Greetings and welcome to the Quanta Services Third Quarter 2018 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Kip Rupp, Vice President, Investor Relations.

Great. Thank you, and welcome everyone to the Quanta Services third quarter earnings conference call. This morning, we issued a press release announcing our third quarter results, which can be found in the Investors & Media section of our website at quantaservices.com along with a summary of our 2018 outlook and commentary that we will discuss this morning. Please remember the information reported on this call speaks only as of today, November 1, 2018, and therefore you're advised that any time-sensitive information may no longer be accurate as of any replay of this call. This call will include forward-looking statements intended to qualify under the Safe Harbor from liability established by the Private Securities Litigation Reform Act of 1995. These include all statements reflecting Quanta's expectations, intentions, assumptions, or beliefs about future events or performance, or that do not solely relate to historical or current facts. Forward-looking statements involve certain risks, uncertainties, and assumptions that are difficult to predict or beyond Quanta's control and actual results may differ materially from those expressed or implied. For additional information concerning some of these risks, uncertainties, and assumptions, please refer to the cautionary language included in today's press release, along with the company's 2017 Annual Report on Form 10-K, and its other documents filed with the Securities and Exchange Commission, which are available on Quanta's, or the SEC's, website. You should not place undue reliance on forward-looking statements and Quanta does not undertake any obligation to update such statements and disclaims any written or oral statements made by any third-party regarding the subject matter of this call. Please also note that we will present certain non-GAAP financial measures in today's call, including adjusted diluted EPS, backlog, and EBITDA. Reconciliations of these measures to their most directly comparable GAAP financial measures are included in our earnings release. Lastly, if you'd like to be notified when Quanta publishes news releases and other information, please sign-up for e-mail alerts through the Investors & Media section of quantaservices.com. We also encourage investors and others interested in our company to follow Quanta IR and Quanta Services on the social media channels listed on our website. With that, I would like to now turn the call over to Mr. Duke Austin, Quanta's President and CEO. Duke?

Thanks, Kip. Good morning, everyone and welcome to Quanta Services third quarter 2018 earnings conference call. On the call, I will provide operational and strategic commentary before turning it over to Derrick Jensen, our Chief Financial Officer, who'll provide a detailed review of our third quarter results. Following Derrick's comments we welcome your questions. I'm pleased to report that Quanta achieved record revenues, operating income, adjusted EBITDA and adjusted earnings per share for the quarter and first nine months of the year. We ended the quarter with record total and 12-month backlog of $12.2 billion and $7.5 billion. At the end of the third quarter, Quanta had more than 41,000 employees who worked nearly 63 million man-hours during the first nine months of the year and we are well on pace to finish the year with record man-hours. This is indicative of record levels of activity in our end markets and strong demand for Quanta's solutions, which provide world-class execution and cost certainty for our customers' maintenance and capital programs. We have executed well this year and believe our record year-to-date results and full year guidance demonstrate our strong competitive position in the marketplace and favorable multi-year demand for our services. We also believe our results reflect the benefits of operational diversity and our portfolio approach to managing risk. We continue to expect that 2018 will be a record year for Quanta. To that end, we are increasing our revenue expectations, maintaining the midpoint of our adjusted diluted earnings per share expectations, and increasing the midpoint of our adjusted EBITDA expectations for 2018. Perhaps, more importantly, we are experiencing strengthening demand in our base business and for larger projects, which solidifies our outlook for earnings growth in 2019. Our Electric Power operations continue to perform well from both a top…

Thanks, Duke, and good morning, everyone. Today, we announced record quarterly revenues of $2.99 billion for the third quarter of 2018, a 14.4% increase as compared to the third quarter of 2017. Net income attributable to common stock was $124.6 million or $0.81 per diluted share compared to $89.3 million or $0.56 per diluted share in the third quarter of 2017. Adjusted diluted earnings per share, a non-GAAP measure, was a record $0.88 for the third quarter 2018, compared to $0.63 for 3Q 2017. Certain items impacted the third quarter of 2018 and were reflected as adjustments in Quanta's adjusted diluted earnings per share attributable to common stock calculation. These items have been disclosed in today's earnings release, the net favorable impact of which was $0.04 on GAAP diluted earnings per share. Discussing our segment results, Electric Power revenues increased 7.5% when compared to the third quarter of 2017 to $1.62 billion. This increase was primarily due to higher customer spending, resulting in double-digit growth associated with both larger transmission projects and Quanta's base business, including continued favorable progress on a large transmission project in Canada. Additional contributors were an increase in communications infrastructure services of $22.6 million and approximately $10 million in revenues from acquired businesses. These increases were partially offset by a reduction in emergency restoration service revenues of $85.1 million as last year's third quarter included significant restoration efforts related to Hurricanes Harvey and Irma. Lastly, revenues were lower by approximately $17 million due to less favorable foreign currency exchange rates. Operating margin in the Electric Power segment increased to 11.1% in the quarter as compared to 10% in the third quarter of 2017. This increase was primarily due to higher segment revenues, including the previously mentioned large transmission project in which we continue to perform favorably.…

