Good morning, ladies and gentlemen, and thank you for standing by. Welcome to Liberty Global's Second Quarter 2017 Investor Call. As a reminder, the first portion of the call will focus on Liberty Global European results and the second portion to begin at approximately 10:30 a.m. Eastern will focus on the results of the LiLAC Group. 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. [Operator Instructions]. Today's formal presentation materials can be found under the Investor Relations section of Liberty Global's website at www.libertyglobal.com. [Operator Instructions]. As a reminder, this call is being recorded on this date, August 8, 2017. 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 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-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 the conditions on which any such statement is based. Also note that nothing stated in today's call constitute an offer of any securities for sale. I would now like to turn the call over to Mr. Mike Fries.

Thank you, operator, and welcome, everybody, to our Q2 results call. As usual, I'm joined by my management team in Denver and London and Amsterdam. And we will spend the next hour focused on Europe and then right after that, at 10:30 Eastern, we'll jump on a similar call for LiLAC. The structure of this call will be familiar with you. I'm going to start with some highlights and operating results and Tom Mockridge will spend a few minutes on Virgin Media and then Charlie will hit the financials and we'll get straight to your questions. As usual, we are talking from slides and we have a lot to go through today so I sure hope you can get those. I'm going to begin on Slide 4 with what I think are 5 key takeaways from this call. Number one, I'm going to hit the scorecard for -- in a minute on Liberty GO, but one point that has perhaps been lost over the 12 to 24 months has been our ability to realize operational leverage throughout the business on the back of real and material cost efficiencies. And these are efficiencies that are driving margins up and setting the stage for continued and sustainable OCF growth. And I'll show you some numbers on that in a moment. Here's a second big takeaway. While we continue to report good subscriber growth, including 440,000 new broadband and voice RGUs year-to-date, an equally encouraging trend, in fact perhaps more encouraging, is our steady and massive improvement in video. We're now heading on to 5x as many video subs every quarter than we did over the last year or 2. In the last quarter, we only lost 30,000 video RGUs in a base of 18.5 million. And this is related in large measure…

Thanks, Mike, and hello, everyone. Before we get into the detail, I want to say while I recognize at Virgin Media we haven't yet met the ambitious goals we set for ourselves, we have taken action to ensure the strong volume growth we are now delivering produces future revenue and OCF improvement. In particular, after the problems we identified in Lightning early this year, we've undertaken a full reorganization of both the Lightning and commercial teams to sharpen execution. Turning to the slides. A strong Q2 in the U.K. delivered an RGU increase in the first half of 239,000, up 36% on growth the year before. 55% of this came from within existing footprint with Lightning delivering the rest. We estimate 112,000 broadband RGUs added in the first half accounted for 100% market share of all additions in our footprint. Mix improved markedly. 64% of installs were triple-play in the first half compared to 47% the year before. Video net adds were up 81,000, including our strongest ever Q2, in contrast to a 14,000 loss last year. Undoubtedly, a new version of TV V6, which was the first launch of the Liberty Global universal set-top box, is delivering great results in NPS. Turning to ARPU. Q2 was down slightly, 0.4% year-over-year at just under £50 per month. Our strong volumes are effective as introductory pricing in the short-term reduces the average. However, clearly the benefit of our November 2016 price rise would significantly offset our retention discounts and downspin to lower tiers. We are intensely focused on returning to ARPU growth and a number of factors will support this. Price management is the priority. We've enhanced their customer service systems with market-leading digital tools to support agents in preserving ARPU and improving the precision of customer insights. This means we…

I'll provide a high-level overview of our financials for the second quarter and then provide more color on our segment performance and then, finally, wrap it up with some concluding remarks. So starting on Slide 11, we present the Q2 financial results of the Liberty Global Group. Now, I'll start with our revenue performance on the upper left of the slide. And this shows that we grew our revenue by 2% on a rebased basis to $3.7 billion for the quarter. Pushing that down further, our residential fixed business grew 1% in Q2, while our B2B operations had very strong growth of 14%, which was offset by a 6% decline in residential and mobile. On the OCF front, we generated $1.7 billion in Q2, which represents 6% rebased growth for the quarter. This result includes a $32 million number-clearing benefit associated with a telecom operator's agreement to compensate Virgin Media for prior periods' contractual breaches. This benefit more than offset regulatory drags on Virgin Media's 2017 results, including higher network infrastructure charges of $9 million. Of note, our Eastern European, German and Belgian businesses reported 7%, 6% and 5% rebased OCF growth, respectively, in Q2. So on a year-to-date basis, we delivered rebased OCF growth of 5% in Europe, which is consistent with our expectation for the full year. Our capital spending in Q2 increased to $1.2 billion or 33% of revenue and, on a year-to-date basis, our capital intensity stood at 29% of revenue. The main driver for the year-over-year increase in both absolute terms and as a percentage of revenue was higher new build activity, particularly with respect to Project Lightning in the U.K., as well as higher CPE spend partly related to the continued rollout of our next-generation video and WiFi boxes across Europe. For the full…

[Operator Instructions]. We'll take the first question from Ulrich Rathe with Jefferies.

My first question would be in Germany, please. On the RGU intake in the quarter, there's a comment in the report saying you're highlighting that you've focused resources on the analog TV switch-off and that's created a bit of a backlog, I think, in the broadband area. Could you comment on that a bit? Is that measured in the thousands, on the tens of thousands? And then, what time schedule do you think you would work off that backlog? My second question is on the U.K., in particular the marketing costs. In the first quarter, you highlighted the step-up in the marketing costs and you quantified that. Would you be willing to do the same for the second quarter? It seems that costs have come down. It's -- I'm not entirely sure whether that is now sort of a normal run rate compared to elevated marketing costs in the first quarter or whether that is still aberrated in the second quarter.

Yes, Ulrich. And we reported to have Lutz Schüler, who runs Germany, on the call today. Lutz, do you want to handle the analog switch-off question? Lutz Schüler: Yes, of course. Thank you. This is Lutz. In the second quarter, we have really shifted 600,000 analog subscribers to get digital. That worked very well. Now we need truck rolls for that. And these are also partially the same truck rolls we need to insulate broadband with our customers. So therefore, the backlog has increased. We have a lot of orders, so the demand is there for high-speed broadband. But the backlog has increased. It's more in the 10,000s. And we will overcome that in the third quarter.

