Good morning, ladies and gentlemen, and thank you for standing by. Welcome to Liberty Global Third Quarter 2015 Results Investor Call. This call and the associated webcast are the property of Liberty Global, and any redistribution, retransmission or rebroadcast of this call or webcast in any form without the expressed written consent of Liberty Global is strictly prohibited. At this time, all participants are in a listen-only mode. Today's formal presentation materials can be found under the Investor Relations section of Liberty Global's website at www.libertyglobal.com. Following today's formal presentation, instructions will be given for the question-and-answer session. As a reminder, this investor call is being recorded on this state, November 6, 2015. Page 2 of the slides details the company's Safe Harbor statements regarding forward-looking statements. Today's presentation may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including the company's expectations with respect to its outlook and future growth prospects and other information and statements that are not historical facts. These forward-looking statements involve certain risks that could cause actual results to differ materially from those expressed or implied by these statements. These risks include those detailed from time to time in Liberty Global's filings with the Securities and Exchange Commission, including its most recently filed forms, 10-K and 10-Q. Liberty Global disclaims any obligation to update any of these forward-looking statements to reflect any change in its expectations or in the conditions on which such statement is based. I would now like to turn the call over to Mr. Mike Fries.

Thank you, operator, and welcome, everybody. I want to welcome both sets of shareholders today, actually. Appreciate you joining us. I've got several of my top execs on the phone with me, and I'll introduce them as they chime in during the call. Our agenda is going to be familiar to many of you, I hope. I'm going to provide some overview remarks, some highlights, and then Bernie will get into the details on the numbers, then we'll take your questions. And I'm speaking from slides today as we normally do, and I hope you can get those off our website, because I'll be referring to them at least in my remarks. Starting on slide 4, with what I think are some key themes here. If you're looking for five or six key takeaways from the call, well, here they are. And I'll spend a few minutes on these because I think they'll provide great context for you as we go through the rest of the presentation. First, as predicted, our subscriber growth is back on track and accelerating. And as you've already seen, we added more RGUs in the third quarter than the first two quarters combined. In fact, nearly all of our European operating regions delivered materially better RGU adds this quarter than Q2. And growth ticked up in every product segment with 525,000 RGUs added through nine months, we definitely have our work cut out for us in Q4 to hit our target of up to 1 million net adds for the year. But this is traditionally our best quarter, and we're working hard so. Secondly, we're starting to see the top-line benefits from three new revenue drivers. We now have mobile launched in 10 countries and we've added 450,000 postpaid subscribers in the last 12 months…

Thanks, Mike. I will provide a financial update on each of our two businesses, starting with the Liberty Global Group which includes our European business; and then move on to the LiLAC Group, which tracks our operations in Chile and Puerto Rico. I'm on slide 11 where we present our third quarter results for the Liberty Global Group. For the first nine months of 2015, we reported $12.8 billion of revenue as compared to $12.7 billion for the prior-year period. From a rebased growth perspective, which adjusts for FX movements and the impacts of acquisitions and dispositions, our revenue growth was 3% year-to-date. But I would also like to highlight that our third quarter rebased revenue growth was 3.5%, which represents an improvement over the first two quarters of this year. In terms of OCF, we have generated $6.1 billion year-to-date versus $6 billion in 2014, resulting in rebased growth of 3%. Our rebased OCF performance for the year-to-date period includes the net negative impact of certain items, the most significant of which was $31 million of additional integration expenses primarily related to Ziggo. Looking ahead, we're confirming our full-year guidance for mid-single-digit OCF growth rate, although we expect to end up at the lower end of that guidance range, mainly due to weak performance at Ziggo. Given these expectations and our year-to-date results, it's clear and we anticipate a higher rebased OCF growth rate in Q4. In Europe, we reported an OCF margin of 47.8% for the full year-to-date period, which is a 40-basis point improvement compared to the same period last year. Turning to our capital intensity, we reported $2.8 billion or 22% of revenue for P&E additions in Europe year-to-date. The increase in P&E additions in both absolute and percentage terms was primarily related to an increase…

The question-and-answer session will be conducted electronically. [Operator Instructions] In order to accommodate everyone, we request that you ask only one question with one follow-up if needed. If you are using a speakerphone, please make sure your mute function is turned off to allow your signal to reach our equipment. We'll pause for just a moment to give everyone an opportunity to signal for questions. And we'll take our first question from Ben Swinburne with Morgan Stanley.

