Good morning, ladies and gentlemen, and thank you for standing by. Welcome to the Liberty Global Third Quarter 2020 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 or 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 libertyglobal.com. After today's formal presentation, instructions will be given for a question-and-answer session. Page 2 of the slide details the company's Safe Harbor statement 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 fact. 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 in Liberty Global's filings with the Securities and Exchange Commission, including its most recently filed Forms 10-Q and 10-K as amended. 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 any such statement is based. I would now like to turn the call over to Mr. Mike Fries.

Thanks, operator, and welcome, everyone. There's quite a bit going on the world, so we certainly appreciate you spending an hour with us. We'll try to make it worth your while. Charlie and I will handle the prepared remarks today, and then I'll get other execs involved in the Q&A as we normally do. I would be referring to slide as we walk through the quarters, so hope you can grab those off the website and follow along with us. And I'll kick it off on slide 4 with some key highlights from the quarter. And this should get you level set on most of the main issues, many of which we'll come back to in this presentation. But let me start with the pandemic, as we've discussed throughout the year, while we're not immune to the effects of this global crisis, of course nobody is, we continue to deliver solid operating and financial results, largely in line with or in some instances better than our original expectations for the year. And I'll talk about that a bit on the next slide. Obviously, this has been a busy year for us on the M&A front and we're excited to be on the verge of closing our acquisition of Sunrise in the Swiss market. You would have seen that around 97% of the shares were tendered to us, which is a great result and we'll facilitate the de-listing and merger process. We also just received all regulatory approvals which means we're targeting completion of the transaction actually next week. And in a few slides, I'll spend just a minute revisiting the strategic and financial benefits of this combination which are significant. We're also making steady progress on the completion of our JV with Telefonica in the UK. The teams are working…

Thanks, Mike. Turning to our consolidated numbers, I'm starting on a page entitled underlying revenue stable. Total group revenues sort of declined at 1.3% in Q3. And on the right hand side of the page, we set out our estimates of the impact of COVID and on what it has done to our underlying revenue growth, which as you can see accounts for more than 100% of the Q3 decline. In Q3, we estimated COVID reduced revenues by $41 million compared to $110 million in Q2. Of the total, premium sports accounted for around $13 million, B2B revenues were also impacted by $13 million and mobile revenues were reduced by $9 million, predominantly by roaming revenues. Broadcaster revenues accounted for around $6 million of the drag. Many of the affected revenue streams are either relatively low margin or have other compensating operating expense impacts, which is why our adjusted EBITDA growth was not significantly impacted in the quarter. On the next slide, we provide details of our adjusted EBITDA. The rebased adjusted EBITDA growth was minus 5% in the quarter, which means year-to-date growth is minus 3%. Now, we're confirming our full year guidance of mid single-digit rebased adjusted EBITDA decline, which implies a significant year-on-year decline in Q4. Why is this? Well, 2019 saw a material step up in adjusted EBITDA in Q4 versus Q3. Whereas in 2020, we expect Q4 EBITDA to be broadly flat to Q3. And this is because we have deferred the UK price rise that we typically executed in Q4, resulting in a $26-million delta. And in response to the demands of COVID, we are ensuring certain customer care operations and an accelerated investment in a number of digital initiatives. Together, this results in an increased spend year-on-year of $17 million. We expect these…

The question-and-answer session will be conducted electronically. And we will take our first question from Vijay Jayant with Evercore.

Good morning, Mike. Two questions, first, in the UK you've been reconnecting with your customers and sort of contact them on modification of their plans as part of a repricing of the base. Can you just talk about how much was done, what's been the customer impact in terms of dollars, and any sort of outlook on what that could be going forward? Second, more sort of a bigger picture question. Obviously, your fixed mobile convergence strategy is showing a lot of success in Holland and Belgium. We expect that to come in the UK and Switzerland over the next year. Can you sort of talk about structurally or competitively or culturally, is there any real reason those two markets, the new markets will have similar success and we can get back to pretty healthy EBITDA growth and KPI growth? And in that context, is there any way to even sort of quantify what sort of margin benefits you're getting? I know the churn is down and NPS is better, but any sort of profitability measure on this convergence would be very helpful. Thank you.

