Good day, ladies and gentlemen, and welcome to CenturyLink's First Quarter 2015 Earnings Conference Call. At this time all participants are in a listen-only mode. Later we'll conduct a question-and-answer session and instructions will be given at that time. As a reminder, this conference call is being recorded. I would now like to turn the conference over to Mr. Tony Davis, Vice President of Investor Relations. Mr. Davis, you may begin.

Thank you, Sayed, and good afternoon, everyone, and welcome to our call today to discuss CenturyLink's first quarter 2015 results released earlier this afternoon. The slide presentation we will be reviewing during the prepared remarks portion of today's call is available in the Investor Relations section of our corporate website at ir.centurylink.com. At the conclusion of our prepared remarks today, we will open the call for question-and-answer. On slide two, you'll find our Safe Harbor language. We will be making certain forward-looking statements today, particularly as they pertain to guidance for full year and second quarter of 2015 and other outlooks on our business. We ask that you review our disclosure found on this slide, as well as in our press release and in our SEC filings, which describe factors that could cause our actual results to differ materially from those projected by us in our forward-looking statements. We ask that you also note that our earnings release issued earlier this afternoon and the slide presentation and remarks made during this call contain certain non-GAAP financial measures. Reconciliation between the non-GAAP financial measures and the GAAP financial measures are available in our earnings release and on our website at ir.centurylink.com. Now as you turn to slide three, your host for today's call is Glen Post, Chief Executive Officer and President of CenturyLink. Joining Glen will be Stewart Ewing, CenturyLink's Chief Financial Officer and also available during the question-and-answer portion of today's call will be Karen Puckett, CenturyLink's President of Global Markets. Our call today will be available for telephone replay through May 13, 2015 and the webcast replay of our call will be available through May 27, 2015. Anyone listening to a taped or webcast replay or reading a written transcript of this call should note that all information presented…

Thank you, sir. First question comes from David Barden from Bank of America. Your line is open. Please go ahead.

Hey, guys. Thanks for taking the questions. I guess first, Stewart, just with respect to first quarter results and then the second quarter midpoint guidance and then comparing that to your full-year guidance, splitting it up equally, it looks like revenue would have to move into the $4.5 billion to $4.6 billion range to kind of get to the midpoint of the full-year number. Could you talk about the moving parts that are going to get us from that $4.435 billion to that $4.5 billion number that seems to be embedded in the full-year guidance would be...? And the second part of that question would be, if we are looking at an upward swing in revenue growth sequentially through the back part of the year, could you talk about what the drivers for 2016 would be to kind of keep that going? Thanks. R. Stewart Ewing, Jr. - Executive Vice President, Chief Financial Officer & Assistant Secretary: Yeah, so, David, you're right. There is somewhat of a hockey stick in the second half of the year, which was really implied more or less in the first quarter guidance that we gave as well. And really, there are three areas that we think that we'll see improvements on, really starting somewhat in the second quarter, but then more so in the last half of the year. One is, we – as Glen mentioned, we expect the reorganization that we did and the sales results from that reorganization to improve during the year, as we saw some improvement in the month of March over January and February. So we expect to see continued improvement there and that to be one of the items that hopefully will push our revenue in the second half of the year. Secondly, I mentioned surprise adjustments, so…

Awesome. Sounds great, guys. Congrats. Thanks.