Good morning. I'll ask my question and follow-up upfront. Mike, can you talk about - you mentioned that Belgium's the first market that you'll have a free-to-air mobile and cable business. Those are interesting comment. Can you talk about what that means in terms of growth or whether that's a framework that you'd like to replicate another markets if you can? And then separately, at the beginning of the year, you laid out your Project Lightning plans and talked about sort of fine-tuning your [indiscernible] expectations. I don't know if you're far enough through the budgeting process, but do you guys have - as we think about the mid-teens free cash flow growth rate you're going to put up this year, is 2016 a year that can see that growth continue or do you think you are going to lean into the overbuild enough with that algorithm of exchanges for the time being? So any color you have on that would be helpful. Thanks.

Sure. Thanks, Ben. I think, on the first question around free-to-air mobile and cable, I mean, when we look at it, first of all, independently, each of those combinations create interesting cost synergies and revenue synergies. So, putting together, of course, the cable business in Belgium with the mobile operation there, we've already described $140 million of synergies, somewhere in that area. And we know, we all know these days that there are six mobile-convergent synergies in - whenever you put together mobile and fixed assets. And that will be, for us, a really indicator and a really good opportunity to prove those out for you and for ourselves. So clearly, that's one element of the interest. And when we combine a broadcast asset as we're seeing in Ireland or we'll see here, we do that for strategic reasons. We know that there's an ability to increase the reach of our brands. We know that there's an opportunity to ensure we've got all the right content in the right format, on the right platforms. We know there's advertising opportunities in our business. Mike can tell you, and I've said it publicly, we have 50 billion hours of viewing information a year, and 80 billion-plus DNS clicks a day, which we generate no revenue on. So, I'm not suggesting for a second there's any advertising revenue in our long range plan because there isn't. It's all incremental if it comes about. But we're looking at advertising, events advertising using our data, and having opportunity to put these businesses together, to manage these opportunities together we think is exciting. Will we do it on a bigger stage? I know where the question was leading and the answer is not necessarily. I don't think there's anything - you can't draw any conclusions about…

Helpful. Thank you.

Yeah.

And we'll take our next question from James Ratcliffe with Buckingham Research.

Morning. Thanks for taking the question. Two, if I could. Mike, just generally, how do you think about the marginal benefit of broadband speed as speeds continue to ramp both from a consumer impact, actual real consumer impact experience and from a marketing value. So, as you move from a lead of, say, 50 megabits to 10 megabits compared to, say, going to 200 in the UK versus 70 for telco, how does that change the competitive environment? And secondly, just brought down the rating further for group and quite a bit for LiLAC. Can you update us on just how far you think those can go? As you've said, I think in the past about 4.7 to 4.8 in Europe. Is that still the right number to be thinking about? Thanks.

Could you repeat the second question? I didn't get all that.

Sure. Just in terms of [indiscernible] to bring the effective rates down on the debt...

Oh, I see. Debt rates, yeah.

Where should we be thinking about the base case where you can get to level for this broadband?

Got you. If you think about that one, on the broadband speeds, there is a very strong correlation that we see in almost of our networks between the speed of the service we provide to a home and the amount of consumption that that home has. Today, our average home is getting close to 80 megabits per second. Our average consumption is close to 80 gigabytes a month. And that almost - you can almost draw a straight line between the increase in our average speed delivered last three or four years and the increase in consumption. And there's a reason for that. Number one, people who want higher speed generally want to be more engaged in the Internet, and they do and they are. But also, they're finding that the experience is better. So, there is a competitive advantage, in our opinion. We do believe - and it's certainly not surprising that the entire world begins to need, desire and want great and greater speeds. It is going nowhere but up. And if you look in that ecosystem, we're in a great position. We can get to 1 gig. I think I said it publicly, €20 home pass or something we think on average to get ourselves to 3.1 and 1 gig. And this is the right model to have, the cable model in our opinion, and be careful, of course, about how we push that. But we feel very, very good about it, and it has a huge competitive impact. But more importantly, it has a huge customer value impact. We know that in the UK, if we're getting 200 megabits from Virgin, you are a happier broadband customer than the person getting 38 meg from BT. You just are, especially as there's more devices in the home, more OTT products being provided, more video consumption, we all know it, we all experience it. So, I think the marginal benefit is increasingly clear to us at especially as video consumption rises. And Charlie, you want to hit the interest rate point? Charlie, you might be on mute.