Sure. Thanks, Vijay. Look – Lutz is on and I'll let him address the end of contract and annual best tariff issue. But we've said in the past, I think we would repeat here though, is just we're not giving specific – we're not disclosing specific numbers to who we've contacted and how many here. But we have said publicly that so far the effect of that end of contract notification process has been better than we expected, which means that while our churn from that process was largely in line, we have not had to provide any level of discounting or changes to ARPU that we thought would occur. So in the end, we believe that the end of contract notification process thus far has been better than we expected. But I'll let Lutz dig into that. Why don't you just answer the second question if there's more to add to that, Lutz. Go ahead. In fact, well, go ahead do that now, Lutz, if you have something else to add to that. Go ahead. Lutz Markus Schüler - Virgin Media, Inc.: Yeah. I think what I can add to this, like overall you have seen strong net adds in UK. So therefore you see that the churn number or the end of contract notification is not really material. And overall year-over-year, we are doing much better on churn. And on ARPU, we are 1% down, but a year ago we have had the price rise started September 1 and October 1, half and half across the customer base. So therefore, you see also that the impact is not too high. However, there is an impact, and this impact will also obviously flow through into 2021 so that we have fully swallowed the impact in a negative way 2022.

Yeah. And annual best tariff has really just started, so it's too soon to know. Lutz Markus Schüler - Virgin Media, Inc.: It has just started.

On the FMC question, listen, I do believe to answer your question in sort of a general way, we do believe that both the UK and Switzerland can show, should show similar trends in terms of both financial trends and operating trends to what we've seen in Belgium and Holland. There is a couple of things that are the same of course. We look at the synergy estimates there in both markets there within the range of what we've seen in all the other transactions we've been involved, and we've been involved in over eight different country mergers whether we're a seller or a buyer or a partner with FMC. And so there's a lot of data on synergies. Just in the case of Holland and Belgium, it was about a €5-billion synergy estimate and we knocked the ball out of the park as they say on both – in both countries. So we've got experience. We know the experience synergies. I believe the estimates have been validated – I don't believe, I know the estimates have been validated in both transactions by both sides of the equation. And we feel really good about those estimates, the $2 billion number in Switzerland and the $6 billion number in the UK. And those provide a lot of tailwinds financially, obviously. Of course on the operating side, the benefits of FMC are hard to argue with. Structural reductions in churn, consistent and regular improvements in NPS. In a competitive market, having this quad-play bundles – you've seen it in Belgium, you've seen it in Holland, having a quad-play bundle matters, being able to provide full package of products and services around connectivity matters, having a mobile operation to cross-sell broadband, having a broadband platform to cross-sell mobile matters. And the statistics and the opportunities are very similar in both countries to what we've seen. I can't share with you the long range plan. But if I could, you would see similar kinds of profiles. I mean, VodafoneZiggo has upped their guidance on EBITDA this year to mid-single digit. Well, I just showed you that three years ago, it was negative 5%. And we do think that those same kinds of characteristics, both operating and financial, are achievable. And again, I can't share with you my plans, but you should assume that we see that opportunity similarly as do our partners in the case of UK and I think the Sunrise management team as well. Of course, they were on the other side of the transaction for a long time. So, everybody seems to be aligned here and we're anxious to get started.

Thanks, Mike.

Yes.

We'll take our next question from Michael Bishop with Goldman Sachs.

Yes. Hi. So I have just one question, which is also on UK pricing. I just wanted to understand how you think the price versus volume equation has worked in the year, not taking price. And that's with a view to potentially what you're thinking about next year, given BT's move and actually some of the moves on UK mobile we've seen as well. So just in general, the pricing environment feels like it's got quite a bit better despite COVID. Lutz Markus Schüler - Virgin Media, Inc.: (00:31:24) that question...