Tom, you want to handle the U.K. marketing cost question?

Yes. Tom here. On marketing, look, it is quick. We were up slightly year-on-year on Q2. Typically, we have tended to drive marketing in the first half, where we do need to push a little bit harder to get volume in a market. Where in the second half, with the start of football season and then as you get into the seasonal upturn in the run-up to autumn and Christmas, there's more natural demand in the market. So you will see us actually restrain marketing through the second half as we continue through the year.

We'll take the next question from James Ratzer with New Street Research.

Two questions, please. I mean, most on the U.K. business. Firstly, I mean, you had very strong KPIs in the U.K. business during H1, but that seems to have coincided also with ARPU weakness in the business. So what can you say to please give us confidence that, actually, as the ARPU trends improve as you suggest in H2, that's not actually going to lead conversely though to a slowdown inside the KPIs. And secondly, it seems like an overall phenomenon that the U.K. broadband market is saturating a little bit quicker than expected. I was wondering what you could say about that. Is that something you are seeing as well? I mean, do you think that's going to lead to more price competition between the operators to drive subscriber growth looking into 2018?

Yes. I'll say a couple of things about that, Tom, and then I'll turn it over to you. Remember, on the KPIs on the subscriber side, there's a number of things that are impacting that. It's churn, it's discounting, et cetera. And there's a lot of moving parts that are -- that come together to form the ARPU. So in our opinion, what I've seen happen very successfully in the recent past, what I see happening second half of the year, is a much smarter approach to discounting on the front book. So that means looking at segments and products and being more clever about how you discount at the outset of the customer relationship. And then I think just as important, we managing churn and seeing the ability of Dana and the team to be very much more sophisticated, I would say, in how they're managing retention and offering discounts and other products and services. So a lot of moving parts impacting both volume and ARPU. And I don't think it's -- you can draw straight lines from the first half to the second half because there's a new team, a new approach, I think a much more sophisticated and, I think, profitable approach to maintaining customer volumes. And on the broadband side, Tom, I'll let you chime in here. We continue to see good demand on our footprint. And we're getting, as Tom said, 100%, we think, 100% of net adds where we operate. And that's a pretty big result for us. It hasn't been that high in the recent past. Part of that could be a slowdown in overall volume, but more importantly, it's the fact that were offering speed 2 to 3x faster than BT and the other DSL guys. And from our perspective, we expect to see that volume continue. The market as a whole will, obviously at some point, reach maturity. That's the nature of every broadband market in every European country. But I think the key for us is getting more than our fair share of net adds, and product superiority will make that happen. You want to add some color to that, Tom?

The part I just would add is that I think what we continue to see in this market is broadly rational pricing. Of course, from time to time, and as promotions by each of the major operators in the marketplace, but broadly, we've got a sensible operating environment where the competition is not unduly discounting against each other. And we benefit from that point even if, in the broader broadband market, there might be a topping out. But from our point of view, we have the superior product. So we absolutely believe we can continue to grow across a deeper penetration. And this is a product which still has a field of households that don't have it, and businesses. But in addition, we're definitely taking share.

Do you feel kind of confident that in the Q4 trends, the ARPU can improve and we still see the KPI momentum maintained?

Look, I think Mike, of course, handled the ARPU point there. And I'd reinforce the point. There's no question we have to execute better in the second half than we did through last year's price rise. But I think we're very well positioned to do that. He mentioned that Dana, who's on the call today, has joined. We have changed out that team. We've implemented a range of digital initiatives. We've enhanced the product, both in terms of the broadband capacity, in terms of the continued improvement in TV, the V6 box. In addition, the TV offer, we have TV enhancements coming through the second half. And we have made a further decision to take a price rise a bit more moderate than last year. Key difference, we're not jumping ahead this time. We're doing it at the 12-month time frame. And we're much better organized to our implementation because this is a more natural process to do an annual price rise, we're well prepared. We announced it last week. Early reaction has been fairly moderate. But that's a week, so we'll obviously be keeping a close eye on that. But we do believe we are well organized to execute better than last year and also to build on the increase in reoccurring revenue that we have seen and arrest the kind of non-reoccurring revenue. And in combination, get an ARPU increase.

[Operator Instructions]. We'll take our next question from Jeff Wlodarczak with Credit Suisse.

Question's a follow-up on Germany. Can you provide more color on sort of the latest competitive environment in Germany? I mean, DT's obviously gotten a bit more aggressive. And did the analog shutoff have any effect on Q2 Germany revenue and EBITDA? And I've got one follow-up.

Listen, Lutz, you'll prepare the Q2 revenue effect, I believe, the German market. And I'll ask and let you cover on the German market. I think, Jeff, you've been following it a long time. It is certainly more competitive, say, than it was 2, 3 years ago. No question about it. Everybody's moving speeds up, launching video services. The one thing I'd say is we haven't seen a very successful quad-play market there, and that's been advantageous for us since our quad-play business there is still evolving, in very early stage. There's still a major focus on broadband. It's not really a video or pay TV market. And our broadband market share continues to be very, very substantial where we're marketing on footprint. So like the rest of Europe, sure, they're -- DT is getting better at what they do. No question about it. But they haven't built fiber. They're unlikely to build fiber. Our ability to have superior broadband speeds, I think, has great longevity to it. And I think we'd really just started to tap the video opportunity in Germany. I mean, we haven't really pushed video as aggressively as I think we can. And I think you'll see those things come together over the next year or so. And we'll continue to get our fair share. Lutz, you want to add some color on the revenue side? Or any other -- yes. Lutz Schüler: Yes. I think concerning the market, I think any -- the only point to add is you've seen -- if you sum up over net adds, you see that the speed of penetration of broadband has gone down a bit, right? And that is also leading a bit to the fact that the promotions are getting more aggressive on the broadband side, right? So we haven't followed that trend in quarter 2. So we were without promotion because we were focused on video, and also, we don't want to follow every promotion. And for that, we've done a fairly good business. So second question, the focus was definitely analog shutoff. And therefore, we acquired a bit less broadband customers. And also, we have activated a bit less broadband customers. And the only revenue effect you see from that is that we have generated less OTCs from these new customers. The rest, the overall video churn, was not affected at all by the analog shutoffs. So we had 8,000 video churners. That is very, very low also compared to the previous year. And also, our cancellation requests have not increased yet despite aggressive competitor offers to steal our customers. So therefore, we are very satisfied with that.

