Operator: Good day and welcome to the Level 3 Communications Incorporated First Quarter 2010 Earnings Conference Call. Today's call is being recorded.
At this time, I'd like to turn the conference over to Valerie Finberg, Vice President of Investor Relations. Please go ahead.
Valerie Finberg - IR: Thank you, Jessica. Good morning, everyone, and thank you for joining us for the Level 3 Communications first quarter 2010 earnings call. With us on the call today are Jim Crowe, Chief Executive Officer; Jeff Storey, President and Chief Operating Officer; Buddy Miller, Vice Chairman; and Sunit Patel, Executive Vice President and Chief Financial Officer.
Before we get started, as a reminder, our press release, supplementary schedules and presentation slides that accompany this call are all available on the Investor Relations section of the Level 3 website, at www.level3.com.
I need to cover our safe harbor statement, which can be found on Page 2 of our 1Q10 earnings presentation, and that says that information in this call and in the presentation contain financial estimates and other forward-looking statements that are subject to risks and uncertainties. Actual results may vary significantly from those statements. A discussion of factors that may affect future results is contained in Level 3's filings with the Securities and Exchange Commission.
Finally, please note that on today's call we will be referring to certain non-GAAP financial measures. Reconciliations between the non-GAAP financial measures and the most comparable GAAP financial measures are available in the press release, which is posted on our website in the Investor Relations section.
I will now turn the call over to Jim.
James Q. Crowe - CEO: Thanks, Valerie. As is our norm in our prepared remarks, Sunit Patel will discuss financial results for the quarter, Jeff Storey will discuss operational matters, including segment results, I'll pick it up, provide a brief summary, and then we'll take questions.
Sunit Patel - EVP and CFO: Thank you, Jim Before I review our detailed results, I wanted to give you a brief overview of the quarter as summarized on Slide 3 of our presentation. Our revenue base has stabilized over the past two quarters. We had a good quarter in terms of sales and churn improvements.
After a period of declining Core Network Services revenue from late 2008 and most of last year, followed by two quarters of stable revenue on a normalized basis for the fourth quarter of 2009 and the first quarter of 2010, we expect Core Network Services revenue to grow sequentially over the course of 2010. We continue to improve our debt maturity profile, and now have $38 million in maturities for the rest of 2010 and $196 million in maturities in December of 2010.
Turning to the results for the first quarter on Slide 5, Core Network Services revenue declined 1% sequentially to $701 million in the first quarter of 2010 from $706 million in the fourth quarter of 2009. Core Network Services revenue from our wholesale customers declined by 3% sequentially, primarily due to seasonality in the broadcast business and a decline in revenue from carrier customers, largely from lower inter-carrier compensation, offset by a $7 million asset sale during the quarter.