Yeah. Go ahead, Lutz. I'll add to it if I need to. Go ahead. Lutz Markus Schüler - Virgin Media, Inc.: Yeah. Well, we have only postponed the price rise for this year, Michael. And we wanted to make sure that we really continue with the momentum we've built up in especially broadband net adds. And – but as you have recognized yourself, the market seems to get more rational on the price increase side. And obviously, we cannot disclose here what we are going to do, but I think, overall, I see that's pretty positive.

Yeah. I think the decision made to defer the price rise in 2020 was the right decision. It had perhaps a marginal impact on volume, although I think reduced churn, the pandemic, the essential element of our products and services probably had more of an impact on that. But as you pointed out, Lutz, the market is clearly expecting from other operators and other operators have made this clear and publicly that they will be taking price rises in 2021. So, we'll decide internally what our best move is, but we think the decision in 2020 was the right one, and for sure, it set us up for a stronger 2021.

And we will take our next question from Ben Swinburne with Morgan Stanley. Benjamin Daniel Swinburne - Morgan Stanley & Co. LLC: Thanks. Good morning and good afternoon to the folks overseas. I wanted to stay in the UK, if we could, two questions. One, you guys have had some programming cost pressure, I think, over the last couple of years, probably largely tied to sports. And I'm wondering if you look out from here if you see the curve there bending one way or the other. I'm partly bring it up because Sky is talking about some real opportunities in terms of driving down, I think, entertainment expenses. So I'm just wondering if you see that in your outlook as well. And then sticking with video, I know we don't talk about video much anymore, but this Virgin TV 360 platform, is this a big deal for your position in the market? I don't know how you would compare that to Sky Q. And I think it's – I don't think it's a new set top box. It doesn't feel like a big CapEx deployment. So I want to just make sure that's the case and get a little more color on that product, which launched this quarter.

Yeah. I'll let Lutz again. I will just say a couple of things and I'll hand it over to you. The 360 platform really is a new user interface. The Horizon 4 user interface, which is (00:34:06) what everything you'd expect to see. And that we think is a game changer in this market where everybody continue to watch video pretty significantly on the television, but it also integrates all the apps and has the full – that why it's called 360, the full integrated OTT experience built-in. So we do think that's a game changer later this year when it rolls out. It has been in other markets in Switzerland, just rolling out in Ireland. NPS, and in Holland, the NPS rises materially. And people see it as the next-generation of video experience, which we need to be part of and our customers are as well. On the programming point, without being specific about any particular programmers, I think it's fair to say that across Europe, not just in the UK, we anticipate a different type of discussion with all of our linear providers, whether it'd be sports or entertainment. And you're seeing that in most of our markets, we're not disclosing it. And why is that occurring, for the same reason you're seeing it here in the US perhaps. While viewership – many of our viewership remains pretty robust in Europe compared to the US. It's clearly moving the other direction over time and we are seeing some modest losses in video subscribers. So the idea that we'll continue to pay more for linear programming in Europe that will continue to pay flat rates, if you will, and not customer-dependent rates is crazy. It's not going to happen. And so in all of our negotiations with these providers,…

And don't underestimate the leverage we bring to those conversations today. Years ago then, we didn't have any mobile customers. Today, if you include the MVNO sub, we have something like 15 million mobile subs. The OTT guys are searching us out, they – you've seen how well Verizon get the Disney+ and you've seen all the OTT guys here looking for mobile partnerships to get launched. We're in a position in all the core markets to play that role. O2 is already the launch partner for Disney+ in the UK. So, we'll be in that position in all these core FMC markets with the mobile platform, which gives us additional leverage in those conversations. Benjamin Daniel Swinburne - Morgan Stanley & Co. LLC: Right. Got it. That makes sense. Thank you both.

Okay, Ben.

