Good morning. My name is Michelle, and I will be your conference operator today. At this time, I would like to welcome everyone to The Charter Second Quarter 2016 Investor 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 Mr. Stefan Anninger. Please go ahead.

Thanks, Michelle. Good morning and welcome to Charter's second 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 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. On today's call we will also refer to pro forma results, while our transactions closed on May 18, 2016, these pro forma results present information regarding the combined operations as if our transactions had closed at the beginning of the earliest period presented in order to provide a more useful discussion of our results. Please refer to the pro forma disclosures throughout today's materials, including the reconciliations provided in Exhibit 99.1 to our form 10-Q filed today. 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…

Okay. Your first question comes from Jessica Reif Cohen from Bank of America Merrill Lynch. Your line is open.

Oh, thanks. I have two questions if that's okay. Tom, you alluded to wireless in your opening remarks. And as part of the merger, you did receive Time Warner Cable's access to the Verizon MVNO. Has Time Warner Cable or you, Charter, notified them of your intention to utilize that, and how do your rights differ from Comcast's if they do? Thomas M. Rutledge - Chairman & Chief Executive Officer: I don't know exactly what's in Comcast's rights structure, but I believe they're similar because they were created at the same time as part of the same transaction. And we have not fully exercised that right yet.

Anything you want to say on timing? Thomas M. Rutledge - Chairman & Chief Executive Officer: We're looking at what those rights are and how we'll execute or how we'll utilize them for the best benefit of the company, but we don't have a plan yet that we're ready to roll out.

And then, the second completely different subject, but given your new footprint – your new enlarged footprint and the scale that you get in much bigger markets, can you talk a little bit about, you also alluded to this in your opening remarks, the advertising opportunity? You mentioned addressable advertising. What are your plans and where does this fall in your priority list? Thomas M. Rutledge - Chairman & Chief Executive Officer: Well, there's two parts of the scale that are interesting. One is we're a much bigger company. And if you just take the Charter growth strategy and apply it to a much bigger set of assets and you do the same thing on those assets, get the same kind of growth rates, you create a lot of value. But the other part of scale that comes out of this is that the footprint, the coverage of the DMA and our ability to use mass advertising, as well as sell advertising in the DMA is improved by the efficiency of our coverage of local markets, meaning in historic terms, we're better clustered. So, we have our ownership of assets by particular DMA more concentrated than we did at Charter. That gives you two things. It gives you the opportunity to be a better seller of services and products and it gives you the opportunity to be a better seller of advertising and targeted advertising in local products sold at – on all the various platforms, the TV, the Internet and voice platforms, wireless platforms, and it also gives you, from a commercial sales perspective, a more likely footprint to serve medium-sized businesses and all the facilities those businesses pass or use within your footprint. So, if you have a multi-site business, your ability to serve multi-sites with better footprint is improved, and so the commercial marketplace is also improved. So, the whole footprint is more efficient.

Thank you.

Operator, we'll take our next question, please.

Your next question comes from Craig Moffett from MoffettNathanson. Your line is open.

Hi. I wonder if you could talk about the programming agreement step downs that you've had and there have obviously been a couple of lawsuits. Can you talk about what you anticipated in the relationships with your programmers and what kind of response you've had from other programming partners with respect to stepping them down onto the Time Warner Cable agreements? Thomas M. Rutledge - Chairman & Chief Executive Officer: Well, the nature of programming relationships hasn't fundamentally changed, and it's still a contentious contractual environment. But, generally, we have good relationships with our programmers, and I think the litigation is part of the negotiation process in general. And it's going about what we thought it would go.

That's helpful. And if I could just ask one additional, much more general question, you talked about that what you've found so far doesn't change your confidence at all. But, can you talk about any particularly big surprises you've come across as you finally gotten inside of Time Warner Cable and Bright House? Anything that jumped out at you as I wouldn't have expected this, and there is either real opportunity or potentially some peril here? Thomas M. Rutledge - Chairman & Chief Executive Officer: I wouldn't say that I'm surprised by anything. We have a pretty good visibility into these businesses. I have managed Time Warner assets in the past, now granted, it's 15 years ago. But, for instance, I knew about seasonality in Florida, having managed those assets in the past, with snowbirds and so forth. And I would say that the pricing and packaging and the variability of offers is the most interesting opportunity to fix quickly. It creates a lot of activity and confusion in the marketplace both for the consumer and for the employees of the company. And so, I think having a more logical, efficient selling machine will cause a lot of activity to go away quickly. And there's a lot more complexity there than even I thought was there. All of which means there's more upside.

Thanks, Craig. We'll take our next question, please.

Your next question comes from Bryan Kraft from Deutsche Bank. Your line is open.

