Operator: Good day everyone and welcome to the Liberty Interactive Corporation Q4 2012 Earnings Conference Call. Just a reminder, today's call is being recorded.
For opening remarks and introductions, I would now like to turn the call over to Ms. Courtnee Ulrich, Vice President of Investor Relations. Please go ahead.
Courtnee Ulrich - VP, IR: Good afternoon. This call includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about financial guidance, business strategies, and market potential, future financial performance, new service and product launches, and other matters that are not historical facts. These forward-looking statements involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including, without limitations, possible changes in market acceptance of new products or services, competitive issues, regulatory issues and continued access to capital on terms acceptable to Liberty Interactive. These forward-looking statements speak only as of the date of this call and Liberty Interactive expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in Liberty Interactive's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
On today's call we will discuss certain non-GAAP financial measures including adjusted OIBDA. The required definitions and reconciliations, preliminary notes and Schedules 1 through 3, can be found at the end of this presentation.
Now, I'd like to introduce Greg Maffei, Liberty Interactive’s President and CEO.
Gregory B. Maffei - President & CEO: Thank you, Courtnee, and good afternoon to all of you. Besides myself today speaking on the call we will have, Liberty's CFO, Chris Shean; QVC's CEO, Mike George; and QVC U.S.'s CEO, Claire Watts.
Onto the highlights; QVC had solid results for the quarter. Notably in Q4, dotcom penetration in the U.S. was 43%, with 23% mobile penetration.
QVC is the second largest mobile commerce retailer in 2012 behind only Amazon, according to Internet Retailer magazine. Regarding Liberty Ventures in December, we purchased an additional 4.8 million TripAdvisor shares for $300 million. We now control 22% of the economics and 57% of the vote at TripAdvisor.
We are very pleased with the performance of Liberty Ventures, since its creation. The stock is up 58%. Notably during the quarter, we also ramped back up on LINTA repurchases buying back $177 million worth of stock.
So with those highlights, let me turn over it over to Chris Shean to discuss the financials.
Christopher W. Shean - SVP & CFO: Liberty Interactive Group's revenue increased 2% in the fourth quarter and 4% for the year to $10 billion, while adjusted OIBDA increased 1% from the fourth quarter and 4% for the year.
QVC increased net revenue by 2% for the quarter and 3% for the year, while adjusted OIBDA increased 4% for the quarter and 5% for the year. Liberty Interactive's other eCommerce businesses grew 5% for the quarter and 11% for the year, while their adjusted OIBDA for the quarter decreased 29% and 22% for the year. We had previously discussed some of the challenges that these businesses had faced this year which have negatively impacted adjusted OIBDA. The decrease for the full year was a result of principally increased spending in paid search as a percent of revenue, increased promotional activity to move some seasonal inventory, which negatively impacted gross margins and lower advertising revenue due to pricing and a shift to mobile applications.