Oh, sorry. Here I am. Sorry. [indiscernible]. Look, I would say 5.1% is a pretty good financing rate, and we have financed cheaper than that. And, obviously, it depends on the market because here, we can continue to drive our average cost down. But one thing I would say is that we remain focused on long maturities. So, clearly, if we wanted to, we could cut our cost to borrowing by going shorter. And we're not going to do that. So, we are going to continue to go for long maturities on our debt. So, I think there's probably some upside in the 5%, but I wouldn't say it was immaterial now. But the most important thing is that we're able to refinance and roll these very long maturities at these very attractive rates. And, clearly, it helps us that the overall backdrop particularly in Europe is very positive for that. I can't see EU rates going up anytime soon. And in terms of the UK, as Connie has said, at least another year of low interest rates. So, I think that there may be some upside. It would depend a bit on market conditions. We have financed below 5%, but the step change of going from 6% to 5% is where you won't see us go in those kind of step changes going forward.

Thank you.

And we'll take our next question from Jeff Wlodarczak with Pivotal Research Group.

Good morning, guys. Mike, can you talk broadly about the attractiveness of doing more wireless acquisitions versus, say, leveraging a potential Wi-Fi first MVNO strategy? And then, in your view, how key is being able to offer consumers a quad-play as the subscriber attrition [indiscernible] I've got a follow-up.

Sure. I think this is a question we address all the time with shareholders, and happy to do it again. Looking at M&O acquisitions it's too soon to tell exactly what will - what the benefits will be in Belgium, but we have a pretty good idea looking - when we looked at the scale of that mobile sub-base for us. The opportunity to drive margin in a better customer experience we felt that that fundamental acquisition made a lot of sense. In other markets, we'll see. We have a lot of options. That's the beauty of our strategic plan and our footprint. We have a lot of options. And when we look at taking advantage of a fixed-to-mobile environment. A lot of options. MVNO, MNO and as you mentioned even Wi-Fi first which, of course, everybody's looking at. And one of the reasons we keep rolling out our Wi-Fi hotspot network and one of the reasons that we have aggressive R&D and innovation platform. It could very well be a solution over time. Right now, Europe is a quad-play market. It's a quad-play market because the incumbent telco who has nationwide fixed coverage has a nationwide mobile coverage. And it wasn't beyond the wit of man to assume at some point they're going to put those bundles together, and we had done the same thing with great success. We have over 4.7 million mobile subs today. And the bundling effect, the reduction in churn is real, and the revenue growth is real, and the margins are good. So, we feel very positive about our approach today which is capital light, variable cost. We feel pretty good, I would say, about each of our MVNO contracts and we have 4G or a path to 4G in almost every market. And we'll look selectively based on the market, based on the opportunities. And just as you've known as to do over time. We'll look selectively and very carefully at in acquisition of additional assets like an MNO when and where it make sense, but I know you can trust us on that. What's your follow-up?

And then your guidance for mid-single digit rebased EBITDA. That implies to - if I'm wrong, sort of a 5% plus kind of EBITDA growth in the fourth quarter. And then Liberty 3.0 was a $7 million drag in the third quarter. Should we expect that to be contributing to EBITDA growth in the fourth quarter, or is it something that's more 2016?

Well, we're right in the middle of our budgeting process, as you can imagine. And we did have some extraordinary costs like the Ziggo negative synergies and Liberty 3.0 which the accountants never let us break out on paper, and we understand that. And, of course, our EBITDA - sorry, operating cash flow result was impacted by those things. And that's investment, right, investment in the future. So, going forward, you will certainly, we believe, see some benefits from Liberty 3.0 in 2016. Fourth quarter would seem too soon to me. And it's, again, though, as a reminder, a three-year program. We want you to know this is not about the cost-cutting, as I said. This is not about slashing and burning. This is about building an incredible relationship with customers. It's about having the best products in our market, and it's about just being smarter and more efficient on an already efficient platform in terms of how we operate. So, it's a balanced approach. It's the right approach. And I think it's going to take a little time to implement. It's not going to happen overnight. And there will be some startup cost. But we'll try to do the best we can in terms of identifying those for you and then giving you a sense of the curve as we approach it.

Thanks, Mike.

Yup.

