Operator: Welcome and thank you for standing by. At this time, all participants are in a listen-only mode. Today's conference is being recorded. If you have any objections, you may disconnect at this time.
Now, I will turn the meeting over to Ms. Patricia Murphy, Vice President of Investor Relations. Ma'am, you may begin.
Patricia Murphy - VP, IR: Thank you. This is Patricia Murphy, Vice President of Investor Relations for IBM. I'm here with Mark Loughridge, IBM's Senior Vice President and CFO, Finance and Enterprise Transformation. Thank you for joining our third quarter earnings presentation. The prepared remarks will be available in roughly an hour and a replay of this webcast will be posted to our Investor Relations website by this time tomorrow.
Our presentation includes certain non-GAAP financial measures in an effort to provide additional information to investors. All non-GAAP measures have been reconciled to their related GAAP measures in accordance with SEC rules. You will find reconciliation charts at the end, and in the Form 8-K submitted to the SEC.
Let me remind you that certain comments made in this presentation may be characterized as forward-looking under the Private Securities Litigation Reform Act of 1995. Those statements involve a number of factors that could cause actual results to differ materially. Additional information concerning these factors is contained in the Company's filings with the SEC. Copies are available from the SEC, from the IBM website, or from us in Investor Relations.
Now, I'll turn the call over to Mark Loughridge.
Mark Loughridge - SVP and CFO, Finance and Enterprise Transformation: In the third quarter, we reported $24.7 billion in revenue, expanded gross pre-tax and net operating margins and increased operating earnings per share by 10% to $3.62. For the year, we're maintaining our full year 2012 expectation for operating EPS of at least $15.10, that's up 12% over last year.
Looking at our third quarter revenue by geography, Europe was fairly consistent with last quarter, Japan's revenues stabilized, the BRIC countries in total performed well again, but North America declined. When I look at our skew of business in the quarter, through the first two months, our revenue was fairly consistent with our second quarter performance. The third month of the quarter was more challenging. This quarter we delivered double-digit operating earnings per share growth driven by our strength in our solutions offerings, a solid annuity base and our ongoing work on productivity.
First, we continue to drive very good results in our solutions offerings across software and services that address key demand areas like Smarter Planet, business analytics and cloud. Second, our annuity businesses which represent about half of our annual revenue and 60% of our profit provided a solid base of revenue and profit. And third, we're continuing to execute on our productivity initiatives on track to deliver $8 billion of productivity over the 2015 roadmap. The benefit from these initiatives together with our mix to more profitable businesses helped to drive our margin expansion.