Hi. Good morning. I wanted to ask you if you could comment on how disruptive or not you expect the repricing and repackaging of services in the acquired operations to be to your subscriber and ARPU trends. Should we expect some noise in the numbers for a while? And then separately, is there anything that you need to do that's significant to the plan in the acquired operations before you can deploy the Spectrum Guide or is that something that you can do fairly easily? Thank you. Thomas M. Rutledge - Chairman & Chief Executive Officer: Right. Look, the pricing and packaging is mostly done incrementally. But it does require you to retrain your workforce and to set up processes to provide the products that you want to sell. So, we need to make sure that we have an advanced video product in every market where we launch pricing and packaging that our data speeds can be taken up to where they need to be. And it's logistically complex but not that disruptive to the consumer. What is disruptive to the consumer, though, is continued all-digital rollouts. That requires hardware going into consumer homes. So, about 40% of Time Warner assets are not all-digital currently, and 50% of Bright House are not all-digital. So, those transactions are more disruptive, but necessary in order to get you in a place where you have a superior product set relative to all your competitors. If you look at the history of Charter and its growth rate, and its trending schedules as you'd inquire about, they're a good proxy for what we expect to happen going forward in these new assets. The difference in these assets is that physically, they're in better shape, so there's probably less capital required in them. But from a consumer perspective and driving revenue and driving consumer stats, the Charter experience is a good proxy. With regard to your question on the guide, yes, there are some issues around the guide in rolling it out in the new assets. And they have to do with provisioning systems. So, you have three different companies that talk to their hardware; modems, voice devices, as well as TV set-top boxes and create the billing environment and the control environment around all of that hardware in the field, as well as the billing environment that goes over top of that. All of those things are separate functions that have to be integrated and require an IT infrastructure over top of all of the existing Legacy's structures to unify what products can go where. And the guide, to some extent, has to wait for that physical infrastructure to get put in place. So, we think we can do that as we roll out the all-digital strategy. And we don't think it's gating or anything like that, but it takes time and it's complicated.

Okay. Thank you.

Operator, next question please.

Your next question comes from Jonathan Chaplin from New Street Research. Your line is open.

Two quick ones, if I may. First, I'm wondering if you could give us a little bit more color on the higher churn you saw in the Time Warner Cable footprint, specifically for video? And secondly, on the synergies. Chris, I think you said by the time you hit your first year anniversary, synergies should clock in at about $600 million. Was that for that first year period or would that be the run rate in sort of the second quarter of next year? Christopher L. Winfrey - Chief Financial Officer & Executive VP: That's the annualized run rate by the time we get to the end of the first year of $600 million. You'll recall that, I think, originally, we had said that was about $400 million at the time of the announcement of the transaction. If I remember, I think it was $500 million for financing purposes. So, it's higher than what we expected to be a run rate by the end of the first year since close.

Got it. Thomas M. Rutledge - Chairman & Chief Executive Officer: With regard to your question on higher churn. First, we weren't managing those assets through the quarter, most of the quarter. And so, we don't have a direct connection to what happened or is happening. But it's really a function of the pricing and packaging and the way that the business has been marketed, and our view is that both Bright House and Time Warner pricing and packaging lend themselves to higher churn than the way Charter prices and packages. And so, until we get the business priced and packaged properly, we'll have churn rates in the legacy properties probably higher than Legacy Charter. At least that's our expectation. So, as a result of that, our strategy is to change the way those businesses market their services.

So, Tom, does that mean that you'd expect to see sort of the higher churn rates for the next sort of several quarters as you get more of the base onto Charter-style packages? And I guess as a sort of second follow-up, it seems like the adds were a little bit worse year-over-year, so the sort of the churn rates were maybe higher amongst that base this year than a year ago on those kinds – on the legacy Time Warner Cable packages, I'm wondering if you have any insights at this point into what could have driven that? Christopher L. Winfrey - Chief Financial Officer & Executive VP: Hey, Jonathan. This is Chris. What you're getting at is actually really complex because of all the different transactions that are involved, but I'll try to simplify it a little bit. There was a higher amount of churn at Legacy TWC in Q2. A lot of that was also coming from downgrades at the point where we had promotional pricing roll-off. That's a function of not having the highest quality product that you could offer in place at the best price you could offer and making it competitive in the marketplace and not having a consistent way of rolling the pricing up at promotion, which means essentially that the product doesn't stick.

