Good morning. My name is Phoenix and I will be your conference operator today. At this time, I would like to welcome everyone to the Charter's First Quarter 2016 Investors Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. I would now like to turn the call over to Stefan Anninger; you may begin your conference.

Good morning and welcome to Charter's First Quarter 2016 Investor Call. The presentation that accompanies this call can be found on our website ir.charter.com, under the Financial Information section. Before we proceed, I would like to remind you that there are a number of risk factors and other cautionary statements contained in our SEC filings, including our most recent proxy statement and Forms 10-K and 10-Q. We will not review those risk factors and other cautionary statements on this call; however, we encourage you to read them carefully. Various remarks that we make on this call concerning expectations, predictions, plans and prospects constitute forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ from historical or anticipated results. Any forward-looking statements reflect management's current view only, and Charter undertakes no obligation to revise or update such statements or to make additional forward-looking statements in the future. During the course of today's call, we will be referring to non-GAAP measures as defined and reconciled in our earnings materials. These non-GAAP measures, as defined by Charter, may not be comparable to measures with similar titles used by other companies. Please also note that all growth rates noted on this call and in the presentation are calculated on a year-over-year basis, unless otherwise specified. Joining me on today's call are Tom Rutledge, President and CEO; and Chris Winfrey, our CFO. With that, I'll turn the call over to Tom. Thomas M. Rutledge - President, Chief Executive Officer & Director: Thanks, Stefan, and good morning. For some time now, we've been working to combine Charter-Time Warner Cable and Bright House. While I'm very pleased with our progress towards closing and integration, I'm just as pleased with Charter's core operating performance. Our products, service, customer growth and…

Your first question comes from John Hodulik from UBS. Your line is now open.

Okay. Thanks, Tom or thanks. Question for Tom. Can we – we talked a little bit about the migration of the Time Warner Cable base to the new pricing and packaging. You mentioned it a little bit on the call, but over what time period do you expect it to take place and what kind of impact can we expect on the top line of the new assets? Thanks. Thomas M. Rutledge - President, Chief Executive Officer & Director: Well, it will take – it will take some time to roll out new pricing and packaging across Time Warner and Bright House. The plan is to, as I described, to continue the all-digital project that is going on currently at Time Warner and to initiate a similar project at Bright House in the Tampa area, and as we do that to roll out new pricing and packaging behind it. We also intend to launch, within a matter of four months or so, new pricing and packaging against the parts of the company that have already gone all-digital and to get it rolled out over the period of time it takes to do all-digital, which could take through the end of 2018.

And through that period, do you expect any meaningful change on – that Time Warner Cable just posted a pretty solid top-line growth number, do you expect any impact on the growth rate of those assets? Thomas M. Rutledge - President, Chief Executive Officer & Director: I think, yes. We're going to have to integrate those assets into our packaging and pricing, and we're going to have costs associated with that. And we – our objective is to actually accelerate the growth rate. And in order to do that, we're going to spend more capital by going all-digital and putting two-way interactive boxes on every outlet, and we're going to package in such a way that we think we get longer-term revenue growth and get that revenue growth over a longer period of time with the quality of the products that we're selling into the market. So, they've done very well, which we're very pleased with. The assets are in better shape than we'd even planned for, which is a great relief. But we do have plans to spend money and spend capital in order to have a uniform product that we think creates a longer-term growth prospect that will produce consistent long-term growth rates.

Okay. Thanks. Thomas M. Rutledge - President, Chief Executive Officer & Director: Operator, we'll take our next question, please.

Bryan Kraft of Deutsche Bank. Your line is open.

