Welcome to MasTec's Third Quarter 2016 Earnings Conference Call initially broadcast on November 4, 2016. Let me remind participants that today's call is being recorded. At this time, I'd like to turn the call over to Marc Lewis, MasTec's Vice President of Investor Relations. Marc?

Thanks, Tracy, and good morning, everyone. Welcome to MasTec's third quarter 2016 earnings conference call. The following statement is made pursuant to the Safe Harbor for forward-looking statements described in the Private Securities Litigation Reform Act of 1995. In these communications, we may make certain statements that are forward-looking such as statements regarding MasTec's future results, plans and anticipated trends in the industries where we operate. These forward-looking statements reflect the company's expectations on the day of the initial broadcast of this call and the company does not undertake to update these expectations based on subsequent events or knowledge. Various risks, uncertainties, and assumptions are detailed in our press releases and filings with the SEC. Should one or more of these risk or uncertainties materialize or should any of our underlying assumptions prove incorrect, actual results may differ significantly from results expressed or implied in this communication. In today's remarks by management, we will be discussing continuing operations, adjusted financial metrics, as discussed and reconciled in yesterday's press release and supporting schedules. In addition, we may use certain non-GAAP financial measures in this call. A reconciliation of any non-GAAP financial measures not reconciled in these comments to the most comparable GAAP financial measure can be found in our earnings release, our 10-Q, our 10-K, or on the Investor and News sections of our website at mastec.com. With us today, we have José Mas, our CEO; and George Pita, our EVP and Chief Financial Officer. The format of the call will be opening remarks and analysis by José, followed by a financial review from George. The discussions will be followed by a Q&A period and we expect the call to last about 60 minutes. We had a great quarter and have a lot of good things to talk about today. So,…

Thank you, José, and good morning, everyone. Today, I'll cover third quarter financial results, including cash flow, liquidity and capital structure, as well as our fourth quarter and full year 2016 guidance expectations. As Marc indicated at the beginning of the call, our discussion of financial results and guidance will include non-GAAP adjusted earnings and adjusted EBITDA. Reconciliations and details of all non-GAAP measures can be found in our press release, on our website or in our SEC filings. Consistent with our prior treatment, when addressing our third quarter 2016 performance, adjusted results exclude the impact of approximately $4.7 million pre-tax or $3.2 million after tax of restructuring costs incurred primarily in our Electrical Transmission segment. These costs mostly consist of employee separation and lease termination expenses. We currently expect to incur approximately $2 million pre-tax in restructuring expenses during the fourth quarter in connection with the expected completion of initiatives to rightsize operations and improve future performance. Additionally, third quarter 2016, adjusted results exclude the impact of approximately $5.1 million or $3.9 million net of tax related to our proportional share of an expected project loss on a non-controlled Canadian joint venture, which is constructing a bridge in Western Canada. This venture automatically terminates upon project completion and is directly managed by a third-party with minimal MasTec construction involvement. As we've previously indicated, this project has experienced delays in delivery of a key material. While this material has now been received, the timing of receipt and production delays caused additional expected project losses. The project is approximately 75% complete as of the end of our third quarter and is expected to be substantially complete during the first half of 2017 as winter weather conditions limit the possible project production between now and spring of 2017. We have no substantive…

Thank you. And we'll go first to Alex Rygiel with FBR. Alex J. Rygiel - FBR Capital Markets & Co.: Thank you. Good morning. José, Bob and George. Fantastic quarter. José Ramón Mas - MasTec, Inc.: Thanks, Alex. Alex J. Rygiel - FBR Capital Markets & Co.: As it relates to the Oil and Gas segment, you had amazing margins in the third quarter. It sounds like you're going to have record backlog going into 2017. I know 2018 is way down the road, but can you talk a little bit about some of these early conversations you're having with customers about – that gives you a lot of confidence with regards to the longer-term outlook for pipeline? José Ramón Mas - MasTec, Inc.: Well, right now, there is a lot of projects. And I think, you've heard it from, I think, the whole industry, you've heard it from our peers, significant amount of work. A lot of big projects are planned. A lot of customers are out securing resources, not just for next year, but for a couple years out. Quite frankly, I've never seen it like this. So, we're very bullish not just about obviously what we're doing this year or what happens next year, but into the outer years and even in the 2018. A lot of projects on the board for 2019 and 2020. So, right now, the end market looks great. Obviously, commodity prices are still struggling. We need commodity prices to come back for the whole ecosystem to get better, right. We're still struggling in Canada. That's 100% due to commodity prices. I think when commodity prices start to rebound and sustain at a certain level, we'll see a lot more activity in Canada. We'll see a lot more activity in the shales. I…

And we'll go next to Matt Duncan with Stephens, Incorporated.