And we'll take our next question from Steve Malcolm with Redburn. Steve Malcolm - Redburn (Europe) Ltd.: Yes. Good afternoon, guys. So I just want to come back to that question on programming costs and just clarify, if that's, okay, and then one more quick question after that. You basically have two large premium sports providers in the UK, BT and Sky, the BT deals largely fixed and Sky deals kind of fixed and variable. From what you're saying, I think it's reasonably clear but should we assume over time you are making every effort to make those fixed costs from those two large suppliers more variable and give them kind of more access to a larger base and ability to go OTT? So I guess that's question one. And then secondly just on the local listings point, Mike and Charlie. I did ask this last time around. But when I look around Europe, there are two kind of companies of that ilk, Telenet and OTD, both trade at very high dividend yields and pretty low multiples. So I guess the question is what's the market missing? Why would Switzerland be that different? Is it just could it's a better market? And would you consider something a bit more radical say a full demerger to your shareholders in an effort to create value? Thank you.

Well, I'll take the second one and Lutz you can be thinking about the first one, and Charlie chime in here too if you want. Look, I think there is – you did ask the same question last time, I appreciate that. Then, there are lots of reasons why Telenet is where it is. We think the dividend they've announced, the long-term free cash flow profile, their competitive position in the marketplace are winning characteristics. I think there is some concern that's unique to Telenet among shareholders there, specifically related to strategic issues whether it's (00:40:28) conversation, capital expenditures. So I don't think when you look at Telenet and read across the rest of Europe and say well because they trade here, a swift IPO or a UK IPO won't trade well. If you just look at VodafoneZiggo where KPN trades and VodafoneZiggo lead KPN and all the core metrics, if you look at three months or year-to-date results for both companies, it's night and day. And yet that also could be an opportunity for reasonable valuation. Lastly, I'll just say that while you could be right and valuations won't be as robust as perhaps you hoped for, they couldn't be any lower than our own valuation. Let me just pause there. All right. So perhaps it won't be 9 times EBITDA and a 6% free cash flow yield. But if you look at where we trade today, creating local listings with local following and local energy in that marketplace gives you the shot at – and manage the balance sheet correctly and the dividend profile correctly give you a shot at long-term value creation that apparently we're not able to achieve at the opco here for reasons you would know better than me I suppose. And so from my point of view creating value at the opco whether it's the way we serve Germany or the way in which we're managing Telenet or a value we're creating in Vodafone, that's the core of that creating value for us. And we'll look at all options – to address your last point, we'll look at all options to create fundamental value, shrink the value gap... Steve Malcolm - Redburn (Europe) Ltd.: Mike. Mike.

...in our opcos, whatever that might look like. Yeah. Steve Malcolm - Redburn (Europe) Ltd.: Should we assume that your sort of number one – hello? Sorry.

No. You go ahead. Go ahead. Steve Malcolm - Redburn (Europe) Ltd.: I was just going to ask, should we assume that you wouldn't seek to use any proceeds raised during IPO just to retire more equity, arbitrage a higher multiple in Switzerland possibly against your group multiple?

I think it's – because we generate free cash flow so we don't need to look at inorganic transactions to raise cash flow, equity strengths to generate free cash. But look, we'll be opportunistic. We've seen that over the last five years, right? We've always done what we believe is the right thing both in terms of the operating and strategic position that we're in and the ability to manage our capital and capital allocation. So nothing's off the table, you would know that about us. However, I think that Plan A should be pretty clear. Lutz, do you want to address the programming cost question? Lutz Markus Schüler - Virgin Media, Inc.: Yeah. My comment it was more across all programming costs. So you were only referring to the sport premium programming cost side, so therefore take this view a bit more broadly across all our content costs not only the trend. When it comes to the sport premium, obviously we have with those partners, BT and Sky, still we are – we're sitting in an existing contract and the yields will come up I think in 18 months from now. So, we need to find a way, on one hand side, to help our partner to have a secured revenue stream, but on the other hand side to sit on something more valuable. And this is something, obviously, we will figure out in the next 18 months and then obviously, we will share that with you then. The idea is that obviously strategically in general we want to get more and more on variable cost. And on the other hand side, if it comes to variable then obviously we use all the efforts we are having to then come to a proper volume plan behind that. Steve Malcolm - Redburn (Europe) Ltd.: Do you – just one final – do you feel your negotiating position with those operators has strengthened in the last 8 months given what's happened? Lutz Markus Schüler - Virgin Media, Inc.: Well, I mean – so first of all, we have worked very good together during the pandemic, I think that was very good. And then – I mean these content contracts come into play, I think when we are also – when – hopefully have closed and then, yes, I mean then we have mobile and the fixed customer, and hopefully we have more to offer for distribution also. Steve Malcolm - Redburn (Europe) Ltd.: Great. Thanks a lot.

