Ladies and gentlemen, thank you for standing by welcome to the Dycom Results Conference Call. For the conference, all the participant lines are in a listen-only mode. There will be an opportunity for your questions; instructions will be given at that time. (Operator Instructions) As a reminder, today's call is being recorded. I'll turn the conference over to your host Mr. Steven Nielsen. Please go ahead.

Thank you, John. Good morning, everyone. I'd like to thank you for attending this conference call to review our first quarter fiscal 2015 results. During the call, we'll be referring to a slide presentation, which can be found on our website, www.dycomind.com under the heading "Events." Relevant slides will be identified by number throughout our presentation. Going to Slide two, today we have on the call, Tim Estes, our Chief Operating Officer; Drew DeFerrari, our Chief Financial Officer; and Rick Vilsoet, our General Counsel. Now, I will turn the call over to Rick Vilsoet.

Thank you, Steve. Referring to Slide three, except for historical information, the statements made by company management during this call may be forward-looking and are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, including those relating to the company's outlook, are based on management's current expectations, estimates and projections and involve known and unknown risks and uncertainties which may cause the company's actual results in future periods to differ materially from forecasted results. Those risks and uncertainties are more fully described in the company's annual report on Form 10-K for the year ended July 26, 2014 and other periodic filings with the Securities and Exchange Commission. The company assumes no obligation to update forward-looking statements. Steve?

Thanks, Rick. Now moving to slide four and a review of our results; as you review these results please note that we’ve presented adjusted EBITDA and certain revenue amounts excluding revenues from subsidiaries acquired during the fourth quarter of fiscal 2014 and the first quarter of fiscal 2015 and revenues from stimulus funded projects all of which are non-GAAP financial measures and our release and comments. See slide 14 to 16 for a reconciliation of non-GAAP measures to GAAP measures. Revenues for the quarter decreased slightly year-over-year to $510.4 million a decrease of 45 basis points, after excluding revenues from subsidiaries acquired during the fourth quarter of ’14 and first quarter of ’15 revenue declined 2.4% organically. Revenues for the quarter were impacted by an expected decline in work for rural customers receiving stimulus funding offset in part by expanding revenues from customers deploying 1 gigabit wireline networks. Gross margins increased 94 basis points as a percentage of revenue reflecting improved operating performance while general and administrative expenses were essentially in line year-over-year increasing 36 basis points. All of these factors produced adjusted EBITDA of $66.4 million or 13% of revenue and net income of $0.59 per share compared to net income of $0.54 in the year ago quarter. Adjusted EBITDA and quarterly earnings per share both represent all-time highs. Liquidity was solid in the quarter with cash and availability under our credit facility totaling a $162.1 million. And finally, during the quarter, we completed the acquisition of Hewitt Power & Communications the supplier of wireline construction services throughout the state of Florida. Now, we’ll update our views of the significant and unprecedented industry end market driver which is impacting our business and outlook as well as recent telecommunications industry regulatory discussions. Going to slide 5, throughout this calendar year,…

Thanks, Steve, and good morning everyone. Going to Slide eight, contract revenues for Q1 of 2015 were $510.4 million. Businesses acquired in the first quarter of 2015 and the fourth quarter of 2014 contributed in aggregate $10.1 million of revenue on the current period. Adjusted EBITDA was a 13% of revenue or $66.4 million during the quarter and earnings per share were $0.59 which is quarterly high compared to $0.54 per share in Q1 2014. Turning to Slide nine. Total revenues were $510.4 million, reflecting growth from several key customers offset by declines from rural customers on stimulus projects and certain customer spending modulations during the quarter. Gross margins grew to approximately 21% in Q1, reflecting a solid performance. G&A increased with the inclusion of recently acquired companies for Q1 of this year and a slight increase in stock-based compensation. Higher depreciation from recent capital expenditures was more than offset by a $1.1 million decline in amortization. Adjusted EBITDA percent was at 13% in Q1 '15 reflecting good execution during the period. Turning to Slide 10. Our balance sheet continues to reflect the strength of our business and our liquidity is at $162.1 million with cash on hand and availability on our credit agreement. Operating cash flows reflect improved earnings and changes in working capital. Capital expenditures net of disposals were $16.3 million and gross CapEx was approximately $18 million. On our credit facility, borrowings increased approximately $9.7 million to support sequential growth and to fund the acquisition of Hewitt Power and Communications during Q1. Now turning to our outlook on slide 11, each year our second quarter is impacted by seasonality, our results are impacted by inclement winter weather, fewer available workdays due to the holidays, reduced daylight work hours and the restart of calendar payroll taxes. Q2 of…