Okay. Good morning. Thank you very much. I guess I had one question in the context of CapEx. The JV that you have with ARRIS, can you talk about the full scope of the JV and the advantages it brings to Charter, I guess, both from an innovation standpoint and also how it impacts your ability to more efficiently deploy capital? And then I just had one another question, just on the synergies. Chris, based on what you were saying about timing, it sounds like you expect to fully realize the synergies on a run rate basis in about two years. Is that the right interpretation of what you had said? Thanks. Christopher L. Winfrey - Chief Financial Officer & Executive Vice President: So, let me start with the second one. No, that's not the right interpretation, although I'm glad you asked it because it should highlight for people. I was giving a commitment that we'll report that amount on a going-backwards basis of how much is realized inside the quarter for two years. It could end up being longer depending on where we're actually at. I think what we've said in the past is that we expect synergies could be – over the course of three years, could be fully baked into the actuals and that wasn't a change of where I think I could be. So, after two years, we'll evaluate where we are. But I wanted to give people some clarity about how we were going to report the business in the upcoming two years at a minimum. On the ActiveVideo JV that we have with ARRIS, it's a productive relationship that we have both with the management team at ActiveVideo as well as ARRIS who owns 65%. We have a couple of board seats on that investment. We're treated as an independent third-party vendor inside the relationship with ActiveVideo. So, I guess the benefit would be the ability to see what the pipeline of product that they have coming in the future and to have oversight in terms of how that's being developed elsewhere. But we saw an attractive product that we were using, amongst other vendors in our Spectrum Guide platform, and we thought it was an interesting equity investment, but also of strategic importance to Charter. Thomas M. Rutledge - President, Chief Executive Officer & Director: And to further answer your question, that ActiveVideo technology platform allows us to use existing set-top boxes and put a state-of-the-art user interface on those already deployed boxes and not have to replace those boxes so that they essentially become state-of-the-art boxes. And that's the capital advantage of having that vendor relationship.

Thanks to you both. Appreciate it. Christopher L. Winfrey - Chief Financial Officer & Executive Vice President: Thanks, Bryan. Thomas M. Rutledge - President, Chief Executive Officer & Director: Operator, we'll take our next question please.

Your next question comes from Vijay Jayant from Evercore ISI. Your line is open.

Thanks. A couple please. First on synergies, now that the deal is pretty much done, we've always thought that $800 million was kind of conservative. Is there a newer view on that? And is it fair to still assume that the programming step-downs on the Charter base will happen pretty much immediately on the deal closing? And then just on the all-digital plan, I think – I've estimated that there's about 13 million, 14 million DTAs and analog boxes within Time Warner Cable and Bright House, is that sort of the right base that we could see being transitioned to all-digital? Thank you. Christopher L. Winfrey - Chief Financial Officer & Executive Vice President: Maybe I get the first two, we can tag team the third. On the $800 million, I think there was a general misconception right from the get-go as what we call synergies; $800 million was a three-year run rate of transaction synergies. What we don't include in that is the amount of operating synergies that come from taking a different philosophy towards pricing and packaging and insourcing service and lowering the amount of transactions. So, the transaction synergies, we're not getting an update on our thoughts around that other than to think that it was – other than to say that we always thought it was conservative; we still do. But that's really tied to the elimination of duplicate overhead programming and other transaction-related synergies of just putting the companies together; it's not a change in the operating strategies which is how you get an additional profitability for passing over time. So, one can argue and say, well, the synergies are obviously much, much higher than the $800 million and I would agree with that; but that's really a change in the way that the businesses are operating as opposed to M&A transaction synergies, which is what the $800 million refers to. On programming timing, yes, we believe we'll step into the Time Warner Cable rate card in the appropriate places effectively at close. And on DTAs, I don't have the number in front of me. Thomas M. Rutledge - President, Chief Executive Officer & Director: I'm not sure that that – I can't verify that your number is correct off the top of my head. So – but our plan will be to let them come out of the marketplace in a natural way and we're not going to go force them out. So as we transact business and move people into new pricing and packaging, we'll give the new customer base on the new pricing platform two-way boxes on every outlet. So, there will be DTAs in some of these markets for years to come.

Great; thanks so much. Thomas M. Rutledge - President, Chief Executive Officer & Director: Operator, we'll take our next question please.

Ben Swinburne of Morgan Stanley. Your line is now open. Benjamin Daniel Swinburne - Morgan Stanley & Co. LLC: Thank you. Morning. Tom, I don't know if you want to shed some light for us on the FCC's approach around the set-top box, NPRM and also the special access noise that's been going on lately given how much time you spent in DC over the last few months and year? If you could just tell us how you think those two may or may not impact the new company going forward. And then Chris, cost to service was, I think, down in the quarter. I don't know if that's a clean number or if there were anything one-time in there. But I'd love if you could just talk about the operating leverage you're seeing in the existing Charter business since that's obviously an important lens for us to look at as we think about the new company down the road. Thomas M. Rutledge - President, Chief Executive Officer & Director: Well. Ben, you're right. I've spent a lot of time there, but focused on other things. From Charter's point of view, we don't charge for modems and we try to keep our box prices low, relatively speaking. And we have made our applications available on other set-top boxes that consumers can purchase. And so, from a – if you just look at it as people being concerned about the price of boxes, we think that our operating practices fit with that goal. The control of copyright and the control of privacy are real issues and we have strong views that they should be protected. With regard to special access, we haven't seen the full scope of that yet, only what's been publicized and we're a nascent player in that market…

Jonathan Chaplin of New Street Research. Your line is now open.

