Operator: Good day, and welcome to the Activision Blizzard's First Quarter 2011 Earnings Conference Call. Today's call is being recorded.
At this time for opening remarks and introductions, I would like to turn today's call over to the Senior Vice President of Investor Relations, Ms. Kristin Southey. Please go ahead, ma'am.
Kristin Mulvihill Southey - SVP, IR and Treasurer: Good afternoon and thank you for joining us today for Activision Blizzard's first quarter 2011 conference call. With me today are Bobby Kotick, CEO of Activision Blizzard; Thomas Tippl, COO and CFO of Activision Blizzard; Eric Hirshberg, CEO of Activision Publishing; and Mike Morhaime, CEO of Blizzard Entertainment.
I would like to remind everyone that during this call we will be making statements that are not historical facts. These forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties. As indicated in the slide that is showing, a number of important factors could cause the Company's actual future results and other future circumstances to differ materially from those described in any forward-looking statements.
Such factors include, without limitations, sales levels, increasing concentration of titles, shifts in consumer spending trends, current macroeconomic and industry conditions and conditions within the video game industry, our ability to predict consumer preferences among competing genres and hardware platforms, the seasonal and cyclical nature of our industry, changing business models including digital and used games, competition, possible declines in pricing, product returns, price protection, product delays, adoption rate and availability of new hardware and related software, rapid changes in technology and industry standards, litigation and associated costs, the effectiveness of our restructuring effort, protection of proprietary rights, maintenance of key relationships, including the ability to attract, retain and develop key personnel and developers that can create high quality hit titles, counterparty risks, economic, financial and political conditions and policies, foreign exchange and tax rates, identification of acquisition opportunities and potential challenges associated with geographic expansion.
These important factors and other factors that potentially could affect the Company's financial results are described in the Company's annual report on Form 10-K for the period ended December 31, 2010, and in the Company's other SEC filings. The Company may change its intentions, believes or expectations made at any time and without notice based upon any changes in such factors in the Company's assumptions or otherwise. The Company undertakes no obligations to release publicly any revisions to any forward-looking statements to reflect events or circumstances after today, May 9, 2011, or to reflect the occurrence of unanticipated events.
I would also like to note that certain numbers we will be presenting today will be made on a non-GAAP basis, excluding the impact of the change in deferred net revenues and related cost of sales with respect to certain of our online-enabled games, expenses related to the share-based payments, expenses related to the restructuring of our Activision Publishing operations, the amortization of intangibles and impairment of intangible assets and the associated tax benefits. Please refer to our earnings release, which is posted at www.activisionblizzard.com, for a full GAAP to non-GAAP reconciliation and further explanation. There is also a PowerPoint overview which you can access with the webcast and which will be posted to the website following the call.