Hey. Good morning, guys. Great quarter. José Ramón Mas - MasTec, Inc.: Good morning, Matt. Thank you.

So, in Oil and Gas, I want to start there. Just curious on the timing of the Diamond and Rover pipelines and how you think about your ability to kind of roll off a dapple (33:00) in the Mexican work on to these next jobs? How should we think about the sequencing there? José Ramón Mas - MasTec, Inc.: Well, on the long-haul (33:10) work that's going to continue well into 2017. So we'll probably recognize about somewhere around half the revenues in 2016 and half the revenues in 2017. So that project flows nicely into the beginning of the year. The Diamond Pipeline will start – it will start in the fourth quarter this year. So that will be ramped up nicely in the first half of 2017. We should be pretty much completed with all of dapple (33:36) by the end of 2016. We'll probably have some cleanup and a little bit of work to finish early in 2017 to go back and do some stuff. We expect Rover to start early in the year. There's still some unknown relative to exact dates on all of this, right. Everything seems to ship and move a little bit. But, right now, we feel really good. It's still a little bit early for us as we think about 2017 and where everything lands. But we're pretty comfortable that we've got some roll off and some project starts to kind of – that kind of work pretty well with each other.

Okay. Great. And then in Communications just on the outlook, maybe for each of the three pieces, if you could. I mean it seems like wireless is picking up momentum. We know wireline is very strong. The installation services – I mean I think it's probably reasonable to assume that DIRECTV installations are maybe going to slow a little bit here. So how are you managing that aspect? And it sounds like you have had a lot of head count increase. So you're kind of slowing down on that. Just maybe a little bit of help on the outlook for the three pieces would be great. José Ramón Mas - MasTec, Inc.: Look, at the end of the day, we're going to manage to whatever the work is out there. We've increased our head count. We expect that head count – we're going to manage to that head count. So the expectation is that at our current levels we're going to be busy. Whether we can continue to grow or not, time will tell, but we don't expect the growth rates that we had this year. On the wireline side of the business, there's still tremendous opportunity. We expect continued growth, on the wireless side. Again, longer-term, we think 5G is going to be a huge opportunity for us, whether it's – that's probably not a full year 2017 event. It's probably later in 2017 that we really start seeing significant activity related to that. Quite frankly, we're very bullish about what's happening across all the segments there. There's been some negative announcements here. As of late, we had one carrier that's kind of pulling back on their gigabit builds, which will have some impact. Obviously, AT&T is buying Time Warner and we've kind of been through this before where we're a little skittish about the short-term nature of that and what it might mean for our business. I think we've taken all of that into account. So, I think that's part of the reason that we're thinking about maybe a little bit of a slowdown in Q4 because we're taking some of that into consideration. I think some of that may linger into the beginning of 2017. But with that said, we feel great about our business, the long-term prospects and where that business is headed.

Okay. Great. Thanks, José. Congrats again. José Ramón Mas - MasTec, Inc.: Thank you.

And we'll go next to Matt Tucker with KeyBanc Capital Markets.

Hi. Good morning. José Ramón Mas - MasTec, Inc.: Hi. Good morning, Matt. How are you?

Good. Thanks. I wanted to ask first about Rover. I mean, can you just, kind of speak to the level of visibility you have on the timing of booking that into backlog and then just your level of confidence in the project meeting all the hurdles it needs to move forward? José Ramón Mas - MasTec, Inc.: Well, we expect it to be in backlog at year-end. We're very confident. That will help us have – get to what we've been saying for a while, which is record backlog at year-end in our Pipeline segment. We expect to start that job in the first half of 2017. We think that they're well on their way of receiving all of their final permits to get there. They've got their environmental impact studies from FERC back in July. So, we feel really good on the timing. And there was some thought at some point that maybe we'd start some early works in the fourth quarter. I think those probably pushed out into early Q1. But, again, we expect starting in the second quarter 2017 that project to be in a ramp mode.