And then one follow-up, Mike, can you talk about your latest thoughts regarding -- broadly regarding M&A? There is some consensus out there you may look to sell some assets.

Well, I mean, we're not, as you know, Jeff, going to speak about those opportunities here on this call or publicly. I will say that there's a pretty wide gap between public and private market values. And so -- and there are many more than 12 countries in Europe, and so we are always evaluating whether we are a buyer or a seller in certain of those markets because we believe, as we've said several times in the past, that most of the markets, if not all of them, at some point, will have 2 -- maybe 3, but certainly 2 fixed mobile players in them. We think we should be one of them. We think we can be one of them. And -- but in markets where we're a bit subscale or where we think perhaps the growth profile or the mobile entry opportunity in the long run isn't quite as attractive, we might look at exiting a market here or there. And that shouldn't be a surprise to anyone, and I'm certain that the private market value of the assets we might choose to exit will be materially higher than the implied public market value of our stock. So it wouldn't be the first time, as you recall, and we've been around a long time. We've done that, whether it's Austria -- Australia or Japan or other markets. So we're always going to be looking at value creation. And certainly, one of the main elements of value creation for us is smart and appropriate M&A activity. And that should normally include exiting as well as buying in markets where we think we don't have a shot at being a scale -- a scale player.

And our next question is from Henrik Herbst with Credit Suisse.

I had a question on -- I just want to follow up on the U.K. It sounds like your Project Lightning build out accelerated a bit towards the end of the quarter. Should we expect that to accelerate further as we go into the second half of the year and then into 2018? And then also just going back to the question about ARPU in the U.K. If you look at your ARPU on new sales, if you strip out the discounts because it does seem to move around quite a bit, how does that -- the ARPU or the bundle size compare to your existing base ex the discounts?

Yes, Henrik, we're not going to provide any guidance or give you any insight into future Lightning build activity, as I think we made clear on the last call. I'll simply say Tom and the team and Balan are very focused on it. And the ramp-up that you can see in the slides is a ramp-up that's deliberate and purposeful. But we're not going to give you a quarter-by-quarter forecast of what will happen, except to say that we want to keep pace and the opportunity continues to look really good. On the ARPU side, I'll just take it quickly. I mean, the ARPU that Virgin Media is realizing on new sales is at or slightly above ARPU on the back book. And I think, Tom, you can provide some color to that, but that, I know for sure. And that's a deliberate -- also a deliberate attempt to be smarter about discounting on certain products and bundles and pushing certain bundles over others. But Tom or Dana, if you want to add anything that, please do.

Dana, I'll be happy if you want to come in.

Thanks, Tom. One thing I can just confirm is that when we see customers coming off of their discount offer, they comfortably land on our average base ARPU. So they're not taking our average base ARPU down, they're elevating up to our average.

And the next question is from Vijay Jayant with Evercore ISI.

So Mike, obviously, the question was asked about possibly selling nonstrategic assets or subscale assets. And given your view that private markets are higher than public markets. And obviously, I think you think the stock is cheap, given you guys have bought back quite a bit of stock. But surprised to see that didn't sort of take up your buyback, given you probably should complete that if you continue in the current trajectory in 3Q, your $3 billion authorization. So just any thoughts on that. And then second, your operating costs were down, I think, roughly 2% year-over-year on an organic basis. Is this the kind of trend we think is sustainable? And so when you talk about your 5% EBITDA growth roughly, what are you sort of thinking in terms of the cost side and on the revenue side to sort of get that, broadly speaking?

Sure. On the buyback point, it would be unusual for us to ramp up buybacks within a year. I mean, we already took our buybacks from a stated $2 billion to $3 billion in this fiscal year. And I think we intend and we will implement that in full. It doesn't mean that we don't constantly think about what you're asking, and we do, but at this point in time, we think it's premature to make that sort of decision. And we'll have better visibility to the fourth quarter, our free cash flow. And we view that on a -- we look at that on a quarter-by-quarter basis. But clearly, we agree with you, our stock is a very good rate of return for us. And so that's one of the reasons we bumped the buyback 50% this year and are buying back almost 10% of the market cap. I think you can look out in the next 2 to 3 years, as I said in my remarks. And we don't see any change in our levered equity capital structure approach. And we think 5% to 10% or more of our market cap is something we should be reducing every year. And I think we'll look at the buyback quantum on a quarter-by-quarter basis. At this point, we're happy with the $3 billion. As you look out over the next 2 to 3 years on the revenue and EBITDA growth or OCF growth, couple of things that are important to point out. And we haven't provided a lot of visibility on this. But we've been able -- one of the surprises to us is we've been able to maintain our gross margins. We always initially assumed that as we got more aggressive and pushed the video product and the video…

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

Just two questions. Firstly on the CapEx, it seems that you're now not expecting Virgin CapEx to be lower than the 31% to 33%. And I think you explicitly cited an additional £200 million for upgrades to ensure service level. So just 2 things, really, I was keen to work out is that sort of proactive CapEx or reactive CapEx. And then secondly, from a group perspective, should we think of group CapEx now at the top end of the 29% to 31% range? And if so, does that change the free cash flow mix if you're still reiterating the $1.5 billion for the full year, given the free cash flow in the first half was fairly limited? And maybe super quickly just on the really good video performance, how much do you think that's having a more open content approach versus the more direct investments in sports and things like that?

