Operator: Good day ladies and gentlemen and welcome to the Fourth Quarter 2011 Earnings Conference Call. My name is Katie and I'll be your coordinator for today. At this time, all participants will be in a listen-only mode. We will be conducting a question-and-answer session towards the end of the conference.
I would like to turn the call over to your host Marta Nichols, VP of Investor Relations. Please proceed.
Marta Nichols - IR: Thanks Katie, and good afternoon. Welcome to Yahoo!'s fourth quarter 2011 earnings conference call. On the call today will be Scott Thompson, Chief Executive Officer and Tim Morse, Chief Financial Officer.
Before we begin, I'd like to remind you that today's call may contain forward-looking statements concerning matters such as our expected financial and operational performance, our long-term financial objective, and the Company's strategic review process as well as our expectations for the economy in general and online advertising in particular, the financial and operational impact of our Search Alliance with Microsoft, our capital allocation decisions and our strategic operational and product plans. Actual results may differ materially from the results predicted in our statements and reported results should not be considered indicative of future performance.
Potential risks and uncertainties that could cause our business and financial results to differ materially from our forward-looking statements are described in our Form 10-Q filed with the SEC, November 7, 2011, as well as in the earnings release included as Exhibit 99.1 to the Form 8-K we furnished today to the SEC. All information discussed on this call is as of today, January 24, 2012, and Yahoo! does not intend and undertakes no duty to update this information to reflect subsequent events or circumstances.
On today's call, we'll also discuss some non-GAAP financial measures as we talk about the Company's performance. These may include total expenses less traffic acquisition costs or TAC, revenue excluding TAC or revenue ex-TAC and operating margin ex-TAC. Reconciliations of those non-GAAP measures to the GAAP measures we consider most comparable can be found on our corporate website info.yahoo.com, under Investor Relations.
We have prepared remarks that will last about 30 minutes and then we'll have a brief Q&A session.
Now I'd like to turn the call over to Scott.
Scott Thompson - CEO: Good afternoon, everyone, and thanks all of you joining us today. For those of you, who are counting, it's been three weeks since I arrived and only two weeks since my official start date. As you would imagine, I have been extremely busy as I have been rapidly coming up to speed.
As I said on our last call, I did an extensive amount of research on Yahoo! and had formed strong opinions before I arrived and since then I have spent all of my time meeting Yahoo!'s leaders, our employees and our customers and I validated what I believe coming in, and I see even more today the strength of Yahoo!'s assets, the talent of our people and the huge opportunity in front of us.