At this time, we'll be conducting a question-and-answer session. Our first question comes from Noelle Dilts, Stifel. Please proceed with your question. Noelle Christine Dilts - Stifel, Nicolaus & Co., Inc.: Hi. Good morning, Duke and Derrick.

Good morning.

Morning. Noelle Christine Dilts - Stifel, Nicolaus & Co., Inc.: So, while I know you've been positive on your markets for some time, I thought you sounded maybe a bit incrementally more positive on the outlook for larger pipeline projects in 2019 and into 2020. So is this a fair characterization? And if so, what's underpinning that optimism? Is it the amount of work out for bid? And then, do you have any initial thoughts on how to think about the mix of large diameter and base oil and gas work as we look out to 2019? And also, any initial thoughts on margins would be appreciated as well.

Yeah, Noelle. I think when we looked at what we see out in the marketplace, this year we see some push of the big pipe into 2019 on some of the larger projects. We backfilled really nicely with Canada. So we're starting to see more prolific market in our Canadian markets on the takeaway capacity. So we are seeing some strength there as we move into 2019 and even some into 2020. But I think we've always had that commentary. I don't think we've changed our commentary at all on our outlook on that. It is a cyclical business when you see big pipe. But we do have some markets, it's an LNG takeaway. The Permian Basin looks really nice. So, when we look at it, we see some long-term opportunities out there on big pipe takeaway. As far as the underlying business, it continues. It's probably 70% of the base business in gas is recurring revenue-type business. We've built a nice business in our industrial base. Our LDC markets are continuing to perform well. We're extremely excited about the underlying business. Again, we talked a lot about big pipe, but the underlying business is extremely strong going into 2019 and beyond. It's a long-term market. Noelle Christine Dilts - Stifel, Nicolaus & Co., Inc.: Okay. Thanks. And second question, I think, labor constraints, which you talked about a bit, are top of mind for both service providers and investors. I think we all appreciate a lot of the work you guys do around training. But I guess, could you comment on the markets that are maybe most difficult right now or the most tight and where you feel that you have an advantage given some of the actions that you're taking? And I think the biggest question is are you seeing wage rate inflation? And how accepting have the customers been of accepting that through those higher input costs through price?

Yeah. Noelle, I think if you look over quarter-over-quarter, we added 4,000 employees from 37,000 to 41,000 quarter-over-quarter. So we're able to deploy labor in the field and still remain productive. I think that's where us – with the investment in the college, with the investment in training, separates us from many others. We're not having the labor issues in the field. Even on the problem projects we talked about, it's not a field labor issue. And so we're really productive in the field. We've worked on it and believe we're world-class on craft-skilled labor and we'll continue to train people and make sure that when they hit the field, they're productive day one. As far as retaining people in the market, we've done very well. We have world-class operators across our regions, countries. So we're excited about it and we continue to believe that will be a differentiator as we move forward. Noelle Christine Dilts - Stifel, Nicolaus & Co., Inc.: Thank you

Our next question comes from Alan Fleming, Citi. Please proceed with your question.

Good morning.

Good morning.

Duke, you guys have historically tended to guide conservatively to start a new year, given potential delays in large projects and contingencies for potential weather issues. But as you close out 2018 and you look at 2019, you mentioned large projects such as Atlantic Coast, even Mountain Valley, Fort McMurray should keep you especially busy in the first half. Momentum in your base businesses in both your core segment and in telecom seems to be improving. Do you actually have more visibility than usual headed into 2019? And is it possible that that visibility might contribute to a less conservative guide for the year than we're used to seeing out of the gate?