Charlie, I'll let you pencil out the CapEx questions. On the video question, I think it's a combination of things, as I said. I think it's partially the fact that we do provide in almost every market all of the content that could be and is desired by customers. That's a positive thing. You don't have to give up or sacrifice anything. I think it's -- you combine that with a very low video ARPU, sometimes in the teens, versus, say, the U.S. or other markets that are quite substantial. You add on top of that targeted and smart investment in sports in the core markets where it matters and where we think we can do it efficiently and relatively inexpensively. And then you round it out with a OTT picture that is both fragmented and I think, depending on the market, not gaining a whole lot of traction. So you put all that together and you lay it on top of a platform that, for us, we call Horizon, that integrates those OTT apps, provides the ability to watch everything on every device. It doesn't force you to sacrifice any content. I mean, no broadcast content, you get all the sports content, everything everybody offers, on all devices, that is unusual. Really, you won't see that in Europe. And I don't think you see it anywhere. So I think that gives us, on the video side, a big advantage. And I think it's certainly impacting numbers across the board. And I think it's something we will continue to invest substantial amounts in because we know that that's a big chunk of our gross margin, a big chunk of our revenue and it's our core competency. So I think it's a very encouraging sign, and we expect to continue to invest in that. Charlie, you want to hit the CapEx point? Charlie? You must be on mute. Well, I'll hit it. On the Virgin point, I think the £200 million, yes, it was reactive or proactive, it's just what we do. We're constantly evaluating how to allocate capital in our markets. And we're constantly deciding what the best use of that capital is. As we slow down Lightning, clearly, there's a little more capital to be used. And we're focused on putting that to work on network quality. We're putting that to work on our video platform to make sure we have EOS boxes out there, as the V6 box, as rapidly as we can. And I don't believe we're changing our P&E guidance or our free cash flow guidance. So that should be the answer to your question on mix.

Yes. Sorry, I got cut off. Just to confirm what Mike was saying. We're very comfortable with our free cash flow guidance at $1.5 billion. And I endorse his comments on the CapEx.

Thanks, Charlie. Operator, I think one more -- I think we have time for 1 or 2 more, maybe, operator.

Okay. Our next question is from Jonathan Dann with RBC.

It's a question on mobile. a 2-prong. The first on the convergence ratio, it's still relatively light compared to Southern Europe. I recall you talking about some change in 4G access. And then secondly on the B2B side, I noticed you've started putting mobile into the B2B definition. Would we expect to start seeing some mobile sort of offers aimed at the B2B market as well?

Yes, good question. Definitely going to start pushing B2B, mobile in the B2B space where we have competitive products. I think that's the main thing. On 4G, we are live in, I think, 5 markets already, including the U.K., where we're roughly 30-plus percent of our mobile base has already switched over the 4G. And with our new MVNO with BT, we will push that increasingly. So we have 4G in the important markets. And you'll see us strive for low product parity and I think packaging parity where we can achieve that. The convergence numbers vary materially. We have fixed mobile convergence in Belgium, of course, where we acquired BASE in the 30-plus percent range. And we're lower in the U.K., where it's high teens or [indiscernible]. And we know that VodafoneZiggo is about 20% since we just put the merger together -- or the JV together. So it's going to vary by market. But I think the trend is discernible and I think important, which is every quarter, we are connecting the dots between fixed and mobile customers. Every quarter, we're seeing an improvement in NPS and an improvement generally in sales but also in ARPU, and that is where we're headed. So I think you're going to see a range of convergence figures, depending on the maturity of the market, where we are in terms of rolling out truly integrated products, our pricing capability. But we'll keep reporting on it. I think the trend is one direction, though.

And we'll take a question from David Wright with Bank of America.

Yes, just a couple of sort of U.K.-centric questions, please, guys. So many video sort of adds in the U.K., but you're not driving the revenue growth there. So I guess the question is, is that actually just more a retention tool than sort of revenue grower? And then I think you said at the end, you did 24,000 adds in Lightning, but you only did, I think, 22,000 net adds in U.K. fixed. So does that tell us the fixed didn't grow at all organically? And I guess that just sort the feeds into the final point on the price rises. You obviously had to discount a lot less last year, sort of 6- and 12-months discounts, because of the churn risk to the -- or the churn reaction to the price rises. Are they not the same customers now rolling out of the discounts and straight into another price rise? It just feels like -- and you mentioned the U.K. wasn't -- it wasn't so competitive. Is that really what you're thinking right now? I'd be interested in those answers.

I don't think we said the U.K. wasn't competitive. It is competitive. I think what Tom was saying is it's a rational market, meaning that we operate in many European countries, don't know how many you follow, but we can tell you, there are many more markets in Europe that are less rational when it comes to the nature of that competition. But I will let Tom, if you want to address those issues on video retention. And I think we did say that the net adds this year -- this quarter were about 2/3 Lightning, 1/3 growth as usual, so I think that number was provided. But do you want to talk about the price increases, Tom, further?

Yes. Thanks, Mike. Just to touch on those couple of points. I think in terms of the video adds, because we have been growing that statement, they have been coming in on the usual approach where there's a discount offer as people enter, and that progressively will come off. And that will, of course, give us an ARPU uplift, which you're not necessarily seeing at the initial entry point. And of course, we still, once we get those people in on any video service, an opportunity to upsell them to additional video services, and ultimately, hopefully, the full premium packages. And we're very focused on that at the moment. You mentioned the breakdown of take-up in the quarter. I think we added 22,000 customers. In terms of RGUs, broadband RGUs, it was 31,000. So the customers was the total customer count as opposed to the RGU breakdown. And in terms of the ARPU management, I think we've made the points there already, that we're very focused. We've got the tool to value as we got a new team in place. And we do believe we can turn that around.

So the 24,000 Lightning adds, that compares to the 31,000 broadband adds. Is that what you're saying?

He's saying you have to make a distinction between customers and RGUs. On average, we're adding 2-plus RGUs per customer. So I guess, I'm not -- we're not sure exactly what numbers you're referring to. But if it refers to the word customer, that is actually a household that you're connecting, where you are, on average, sell 2 to 2.5 RGUs per household.

Okay. Just listen, maybe I'll take this offline. It just -- it seems you added 21,000 fixed customers and 31,000 broadband customers, and yet you're saying you added 24,000 Lightning.

Yes, you have to distinguish between RGUs and customers. So we'll do that for you offline. All right, everybody. We got to hop on the LiLAC call. We'll be on that shortly. Appreciate everybody joining. And we'll speak to you in next quarter. Thanks very much.