We'll take our next question from Tim Boddy with Goldman Sachs.

Yeah. I wanted to ask a bit, thanks for the question, about your pricing. You obviously took a more aggressive move this year than you've done in the past. And we think that we'll see impact in the customer base and that, I guess, particularly this quarter in Switzerland where the KPIs are weakened further. Are you thinking that for next year it might be better to be more prudent in terms of the quantum of price that you take, or perhaps the way that you take it? And then, I guess the alternative explanation is maybe you feel that it's not pricing that's been a challenge for the KPIs. It's more the quad-play pushed by the incumbents. And if that is the issue, how do you plan to respond? Thanks very much.

Well, I think - thanks, Tim. I think on the second point, you know how we're responding. We rolled out in 10 markets. We've got bundled offerings in every case. So the truth is, we feel very good about our ability to be aggressive, disruptive or just flat-out accretive on a mobile offer and a quad-play offer. So, I don't believe that's what it is. I think we learned a lot this year in the first half of the year about our pricing abilities, about our price value relationships, about our customer's elasticity. So, we're a lot smarter going into this budgeting process than we were perhaps going into the last budgeting process and that's what you'd expect me to say, of course. But we're going to always be, I would say, careful and targeted in when and where we take rate increases. In some markets, it's a very normal and ordinary course reality. In the UK, People understand, customers understand. There's a cost of doing business and it's usually something we can predict and bake in easily. In other markets, we have to be more thoughtful. And incumbents, as I mentioned in my remarks, are quite aggressive and very clever. So, they're responding. It's a bit of a cat-and-mouse game. But you can bet and you can expect that looking at our price value relationship will continue to be a major source of both revenue and cash flow growth for us over the next three years. It's not something that we're abandoning because of the first two quarters of subscriber growth. It's something that we're just recommitting to but in a slightly more intelligent way as we get smarter about the elasticity in our market. That's how I'd answer that.

So, do you think we'd see similar price tag next year in aggregate? Or a bit more cautious and how would you balance that? Or is it too soon to say?

Really market by market, it's - you got back book front book issues. In some cases last year, we took prices up on the acquisition portfolio more than we should. I mean, so there's a lot of moving parts in there, Tim. I don't want to get too specific for you, but I'll just simply say that you should expect that we will continue to adjust the price value relationship of our products and services as appropriate, not meaningfully inconsistent with prior years.

Very clear. Thanks a lot. That's helpful. Thanks.

And we'll take our next question comes from Michel Morin with Morgan Stanley.

Good morning. First question is on for those of us who are a little bit newer at following your company. How should we be thinking about the synergies in cross-border M&A? And then secondly, you mentioned, I think in reference to Europe, you were talking about how you're giving the OTT a run for its money I think is the expression you used. What are you seeing on that front in LatAm? And are you seeing much growth in terms of broadband subscribers who are not taking your Pay TV offerings? Thank you. Two questions. On the cross-border effect, they vary, of course, by market and by industry. In our case, the cross-border effects are meaningful and substantial. Our ability to procure equipment centrally and our ability to provide IP backbone and data and bandwidth efficiently, our ability to procure and secure content and develop content relationships across Europe, our ability to use best practices, revenue and otherwise. The relationships we develop with suppliers, strategic and otherwise.

So, I think the cross-border benefits of our footprint are substantial, and you're seeing that in a consistently increasing EBITDA margin or OCF margin over the last five years as we've made acquisitions, and you're going to see that, hopefully, in our Liberty 3.0 plan which will take that cross-border opportunity to the next level, in our opinion, in terms of how we manage and run and operate our businesses. So, they are substantial in our business. And in the LatAm space - and [indiscernible] I think you're welcome to chime in here. I think it's really days for OTT. There are a couple of platforms that folks have launched. Pay TVs does not have high penetration in the region. In some cases, it's a bit expensive. In other cases, it's not. There's an opportunity for both OTT and for traditional video platforms, and we see that across the markets that we've investigated. So, we tend - we expect - as everywhere - just like everywhere on the planet, there will be video opportunities on line and Internet-driven video opportunity. We don't doubt that for a second. But if you look at what we've done in Europe, we've been able to create essentially look-alike OTT products hard bundled into our traditional video platforms and, more importantly, our innovative cloud-based video platforms and provide those to customers, essentially, at no additional costs. And that really is one of the things that gives us confidence in OTT, generally, as we look at it as a competitive factor with our ability to essentially duplicate the experience and have 10 times the amount of content. So, how about if I say to you, you get the exact same experiences, Netflix or Amazon picture provider - but by the way, you don't have to give up on your broadcast network. You don't have to give up on free-to-air which is 80% of your programming viewing anyway. You don't have to give up on sports. You get all that too. I mean, that's really the approach we'll take everywhere including LatAm.