Very helpful. Thanks, José. And then, turning to Electrical Transmission, obviously, some nice improvement over the course of this year. And I know you're not giving guidance for 2017. But any help you can give us on how we should think about the margins there in 2017? I mean is kind of breakeven EBITDA the goal here or can we start thinking about margin as going back to what you're able to do historically? José Ramón Mas - MasTec, Inc.: Well, look, we expect to be at breakeven EBITDA margins in the fourth quarter, at least, right. So, we should already be there going into 2017. Obviously, it's early. We've won some nice projects. It's a big swing for us in 2017 versus 2016, right. We're going to have a roughly $35 million loss on a full year basis at an EBITDA level. So, that creates a lot of earnings momentum for us in 2017. I wouldn't try to get ahead of us in 2017. Right now, we expect and hope that it's profitable. To what level of profitability we can get it to will depend on what we can win. And, I think, we'll give more clarity on that on our next call.

Sounds good. Thanks, José. Congrats on the quarter. José Ramón Mas - MasTec, Inc.: Thank you.

And we'll take our next question from Noelle Dilts with Stifel. Noelle Dilts - Stifel, Nicolaus & Co., Inc.: Thanks. Good morning. José Ramón Mas - MasTec, Inc.: Good morning, Noelle. Noelle Dilts - Stifel, Nicolaus & Co., Inc.: So, again, just going back to Rover, I guess there were a couple of industry sources. One, looks like you picked up maybe the entire project. Can you just say if this is essentially a sole-source award? And then, secondly, on Oil and Gas, it's great to see that you're leveraging the investments that you made in capacity and earlier in 2013, 2014, So, given this multi-year visibility that you have at this point, are you starting to think about adding capacity? And in that context, can you just talk about your essentially revenue growth expectations as you go into 2017? José Ramón Mas - MasTec, Inc.: Sure. So, on Rover, we said we won about 600 miles of it. It is not a sole-source award. Noelle Dilts - Stifel, Nicolaus & Co., Inc.: Okay. Okay. José Ramón Mas - MasTec, Inc.: So Rover is a little bit bigger than that. As we think about capacity, right, which, I think, is a good question. We did $736 million in this quarter. So, in a perfect world, everything is timed correctly that kind of works its way to being close to $3 billion a year. So I think we have the capacity to do that kind of revenue. I don't think we have the work to that kind of revenue. So we'll end the year doing somewhere around $2 billion this year, just over $2 billion. We would expect to see growth in 2017, but not at a $3 billion a year. So from a capacity perspective, we think we're in really…

And we'll go next to Dan Mannes with Avondale.

Thanks. Good morning, guys. José Ramón Mas - MasTec, Inc.: Good morning, Dan. How are you?

I'm great. Quick comment or a quick question on Oil and Gas, obviously tremendous performance in the quarter. I don't know if you can delineate at all the margin improvement, the 16%. I think this is probably the second best quarter we have on record for you. Can you break out how much of that is just tremendous overhead absorption given the revenue level versus execution, et cetera? Because the tendency obviously is do we extrapolate this out or not? So any help there would be helpful. José Ramón Mas - MasTec, Inc.: Sure. So, if you think about 2013, we did about 13% margins on a full year basis. We'll beat that this year. If you go way back into the 2008-2009 timeframe, our margins were a lot better than those. So, historically, we've seen it. We had an excellent quarter. I think our team is doing a great job. I think it's a mix of everything you said. I think it's solid project execution along with very high utilization levels at this point. Our performance in 2017 and how we think about extrapolating margins is all going to be dependent on the same issues, right, when do project starts, how much utilization do we get in a particular period. We're very happy with our performance as it was in Q3. We think our Q4 performance is going to be – it will probably be a little bit lower, but it will be within that range. And as we think about 2017, the potential is there to do that and more. And, at the same time, as we think about going into the year with the bunch of new projects starting and timing being when it is, we'd probably looking at going into 2017 with a more conservative view, until we had more information.

No. That makes a lot of sense. The other thing I want to ask about is, earlier in the conversation, you obviously mentioned that all of your growth this quarter was organic. You haven't done M&A in two years. What's the balance sheet improvement you've seen? How does that position you potentially to be active in M&A again, and is that an area that you're ready to start focusing on? José Ramón Mas - MasTec, Inc.: Yes.

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

And we'll go next to Andrew Kaplowitz with Citigroup.

Good morning, guys. Nice quarter. José Ramón Mas - MasTec, Inc.: Good morning, Andy.