And we'll take our next question from Matthew Harrigan with Benchmark.

Well, thank you. Mike, in your comments at the cable tech, you kind of highlight some of the differences between your position in the US operators, a lot more fiber competition over in Europe. And I thought you also seem to suggest you're pretty explicitly even that you thought the headroom in DOCSIS 3.1 was a little bit less than what the US operators were saying. And clearly that takes – requires a need for deeper fiber and DOCSIS 4.0 and all that. I mean, do you think that's a fair characterization? And do you think that with all of this capacity being brought on 5G, and DOCSIS 4.0 and all that you're going to finally see some better app development that you can monetize? I mean there are some cool things that cables have, like the light field holographic hopping frog and all that. But it feels like you really could see some definite acceleration in your perceived value and price potentially even beyond what we're seeing with Zoom and conferencing and all that? Thank you.

I have just couple of points there. The value of our networks is undeniable. You could just look at what's happening in the European infrastructure space. We know our networks are valuable today well beyond where they're being valued and for all kinds of reasons that make good sense. The path to continued speed enhancement in our fixed networks, you've got multiple paths. But today we're getting the most out of 3.1, which again we've already trialed 2.5 gig speeds with 3.1. That's something we can do if we choose to do, we trialed that in UK. But we're really focused on 10G or 10 gig. And to be honest with you when I mentioned 1 gig five or six years ago everybody is like what the heck is that needed for. Trust me when I say that the 10 gig conversation will be starting and will be starting pretty quickly. And when we look at our networks, we've got a couple of ways to get there with DOCSIS 4.0 as you mentioned, where we would fall right in line with the US operators, Charter and Comcast, both of whom would be pursuing a strategy like that. And we could also use fiber-to-the-home, CSPON, where we have, we think, the economics to support that kind of roadmap to 10G. So stay tuned, lots to talk about there and as you point out lots of cool things with faster speed and lower latency, lots of cool things we can do both with our fixed and mobile networks. We just talked yesterday as a team on some of the – the ideas around Internet of Things. And to be honest with you that we have benefits with being in the mobile space for the IoT opportunity. It's also advantageous to be partners with companies like Telefonica and Vodafone who are leading the way in the development of IoT revenue. And as partners of ours, we learn and benefit from that too. So I think there's tons of opportunity to monetize networks. Fixed and mobile continue to expand speed and capacity and reduce latency with 5G and 10 gig. And sky is the limit. I think that's really why these networks are being valued where they are.

Thanks, Mike.

Yeah.

And we'll take our next question from James Ratzer with New Street Research.

Yes. Thanks very much indeed. And two quick questions, please. The first one was just regarding your UK KPIs. I mean, the customer adds this quarter really looked to me like one of kind of standout figures in the release. So I was wondering if you could kind of just talk us through a bit more what's helped to drive those adds up even further than we saw in Q2. I mean, is that solely down to being more kind of price competitive? I have thought not having a price rise might have only impacted September. So on a strong performance there, I was wondering what you can say about how you see that in future quarters as well. And then secondly, just interested to get your updated thoughts on the ITV stake. I believe that that color position you have is now unwinding. I think about 30% unwound in the quarter. So you're now running a kind of economic stake with equity exposure on the ITV stake again. Just interested in your thoughts on the kind of rationales continuing to hold that and what you want to do with that stake longer term. Thank you.