Thank you. Our next question comes from Simon Flannery from Morgan Stanley. Your line is open. Please go ahead. Simon Flannery - Morgan Stanley & Co. LLC: Great. Thank you very much. You were active in the market buying back stock this quarter. Can you just update us on what you have left in the current authorization and how you're thinking about next steps after that given the potential cash tax impact next year? And any potential M&A that might be out there? And then if you could also just comment on your thoughts on the CAF-II proposals from the FCC? Thanks. R. Stewart Ewing, Jr. - Executive Vice President, Chief Financial Officer & Assistant Secretary: Yeah. So, Simon, first on the share buyback, basically through – a couple of days ago, I guess through the shares that we've settled as of really yesterday, we had repurchased about 11.6 million shares under the existing program and spent about $439 million, so there's $561 million remaining of the $1 billion program that we had. And we continue to expect to opportunistically buy shares back and would expect still to complete the program within the 24-month period from which we started it, which we started it in February or so – May actually, May of 2014. So by May of 2016, we would expect to complete that. Beyond that, we haven't really talked with the board about the next step from the standpoint of returning cash to shareholders, although as you point out, we will see an increase, a significant increase in cash taxes or expect to see a significant increase in cash taxes in 2016, which we'll use quite a bit of the free cash flow that we've had. In terms of the CAF-II proposal, of course we've just got that – I guess the FCC just released that a week or so ago and started the 120-day clock running basically, so we have until August 27 to make the FCC aware of which of the 37 states that we have the option of the right of first refusal in to take up to $514 million is what was allocated to us. So we have started the process now that we know the census blocks that are included. We started the process of reviewing the capital expenditures that would be required to get the 10 down/1 up service, and I would imagine we will take most of the time allotted to come to some conclusion as to how much of the CAF II monies that we won't accept. Simon Flannery - Morgan Stanley & Co. LLC: Do you have any sort of initial – do you think you'll take most of it, or it's still too early to say? R. Stewart Ewing, Jr. - Executive Vice President, Chief Financial Officer & Assistant Secretary: It's really still too early to say, Simon. Simon Flannery - Morgan Stanley & Co. LLC: Okay. Great. Thank you.

Thank you. And our next question comes from Batya Levi from UBS. Your line is open. Please go ahead.

Great. Thank you. First, a question on the strategic services within the Business segment. You explained the pressure that you saw on the hosting side and the low-bandwidth services, but can you provide more color on why we saw the high-bandwidth revenues come down sequentially and how you think about that piece going – tracking from here on? And the second question on the other strategic services, it's been very lumpy, but you had a big quarter this time. What was in there? Is there any one-timer and how do you expect that going forward? Thank you. R. Stewart Ewing, Jr. - Executive Vice President, Chief Financial Officer & Assistant Secretary: Yes. So, Batya, we had a re-class from strategic services to legacy services in the first quarter that in the aggregate was about $10 million. About half of it was related to basically network services that Savvis had been providing. And we decided that as we merge the sales force as we looked at it closer and decided that it really should be in legacy revenue. And then the other was just some other strategic revenue that we found that we really needed to re-class to legacy too, so that was about $10 million of it. And then also, the SAB 104 deferral revenue, I guess we didn't have as many one-time sales in the first quarter as we had in the first quarter a year ago, and that basically – the way we account for it reduced the strategic revenue somewhat.

Okay. Maybe putting it all together, how should we think about the strategic services within the Business segment trending from here on? R. Stewart Ewing, Jr. - Executive Vice President, Chief Financial Officer & Assistant Secretary: Yeah, so I mean, we would expect basically based on the sales effort that the business strategic revenues should hopefully trend better going forward. And then also, as Glen mentioned, the Prism build-out that we have in process and the GPON rollout and the higher-bandwidth services that we'll be providing to our high-speed internet customers both on the Business and Consumer side, that all of that should help drive those strategic revenue lines over the course of the year.

Okay. Thank you.

