Operator: Ladies and gentlemen, thank you for standing by. Welcome to the Thomson Reuters Fourth Quarter and Full Year 2012 Results. During today's conference, all participants will be in a listen-only mode. Later we will conduct a question-and-answer session with instructions being given at that time. As a reminder, today's conference is being recorded.
I would now like to turn the conference over to our host Frank Golden, Senior Vice President, Investor Relations. Please go ahead, sir.
Frank J. Golden - SVP, IR: Good morning, and thank you for joining us, as we report our full quarter and fourth quarter 2012 results. We will begin today with our CEO, Jim Smith followed by our CFO, Stephane Bello. Following our presentations, we'll open the call for questions. We would appreciate it, if you would limit yourselves to one question each in order to enable us to get to as many questions as possible.
Now, throughout today's presentation keep in mind that when we compare performance, period on period, we look at revenue growth rates before currency as we believe this provides the best basis to measure the underlying performance of the business. In addition, in order to present our results on a like-for-like basis, with how you've been measuring the Company against the full year 2012 outlook we provided last February, today's results include Financial & Risk's, Corporate Services business, the disposal of which is expected to take place in the second quarter, and several smaller businesses.
In 2012, these businesses generated $310 million of revenue, $125 million of EBITDA and $119 million of operating profit. Our website includes detailed restatements of our 2012 results excluding these businesses and our 2013 outlook is based on the restated 2012 results.
Now today's presentation contains forward-looking statements. Actual results may differ materially due to a number of risks and uncertainties discussed in reports and filings that we provide to regulatory agencies. You can access these documents on our website or by contacting our Investor Relations department.
Let me now turn it over to the CEO of Thomson Reuters, Jim Smith.
James C. Smith - CEO: Thank you, Frank, and thanks to those of you on the call for joining us. Today, I want to cover three topics. First, I'll begin with a review of full year results. Then, I'd like to update you on the progress we've made over the past year against the priorities and strategy I outlined one year ago, on my first call as CEO. Lastly, I'll provide you with our outlook for 2013. I'll then turn it over to Stephane, who'll review our results for the fourth quarter.
First, let me review our full year 2012 results. 2012 was a watershed year for us. First and foremost, we achieved our targets for the full year for revenue, profit and free cash flow. And while our net sales were lower than anticipated I’m nevertheless proud of this performance.
I stated in my opening remarks on last year's fourth quarter call that if anything has been reaffirmed is just how strong this business really is. But 2012 will best be known as the year we turned the tide on our financial and risk business, more on that later but we made foundational progress that will pay off in the years to come.