I would say, in general, we see 2019 as early. We've talked about opportunities that are out there. We've talked about the base business being 80% of our revenue. We have good visibility into that, I agree. The larger projects, we know we have $1 billion going into the first half of large pipe, so it's very positive there. We have the opportunity to do very well. It's early. We need to see what we can do on backfilling the second half with large projects as well as watch our execution through the first three, four months of the year. So we'll continue to have a prudent nature in how we guide.

Okay. Let me follow up on Electric Power margin. I mean, 11.1%, I think, was the highest since you probably had to go back to 2014 and we know telecom is becoming less dilutive. But was there anything in that margin that boosted performance in the quarter? Or is this just really good execution on the base business and maybe bigger projects such as Fort McMurray? And with telecom presumably becoming less dilutive and closer to segment average, is there any reason we shouldn't expect overall segment margin to continue to improve in 2019?

We've talked a lot about the Electric margins being around 10%. You get some 9.5%, you get some 11.5%, you get some 10%. In general, the business over time will operate in double-digits. We've said it many, many times. I'll say it today. I think we had a great quarter. We executed on a broad base from large projects to a little bit of storm work to our base business, we're doing very well. And I'm really proud of the guys and the way we're operating in the field. From a safety standpoint to productivity, we're doing very, very well. So, I think, in general, we have some nice projects. We had a nice project in Canada. We continue to operate well in our base business, so I think for the sustainable future, we can operate in double-digits in E&P – I mean, yeah, Electric division.

Okay. Thank you, guys. Good luck.

Sure.

Our next question comes from Tahira Afzal, KeyBanc. Please proceed with your question.

Hi, Duke. So, Gateway West is a very large project and I was wondering if you can size up what you've won and if this means that there could be a string of other awards for that project going to come?

I'm sorry, I missed the last part. The single...

Basically wondering if Gateway West, if you can size up the opportunities won so far. And it's a multi-billion dollar project, I would love to get a sense that if you've won a portion, if there are other portions for the same project that could come your way?

It's a capital plan that PacifiCorp has, so it's one segment of many. I don't know how they're choosing to go forward with the rest of the segments but it's a nice project. Long-time customer, MidAmerican, they're Berkshire Hathaway company. So we're excited about it. It's – it'll help our West Coast operations. It's a larger project, we're excited.

Got it, Duke. And as was mentioned earlier on, Fort Mac provides you visibility in T&D segment maybe middle of the year. As you look at these set of opportunities even in your base load business, are they sufficient to really offset (42:04) or we have to wait and see right now?

No. I think we get fixated on those larger projects but what we're not seeing and what we're trying to communicate is the underlying smaller transmission. When I say smaller, the $200 million to $300 million projects that are out there. As we see it, as we move forward, the base business, the CapEx, OpEx of our utility customers, there's a multitude on both coastlines across the Midwest and even into Canada. We talked about the East-West Tie that we've announced the $600 million. There's multitude of $200 million, $300 million projects that are supporting that. The base is below that but even above – in between the base business and the $1 billion projects, there's many, many projects that we have opportunity to be successful on in the future. We talked about a $3 billion kind of what we see right now in house of what we're looking at, so there's plenty of projects.

Awesome. Thanks, Duke.

Sure.

Our next question comes from Jamie Cook, Credit Suisse. Please proceed with your question. Jamie L. Cook - Credit Suisse Securities (USA) LLC: Hi, good morning. So, I guess, first, I think you said in the third quarter that process or the charge or something it was a $20 million variance versus what you thought for guiding. So if we do that calculation, it implies margins for Oil and Gas in the third quarter would have been about 8.5%, which is pretty good. So, my question is like based in your guided revenues for Q4 versus Q3 shouldn't be that dissimilar? So why shouldn't – like but your implied margins are below 8%. So, why, I guess, is my question. And then my second question Duke, you mentioned, I think, $1 billion of visibility in big pipe in the first half of 2019. Given that visibility, can we assume that first half of 2019 margins for Oil and Gas can be comparable to, you know what I mean (44:10), what we're seeing in the back half of 2018? Thanks.