Thank you. And our next question comes from Frank Louthan from Raymond James. Your line is open. Please go ahead. Frank Garreth Louthan - Raymond James & Associates, Inc.: Great. Thank you. One just quick clarification and sort of strategic question. You mentioned on the hosting side down a little bit because of FX and some lower non-recurring. Can you quantify that, how much of it was the FX, and then what exactly was the impetus for the non-recurring? And then, as you look out at M&A going forward, how should we think about your appetite for various assets and particularly landline assets? Are those as interesting to you as they were in the past or you see – looking for other opportunities? R. Stewart Ewing, Jr. - Executive Vice President, Chief Financial Officer & Assistant Secretary: Yeah, so, Frank, the foreign exchange was $5 million during the quarter negative, and that was mostly the British pound. And then, we had about $4 million of lower non-recurring sales, and it was just an opportunity that we had in the first quarter of 2014 that we didn't have – with a partner, that we really didn't have again in the first quarter 2015. Glen F. Post, III - President, Chief Executive Officer & Director: And, Frank, regarding the access line-type acquisitions, we are – as I've said before, we're less interested in those today just because of the difficulty in having those revenue streams that would drive growth for us. It is difficult, as you know. We believe we've assembled a really strong group of assets that form a really good foundation from which we can drive attractive growth in the months ahead and years ahead. That being said, we're always looking for opportunities to accelerate our growth and strengthen our position in the market. We don't believe we have any gaping holes we need to fill in our product portfolio or in our key asset base. But if opportunities arise in which we can enhance our Cloud hosting offering, expand our fiber reach, our fiber access or accelerate our growth profile, we would certainly consider those opportunities. As you know, we've made some small acquisitions that have enhanced our hosting and Cloud capabilities and IT service capabilities in recent months. They were small, but all those fit very well strategically with where we're headed. But any opportunity we look at would only be evaluated under our very disciplined approach, acquisition process. Frank Garreth Louthan - Raymond James & Associates, Inc.: Great. Thank you very much.

Thank you. And our next question comes from Mike McCormack from Jefferies. Your line is open, please go ahead.

Hi, guys. This is Tudor for Mike. Just a question on the competitive environment, have you guys seen any incremental competition from Level 3 and tw telecom now they've merged? And any commentary you guys have on the hosting and managed hosting market? Karen A. Puckett - Chief Operating Officer & Executive Vice President: Michael (sic) [Tudor], this is Karen Puckett. In terms of Level 3, I would say we continue to do very well on our high-bandwidth capability to our customers, so we have not seen a slip in our win rates and continue to take share from many carriers. So, we feel good about that. And on the second question – second question was around the hosting, managed hosting, I would say that the issue there is more in terms of our focus versus competition. And clearly on the public Cloud side, that continued to grow, AWS, Microsoft, but that's not – we are not a pure play, we really are focused on that broad hybrid proposal and what we see. And if you look at the kinds of wins that we're winning from global to midsize, we've got a product portfolio with our network that provides a little latency with our collocation and then with our dedicated and public Cloud that allows really any size customer to scale up or scale down. And we can handle the enterprise grade and security capability that's required. So when I look at our wins and when I look at our funnel – what's in our funnel, it's really encouraging in terms of the opportunity we have in front of us.

Thank you.

Thank you. Our next question comes from Michael Rollins from Citi. Your line is open. Please go ahead.

Hi, thanks for taking the questions. Actually, really just one tonight. I was curious if you could talk a little bit about your thoughts on the OpCo/PropCo structuring or considerations for that? R. Stewart Ewing, Jr. - Executive Vice President, Chief Financial Officer & Assistant Secretary: Yeah, Mike, so this is Stewart. We really haven't changed our view from before. The spin-off just occurred a week or two ago. Basically, we continue to see a lot of opportunity to create value for shareholders by using the assets that we have today and would be concerned about those assets being in someone else's hands – another group of shareholders basically with different interests. However, we'll continually evaluate the best ways to try to deliver long-term shareholder value, so as such, we'll monitor their performance over the course of the next couple quarters or so and we'll see how much value is created there and then we'll weigh that against what we believe our potential downsides associated with using that structure.

Thanks very much.

Thank you. I'm showing no further questions at this time. I would like to hand the conference over to Mr. Glen Post for closing marks. Glen F. Post, III - President, Chief Executive Officer & Director: Thank you, Sayed. In conclusion, overall we are pleased with our solid first quarter operating and financial results. And we are confident that the reorganization and the investments we're making continue to position us to effectively compete in the marketplace and drive revenue growth from our strategic products and services in the months and years ahead. So thank you all for joining our call today and we look forward to speaking with you in the weeks ahead.

Ladies and gentlemen, thank you for participating in today's conference. This concludes our program for today. You may all disconnect and have a wonderful day.