Operator: Good day, ladies and gentlemen, and welcome to the Q4 2012 Pepco Holdings Inc., Earnings Conference Call. My name is Miranda, and I'll be your operator for today. At this time all participants are in listen-only mode. We will conduct a question-and-answer session towards the end of this conference. As a reminder this conference is being recorded for replay purposes.
I would now like to turn your call over to Ms. Donna Kinzel, Vice President and Treasurer. Please go ahead.
Donna J. Kinzel - Director, IR: Thank you, Miranda, and good morning, ladies and gentlemen. Welcome to the Pepco Holdings fourth quarter 2012 earnings conference call. The primary speakers on today's call are Joe Rigby, Chairman, President and Chief Executive Officer; and Fred Boyle, Senior Vice President and Chief Financial Officer. Also available to answer your questions are Dave Velazquez, Executive Vice President, Power Delivery; and John Huffman, President and Chief Executive Officer of Pepco Energy Services. On today's call, we will be referring to slides which are available on the Investor Relations section of our website.
Before Joe begins, let me remind you that some of the comments made during today's conference call may be considered forward-looking statements. As such, they should be taken in the context of the risks and uncertainties discussed in the Safe Harbor disclosures contained in our Securities and Exchange Commission filings and found on Slide 2 of our presentation. Also please note that today's call will include a discussion of our results excluding certain items that we feel are not representative of the Company's ongoing business operations. These items and the associated financial impacts are described in our earnings release dated today. The earnings release can be found on our website at www.pepcoholdings.com/investors.
Joseph M. Rigby - Chairman, President and CEO, Pepco Holdings, Inc.: Thanks, Donna and good morning, ladies and gentlemen. Thank you for joining us today. 2012 was a year of significant progress on our key initiatives. Throughout the year, we invested nearly $1.2 billion in transmission and distribution infrastructure, including projects focused on enhancing reliability and installing advanced technology throughout our service territory. These investments are significantly improving our operating performance and restoration efforts as demonstrated during two severe weather events in 2012.
As seen on Slide 3, 2012 GAAP earnings from continuing operations were $285 million compared to $260 million in 2011. Excluding items that we feel are not representative of our ongoing business operations, which Fred will discuss later on the call. 2012 earnings would have been $277 million compared to $283 million in the prior year.
Power Delivery earnings increased year-over-year largely due to higher electric transmission and distribution revenue, resulting from higher rates driven by increased investment in infrastructure. However, this increase in earnings was more than offset by lower adjusted earnings at Pepco Energy Services due to the wind down of the retail energy supply business and lower energy services construction activity.