Right. Christopher L. Winfrey - Chief Financial Officer & Executive VP: So, in terms of going forward, the more the base that you can get on pricing and packaging, the more sticky that base becomes not only in the face of competition but also in the context of step-up in price. But you're still exposed along the way to the Legacy base that hasn't migrated to new pricing and packaging as to what happens to them at roll-offs, what you allow them to roll off to, what retention offers you have in place, and how quickly you can either proactively or reactively migrate that base into the new pricing and packaging. It's fairly complex. No different than what was done at Legacy Charter in the 2012 to 2014 time period. So, we'll just manage through it the same way that we did then.

Thanks, Chris.

Operator, we'll take our next question please.

Next question comes from Ben Swinburne from Morgan Stanley. Your line is open. Benjamin Daniel Swinburne - Morgan Stanley & Co. LLC: Thank you. Good morning. I have one for Tom and one for Chris. Tom, when you look at the new footprint, you've got a lot of broadband-only customers. I think something like 7 million plus. How are you thinking about marketing video to them maybe in a way that hasn't been done before either at scale or in the industry? Anything at this point that you're thinking about from a product offering or technology perspective to sort of get at that opportunity? And, Chris, if you go back to the expense growth in the quarter, I think you gave us pro forma growth for programming, cost of serve and G&A – and other of like 7.5%, 2% and 8.5%. But there's a lot, as you point out, a lot of moving pieces there. Is there a way to think about either clean versions of those three numbers or even directionally whether the sort of real underlying trend is higher or lower than these metrics you gave in the release? Just as we think about sort of the natural cost growth trend of the business through the rest of this year. Any color would be helpful if you had any. Thomas M. Rutledge - Chairman & Chief Executive Officer: Well, Ben, I think the biggest opportunity continues to be selling against satellite. If you look those 7 million data only subs, a substantial portion of them are satellite customers. Benjamin Daniel Swinburne - Morgan Stanley & Co. LLC: Yeah. Thomas M. Rutledge - Chairman & Chief Executive Officer: And that has to do with the analog nature of the video product that the cable companies sell. And by going…

Operator, I think we have time for one last question please.

Okay. Your next question comes from Phil Cusick from JPMorgan. Your line is open.

Thanks. Chris, you stated before, you've given Charter CapEx guidance. Can you help us with CapEx expectations for the rest of the year? Should we look for some growth slowdown in the next couple of quarters before an acceleration in 2017? Christopher L. Winfrey - Chief Financial Officer & Executive VP: So, we're not going to be providing CapEx guidance. But I think the thing that is clear is that the – one of the big drivers for spend in the first half of the year on a pro forma basis, again managing – it wasn't us managing the combined CapEx, we're just reporting on it today on a pro forma basis. But there is, obviously, the significant amount of all-digital activity that was continuing at TWC. And that will be largely put on hold as we put in the Charter all-digital strategy the beginning of next year. The results of some what I believe is pull-forward of good capital, but significant pull-forward of capital around CMTS and routers and some of that type of activity that should slow down a little bit as well. But the danger in providing CapEx guidance or even expectations is, frankly, if we see the opportunity to go make an investment that's going to put the company in a position to grow faster, then we're going to do that inside of a particular quarter or inside of a particular last 12 months or fiscal year. And our view on the trends of CapEx is that capital intensity will go down significantly once we get through the all-digital program. But from a timing perspective, we see opportunities to grow faster by investing quicker, even though the total gross dollars invested may not be any different. We'll pull it forward as we need to and we don't want to be beholden to slowing down the growth trajectory of the company to meet what is in our view kind of an artificial target. So, no, we won't be providing an outlook for this year. But I think if you take a look at the way that we've managed capital in the past at Charter. It's meant to be efficient and to drive faster growth.

And even at the current CapEx run rate, it seems like you're delevering very quickly and could head to that 4 turns leverage range right around the end of the year. Is that a fair way to look at it, and is there any reason you wouldn't be returning capital if you got to that point? Christopher L. Winfrey - Chief Financial Officer & Executive VP: So, now, you're backing me into guidance. So, look, the business is delevering at, call, it half a turn a year, that's what we expected even though CapEx was being spent at a more elevated level, and it included the duplicative portion of the CapEx, which is three different companies spending on IT and different types of product development and those kind of corporate expenditures as they spend at least two or if not three times over. So, that's another area that it should automatically get more efficient. But, yeah, I think, we're going to delever fast and it's a first-class problem to have is to where to deploy the capital which is why I've spent some time on it in the past couple of calls and make sure people understand the priority of how we'll opportunistically deploy our excess free cash flow over time.

Thanks very much, Chris.

Operator, that ends our call. Thank you. Christopher L. Winfrey - Chief Financial Officer & Executive VP: Thanks, everyone. Thomas M. Rutledge - Chairman & Chief Executive Officer: Thank you, all.

Thank you, everyone. This concludes today's conference call. You may now disconnect.