Yeah, Jamie, I think in general when you look at the guide into the fourth quarter, it's seasonality in that, we'll be prudent about how we guide. We need to execute through the winter there and we'll always take caution to the winter months especially in the lower-48. Our Canadian spreads are going, we need it to freeze a bit here or there. So, lots – some weather risk in there that we always take into account and are continuing to see in our guides. So, that's the fourth quarter. As far as visibility in the big diameter pipe, we do have some of that in backlog going into 2019. We're comfortable with that. Our underlying business, both the Stronghold acquisition, which we said $500 million to $600 million, will be in the upper end of that range, the growth in that segment, the growth in the LDC segment, I believe will continue to underpin that whole margin trend and we're taking actions on the gas division to enhance margins into 2019. Jamie L. Cook - Credit Suisse Securities (USA) LLC: Okay. So net-net – I mean so net – I mean can margins be, in the first half, sort of in the 7-ish range or so or no or we don't want to go there yet?

We don't want to start on 2019 guidance at this point. Jamie L. Cook - Credit Suisse Securities (USA) LLC: Okay. Well then maybe if not just can you talk – let's shift back to – I'll ask a question about 2019, but just on communications, like, can you talk about the expectations for that business? And I know that had been a headwind to margins in Electric Power. How we should think about that sort of in the next 12 to 18 months? Thanks.

Yes. Sure. On the telecommunications business, we grew it organically for the most part. You've seen us make some small acquisitions. I think those are extremely incremental, it will expedite how we move to the field. We're getting through engineering. Many of our projects are in the field started now. We did get a later start and we've been smart about just how we get to the field to make sure we're incrementally profitable. Its slowed growth a bit, but I think it was the right thing to do for us was to make sure that we're executing well for our customers. We picked up a number of customers within the quarter, we have 10, 12 customers now that we're working for. Our Electric customers are also deploying some telecom. So it's a vibrant good robust bidding environment. We're getting to the field. We stated around $500 million into next year. We did that prudently and smartly. Every one of those guys we're training, get them in the field. So I think when we look at it, we said $500 million, there's upside to that, but that's the number we feel good with as we sit today. We've got to get to the field. We've got to get the guys to the field, but the market is robust and I think we'll do very well next year.

Our next question comes from Chad Dillard, Deutsche Bank. Please proceed with your question.

Hi. This is (47:13) on for Chad. I wanted to ask if you could discuss the level of activity you're seeing out of the Permian and your midstream and long-haul sides of your Oil and Gas business. Have you started to see that activity spread beyond the Permian?

Yeah. Our midstream business in the Permian, we see a lot of activity up there. There's bids on both the union, non-union side coming out there. Also the electrification of the area is something that we're taking part in with our customers in that part of the world. It's a very, very vibrant area. When we look at the Montney Shale up in Canada, same thing. There's a lot of things going on in Canada as well. So we're seeing some shale basins that are starting to come back a bit. I think a lot of it has to do with takeaway. If we can get takeaway capacity out of those areas, you'll see the midstream business come back in the shale. So we are seeing activity even in the Bakken for that matter across the board on midstream.

Great. That's helpful. Thank you.

Our next question comes from Steven Fisher, UBS. Please proceed with your question.

Thanks, good morning. I'm wondering, you mentioned the $1 billion of large diameter work in the first half of 2019. What, at the moment, is your large diameter in backlog for the second half? And then so based on what you know today, will the overall margin mix for 2019 in Oil and Gas be better than 2018?

Yeah, I think in general when we look at it, I'm not sure that we're giving guidance on what's in large diameter backlog in the second half. But in general, I would say we have a good mix in the second half of the fourth quarter. It'll continue to grow. We have a lot of opportunities to do so in the back half of next year. We're starting off, like we said, with $1 billion. So, again, I think when you look at it and you look at the opportunities we see with good customers going into the second half, have the opportunity to do as much as we did this year in 2019 or more.

Okay. That's helpful. And then, I guess, I'm just trying to reconcile the message about higher mix of recurring services with what seems like could be a little bit more frequency of some of these execution challenges, are you doing maybe more first of a kind type project outside of the base work? And how should investors get comfortable with sort of the execution profile of the business going forward?

No. I think, in general, we're executing on the same projects we have for a very, very long time. It's the company's – we did $3 billion or close to $3 billion in the quarter, thousands of jobs. We talked about these. One is a lost job due to some liquidated damages things, it's a front-end issue. We're working with our client. We're not going to say a whole lot about it, but in general we're working with the client there to resolve that issue. The other project was in horizontal directional drill that we're working with a client, collaborating very well for an insurance claim. Due to where we're sitting in the quarter, we made some prudent decisions on talking about it as well as adjusting for those challenges.