José, so can you talk a little bit more about – you mentioned the growth-related production efficiencies that you have in Communications. Back a few years ago, when you started having what look like similar growth related issues, they stayed with you for a little while. And maybe they got worse before they got better. So, maybe you can talk about how the company is different, better prepared now to deal with the growing pains, versus a few years ago on the Communications side? José Ramón Mas - MasTec, Inc.: Andy, I think it's completely different. The reason I do is, if you go back to that timeframe, we were working with a customer who, at that moment in time, was experiencing exponential growth on a year-over-year basis. And we were in catch-up mode for a long, long time. I think what we've had here is an acquisition by one customer from another customer. They've made a solid investment and a solid push into their business over the course of the last nine months to 12 months. But I think we're already beginning to see it moderate. Our ability to manage that is a lot better. Our inefficiencies are all around the high percentage of new employees that we have. A new employee is not as efficient and effective as a person who's been here for a period of time. That's just a fact, right. We've got significant training cost that we put upfront, significant hiring cost, significant recruiting cost. And I think we've experienced that over the course of the last, especially six months, and more importantly, in the quarter. Again, we're beginning to see that subside. I think we've made our employee push. I think we're super well-situated to meet the demands of our customer at this point. And I think we're going to start to see improvements, quite frankly, I think we're already seeing them. Again, we're halfway through the fourth quarter, but I think, as we think about 2017, we'll get a full year of those improvements in versus 2016.

Okay. That's helpful, José. So, your Power Generation and Industrial business reached the highest level of revenue that we've seen, I think, since 2012 in a quarter. You seem pretty bullish about the business. Your backlog is down pretty significantly, though, in the business. So, just how do we think about the business as you go into 2017? Is 3Q a revenue high point, or do you expect growth in that business as well? José Ramón Mas - MasTec, Inc.: No. I think – for this year anyway, I think third quarter is our high for the year. If you think about – we had a solid revenue quarter. We had about $101 million of new bookings and backlog in the business for the quarter, so a little bit less than what we generated in revenue. We've had a couple of really nice wins post quarter-end. We didn't talk about it, but projects in that business tend to be somewhat sizable. So a couple projects make a huge difference. So I think it's all about timing. I think backlog is going to look better by year-end. And, again, we're bullish going into 2017. We think there's some solid growth opportunities there. And we think – we're working hard to improve margins. It's the one area that we're focused on. It's really not about revenue growth for us, although we think we'll get some. It's more about trying to get that margin profile up to where we think is a better level. And I think hopefully, in 2017, we'll see some of that.

A better level is high-single-digits in that business, would you say, José? José Ramón Mas - MasTec, Inc.: At least – let's call it higher than they are today. I don't know if they get all the way to high-single-digits, but I think somewhere in the mid-single-digits, higher than where we are today, is really what we're shooting for.

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

We'll go next to Jason Wangler with Wunderlich.

Good morning, guys. José, you obviously are talking a lot about the Oil and Gas side and how busy it's getting. Can you just maybe talk about how the contracts are looking? Are you starting to see some better pricing? Obviously, margins did really well year-over-year, but just wondering if you're starting to see that kind of tilt in your favor as well? José Ramón Mas - MasTec, Inc.: We've been saying for, I want to say six quarters now, that we don't think pricing is an issue. We think pricing has been solid, especially as you look at some of the larger projects. I think the base of contractors that are there know exactly what it takes to get those job done. Everybody is disciplined because obviously, these projects are big and there aren't many that can do it. Where there has been pricing pressure is in a lot of the smaller work, especially the shale related, gathering related. We haven't had to participate in that market as much, because we've been so busy. As that market picks up and there's more demand there, which will happen as commodity prices begin to rebound, it's going to create a lot of pressure on the industry, and it's going to make those markets a lot better, which I think bodes well for the oil industry. But from a macro pricing level on the larger pipe side, it really hasn't been an issue.

Great. And you talked a lot about Rover already, as far as timing and startup. Just more curious. Do you have an idea, just how long you'll be on that project as far as months, or even just the timeline as far as just trying to understand how long that will be on your calendar, once it starts up? José Ramón Mas - MasTec, Inc.: I think the customer's expectation is that that project would be substantially complete in 2017.

Okay. That's helpful. Thank you. José Ramón Mas - MasTec, Inc.: Thank you.