Good morning, ladies and gentlemen, and thank you for standing by. Welcome to Liberty Global Second Quarter 2017 Investor call for its LiLAC Group operation. 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. [Operator Instructions]. Today's formal presentation materials can be found under the Investor Relations section of Liberty Global's website at www.libertyglobal.com. [Operator Instructions]. As a reminder, this investor call is being recorded on this date, August 8, 2017. 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 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 from time to time 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. Also note that nothing stated on today's call constitute an offer of any securities for sale. I would now like to turn the call over to Mr. Mike Fries.

Thanks, again, operator, and welcome, everyone, to part 2 of our results call today, where we'll focus on Liberty Latin America or LiLAC for about the next hour. To help dig into the operations and numbers, I'm joined by Betzalel Kenigsztein, President and CEO of our LatAm Group; John Reid, who runs Cable & Wireless, our largest operating unit; and Chris Noyes, Chief Financial Officer. And I've asked each of them to make some brief prepared comments, and then we'll get to your questions. I'll kick it off on Slide 4 with some key takeaways here. And beginning with some pretty strong financial results, namely just over 2% revenue and 10.5% OCF growth in the quarter. It certainly helps that Cable & Wireless is demonstrating some stability on the top line and has moved to a difficult comparison period on operating cash flow. And then also, we had another great quarter in Chile in Puerto Rico. The second big point is that we are starting to see the benefits of scale as we leverage the know-how and expertise in Europe as well as our deep talent pool. At this point, we've added over 10 new executives to the LiLAC and Cable & Wireless teams from Europe in the last 9 months, including CFO, Chief Commercial Officer and General Counsel of Cable & Wireless, and the support from our treasury and M&A teams in London, alongside the global technology group, has been invaluable. So we are committed to the spin-off by year-end 2017. That's for sure. We recently filed the S1 to get that ball rolling with the SEC, and we will continually update those documents as we finalize the leadership team, we set up the governance structure and clarify, and I think most importantly, the working relationship between Liberty Global…

Thank you, Mike. I will now provide an update on progress in Chile and Puerto Rico over the last 3 months. But before I get into details on the market, I'd like to highlight some of the many operational initiatives across the whole LiLAC footprint, which should benefit us all in the medium term. First, we are integrating Cable & Wireless into the LiLAC and Liberty Global product development. This will lead to exciting new products offering for our customers at the Cable & Wireless. The Connect Box has already been launched in a number of Cable & Wireless markets. And Horizon TV, with all its benefits, will follow swiftly in the future. Second, we are focused on sharing Liberty Global best practices across LiLAC. And as Mike mentioned, we are attracting talented colleagues from our assisted businesses to join the LiLAC team, which should bode well for the future. The last point to mention is that we are reviewing our supply chain strategy to ensure we manage inventory as efficiently as possible across LiLAC. This will drive costs, service delivery and working capital improvements. Moving to Slide 6. In VTR, our Chilean business, it represents approximately 25% of LiLAC revenue. Pulling a strong Q1, we maintained our operating momentum, adding 34,000 RGUs and 15,000 postpaid mobile subscribers in the quarter. For mobile, this was a record performance. We go there by successfully targeting our fixed subscribers base with data-led packages. We now have nearly 200,000 mobile subscribers in total. A good number, but less than 10% of our fixed customer base will leave us plenty of opportunity to grow. You will all be aware that these growth has been achieved in the context of a very competitive mobile market, following the entry of WOM in 2015. Our speed leadership…

Thanks, Betzalel, and hello, everyone. I'm keen to tell you right at the outset that transformation of Cable & Wireless continues and our efforts are showing a payoff. Starting on Slide 8, you'll see that our efforts remain competitive with some of the pressures that I've highlighted previously in parts of our consumer operations continuing through the quarter. But our financial performance in Q2 was more stable, with good year-over-year OCF growth, which Chris will cover in his section. In terms of our top line performance, I spoke about pricing opportunities during the Q1 earnings call as a key lever to drive performance through to the second quarter and the rest of the year. I'm pleased to say that these were executed well and we since made some additional targeted changes in a number of markets, which will also support our second half financial performance. I'd like to focus on how we're confronting the competition or, in many cases, leading them. Let's start with residential. The key here is our network expansion and upgrade program. We're rolling out superfast broadband to areas that have frankly been underserved and often, where our competitors are not present, whether through our BDSL program in Jamaica or HFC upgrade and expansion program in Panama. This new build program is ambitious and is on target. 80,000 homes were passed or upgraded in H1. I'm confident we will deliver our full year ambition of 250,000 new and upgraded homes in 2017. In total, we have upgraded and expanded our footprint in 7 markets this year, with 2 further markets to go live in the next quarter. This is great for our customers but it's also good for us and, of course, for investors. The upgrade and expansion of our fixed networks is driving some encouraging video…

Thank you, John. My remarks start on Page 10, with a high-level summary of our financial results. And let me say at the outset, we delivered much improved growth as compared to the first quarter. We reported rebased revenue growth of 2% year-over-year to $921 million in Q2 2017, led by our strongest performance in Chile in 6 quarters. Meanwhile, our Q2 rebased OCF increased by 10.5% to $368 million, supported by double-digit performances at both VTR and CWC and our best reported LiLAC result in more than 12 months. A good result despite the much easier comparison that we have this quarter versus Q1. Turning to P&E additions. They totaled $171 million in Q2 or 19% of revenue as compared to $201 million or 22% of revenue last year, adjusted to reflect CWC in their pre-acquisition period in order to make it an apples-to-apples comparison. On the bottom left of the slide, we showed adjusted free cash flow of $114 million for Q2 2017 as compared to negative $35 million in the prior year period. Our second quarter result was driven in part by higher cash provided by OCF and related working capital items, lower interest and tax payments and the reduction in cash CapEx. With this improved performance, we generated adjusted free cash flow of $56 million for H1, with each of our 3 business units, VTR, LCPR and CWC, generating positive free cash flow. Moving to our balance sheet. We remain in good shape with approximately $1.6 billion of liquidity, consisting of roughly $600 million in cash and $1 billion in available credit lines. Reported gross and net leverage stood at 4.2x and 3.8x, respectively, at the low end of our target leverage range of 4 to 5x. Since our last earnings call in May, we have…

[Operator Instructions]. We'll take our first question from Soomit Datta with New Street Research.

Question please on CapEx or P&E additions. A reasonable cut to guidance for this year at CWC. I was wondering if you could give a bit more color on where that's coming from, either by product or by geography. That would be very helpful.