Thanks. First of all, Chris, thanks for giving us all the detail that you did today around future disclosure; that's hugely helpful. A quick question for both – I guess both Chris and Tom, looking ahead at both your assets and the assets that you're taking over, where do you think broadband and Pay TV penetration can ultimately get to? And then when we look at the difference in revenue per relationship between the Time Warner Cable properties and your properties, sort of leaving the penetration gap aside, is there anything structural accounting for that difference or do you think ultimately you can get their revenue per relationship up to where yours is? Thomas M. Rutledge - President, Chief Executive Officer & Director: Yeah. I don't know how high broadband penetration can go. I think it continues to rise. I think there are other – there are substitution possibilities on the margins that are already occurring. But I think that we have a better infrastructure and we've invested in that better infrastructure, and I think we have an opportunity to take significant share. Broadband or high-speed data as a product is in the 80% of households penetration rate already. I think that'll slowly grow. But our share of it has substantial upside and we intend to take advantage of our assets and try to get there as fast as we can. Christopher L. Winfrey - Chief Financial Officer & Executive Vice President: On the...

So, Tom, I was thinking of penetration in the context of – your penetration of your households, so sort of low 40%s now. Can that go into sort of the mid 50%s to high 50%s over time? Christopher L. Winfrey - Chief Financial Officer & Executive Vice President: I think what we're trying to do is avoid giving a guidance because typically we don't. And we think we can grow, and that structurally between TWC, Bright House and Charter, there shouldn't be that much difference in terms of where the penetration can get through amongst the three set of assets.

Got it. Christopher L. Winfrey - Chief Financial Officer & Executive Vice President: On ARPU, there are structural differences between Time Warner Cable, Bright House and Charter and that's really a function of how they've gone to market. The biggest one is just the amount of single, double and triple play, which I think we and TWC both disclosed if you work through the numbers there. They've been going to market over the past year, year and a half with a pretty similar triple play, but they still have a very different box for equipment pricing model. And that's one of the areas that we're going to have to work through with new pricing and packaging to put that into the Charter format so that you can have longer-term growth with lower amount of equipment rental and in some cases, no equipment rental in the case of modem fees, and so that does make a difference, and it's pretty similar to Time Warner Cable and Bright House. So there are structural differences in the ARPU. And our goal would be to make sure that as we go through new pricing and packaging, that we actually don't hurt revenue along the way as that continued to grow, both through subscriber volume and customer relationship volume as well as additional PSUs per household.

Great. Thanks guys. Thomas M. Rutledge - President, Chief Executive Officer & Director: Operator, we'll take our next question, please.

Phil Cusick of JPMorgan. Your line is now open.

Hi, guys, thanks. I wonder if you can clarify for us the $2 million broadband expansion on the FCC concession including the $1 million home overbuild. I think there's a lot of questions about that. Thank you. Christopher L. Winfrey - Chief Financial Officer & Executive Vice President: We'd be happy to discuss that once the transactions have finally been approved and all the documents and information are public. But I don't think right now is the time to discuss it.

Okay, if I can try a different one. On wireless, my understanding is that you're not registered for the auction, and yet we keep hearing people talk about it. Is there any way you can get back involved in that auction? Christopher L. Winfrey - Chief Financial Officer & Executive Vice President: I don't think so currently, although there have been cases where auctions have been reopened. But as far as I know, no.

Thanks, Tom. Thomas M. Rutledge - President, Chief Executive Officer & Director: Operator, next question please.

Mike McCormack of Jefferies. Your line is now open.