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

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

Just curious if you could give us an update on progress in Mexico? I know that's a little bit more protracted as an opportunity, but curious this last quarter (50:34) whether or not you're seeing any developments there? Also whether or not, as you talk about having visibility out to – (50:42) looking at stuff for maybe even 2019, how much Mexico might factor into that kind of a timeframe? José Ramón Mas - MasTec, Inc.: Well, first, we're so proud to be part of initiative to build some of the first lines to bring cost effective clean natural gas to Mexico to help them with their economic development. That's what the Waha project is all about. So that's really been kind of our entry into the country. We've now been there for a significant period of time. We are going after a ton of different projects. There is a lot of projects on the board. There is a lot of things that are in late stages that we feel really good about. Again, we kind of talked a little bit about the sales cycle in our remarks this morning. It's taking longer than we expected. Commodity prices have obviously been a drag for them. And they're trying to do some creative things to maybe get some of these projects going. So, we're very bullish. There is a massive need for infrastructure in Mexico. It's going to come. It's going to be a huge opportunity. We think we're incredibly well-positioned. We think we're going to be a significant player. It's not going as fast as we would have hoped or we would have liked. I don't think it makes a – I don't think it has a significant impact on 2017, but I think it could have a significant impact on 2018 and beyond. We're also seeing significant opportunities related to the Transmission side of the business as their energy regulations are becoming more and more adopted throughout the country. We're starting to see some great opportunities related to that as well. So, we just view it as a great market, where we've been in for a while. The wireless side of the business with AT&T's entry over the last year or so is also affording us some opportunities. So, our presence continues to grow, again, not sizable today, as sizable as we'd like it to be, but a tremendous opportunity across a number of our markets. And we think, in the coming years, it's going to really make a significant impact on the overall company.

Great. Thanks. And then, just switching gears to Communications, we were talking about potential consolidation and/or AT&T's M&A plan. And I was wondering if, just looking at the different segments of Communications, whether or not there are certain areas where you'd think that maybe there would be potentially more deceleration in CapEx than in others. So, where you think that you have CapEx plans and maybe the stickiest or have the most discretion to be pulled back on it? José Ramón Mas - MasTec, Inc.: Look, at this point, we think they're all sticky, right. The wireline business – a lot of the drivers in the wireline business are based on commitments made to the SEC relative to their previous acquisition as it relates to that customer. So we don't think that – we really don't think that's in any kind of jeopardy whatsoever. We're seeing a lot of the other communication providers on fiber expansion and gigabit type speeds. It's a very active market and we're very bullish about that on the wireless side of the business. At the end of the day, it's all about speed and we're doing more and more on our devices in our wireless devices every day. Speed is becoming a more critical component of that. A lot of the things that – if you think about their Time Warner deal, a lot of things that they're trying to do over the top, they need better speeds for, the industry needs better speed. So I think it bodes incredibly well for the long-term nature of the wireless industry. And I think, over the coming years, we're going to see tremendous acceleration from multiple carriers, especially as they think about 5G and their roll-out of that.

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

And we'll go next to Andy Wittmann with Baird. Andrew John Wittmann - Robert W. Baird & Co., Inc. (Broker): Great. Good morning. José Ramón Mas - MasTec, Inc.: Good morning, Andy. Andrew John Wittmann - Robert W. Baird & Co., Inc. (Broker): I guess, I just wanted to ask a couple of questions on pipeline and specifically I guess on the Diamond Pipeline. Is that also shared scope or is that – that's a little bit smaller project. So is that maybe full scope for you guys? José Ramón Mas - MasTec, Inc.: It is not. We've got pieces of it. Andrew John Wittmann - Robert W. Baird & Co., Inc. (Broker): Okay. And just in terms of the other project that drove your earnings for the quarter. It seem like weather was good and productivity obviously was good. What percent of complete does that project stand at as the quarter ended? And, I guess, is that a factor in the fourth quarter outlook or is that truly all just weather? I mean, will you be – if it's done? José Ramón Mas - MasTec, Inc.: Andy, which project are you talking about? Andrew John Wittmann - Robert W. Baird & Co., Inc. (Broker): The Dakota Access Project. José Ramón Mas - MasTec, Inc.: Look, it's – we'll be substantially complete on that project by year-end. We'll have some stuff we've got to go back and finish in 2017. But the plan all along was for that project to complete in 2016. Again, it's been a good project. There's been – obviously all over the news the protest related to that projects have been very visible. It's been very taxing on us as an organization, on our customer. It's been incredibly challenging. There is a lot of talk about…

And we'll go next to Chad Dillard with Deutsche Bank.