Chris, you want to handle that?

Yes, sure. The change in guidance, obviously, was driven by Cable & Wireless as we moved it down 300 basis points. If you look at year-to-date spend, we're obviously significantly low, but we are benefiting from improved capital allocation governance processes, which has been a real key for us as we have imparted a more disciplined framework into Cable & Wireless. In addition, we are benefiting from cost efficiencies across the group, primarily in Cable & Wireless. From an overall spend perspective, we are not -- we're still tracking very well to our overall build targets for the year, so we are not discounting or reducing, call it, revenue-generating CapEx. We are benefiting from lowest EPE as well in the system, in part due to better inventory management. But it's not changing the direction of where we spend for the rest of the year.

Maybe as a quick follow-up, if I could. And How Does this fit in exactly with the synergies? So are we -- are some of this saving essentially part of the $75 million of annual CapEx synergies, which you've guided to? Or is this something we should think about in addition?

It's part and parcel. I mean, we are, I think, tracking quite well on the 75 in terms of CapEx. And you're seeing that benefit in the lower number that we've guided to.

And we'll take our next question from Steve Malcolm with Arete Research.

I just had a couple of questions. One is on CWC and the Caribbean turnarounds in Q2. Can you just shed a bit more light on that improvement in revenue trends? Because it looks like the KPIs stayed pretty weak generally. Was that just a pricing move across most of your markets that drove that? And should we expect to improving the KPIs over the next 12 months? And then just one more question, if possible, on Chile and just an outlook for the tax rate there and possibly an update as to how much cash you've been able to take at that operation over the last 12 months will be very helpful.

John, you want to handle the Caribbean question?

Yes, sure, Mike. Yes, for sure, I think the Caribbean strategy had benefited from a, I think, methodical and targeted pricing strategy throughout the region, really country by country, product line by product line. New bundles being introduced in some of our larger markets like Trinidad. And also, I suppose, you could also point to a significant effort on sort of broad network foundation work. So we're driving great performance in the network in terms of installation time frame, reduced repair work, better call center stats, which actually all drive higher NPS, which is also driving performance. In the second part of the year, we'll see the benefit of continued -- this pricing continue to come into the income statement and also, of course, with the expansion plans in multiple countries, including -- and primarily, I would say, in Jamaica. So you're absolutely right. As our upgrade plans continue, we'll see the net adds come into the country -- company. And at the same time, as I indicated, we'll see those continuous improvements come through the various CBP reviews, pricing reviews and I guess, just overall retention efforts that are ramped up across the region.

And on the tax question, we continue to have pretty substantial tax loss carry forwards. But Chris, you want to address the repatriation issue on Chile?

Yes. I mean, I think -- and Steve, is your question more perspective or historical?

A bit of both, to be honest. I mean, I know that withholding tax rates are changing there. So how much you've taken out the last years? And what the outlook is for the next couple would be great.

Yes. I mean, I would say -- I mean, today, at June 30, we sat with roughly $165 million of cash. Obviously, a portion of that will be -- was used in July for our semiannual interest payment where we upstream up to the Dutch TV for interest payments. But net-net, we do have additional liquidity in the credit pool. So I would expect, as we look at funding, we would move some cash up in the coming months up to the LiLAC level. And we can do that efficiently, given our intercompany structure. And we'll continue to do that, obviously, for quite a while. Overall, on taxes, cash taxes in Chile, in the second quarter, we did receive approximately $27 million from the government on a receivable that we had. So on a year-over-year basis, our Chilean cash taxes were quite favorable. If you recall, a year ago, we had higher cash taxes in Chile related to the mark-to-market of some of our derivatives.

You can recap Chile outside offshore, so you can also technically increase the average of Chilean upstream without tax considerations.

Okay, great. Can I ask one quick follow-up on CWC, which is just, as we think about our numbers for next year, is it right to look for the $224 million of OCF and take out essentially $10 million for the cash accounting benefit and the accrual reversal and so that the sort of right starting point for '18 is more like $214 million?

Chris?

On the U.S. GAAP side, I would say the $6 million that we flagged was related to cash basis accounting, and we continue to work with certain customers on that basis. So I do expect we'll continue to have revenue that comes in where we account on the cash versus accrual basis. So I don't necessarily would say it's a one-off per se, but we are treating that when we do get in. In terms of the accrual reassessment, I think that's a reasonable approach to take.

And we'll take our next question from David Joyce with Evercore ISI.

One of my questions is related to the pending separation and the shared services. How should we be thinking about what's currently in your financials and how things might change once you have these new agreements with Liberty Global set up?

Yes. Good question, David. This is Mike. Listen, we are in the process of working all those details out. It's one of the reasons why the filing was confidential, among others. And I think we will -- we are trying to assess with real clarity and an arm's length approach to this what is required, number one, by LiLAC to continue to be hitting on all cylinders when it comes to the treasury activities, strategy, M&A, technology, et cetera, but also, most importantly, procurement. I mean, it's a good question that we need to be thinking through here. And that question is, with scale being such an important part of our broader strategy, we do not want to set LiLAC adrift without the benefit that we know global scale can bring. It won't be good for LiLAC shareholders, and then we have to demonstrate to Liberty Global shareholders why this makes sense as well. So there will be some obvious things like procurement and content and things that you'll say, this is -- this makes total sense. We should obviously be trying to the find ways to this on a global basis. And there will be things that we have to probably have time frames associated with them. I can't give you a number today and say, this is how we should adjust your forecast. But I can assure you you'll have plenty of detail when we finally do the split-off, if not, well before that. And we'll be really transparent about that issue.

All right. And if I could, one other operational question. On Bahamas, about a year ago, you were working down some of your interconnect rates ahead of the competition coming in. Could you talk about the phasing on the mobile competition there? Has it been ramping up or has it been kind of steady throughout the quarter?

I'll let John address that. Go ahead. But I think the punchline is it's been ramping, but go ahead, though.

