thank you.

And your question comes from the line Hamzah Mazari with Sterne Agee.

Hi. This is (01:02:51). I'm filling in for Hamzah. Had a question about the Canadian portion of your business. With the Waste Connections and Progressive Waste merger closing soon, can you give us a sense of your position in the Canadian marketplace? And maybe do an M&A there on the U.S. side, how that all relates? David P. Steiner - President, Chief Executive Officer & Director: Yeah. When we look at the Progressive deal, obviously, we couldn't do that because we have too much business in Canada. Certainly, I think Waste Connections, taking over that business is a very positive thing for the industry. Progressive, I would say, was a little bit more of an aggressive volume player than Waste Connections is. So I think it's only going to be positive for all the business in Canada. From our perspective, we did a large transaction in Montreal couple years ago. I think, I'd say about Canada exactly what Jim said about the United States. If we could find a good sized acquisition that's strategic for us and that's priced fairly, we'd go out and do it. But I think the same thing applies to Canada as does the United States. Right now, we just don't see those. A lot of the sort of what I'd call mid-sized acquisitions, call it in the sort of $500 million to $2 billion type, dollar range. A lot of those type of sellers right now expect too high a price for their business. And so, we have to pass on them for now. But I see that business certainly not being hurt by the fact that Waste Connections will be our new Canadian neighbor instead of Progressive.

All right. Great. Appreciate it. Thanks a lot. David P. Steiner - President, Chief Executive Officer & Director: Thank you.

And your next question comes from the line of Michael Feniger with Bank of America. Michael J. Feniger - Merrill Lynch, Pierce, Fenner & Smith, Inc.: Thanks, guys, for taking my call. I think last quarter you mentioned a 30 to 40 bps benefit margin on lower fuel. Did you guys break that out this quarter? Where did you see the tailwind on the margin line from the lower fuel price? James C. Fish - Chief Financial Officer & Executive Vice President: Yeah. The fuel impact was, to be exact here, 13 basis points tailwind for us. When you think about fuel, we had about $32 million lower in fuel surcharge revenues, $33 million in fuel expense, so kind of a push there. And then when you factor in the lower fuel surcharges that we pay to third-party transportation providers, that's where you get the 13 bps of tailwind. Michael J. Feniger - Merrill Lynch, Pierce, Fenner & Smith, Inc.: Great. And the incremental margin was I think around 50% this quarter, a little over that. I mean, is that – when we think about this going into this environment where it's kind of looking like the best environment we've seen since 2007, is that 50% incremental margin, is that a sustainable run rate we should be thinking in a market where you're getting really good pricing and starting to see positive volumes? David P. Steiner - President, Chief Executive Officer & Director: Yeah. Look, I think in a positive volume environment and particularly when the volumes are positive in the landfill and in the commercial industrial line, I don't think that 40% to 50% flow through is an unreasonable number. Michael J. Feniger - Merrill Lynch, Pierce, Fenner & Smith, Inc.: Great. Thanks, guys. David P. Steiner - President, Chief Executive Officer & Director: Thank you.

And your next question comes from Scott Levine with Imperial Capital.

Hey, guys. James C. Fish - Chief Financial Officer & Executive Vice President: Good morning, Scott. David P. Steiner - President, Chief Executive Officer & Director: Good morning.

Just one question, really. Your core price of 5.3%, just looking at your last transcript. You guys were guiding for 4% this year. Obviously, this is a huge upside to that number. Just wondering whether informally your expectations for this year would be considerably higher or maybe a little bit more color on the upside in price in the quarter. And then I have a follow-up about CPI which has always been strengthening a bit of late and wondering if you could remind us of your exposure to index-based pricing and/or whether we might see some lift associated with that if inflation continues to pick up. David P. Steiner - President, Chief Executive Officer & Director: Yeah. When you look at CPI on a core basis, you certainly see an improvement. But when you look on it on a universal basis, you've actually seen it flat to down because of lower energy prices. So we still think that in the back half of the year, CPI, which is about 40% of our business, CPI could be a headwind not a tailwind in the back half of the year. With respect to core price, we pushed up a lot of our price increases this year, and we're going to be anniversarying some mid-year type price increases we did last year. And so I don't expect the dollars to moderate during the course of the year, but I would expect that the actual number at core price and the number on yield would probably moderate a little bit. But we still wholly expect to be above that 4% core price, and at or above that 2% yield.