Thanks Drew. Moving to Slide 13, within an improving economy we experience the effects of the solid industry environment and capitalized on our significant strengths. First and foremost we maintain strong customer relationship throughout our markets. We continue to win projects and extend contracts at attractive pricing. Secondly, the strength of those relationships in the extents of market presence they have created has allowed us to be at forefront of evolving industry opportunities. The end market drivers of these opportunities remain firm and are strengthening. Telephone companies are deploying fiber-to-the-home and fiber-to-the-node technologies to enable video offerings, and in some instances, 1 gigabit high-speed connections. These deployments are accelerating and impacting our business. Some of those telephone companies previously deploying fiber-to-the-node architectures are transitioning to fiber-to-the-home deployments, while others are beginning to provision video over fiber-to-the-node architectures. Cable operators are continuing to deploy fiber to small and medium businesses and with increasing urgency. Some are doing so in anticipation of the customer sales process. Overall, cable capital expenditures and new build opportunities are expanding. Wireless carriers are upgrading to 4G technologies creating growth opportunities in the near to intermediate term as well as increasing capacity where 4G technologies are already deployed. Industry participants continue to aggressively extend fiber networks for wireless backhaul services. These services are now planned for small cells as well as macro cells dramatically increasing wireless data traffic may prompt further wire line deployments and new projects funded by the connected -- fund are deploying fiber deeper into world networks. We believe we’re uniquely positioned, managed and capitalized to meaningfully experience and improving industry environment to the benefit of our shareholders. We remain encouraged that our major customers possess significant financial strength and remain committed to multi-year capital spending initiatives which in some cases are meaningfully accelerating and expanding in scope. We remain confident in our strategies to prospects for our company the capabilities of our dedicated employees and the experience of our management team growing our business and capitalization many times before. Now, John, we will open the call for questions.

Certainly. [Operator Instructions]. First we will go to Simon Leopold with Raymond James. Please go ahead.

First, let's get the couple of housekeeping items on the way if we might be -- the cable Telco split please and if you could roundup the top ten customer list that you normally do.

Thanks, Simon. So the Telco was at 62.6%, cable 27.1%, the facility locating was at 6% and then the remainder was electric gas and other. The number six customer was Time Warner Cable at 4.9% of revenue. Windstream was number 7 at 4.3%. Charter was number 8 3.7%. Corning was number 9 at 1.6% and Ericsson was number 10 at 1.2%.

So it looks like you are facing some cross current here with some nice tailwinds and some incremental headwinds and I appreciate the commentary on network neutrality. I guess I am just trying to get a better sense for how you think about 2015 overall even if you can't explicitly quantify it, what the sort of net balance of gigabit projects I think is a tailwind versus we think CapEx cuts, the network neutrality uncertainty and money going to fund spectrum with the bids out there. How should we think about the overall perspective for calendar '15?

Sure. So collaterally and while we've given for detailed guidance for the second quarter, then qualitative in to the third Simon, I mean we see growth opportunities in the business. I think maybe I have reframed your comment slightly differently. I think we have varying degrees of tailwinds. I don't think we have substantial headwinds. So I think while clearly some of the comment carry around that neutrality was in the near term unhelpful. I think we are confident as I think most of our customers are that at end of the day the regulators will do the right thing that any pause will be short lived.

The other topic that's in some discussion is a possible, a possible pause I guess is the appropriate phrase around the cable operators pending their consolidation with Comcast charter Time Warner doing exchange of assets I guess and that's where to put it. Have you seen any indication of any changes or pause as a result of this transaction?

Great Simon, we had organic growth in the October quarter with Comcast at 19.8%. I think we'd have to go back on number of years for a similar outcome. I think they were pretty clear in their more recent comments that their approach is full steam ahead. I think we see opportunities across all the cable operators around new bill and I think one commentary has been provided. They feel pretty comfortable about their CapEx and in quarters where we are growing 20%, I think that's probably showing up with our business.

And then just one last one. AT&T has been public on its commentary about network neutrality. What have you been hearing from other customers in terms of their reaction, it's probably an issue of some concern but what are your other customers besides AT&T saying regarding the network neutrality today?