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

So, I just wanted to get a little bit more color on your Canada business. Are you starting to see any signs of stabilization or the market bottoming? And if you can provide some initial thoughts on how you see that market as we enter 2017? José Ramón Mas - MasTec, Inc.: Sure. It's been a rough year. Revenues are down pretty substantially from 2015. We knew it would be a challenging year. I think there is signs of hope. At times, we see really good bright spots. I think when oil was around $50 and it stayed there for a little while, there was a lot of excitement. We started to see some activity. Obviously, it's come back a bit. I think we need to see some stabilization of price above $50 to begin to see some real sustainable activity. But, again, we think it will get there. It's a great market. We're super well-positioned for the long-term. But, in the short-term, even into 2017, we expect continued weakness. And, hopefully, we begin to see some improvement in 2018.

That's helpful. And then as you ramp into the prime construction in the cycle for Oil and Gas particularly, how are you thinking about operating cash flow relative to net income? And then also how would you rank your capital deployment priorities between deleveraging, capital return to shareholders and M&A? José Ramón Mas - MasTec, Inc.: Well, I think, we did an incredible job in the quarter of generating really nice cash flow despite 43% revenue growth. So, we would have thought that if we're going to have 43% revenue growth, we would have had to eat into some working capital. We demonstrated – we were able to generate cash despite that. So I think that's a great sign and a sign and hopefully we can continue delivering on that. From a capital allocation perspective, we'll say what we've always said. We're going to try to make the best decision for the company. Two years ago, we talked about the opportunities that were in front of us, our need to really focus on those opportunities, execute on those opportunities and deliver on those opportunities. So we kind of took a hiatus from M&A. We kept looking at deals all the time, but our focus had to be on delivering what was in front of us and taking advantage of those opportunities. I think we've now demonstrated that we've done that. I think we're in a great shape from a company perspective in our ability to manage that growth, to manage those opportunities. We are now intrigued by a lot of opportunities that exists out there on the M&A front. So I do think and I'm confident in saying that, I think, we're going to be a lot more active there again. There are some things that we really like and intrigue us. So we think right now from a value perspectives that may add the most to our shareholder value and that's how we'll look at it.

Thank, guys. I'll leave it there. José Ramón Mas - MasTec, Inc.: Thank you.

And our last question will come from Fran Okoniewski with Friess Associates.

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

Just curious. How much in the Communications segment do you guys have, if any, in either Latin America or Mexico? José Ramón Mas - MasTec, Inc.: We don't have any in Latin America. We've got a small piece in Mexico. We do wireless work both for Telso (1:00:26) and AT&T. So I'd say it's a small – very small percentage of what we're currently doing.

I'm hearing of some initiatives Red Compartito (1:00:40) or some 90 megahertz spectrum. Are you guys bidding on any of that or is there any opportunity for growth down there that we haven't really talked about? José Ramón Mas - MasTec, Inc.: It's an unbelievable opportunity. It is probably the largest piece and one of the most valuable pieces of spectrum being auctioned off in the entire world right now. Should it happen, should it get awarded, the amount of work that's going to be required to that is – it's amazing. It's a huge, huge opportunity for the industry in Mexico from a wireless build out perspective. It's a great opportunity for us. We're very well-versed on it. And as it develops and come to fruition we'll talk a lot more about it.

Is it fair to say that there are just a few sort of contractors of your size that would be able to handle this size opportunity down there right now? José Ramón Mas - MasTec, Inc.: Well, there is currently two bidders for it. The bidders aren't contractors. They are carriers that would ultimately be responsible for the build out of that. An award is expected. And, again, I don't know if the timing is going to be held, but there is an award expected in November. If that award happens, obviously, we think we're well positioned in country to participate and help whoever wins that, build that out. It's a very, very sizable and long-term project that again we would definitely go after and it would be an honor for us to be involved with.

How much investment would you all have to do in terms of infrastructure to take that on or could you just overlay some of the capacity that you have up north? José Ramón Mas - MasTec, Inc.: It all depends. I mean, look, you'd want to build in country capabilities it all depends on – I think it's very premature, because it's all depends in on what we would be able to be awarded and what kind of scope we would ultimately be able to do. It's estimated to be a $5 billion plus buildout, so, who knows. It's too early for us to answer that question.

Okay. Hey. Thanks a lot, guys. José Ramón Mas - MasTec, Inc.: All right. Thank you.

That concludes today's question-and-answer session. I'd like to turn the conference back to José for any additional or closing remarks. José Ramón Mas - MasTec, Inc.: Again, just want to thank everybody for participating on today's call. We're very excited about our performance for the third quarter and really for the balance of the year. We look forward to our year-end call and updating everybody as to where we're at, where we finish the year and give a lot more clarity on 2017. So, thank you for participating today.

That does conclude today's conference. We thank you for your participation. You may now disconnect.