I'll take the second one. Lutz, you can take the first one. Look on ITV as you know, James, when we originally acquired our position some time ago, our average cost was well over £2. Fortunately, we colored that position and had virtually no economic exposure to the ups and downs of ITV. As those colors are expiring, we had a choice to make and we decided to average down the price, around 70% or more. So we're essentially owning the shares that the market thinks we owned anyway at about a 70% reduced price. In our minds, that was worth exploring and we are doing that from time to time and we think that's smart. We have no intention of doing anything with the stake. We have no intention of doing anything with ITV. But, look, we're going to be the second largest telco in this market, second only to BT. And our view is a small stake in the largest broadcaster could be strategic defensively, offensively, I don't know. But there's an opportunity to own that stake for 70% less than you thought we owned it, and we think that's a good trade. So we might look at that, we might not. We could hedge the position again once we unwind it. We could also hedge it again. So – and expect us to be financially astute and take advantage of any opportunities that are there to average down and be in a stronger position than we were a year ago on that strategic take – position or strategic stake. So Lutz, do you want to take the KPI point? Lutz Markus Schüler - Virgin Media, Inc.: Yeah. On – predominantly, your question was around fixed net adds. And so I think it's two factors, right? The churn…

Thank you. So that would kind of suggest that the rate you've seen in Q3 could probably be sustained towards into Q4 as well. Lutz Markus Schüler - Virgin Media, Inc.: Stay tuned.

Right. Thank you.

And we'll take our next question from Andrew Beale with Arete Research.

Hi. Just following on from Steve's earlier IPO question. I mean, I guess I understand the point versus the current Liberty Global equity valuation. But what are you thinking is the rough timeline for local listings? And given the state of the European sector valuations, why do you think this is a better mid-term value creation path than private market or corporate transactions, given your now fairly unique footprint and the fact there seems to be a pretty wide gulf between public and private, both for the operating assets and also the underlying infrastructure? And also, if I can just ask, Mike, if – when you say strategic investments in adjacencies, can you explain what you're meaning? I mean I've seen the fiber and target in current geographies are indicated, but what about geographic expansion, exclusive content, is there anything you can rule out?

Yeah. Okay. Good questions. Listen, on the IPO question and the reference to public and private multiples and other sort of corporate transactions, you know us, we are always going to be opportunistic. It isn't like we have one path and we will pursue that path at all costs, stand by or stand down. We're going to be looking at all sorts of opportunities. And sometimes it could be dual tractor, who knows. But we do know that taking action and being sort of on the front foot when it comes to value crystallization and things of that nature is the right posture for us. And so, you'll see us look at these opportunities. We may not take advantage of them, we might. So, we'll always be opportunistic and focused on creating value, first and foremost, and would never exclude any particular financial, corporate or strategic approach to doing that. Without getting into the details of what those might look like or valuations or things of that nature, just rest assure that we will – you know us, you've seen us, you've watched how we pivot and adjust and stay agile. We're always going to do what we think is the best for the long-term value creation. In terms of adjacency, yes, certainly, we can rule certain things out. I mean, geographically, our focus is principally in Europe. That's where we think the adjacencies reside because we have a strong fixed mobile footprint in Europe. And so for the most part, the adjacencies geographically would be in Europe. We don't exclude in an absolute way anything else, but you should assume that most of those adjacencies would be Europe-focused. And then adjacencies would be technology and content-focused, things that enable our core fixed mobile converged platform. So the things that we've done, investments we've made in our tech platforms, the things that Charlie and Andrea are working on in infrastructure, the things that our content team are investing in. These are all opportunities to not just make money in the underlying investment but create value, relationships, long-term partnership with our operating assets. So the adjacencies are sort of structural in terms of our operations and our technology platforms, and they are geographic. And it's also, thirdly, using our expertise. I mean, listen, one thing we know how to do is buy and sell companies. One thing we know how to do is finance and manage and structure businesses. We have an incredible T&I platform that Enrique runs. We have vast knowledge of where things are happening in the technical – where things are going technologically. And so, the adjacencies also exist in our talent pool, in our expertise, in our specific capabilities in this marketplace. So those are the three adjacencies we're referring to. And I would – if you stick with those two lenses, I think you'd be close to where we're heading.