I think the general sense was that people who have talked about next year's CapEx have seen it as flat to increasing. I think people are somewhat disappointed in some of the uncertainty by I don't think that, that shapes in anyway their commitment to competing and doing that in their infrastructure. I mean I think it's interesting, Simon, you've been doing this a long time, I have too. There is probably more commentary about the next year's CapEx earlier in the current year that I've seen at a long time which I think is indicative of how important it is.

Our next question is from the line of Tahira Afzal with KeyBanc Capital Markets. Please go ahead.

I here you guys are turning in clearly a better utilization at this point we are starting to see that in the margins and. I know your visibility outside of the is tough given how your customers typically spend. But if I was to look at the trajectory of margins going forward specially as the anniversary so in pretty tough weather comes from earlier on in 2014 into early 2015, Steve, can you comment on how you see that margin trajectory in general it seems like you’re feeling better about it but we’d love to get a little more color around that.

Sure, so I think what’s important to keep in mind and this is a function of scale of the company particularly after the last couple of years’ worth of acquisitions, we’re able to address the vast majority of these new opportunities within our existing infrastructure and when you’re able to do that you just get much better it’s not just utilization of your field people which I and that was the way people think about it but you get utilization of your warehousing and facility infrastructure, your support staff, management teams and you’re growing in areas where you’ve existing relationships and in many instances where we’ve a local presence that’s measured in decades and that just creates opportunities for us to do better now that means that there are things to work on, does it mean that there was something last quarter I wish to – but it just means given the footprint of the company given the match of that footprint to the opportunities, we feel good about performing better.

Got it, okay. And Steve, if you look at one of your larger [E&P] players that was hosting the Analyst Day and they were pretty bullish on your sectors while in general – and customer spending but at the same time they were talking about gaining market share to really build up their brockets, their new entrance so, could you talk a bit about what you’re seeing on the competitive landscape, are you seeing the larger traditionally [E&Ps] trying to run it into your space a little more and if there are is it more against some of the lower quality folk so it’s do not really seeing the impact?

So, I think that here we’ve talked about this before as we – as there are increasing growth opportunities as the scale of those opportunities becomes larger it were successful and our industry is growing, there has been no attractive competition I think historically the larger folks that are not involved in the space have tended to be people that come in they stay for a while and they leave now that mean that will happen that way this time but historically particularly on the wireline side of the business both cable and telephone, there is just not a history their of our customers feeling like those types of resources or something that’s a good fit for what their needs are, now there has been some involvement of wireless that maybe slightly different story but and that doesn’t mean what happened in the past will continue but to and in unprecedented market full of opportunities where there is lots of competitive intensity, we think we’re in a good place.

And next we’ll go to Alex Rygiel with FBR, please go ahead.

Thank you, good morning Steve, nice quarter.

Steve, how many of your top 10 customers are wireless customers and how many are one gigabit customers?

I don’t know that I prepared to answer that I mean clearly we do wireless and wireline for AT&T, we also do wireless and wireline for Verizon and we do a little bit of primarily wireless for Ericsson but that one so the customers are going to be wireline.

And you don’t want to comment on how many are one gig customers?

We said we’ve a number of customers so that’s probably more than two, how is that?

One gig sounds exciting but how can you measure whether or not it’s a net positive or just a reallocation of CapEx from traditional spending?

Sure, I can answer that kind of with one example in Berkeley. So there is a particular opportunity where we do all of the master services agreement, construction and maintenance activities. At one side that’s an opportunity across an entire state that might be worth let’s call it $100 a year but fiber to the home opportunity in that same state is greater than the all of the maintenance and new build activity. So that maintenance and new build activity as we accompany growth it needs to be done as we continue to add jobs at work needs to be done. So there is always some – credit of cost but it’s that analytical framework is fraud at least as we seen it in existing markets.

And lastly, one of the challenges I think has been organic growth and the lack of organic growth in the business for the last half of quarters, when might we see this shift and see a much more substantial acceleration when do the comps get easier with the more loss of stimulus for and so on?

Sure. So we've providing in our trending schedules and I think also in the attachments to the press release, roll up on stimulus and that's clearly been the most substantial headwind. And we think that comes out of the business over the next two three quarters. And I think that's why we have broken that out so that, that becomes a less of headway. I will let your work your own numbers but the second quarter all I think you will be able to at least surge one range of scenarios to get you to true organic growth for the quarter.

Our next question is from Adam Thalhimer with BB&T Capital Markets. Please go ahead.

