Craig Moffett
MoffettNathanson LLC

Good morning, everybody. Good morning to those of you who are joining us on the web and welcome to our conversation with Charter Communications and Chris Winfrey. Chris, good to have you back. I think we've had Charter every year at our conference and you just about every time.

Craig Moffett
MoffettNathanson LLC

Let's -- we have to start with the elephant in the room, which is, your stock price fell 25% when you reported first quarter earnings and has continued to fall even further since then. We attributed the drop not just to the year-over-year increase in broadband sub losses, but also to the discussion of, I don't want to call it guidance precisely, but let's call it guidance, about broadband ARPU growth.

And in particular, the wording you used on the call with respect to broadband ARPU was that it will be "close to -- or close either way" in terms of where we end up with growth, meaning it's about flat. First, is your diagnosis of what the market's reaction to your earnings results were the same as mine, that it was not just the net adds, but people were surprised and concerned about the ARPU story? Or is it something different?

Christopher Winfrey
President, CEO & Director

Yes. I think the net adds variance wasn't big relative to consensus. And so clearly, the market reaction was centered very much around broadband ARPU. On one hand, disappointing to see that kind of market reaction significantly. But I also don't think that more than 1/4 of the value of the company was destroyed