Yes. That's been ramping. I mean, if I look -- when you look back at the, I guess, at the entry point of Alive, which was about October and November of last year, so that's 7, 8 months in. We had a -- I guess, we would say we would have more of the significant hit in the first quarter in terms of December, January period. But we're seeing sort of a leveling off, the porting in, the porting out has leveled off a little bit in the Bahamas and sort of pretty much in line with our own internal expectations. And so I think in terms of the looking ahead, the market continues to evolve obviously. There are still -- it's probably evolving a little bit into a dual-sim, dual-handset market in the short term, but we're monitoring that. And I guess, the other thing I would say is that it's certainly a market where the value propositions and how we kind of how we look at a possible alignment with our fixed play, our fixed-line products in terms of rolling out our fixed line networks, our mobile TV app that we've launched on -- for our BTC prepaid and postpaid customers. It's all sort of helped us, I guess, stave off our competitions. So I think it's probably played out about as where we thought we would be. The hurricane kind of interrupted, I guess, our own internal performance in terms of increasing our cost base. And it probably interrupted Alive's market entry at the same time. I think, overall, we're kind of -- if we look ahead the next turnaround planning, I think we're pretty much on our 3-year outlook in August of -- or certainly at the end of June 2017.

Yes. But the punchline is, it will provide a headwind. I mean, mobile is 70% of revenue there. And we should anticipate -- you should anticipate continued headwinds as they continue to penetrate the market, I think, is the punchline.

And we'll take our next question from Jose Quintana from Scotiabank.

Could you give us an update on how your -- the sale of your stake in TSTT in Trinidad is going?

John, I'll let you address that, but slowly, I think, is the punchline.

Yes, your bang on, Mike. Yes, the progress -- or the, sorry, I guess, the process continues. We've had an extension in terms of the process based on, I guess, the -- a change in the market where Massy was bought by TSTT, so changed the market dynamics a little bit. We've been in constant contact with the regulator, obviously. It was part of the process and guiding us through that. So there is still an active process ongoing as much as I will say, but it takes time. And we continue to sort of force through with possible opportunities with our external consultants, obviously, who are running that process. So no change in status except that, that does continue.

Our next question is from Kevin Roe with Roe Equity Research.

On the CWC side, John, two key markets, Jamaica and Trinidad, have yet to show RGU growth in Internet and broadband. It looks like that could be a significant tailwind as it turns in the second half. Can you talk about your expectations for RGU growth in those two key markets and the competitive headwinds you may be facing?

Yes, sure, Kevin. I'll take Trinidad first. We actually saw some video growth in the last quarter. So that market admittedly was the one market in the Caribbean that we were certainly on our heels in terms of the competitive change and obviously, the macro softening as well. And now we're starting to see some stability in that market. In Jamaica, another big market, obviously, where we just have entered. The key there is our ongoing upgrade and expansion plan. So we have a significant upgrade to the BDSL plant there, which is largely outside the footprint of any competitor. And so in many respects, launching a video product there as well as a broadband will change the dynamics of that market for us. So I think in both those markets, my expectation is, first, stability and then growth. And I think we're seeing that in Trinidad. Certainly with a new CBPs, new super bundles that are adding subs every month and actually taking triple-play. And with Jamaica, more importantly, I suppose, is more the network upgrade and expansion plan that should drive net adds in subsequent quarters.

Great. And just a follow-up on the network expansion in Jamaica, could you shed some numbers on that, what your expectations are for the remainder of the year and what you've accomplished to date?

Well, the target for the entire group for CWC for the 2017 fiscal year is 250,000 homes passed. A large chunk of those are upgrades in Jamaica and Panama, as you know. So our expectation is that we will hit those numbers, and that we'll again drive the performance. So no change in terms of our outlook on homes passed in terms of what our targets that have been communicated. And certainly, in Jamaica, the expectations that we will hit those numbers and see that underlying growth come through based on completion of that particular activity.

We'll take our next question from Amy Yong with Macquarie.

Maybe two questions. So first on the B2B side, I think you mentioned hospitality. How big could this market be for the business on a whole? And what other investments are needed to actually penetrate that market? And my second question is on M&A. I guess, Mike, what characteristics are you looking for? And could you potentially look at vertical integration? Obviously, there's a huge content company out there that Liberty has expressed interest in. I was wondering if you could comment on sort of the M&A growth and characteristics that you're looking for?

Sure. I'll hit the M&A question first. John, you can hit the second one. I think the approach we're taking is consistent with what we identified in the past for you, which is, number one, we're trying to build regional scale. So that means looking at other opportunities of markets where we know we've got an opportunity to get in there and become a sizable and an important player, either in the region by complementing something we already operate or in a market where we think we've got a foothold that can drive greater scale and greater opportunity in that marketplace. It's a big pipeline today. And I would be surprised if you couldn't come up with the same names that we've come up with. So I'm not going to address any of them, specifically except to say that we are super busy looking at opportunities that everybody wants to talk, as you would expect. And I think the spin-off, in particular, is creating some momentum and excitement around the platform that we're building and the opportunity to scale up substantially. In terms of vertical integration, it's a difficult question. I would say our interest level in the situation you referenced tangentially is low. LiLAC is focused on Latin America and the Caribbean, not on the U.S. Having said that, we have a great personal dialogue with Televisa on a number of fronts. And I consider them to be excellent operators. And who knows, down the road, there might be things we can do within the boundaries of what LiLAC is attempting to build out. I don't see us chasing a business that's primarily U.S.-based. That would be consistent with the strategic plan we've laid out. But I think the M&A business opportunity here is substantial. I will assure you that, as we have been for 2 decades now, we'll be smart and disciplined about how we go about building the opportunity. And if the opportunities aren't there, then we'll get on the other side of it and consolidate with somebody else. But I do think there's an opportunity here for us to bring the expertise, the capital, the ambition, the strategic approach of value creation that we utilize elsewhere in the world through this region that is highly fragmented and is looking for leadership, to be straight. So I think we got a really unique opportunity that we'll be thoughtful about executing. John, you want to hit the first one?