What gives you the confidence that the net neutrality impact will be short-term?

It's inconceivable to me that it makes sense to impose kind of the 1930s which was an extension of an 1880s regulatory framework to telecom. And I think to the extent that regime created a disincentive to invest that showed up in people's quality of life that it would be pretty short lived. And I am also pretty optimistic that the regulators understand and that just wouldn't make sense. I mean if you think about more broadly kind of the widely [indiscernible] lack of spending on public infrastructure like highways and bridges without extending some kind of public oversight or private investment and telecom just doesn't make sense to me.

And then how does this play out in terms of comment over FCG and perhaps some of your customers to make public statements about return [indiscernible] back on or how ...

I think there is a conversation that’s ongoing now the people are reporting on and I think there is a timeline to get that resolved hopefully in a way that doesn’t windup in the court system for a long period of time. This is a conversation I think that started in either 2006 or '07. Another version in 2010, and if you think about during that period of time, how much investment there has been in wireline and wireless networks and how much for example as was earlier referred how much is being spent to acquire wireless spectrum. The idea that we've kind of created the hand of regulation on the space doesn't make sense.

Last quarter you gave the amount of 1 gigabit work in your backlog, can you share that again?

I think we gave a general approximation and we are not going to break it out. We've given you a number of growth opportunities and where they are located that we booked in the quarter, we'll leave it to the analyst community to put it all together.

And then lastly, your unnamed customer -- if I look over the last two quarters, it’s consistent at a 100 million run rate and for those of us GAAP model revenue on a customer specific level and just curious how you see that trending.

We think there is growth opportunity there.

Our next question is from Christian Schwab with Craig-Hallum and Capital. Please go ahead.

So just on the utilization question is I want to make sure thinking about it just correct we talked about this time as deployments accelerate and let's say the government and SEC and AT&T can all get together here and all we will just have a big tailwind here. Are you going to need to hire more people I would assume if everybody is going to be spending doing the same thing. As we think about gross margins, I would assume as you hire next year 100 people to work in one metro area or 300 extra people in that metro area, it's probably going to cost us more money to hire them and some of the other people who exist there might be not as costly but will bid it out on the cost of them. So as deployments accelerate gross margins expands, right?

Yes. I mean Christian the way -- we have been through this cycle before. I mean there was a period of time a long-time ago where we worked in that land and it had a 2% unemployment rate. Don't get any tighter than that. What you have to keep in mind is as the industry gets busy as an industry and the name of the game is no reallocating resources from provider-to-provider but growing overall industry capability there is got to be a commitment of capital made both for the people but also for the equipment and tooling. While we are always going to be fair to our customers, I think customers understand that within that context, as the cost of inputs go up there have to be an adequate return on those costs and that’s an important part of making sure that people can meet their objectives. So, there is always a balance that you’ve to strike but that’s the way it’s always played out before and I think once again our scale makes a difference because a, we’ve been through it before but the scarcity you’ve talked about starts in much higher embedded base of resources, it’s always easier to add a 1,000 people to 10,000 that it is 1,000 to 1,000 right? And so that while it may see attractive and probably is the sum it maybe a little harder to build scale than others appreciate but that’s a good thing for us.

Great, and thank you. And then can you remind us the potential positive tax of lower fuel cost?

Yes, Drew, why don’t you just talk about that.

So, first quarter year-over-year it probably contributed a $500,000 of the margin.

Our next question is from John Rogers with D.A. Davidson, please go ahead.

Steve, looking at your backlog it’s up sequentially and pretty substantially year-over-year, are your customers changing the way that they give you orders or how should we think about it, is that significant? [indiscernible]

Yes, no and as I’ve said before right better than last quarter order does move around, there has really been no change in the pattern in which customers have issued work, there have been no kind of overall industry or even customer trend altered the relationships like activities just picking up.

But in the size of the orders, the size of the projects, is that changing?

Well, certainly when you get into these one gigabit deployments those can be substantial projects and they have tight timelines right? So they can be, they can come into backlog in a pretty significant way and burn through it but once again if you look at our embedded base of master service agreements as the economy picks up as new Greenfield subdivisions go in as the economy generates employment, when you add in that 200,000 jobs a month that requires investment in telecom infrastructure that when we weren’t growing jobs that wasn’t being spent.

Okay, and just getting back to some of the in the sort of the customer capital spending – in commentary that we’ve heard lately, from your point of view, AT&T has come out and they expect capital spending overall heading down 10% next year but you’re fraction of that the services that you provide, are you seeing I mean what would be your general commentary on what capital spending is relative to wireline and wireless install activity?