Okay. Thanks a lot.

Our next question comes from Andrew Wittmann, Robert W. Baird & Company. Please proceed with your question. Andrew John Wittmann - Robert W. Baird & Co., Inc.: Great, thanks. Maybe Derrick, just to understand the Gas margins in the quarter a little bit more. Could you – your ACP project was, obviously, stood down for a while and then kind of resumed in pieces. But during that time, you guys were probably protected with some of your costs while your guys were a little bit idle. Can you help us understand the magnitude of the revenue contribution and how that affected the margins in the quarter?

Yeah. I mean, we don't make project-specific type commentaries. What I'll tell you is, is that from our original guidance we had a level of push to that work. But as it went from some of that work into the third quarter to fourth quarter. But from the margin perspective, in the third quarter, a lot of that was ultimately replaced with strong base business contributions. We saw base business, we saw industrial contributions as part that contributed nicely. And then as well as that, overall, broadly, we executed well, despite a few of the items that we've spoken about with those two problem jobs. As has already been discussed on the call here, absent the $20 million shortfall associated with the one project, that we actually executed quite well. But a lot of that comes from a broad execution in the base business, irrespective of any of the deferral. Andrew John Wittmann - Robert W. Baird & Co., Inc.: Okay. Got it. And then I just wanted to understand also in that segment how the accounting works on this directional drilling project, where you said – it sounds like you took some level of a charge, maybe I missed it, but I don't think you quantified that. But then you also put in, what was that, an insurance receivable that you think that – presumably that hasn't been approved yet, but you think it's at a level at which you think you'll be reimbursed that much, or maybe a little bit more. Are those the key moving pieces here on the income statement and the balance sheet?

Yeah. For the directional drill project itself, yes. I mean, we've gone through and we've done an assessment. I mean effectively we have now, at this stage, recorded no profit on the project and we've only recorded the insurance receivable up to the amount of the cost of the project, basically booking at break-even. When you're into an insurance situation, you generally are looking at it more from the standpoint of what you can look at on a cost basis rather than a profit basis. But as we stand here today, we feel very comfortable in our conclusion that, at this stage, the amounts that are associated with that cost are probable of recovery. The upside that comes in the future is, is still yet we'll be claiming working with our customer a larger portion of the overall impact, which would include some level of profits, but that would be something we'll be looking at recovering in the future dates. Andrew John Wittmann - Robert W. Baird & Co., Inc.: All right. Thanks.

Our next question comes from Adam Thalhimer, Thompson Davis. Please proceed with your question. Adam Robert Thalhimer - Thompson Davis & Co., Inc.: Hey. Good morning, guys. Nice quarter.

Hey. Thanks. Adam Robert Thalhimer - Thompson Davis & Co., Inc.: You seem a little more positive on large transmission than I've heard you, really, in a number of years. I mean, am I reading you correctly, is the first part of the question. And the second part of the question is, I mean, how does this translate into award activity in the coming quarters?

Yeah. Let me just comment on the company. We have a portfolio that we're building, that we've built, that it's a really nice portfolio across a broad base of service lines and geographies. And so, when you look at the business, it's nothing that we haven't been saying for a couple years of the – the CapEx and OpEx of these utility customers that we have, which is basically 60% of our business, is growing, it's growing yearly and we can see it longer. And so, yes, there are some bigger projects in that, but the underlying business is there and strengthening as we go forward. So we're incrementally positive. Our customers are incrementally positive. We're giving guidance that says that. So, as we follow that and we follow our industrial business as well, we just continue to strengthen. Adam Robert Thalhimer - Thompson Davis & Co., Inc.: Okay. And then, Derrick, just I was hoping you can give us a little bit of color maybe what your expectations are for cash flow in Q4.