Hey guys, thanks. Tom, maybe just a comment on programming deals. Seems like the regulators are gung-ho on direct to consumer and sort of trying to limit distribution power, I guess, over programmers, which is, I think, kind of silly. But I'm just trying to get your sense on how you sort of approach those thoughts and whether or not it will have an impact on the cost of programming longer term. Thomas M. Rutledge - President, Chief Executive Officer & Director: Right. Well, the DOJ's consent decree is actually public, and they made comments in their release stating that there wasn't anything in our particular practices that was concern of theirs. But it was more things they discovered in some of the Time Warner agreements. So, our go-to-market strategy and our programming relationships are designed to encourage the sale of our existing products and the development of over-the-top products. Our broadband package and the capabilities of our broadband service are realized when customers use it. And they use it when they subscribe to over-the-top services. Video is the most bandwidth-intensive product there is. So, we have a superior network, which we've invested to make superior. We've cleared it to create more spectrum available for broadband. We've taken broadband speeds up and capabilities up, and the way that our drive into the marketplace is accelerated is by people perceiving the value of our broadband, and the way they perceive that value is through over-the-top. So, we can hold all those concepts in our head at the same time and go to market, and we do. And we do think that there – that the market is evolving and the price value of products are evolving, and we look to take advantage of that where we can, using our scale and using our strategy with programmers and our relationships with programmers to be as efficient as possible.

Great. Thanks, Tom. Thomas M. Rutledge - President, Chief Executive Officer & Director: Operator, next question please.

Craig Moffett of MoffettNathanson. Your line is now open.

Hi. If I could just get a little bit of a clarification on the – on the DOJ piece then as long as it's public. So in the limitation on ADM clauses, I just want to make sure I understand, that wouldn't limit in any way your ability to recognize that the economic value of content is different if it's widely distributed than if it's narrowly distributed. Is that correct? Christopher L. Winfrey - Chief Financial Officer & Executive Vice President: That's correct.

And then a question on enterprise. How do you see the opportunity in enterprise as you look forward and think about stepping up into larger businesses beyond the sort of SMB opportunity that you've worked on so far and how much does that require coordination with Comcast? Thomas M. Rutledge - President, Chief Executive Officer & Director: Well, I don't think if it requires any coordination per se, but it does – it is a huge opportunity and we're very underpenetrated, which goes to my comment earlier which is that from our perspective, we're a new entrant, a nascent entrant into an established market. And it's a big market and our penetration is low and our ability to provide high-quality products and to grow that business is good. And so, we don't think it should be necessarily regulated any differently than it is today, but especially for new entrants.

Are there specific products for enterprise customers that you say are more attractive for you initially like, would you say that, first it would be primarily Gigabit Ethernet type of service that you'd be providing and then you would try to sort of move up the value-added stack or have you not really articulated a strategy for large enterprises yet? Thomas M. Rutledge - President, Chief Executive Officer & Director: No, I should be clear that we serve the business enterprise space today and we sell 10-Gig Internet products, Ethernet products. And we can sell those through a large portion of our footprint. So, from a technology platform perspective, we're highly capable. And we can create new products and take speeds up, whatever the theoretical threshold speeds are, optically we can do and we can efficiently build fiber optics to enterprise customers. So, we already have a full range of customers and full range of products, but our penetration is relatively low.

Okay. That's helpful. Thank you. Thomas M. Rutledge - President, Chief Executive Officer & Director: Operator, we have time for one last question.

James Ratcliffe of Buckingham Research Group. Your line is now open.

Hi, thanks for taking the question. If you could go and take a look at the SMB market for a second, where do you think you are in terms of the process – of the impact of the revised pricing and product structures on ARPU in that space and when do you think you kind of lapse that impact? Thanks. Thomas M. Rutledge - President, Chief Executive Officer & Director: Yeah. So I – the way to think about it isn't really to think about ARPU, but to think about the growth rate which we set an accelerated 68% year-over-year. So, we actually created lower priced bundles of packages and we're driving much faster and deeper into the marketplace and the revenue growth associated with that will begin to show up in the following quarters and it will track from a curve perspective very similarly to what we've done in the residential business.

Yeah. Thomas M. Rutledge - President, Chief Executive Officer & Director: It's really a revamp of our strategy to go to a more fast-growing market share strategy in SMB, just like we do in residential.

And should we expect then once that's all through that you actually start seeing ARPU start to step up in commercial as you add on services and the like? Thomas M. Rutledge - President, Chief Executive Officer & Director: Yes, yes absolutely.

Great. Thank you. Christopher L. Winfrey - Chief Financial Officer & Executive Vice President: Thanks, everyone for taking the time to do the call. And we look forward to speaking to you at the Q2 results hopefully as the New Charter, which we've decided to call Charter. Thanks again.