Okay. Thanks. And just on the timeline for local listings, is there anything you can say without breaking the rules?

I don't think so. Yeah, no, I don't even want to get into that right now.

And we'll take our next question from Christian Fangmann with HSBC. Christian Fangmann - HSBC Trinkaus & Burkhardt AG: Yeah. Hi. Thanks. I have actually a question on the Swiss business. It looks like the UPC effort is finally stabilizing at RGU trends. But financially, I mean obviously we have not seen a substantial improvement. What's the structural issue that the EBITDA is weaker than the top line performance? Are you still investing in the digital infrastructure? I was expecting a bit more, let's say, closing the gap between the revenue trends and the EBITDA trend. I mean I know going forward now that you will own Sunrise, things will materially change anyway. But just trying to understand the short term dynamics with respect to Q4 and maybe Q1 next year? Thanks.

And Baptiest or Charlie, you want to take a stab at that?

Yeah. This is Baptiest and maybe – so we see now in the quarter that in-quarter momentum really comes, positive broadband net adds in the last month. But the trend is really turning. But like always in the cable business you're a trend business, so your last 18 months, 24 months net adds and price effects flow to your P&L. But like promos, we were able to stabilize the free cash flow and, again, a strong free cash flow quarter. So with that, we see the momentum for turnaround in the coming year as well. So, Charlie?

Yeah, you are right that there is obviously investments in digitization through across the board where COVID has accelerated what could be good return investments anyway. The only, I think, question we should bear in mind is, there's a lowest switch across our cost structure from CapEx to OpEx, which actually is a good thing. So for example, if you provide cloud-based services, which is obviously a more efficient way of providing IT support, that's actually OpEx, where as in the old age, you'd have counted it as CapEx. So that's one of the reasons why sometimes, it seems counterintuitive that our OFCF is growing so much that our core EBITDA or OFCF is declining, and there was a bit of an accounting effect. And it's usually immaterial, we're not trying to quantify that for you for the group as a whole actually at the year end. Christian Fangmann - HSBC Trinkaus & Burkhardt AG: Okay. And then I have one follow-up regarding the UK deal. It looks like – and with respect timing kind of you're scheduling or expecting a full kind of mid – of next year. That implies actually that you think it's going to the UK level rather than staying at the EU, is that a fair assumption?

Well, it's outside of our control really. I think it could – that timeframe could also be consistent with a longer term evaluation from EU, right? So – but it's really in the hands of the commission. They'll determine whether to decide the case or refer it back and we we'll be prepared for the longer term process if that's where it goes and we'll happily engage with CMA and – principally CMA, but to some extent Ofcom on the transaction, which we think is absolutely positive for the UK consumer, the UK business environment and has virtually no competitive issues at all. We think it's probably the cleanest, simplest transaction any regulators look at. So we're excited to keep the process moving. And I think the next year is the timeframe we've always talked about it. And so we'll hopefully make that timeframe. Christian Fangmann - HSBC Trinkaus & Burkhardt AG: Okay, thanks. Good luck.

All right, operator I think – you got it. I think that's it for us operator and I want just thank everybody for joining us. I think we're a little over an hour, unless if you're still one. So I appreciate that. Just to point out, the IR teams in London and Denver are always available for more questions and they're on standby. So feel free to reach out to them or to me, and Charlie or anybody that you'd like to chat with about this. We always appreciate your input and questions, and we look forward to talking to you in three months or so. Between now and then, please stay safe and well. Thanks very much, everybody. Take care.