Yeah. It's not uncommon for cash flow overall to this point in time to be break-even and even potentially negative free cash flow. And typically, from a seasonal perspective, you see a little bit lower revenues in the fourth quarter, the fourth quarter being a stronger free cash flow, often times making up as much as the entire free cash flow for the year. As we stand here today, we're seeing less seasonal effects such that, from a fourth quarter perspective, it's possible that we'll still have free cash flow of, let's call it, $100 million to $150 million range. But there are a lot of dynamics that are there pushing that around based upon the strength that we're seeing in the fourth quarter. But I definitely would be modeling down a bit and then be looking for something that's maybe more along the lines on the annual free cash flow of $100 million, maybe up to $150 million for the year. Adam Robert Thalhimer - Thompson Davis & Co., Inc.: Great. Perfect. Thank you.

Our next question comes from Brent Thielman, D. A. Davidson. Please proceed with your question. Brent Edward Thielman - D. A. Davidson & Co.: Great. Thank you. A couple of questions, Duke and Derrick, the near-term or fourth quarter growth outlook for Oil and Gas looks really strong, I guess, something more than 40% at the low end. How much of that is related to Stronghold, which I think has some easier comps just because of the Harvey last year versus kind of expectations for big pipe in your regular way business?

I'll comment a little bit and I'll let Derrick finish up. But, in general, I think what you're seeing is the strength of Canada coming in the back half. We talked about the awards of Line 3 and North Montney last quarter. We're seeing that come in into our fourth quarter this year as a comp. Stronghold is doing very well. We continue to grow that business, double-digits plus. We couldn't be prouder of that acquisition and what it's done for the segment. Our LDC business is strong as well. But I think the majority of the Oil and Gas growth in the fourth quarter has to do with North Montney and Line 3 coming in on Canada. But I'll let Derrick comment.

Yeah. I have little to add. I mean, everything Duke said is correct. The only incremental piece would be is that we had little large diameter pipe activity in last year's fourth quarter. So, broadly, majority of it is expansion of large diameter pipe contributions as compared to last year. And then as exactly you said, Stronghold has a very nice over double-digit growth considering the headwinds in the work last year. Brent Edward Thielman - D. A. Davidson & Co.: Okay. Great. Thanks for that color. And then the $3 billion-plus in pipeline opportunity that you're out there pursuing, is that work concentrated in any particular basins, or is it pretty broad-based? And you hear a lot about the Permian these days, but is this really across the board?

Yeah. I think when we look at it, it's broad-based. We see it across the board really in our markets. There's opportunities for us in all markets for that matter. Also when we look at our tanks, we really like our tank business. It's starting to grow quite nicely. Others are having issues there and we really like your ability to grow our tank business on the midstream side with some synergies there with Stronghold. So it's broad-based. Brent Edward Thielman - D. A. Davidson & Co.: Okay, great. Thank you.

Our next question comes from Alex Rygiel. Please proceed with your question.

Thank you. Nice quarter, gentlemen.

Thanks, Alex.

As it relates to the $3 billion of large transmission jobs and $3 billion of pipeline projects, how many of those you think are going out for bid in 2019? What portion?

I think most of those are out for bid today.

And therefore...

A majority of it.

...then get awarded for construction to start in 2019?

Yeah, I would say the majority would, yes.

Excellent. And then as it relates to communications segment, I guess, it looks like the international business was a little bit unprofitable in the quarter. Why was that? Is there anything in particular going on there? And then as it relates to the U.S. business what kind of work are you winning in the U.S.? Is it wireless, wireline, telco, cable? Are they discrete projects or MSAs? More specifics would be great.

Sure. Our LATAM operations, we had some slowdowns in some areas due to weather and this and that. So we've taken a real prudent approach in our LATAM markets to make sure that, obviously, we have a robust lower-48 North America market and we're really tempering our growth there. So, in general, that's part of that just slowdown really from a weather standpoint and us pulling back some there. In general, when we look in the lower-48 in North America, we're supporting fiber deployment for 5G deployment as well as just backhaul data centers. It's really fiber bandwidth across the board, primarily wireline.

Thank you.

Ladies and gentlemen we have reached the end of the question-and-answer session. And I would like to turn the call back to management for closing remarks.

Yeah. I want to thank our employees in the field for the work they're doing. The storms as well long hours hard work and the people that were affected with it, we send our regards. And hopefully we'll get the lights on. I believe we have them all on at this point. So in general I want to thank our people for doing that and working safely. Also I thank all of you for participating in our third quarter 2018 conference call. We appreciate your questions and ongoing interest in Quanta Services. Thank you. This concludes our call.

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.