Great. Thanks, David. David P. Steiner - President, Chief Executive Officer & Director: Thank you.

And your next question comes from the line of Barbara Noverini with Morningstar.

Good morning, everyone. David P. Steiner - President, Chief Executive Officer & Director: Good morning. James C. Fish - Chief Financial Officer & Executive Vice President: Hey, Barbara.

Just a quick clarification question. So once your leachate treatment facilities are built, we're basically looking to see operational cost savings from replacing higher or third-party cost with your own labor. So is this a longer term goal and that you want most of you major landfills that's common in wetter areas to be self-reliant when it comes to leachate treatment versus basically just targeting specific facilities where this has been a particular challenge? David P. Steiner - President, Chief Executive Officer & Director: Yeah, so... James C. Fish - Chief Financial Officer & Executive Vice President: I think it's the latter. David P. Steiner - President, Chief Executive Officer & Director: When you look at it, it's really geographies. I mean, the biggest expense we'll have this year is a geography where you have a water treatment facility at POTW that in the past has always taken leachate, not only from us but from a lot of other third party landfills around the area and they decided not to take leachate anymore. And so that's when Jim talks about cost going up by 500%, that's basically what happened and this geography. Our outlet for disposal basically disappeared, so now we have to find another outlet and it happens to be a lot further away. So in that type of case – and this is a fairly rural area in the Southeast, and so in most cases, if one POTW shuts you down, doesn't take leachate anymore, you can find another POTW. This happens to be in a more remote type area so you have to build your own treatment facility, but that's pretty unique to this geography.

Got it. Got it. And then out of curiosity, could you then open your own treatment facility to accept third-party leachate volumes? David P. Steiner - President, Chief Executive Officer & Director: We could if we wanted. I think it'll be fully utilized with our own capacity but we could if we wanted to. And then I think I'd just add a little bit to what David said. We don't expect to build these things across the country, across U.S. and Canada. We don't want in Eastern Pennsylvania, the one that he mentioned is in kind of the mid-Atlantic area, and we don't have any other plans to build them beyond those unless we see similar cost increases. But that is the concern and that's why we're proposing the charge here.

Yeah. Makes sense. Okay. Thanks a lot. James E. Trevathan - Chief Operating Officer & Executive Vice President: I might – one clarification. We can but we would have to get a permit from the state that would allow us to accept third-party materials rather than just our own. The current permit does not allow that. So it's possible, it's just not part of the current plan. David P. Steiner - President, Chief Executive Officer & Director: I think it's moot because we're going to have (01:10:52) James E. Trevathan - Chief Operating Officer & Executive Vice President: Yeah. We'll fill it up.

You've got enough to keep your attention, I understand. Thanks a lot. David P. Steiner - President, Chief Executive Officer & Director: And thank you.

At this time, there are no further questions. David P. Steiner - President, Chief Executive Officer & Director: All right. Thank you, all. Obviously, we're off to a very strong start. We look forward to seeing the seasonal uptick in the second quarter and getting back to you with a more precise view of the full year at the end of the second quarter. But I would be remiss to say that when we get to report these good quarters, we as a senior team get to report the numbers. We still realize who produces the numbers, and that's our folks here at the corporate staff and our folks out in the field that are doing a spectacular job applying our strategies throughout the country. We will see you on the road, and we'll see you in the next quarter. Thanks.

Thank you for participating. This does conclude today's conference call. You may now disconnect.