Yes, sure, Mike. I think a good opportunity to just really highlight how comprehensive this hospitality product is and that's just probably one of the most comprehensive guest experience hospitality products in the entire industry. We offer managed WiFi security, unified communications, hospitality monitoring, hospitality TV, obviously, analytics service. And so it really is a full product suite, HDTV, sports, any kind of TV set. It's fully customizable. It supports VoD mobile TV viewing. So I think it's good to understand why we think it's such a great opportunity. In terms of the footprint, it's not just the Caribbean, which probably numbers a couple of hundred thousand hotel guest home rooms, but also through Central America and Panama. And also in Mexico, where we have connectivity through our subsea network and are looking at a partner in that particular market. So I think our enthusiasm is, I think, it's well -- will be validated. We have already signed up customers in Central America and also in Jamaica. And I think it's going to change the perspective of how that product looks in the entire region. Important to note that we do have connectivity into probably 60% to 70% of the Caribbean hotel rooms as it were. We might have fixed voice. We might have a video product deal, traditional kind of product that would be familiar to North American markets. So we do have connectivity or we do have, certainly, customer relationships in some of these establishments, but certainly, not that robust opportunity that we see through this product. In terms of the investment, it's really already been made. It's been sort of homegrown as well as a partner with a number of specials throughout the industry. So again, it make it customizable points of our potential customers. So really, the investment's been made. The opportunity is there. And actually, right now, the centralized team has been mobilized to attack all these markets.

[Operator Instructions]. And we'll take our next question from Matthew Harrigan with Buckingham.

I was curious if you could contrast the IPTV experience in Latin America with Europe. I mean, it seems like it's an add-on for a lot of people. It's positive for Verizon. But I guess, in some markets, you might have less of a price neutrality in Europe and your guys, like Netflix, are working very hard in codex and compression ratios so that they can do a lot on mobile and maybe the port bandwidth requirements requires prohibitive -- requires much jitters you would have had 3 or 5 years ago.

Matt, I think Balan might be on. I'll let him chime in here, too. I want to make sure I understand your question, but I's will address the OTT point first. Whereas Europe, I think, is a slowly evolving OTT market that looks very much like the U.S. in terms of rights and platforms and brands. Let's say the situation, at least in the Caribbean, is quite chaotic, meaning that there are many illegal OTT platforms, some that you know and know well. And so we are battling, both in mobile and the fixed environment, that pressure when it comes to video. It can be a good thing on the mobile platform, providing data consumption for sure. It's quite a negative thing on the fixed platform where many of these products and services don't have rights and aggregating rights and, quite frankly, stealing rights. So it's a bit of a mixed bag. I don't think there's a technological differentiation per se. I mean, on the copper networks that Cable & Wireless managers were appropriate upgrading, but mostly trying to build fiber HFC. So I don't know, Balan, if you or John have any other -- or Betzalel, have any other thoughts on that, but I'm sure there's a great comparable there.

Yes, I would agree with your comments, Mike. And remember, in that region, I mean, it build consumption caps, which on the mobile side. So even with improvements in [indiscernible] et cetera, you're still going to beat up a lot of it. And it's pretty much a prepaid market as well. And so people are very sensitive to our consumption there in that region.

One of our -- and this is an interesting comment though. One of our goals is to bring -- I thought we could do it single-handedly because we certainly we can. But to bring some regulatory pressure to there in this region so that regulators start working together to the extent they can. And our focus on the things, the big picture trends that we know will impact the business over the next 5 or 10 years. Net neutrality, we think that's there. But certainly, these types of issues where copyright and platforms like this are being addressed with governments. So I think it's part of what we bring to this equation. Maybe it's a bit of 30,000 per deal is what's happening elsewhere in the world and then bringing some real public policy energy to the debate. And that's, I think, going to bear fruit here in the medium term.

And our final question will come from Julio Arciniegas with RBC.

So my question is regarding the rebalanced CWC. The company reported some strong growth, 10%. The company also mentioned about this reassessments on certain accruals, and additionally, having better comps in Q2, the integration costs last year. Can you give us a little bit more color on the size of these reassessments? How should we think about it in the coming quarters? And also, related EBITDA growth, wholesale and managed services trend was quite strong. How should we think in the following quarters about these 2 business lines? They should continue growing at this sort of rate?

Chris, you want to take the first one?

Yes, sure. I mean, I think as I mentioned in the prepared remarks, the reassessment of the accruals was $4 million positive impact in the quarter.

John, on wholesale B2B?

Yes. well, we expect, certainly, the -- we expect strong growth continuing. I mean, in the LatAm markets in particular, we are on the attack kind of mode, including Colombia. So our opportunities for growth there is significant. And as I indicated, the size, certainly, of the core services of connectivity and some IT services is growing up. The hospitality product will certainly support that growth as well. And obviously, consumption demands continue to the region. Bandwidth demands continue, which will certainly support the anticipated growth and steady growth of the networks business as well. We haven't seen that -- we haven't seen a deviation from that, certainly not some dive in part of the Columbus CWC team. So our expectation of growth will continue for that network -- for that segment as well.

Okay. Thanks, everyone. Listen, I think we'll wrap quickly the 3 points I tried to make at the beginning here. Organic growth is something that's super important to this group, obviously, and that's the bedrock and the foundation of the opportunity here. And that's something we're going to be talking about regularly every quarter. How are we attacking what we know to be an inherent and very positive business opportunity in mobile and broadband, in particular, and pay TV and market by market. So stay tuned for more on that. I think the balance sheet piece of the equation here is super important as well and perhaps, underappreciated the extent to which we're ensuring that we're hedged, that we're not going to have any big gotchas here that we're bringing a very sophisticated approach. And I think shareholders will appreciate that to the capital structure over the long haul in the balance sheet. So that's a big driver for me. And I think the M&A opportunity will be quite interesting. We'll see. I think there are lots of, again, moving parts, but expect us to be smart and disciplined. And then last point I'll make is, I feel really good about the management team that's coming into place here. We put a number of people from the broader Liberty Global Group in the Cable & Wireless. In LiLAC, we will be announcing some more definitive structural changes around the broader LiLAC team over time. The integration between the 2 regions has been really, really positive. And I think we wanted to maintain some connective tissue there for both shareholders really. And so a lot more to talk about in the second half of the year, especially as the spin approaches, and appreciate your support. We'll speak to you next quarter. Thanks, everybody.

Ladies and gentlemen, this concludes Liberty Global's Second Quarter 2017 Investor Call. As a reminder, a replay of the call will be available in the Investor Relations section of Liberty Global's website at www.libertyglobal.com. There you can also find a copy of today's presentation materials.