Yes, and I think John what we said earlier and your premises like there are big customer, they’ve got lots of folks, they have a big capital budget we don’t work for them everywhere and we don’t touch all parts of their capital budget but in the places we see we feel comfortable with flat outlook on wireless could down a little bit, could be up a little bit and we see growth opportunities in wireline obviously the shorter the pause the better but we’re encouraged that they have made some comments and some of the markets that are already underway that they plan to continue in those markets that are underway. So, we just thought this kind of unfortunate uncertainty gets resolved quickly because I think it’s in the interest of the country to do it.

Got it, and then lastly if I could is projects as you’ve indicated get more out of the average size and maybe some of the projects get larger, are you seeing more opportunities in the acquisition market or given that your scale now you don’t, you made comments earlier about leveraging what you’ve got or you don’t need the acquisitions to grow?

Well we do the small acquisition both in the fourth quarter of last fiscal year and then just in this most recent quarter, good companies, we’re glad that they’re part of our company but they were certainly nice to have, they weren’t necessarily need to haves and I do think that the footprint that we have allows us to be in front of things there maybe some small acquisitions that allows us to be even more in front of opportunity but not something that we see as a significant drain on capital.

Thank you, happy Thanksgiving.

You too John.

And we’ll go to Noelle Dilts with Stifel, please go ahead.

So, just kind of extend on what of lot of other folks were asking about but just given that the AT&T CapEx announcement came as a surprise to many industry participants and maybe been some folks within AT&T itself, can you just remind us about your visibility into work, with your work whether that's going to just releases under your existing MSA contracts but maybe you could also talk about just through communications with a lot of your larger customers to the degree that we are expecting to see some visibility into the coming spend?

Sure. I think what we said earlier is particularly on wireless where that's a turnkey approach to the business where they are citing and zoning is that acquisition opportunities in other things we tend to have a pretty good work. As a release work, we know the value of the work, generally and when it's scheduled to be completed that doesn't mean that I can't change it but walking even with very recent activity we feel comfortable with our outlook there. On the wireline site, clearly AT&T strongly believes in their giga power project definite aggressive hundred city rollout that their pausing and reevaluating at least impart because of those regulatory uncertainty and I think it's very interest in everybody else's interest to get that behind. I think with respect to the rest of our customers, I think their public comments show that they are concerned that at least at this point not altering kind of their indicated levels of activity for next year which once again as a signal as to how important next year's capital plans are, they have been talking about them talking about them quite early in the disclosure cycle.

Okay. And then when you are looking at this 1 gig work can you help us a little bit about how much of that is maybe falling under some of your existing MSA contracts with maybe an extension on how much is kind of at new project business or contracts.

I think we have extensive relationships with a number of folks that are pursuing those opportunities in their networks and we have got a complete assortment of either extensions of existing agreements, new agreements in geographies that we already serve, where we already have infrastructure and where we are clearly the if we do a good job, the best supplier because we are there and we have existing relationships. We are also seeing opportunities to provide resources in areas where perhaps some of our smaller competitors may not be able to step up. So it's really of broad spectrum of opportunities.

And then last question, kind of a housekeeping question. Can you tell us what wireless revenues were in the quarter?

Yes, it was about 11%, just a little over 11%.

Our next question is from Alan Mitrani with Sylvan Lake Asset Management. Please go ahead.

Drew, can you talk about your CapEx plans for the year still in the gross to net basis, it seemed a little than I thought this quarter?

Sure, Alan. Yes, it came in a little bit but we are still comfortable with the 80 to 85 on a net basis for the full fiscal 2026.

Can I assume that will skew a bit to the second half relating see through customers where they spend?

I mean now what we've got, we've got enough visibility to execute against that CapEx plan and if it gets better, we will be happy to spend more.

Okay. Also the acquisition, can you tell us how big on an annual basis maybe I [indiscernible] the revenues are and [multiple speakers].

It's a $12 million to $14 million basis on annual basis Alan. There was about a little less than 2 million in the quarter.

And then Steve just a bigger questions, a couple of years ago we thought your SG&A might flatten out a little bit as you integrated the [indiscernible] business. I realize you are building for bigger, for a much bigger revenue based in the next couple of years but we haven't seen the flattened out it seems to have flattened out in a higher level. I am just wondering -- and the same with DNA we can know obviously the A portion came down a little bit but the B is moving up, when do we get that lift off of this or is there a decline of other certain specific projects such as spending on that maybe we could see one of these quarters a revenue jump and an SG&A drop on a relative basis?

