Operator: Good day and welcome everyone to the Google Inc. Fourth Quarter 2012 Earnings Conference Call. This call is being recorded.
At this time, I would like to turn the call over to Willa Chalmers, Senior Manager of Investor Relations. Please go ahead.
Willa Chalmers - IR: Great. Thank you Jennifer. Good afternoon, everyone and welcome to today's fourth quarter and fiscal year 2012 earnings conference call. With us are Larry Page, Chief Executive Officer; Patrick Pichette, Senior Vice President and Chief Financial Officer; and Nikesh Arora, Senior Vice President and Chief Business Officer.
Also, as you know, we distribute our earnings release through our Investor Relations website located at investor.google.com. So, please refer to our IR website for our earnings releases, as well as supplementary slides that accompany the call. You can also visit our Google+ Investor Relations page for the latest Company news and update, please check it out. This call is also being webcast at investor.google.com. A replay of the call will be available on our website later today.
Now, let me quickly cover the Safe Harbor. Some of the statements that we make today may be considered forward-looking, including statements regarding Google's future investments, our long-term growth and innovation, the expected performance of our businesses, and our expected level of capital expenditures. These statements involve a number of risks and uncertainties that could cause actual results to differ materially. Please note that these forward-looking statements reflect our opinions only as of the date of this presentation and we undertake no obligation to revise or publicly release the results of any revisions to these forward-looking statements in light of new information or future events.
Please refer to our SEC filings for a more detailed description of the risk factors that may affect our results. Please note that certain financial measures that we use on this call, such as operating income and operating margin, are also expressed on a non-GAAP basis and have been adjusted to exclude charges related to stock-based compensation.
We have also adjusted our net cash provided by operating activities to remove capital expenditures, which we refer to as free cash flow. Our GAAP results and reconciliations of non-GAAP to GAAP measures can be found in our earnings press release.
With that, I will turn the call over to Larry.
Larry Page - CEO: Happy New Year everyone and welcome to our earnings call. Thank you for joining us this afternoon. We ended 2012 with a strong quarter. Revenue was up 36% year-on-year and 8% quarter-on-quarter, and we hit $50 billion in revenue for the first time last year – not a bad achievement in just a decade and a half.
We have talked a lot about excellence and velocity over the last year. While many claim it's my nature never to be satisfied, we've actually made real progress creating more beautiful and more intuitive products. Take Search, the perfect search engine would understand exactly what you mean and give you exactly what you want. Our Knowledge Graph brings that much closer. Search for Nikola Tesla and you will get information about this great inventor that is beautifully displayed right from the results page. His basic bio, books he wrote, his photo, no extra work needed; and we even recommend information about other inventors, such as Edison and Marconi that you can easily browse through and right from the results page.