Great. Very helpful. Thank you.

And we'll take our next question from Frank Knowles with New Street Research.

Hello. Yes. A quick question on the sort of - as you're thinking about rolling out network extension projects in other markets according to the UK. Just wondered how broadly you're examining that. It is going to be a similar sort of pattern as in the UK, just essentially very close to the existing network and infilling gaps? Or are you considering a more broader sort of extension pattern. And would you expect a sort of the hurdle payback to be similar as you've expressed in the UK? And then I just have a sort of slightly more detailed question just on if you could explain the impact of, revenue impact of moving to split contracts on the mobile side in Belgium and the UK. Is it possible to sort of quantify how that impacted revenues? Thank you.

And I'll let Tom and maybe, Diederik, address the contract question. On the network new build, as I mentioned, we are with the success so far of Lightning and we know the opportunity there. We are looking at it more aggressively across our - when we think there are pockets. They don't always look the same. It's not always a simple network extension meters. Sometimes, it's an infill. Sometimes, it's an upgrade. Sometimes, it's creating a better activation opportunity with an existing home path. There's lots of - and it differs by market. So, I really can't generalize for you. I don't want to generalize for you. As we get smarter about those opportunities as we begin to commit to those opportunities you can bet we will help you understand them. And I promise you that we'll do it. If you exist in multiple markets, in place in Europe, Germany as you describe, we are looking for comparable IRRs and paybacks, and it's something that we're pretty excited about. So, I really can't say much more about that. And Tom or Diederik, you're welcome to address the contract question.

It's Tom here. Certainly, the term in the UK was split mobile contracts is proving a very significant success for us. The customer finds it particularly attractive to have the opportunity to own their handset and have the airtime paid under a separate contract, and that has accelerated our growth into the postpaid contracts. So, we're very pleased with it. Of course, it does bring forward our revenue because in effect, we are selling those handsets. So, it doesn't have the revenue growth and that contributes to our overall growth that in a way which is very positive for the customers and is enhancing our whole product base.

That's really helpful. Is there any way of just sort of quantifying how much of your revenue growth in the UK was as a result of bringing forward revenues in that way?

I think on that question, I understand we don't split out the numbers to that detail. It hasn't been the practice in the past. Clearly, it has contributed, but many other things have contributed as well. We'll continue to take price rises through the period. You're probably aware that a number of operators in the UK have done that. And typically, we made an announcement towards the end of the year, so you might look for that very shortly in the UK. I think we can take a well-judged price rise across our cable customers and secure our revenue there. We have good growth in our B2B segment and aim very positive growth and in the mobile as I mentioned, we have good growth there also and with additional services. So, I think you'll see was that a broad pattern of growth based around the price and volume in the United Kingdom, and I very much expect that going forward.

That's really helpful. Thank you.

By the way, I'll just add that there is a positive and negative impact from split contracts. Revenue upfront, but it also impacts how the revenue will go along. So, over a little while, it evens out. Let's put it that way.

Great. Understood.

We'll take our next question from Saroop Purewal with Redburn.

Thanks, everyone. It's Saroop here from Redburn. Can I just ask, would any of the MVNO contracts that you've currently entered prevent you from bidding on an MNO in that market should you see any opportunity there? Or is there anything material we need to know in terms of your commitments on your MVNOs? Thanks.

The answer to that question is no. These contracts are [indiscernible] agreements. They don't generally deal with anything related to assets or M&A.

Okay. Thanks.

Yeah.

And we'll take our next question from Michael Bishop with RBC.

Yes. Thanks very much for the question. I've got two quick ones, please. Firstly, the growth in Eastern Europe seems to be picking up nicely. So, I was just wondering if you could update us on your sort of strategy and view of the region. Clearly, it's been a couple of tough years over the last few year, but do you think it's about just building scale now and sticking in all the different regions within that area? Or is it a case of being more selective? And then, secondly, just on the UK, clearly, a very good broadband number. Could you give us some indication of how many of those net adds were coming Project Lightning, on new builds versus success in the existing footprint? Thanks very much.