That's always a possibility Alan but I tell you when you have unprecedented opportunity, but you want to make sure that you've got the best team and best systems in place to convert that to gross margin. And we continue to have initiatives that they cost out of the business but there are other things that we are doing to create future value and we are comfortable where that makes sense for the opportunities that we see going forward.

Okay. On the gross margin since you mentioned it, it seems like the lower gas prices you were seeing year-over-year Drew, but I guess quarter-to-quarter it seems like that's going to be more meaningful if we compare call it the back half of '14 versus the front half of '15. Are you doing anything to lock in some of these lower gas prices?

I mean we've looked at opportunities to do that before Alan and will be opportunistic about it. We don't [indiscernible] fuel but we certainly realize that there is an opportunity through the winter that perhaps we can hedge some of our costs going forward and if it makes sense, we will do it.

Okay. On the gross margin also, it seems like it makes sense for you to play for margin profitable business with good customers overtime as opposed to just going for revenue growth the way some competitors might be looking forward overtime. Can you just talk about that issue because it seems like for the first time in a while we are going to be seeing some decent margin growth this coming year, what’s your thoughts are in terms of going after a few points of revenue growth versus a few points of decent margin growth?

Our bias Alan is always going to be towards margin and environment where we’ve seen this before I have been very clear that we’d be very happy to grow our revenue somewhat slower than the overall industry opportunities as long as we grow it in the right places that create the most value for shareholders.

On the customer side, it seems like I could just look at frontier and wind stream slowing down a bit just to be able to see the rural dropping of frontier went from 35 million in fiscal ’13 roughly down 27 million last year it didn’t even show up as a top customer here in the top 10, we look at that in the same wind stream from 127 down to 92 down to what looks like a run rate of 80 or lower, could we use that sort of are engaged partly in terms of looking at rural customers?

Well, we’ve given the stimulus funded portion for all customers in the Reg G disclosure but I think it start with that and you point about that as going this year or over the next three to four quarters probably three quarters and I think that’s the best way to do it because as we highlighted in our comments and as Windstream has talked about the funds that will flow to the rural carriers as a part of the Connect America fund which is allegedly to be finalized before the end of the calendar year could be very substantial and it’s for an extended 5 year period so, I’m not sure I’d be comfortable with that with respect to those people who could get Connect America funds.

Got it, and then one last question, on the DSOs I realized there was a customer quote 17 million to 18 million you’re disputing but even if I take that out DSOs assumingly we’re the highest they’ve been, I guess there is what I look at that is a big opportunity not cash constrained because your great credit lining you don't have to pay back that debt for a long time it seems like the ability to generate a lot of cash in the next couple of quarters as you go to the winter months to be able to maybe use that put it either into acquisitions or to put it back into buying your own stock back given your roughly at couple of hundred million dollar EBITDA run rate two times – with no issues and covenants, what are your thoughts there?

Yes, so we certainly see some good cash flow coming back, when you grow particularly with new customer, sometimes it takes them and us to work through getting that the cash flowing we see that happening and as always Alan, we’re going to balance kind of what it’s going to take to fund the company organically particularly when we contemplate some pretty substantial opportunities next year versus where the share price is, versus what we can do around M&A, as we said earlier we certainly see opportunity for some small M&A that no strategic need to do anything significant that would impact our ability either grow organically or by shares back if they’re attractive.

And we’ve follow up from Alex Rygiel with FBR, please go ahead.

In terms of improving margins expanding nicely organic growth returning, why haven't you become more aggressive in the buyback with your stock at this level?

Well, I think if you look at the price chart Alex, we’ve a trading policy that establishes windows and when they open and close and the real weakness in the equity occurred after the window is closed.

And lastly on wireless, what’s your longer terms strategy on wireless looks like growth rates been somewhat stable over the last call at 6 quarters or so, is that business line that can grow faster than wireline?

I would say on a balance of opportunities that right now wireline has higher potential growth rates and I don’t think that just as I think that’s probably that kind of the industry to industry.

And Mr. Nielsen, there are no further questions in queue.

Okay, well we thank everybody for your time and attendance. Have a good Thanksgiving and we’ll talk to you at the end of February. Thank you.