Yeah. On Eastern Europe, two points. One is, as I mentioned in my remarks, we have now consolidated that group underneath Switzerland and Austria. So, we should expect that that region as a whole - so, it's not Austria and Central Eastern Europe - and our markets there will start to generate efficiencies as a group as we manage them differently as we find way to reduce overhead, be more efficient, et cetera. So, I think as a group, you'll see that region perform better. Central Eastern Europe and Romania included have seen some uptick in RGUs, which is great. And I think that it's a function of a few things, most importantly, our ability to launch new products. I mean, we have our Horizon Go service, our Horizon Go type view [indiscernible] launched in most markets. We're pushing aggressively our broadband speeds just like we are in Western Europe. So, part of it just where we are in the cycle, and I think that - we think the opportunity in the next three years in that market certainly looks better than the last three years. Is it going to be Western European level in Romania, and Hungary, and Czech, and Slovak and Poland, Western European level growth rates, not necessarily. But they will, we believe, become accretive and positive growth. And that's something that's encouraging. Do you want to hit the UK point, Tom? At Virgin Media, we estimate in the UK we took nearly 60% of broadband and market share in Q3. And overwhelmingly, that was off the existing network. The Lightning Project is certainly underway. We are in the beginning of the build process. We're getting those homes to market. But to market and sell and install is a process. So, a portion of those homes that we did acquire in the quarter, it is from Lightning, but a very small portion. Within that portion, we are certainly getting the penetration rates that we have targeted and getting the ARPU that we've targeted. But overwhelmingly, the growth in Q3 has come from the existing base. Of course, as we progressively move forward will continue work the existing phase and aligning homes to it.

All right.

All right. And we will take our final question for the day from Vijay Jayant with Evercore ISI.

Hi, Mike. Two questions. First on just broadly on the B2B side, which seems to be a good growth area for you, can you help us really understand what the total addressable market is? How you sort of segment your revenues right now? What sets are growing? How fast? And I really want to understand the runway for growth longer term. And second, with DOCSIS, your DOCSIS 3.1 coming along and also the telcos talking about G.fast and some other DSL technologies. Can you talk about the speed differential longer term, and is that something you can really monetize by some form of users base pricing for the fastest speed, or is that purely going to be a differentiation on getting subscribers? Thank you.

Vijay, would you repeat your first question for me real quickly? Summary of it.

Just wanted to understand the B2B market between large enterprise, SOHO and medium enterprises. Where are we - really want to understand how the big the market is for across your footprint, where we are on penetration, really trying to understand the runway for growth across the various segments, but then the business to business opportunity.

Got you. I got you. So, on the B2B front, it is - the complexion of opportunities vary. In most of our markets, almost all of our markets, we are underpenetrated in SOHO and SME. And so, we had made a concerted effort, and you'll see it in our numbers, to penetrate. We think up to 50% is achievable of our SOHOs on footprint. And so, there's a massive bush, if you looked at SOHO revenue. You would see that as growing 25% to 30% a year, quarter-over-quarter, year-over-year. And that kind of growth, and it's becoming an increasingly larger and larger part of our overall B2B platform. And that is going to be the engine of growth for us in the B2B space. So, we have to invest in products. We have to invest in people. We got to find and find and penetrate the small medium, in particular, the SoHo market place. That's an exciting growth initiative for us. And secondly, there are market where we have works still B2B at all, or we have very small B2B footprint like Germany. We take those opportunities, those revenue drivers and we fly them to new markets, that's almost organic of the best type. The third element of B2B for us, obviously is our medium and large enterprise business which is harder to predict and over time a smaller and smaller percentage of our revenue and going to be generally lower growth, because that's where we're competing with BTs and the KPNs. Not to say that we aren't emphasizing that, we will emphasize it, it's a huge - it's two-thirds of our revenue today or more, 70% I believe, so we're going to grow that and grow that steadily. But the real excitement in B2B is coming from SoHo. I…

So, if that's the last question, well, thank you all again for joining us this morning. I realized our comments, our prepared comments were a bit longer than perhaps normal. We'll do a better job next time of keeping those tighter. But we had a lot of to say and we're pretty excited about our results today. So, we're busy, busy, busy on the fourth quarter and we look forward to talking to you about those in the new year. So, take care, everybody, and thank you.