Operator: Welcome and thank you for standing by. All participants are in a listen-only mode until the question-and-answer session of today's conference call.
Now, I'll turn the meeting over to your host, Rachel Stern, Senior Vice President, Strategic Resources and General Counsel. Thank you, you may proceed.
Rachel R. Stern - SVP, General Counsel and Secretary: Thank you, operator. Good morning and thanks to all of you for participating today. Welcome to FactSet's Second Quarter 2013 Earnings Conference Call. Joining me today are Phil Hadley, Chairman and CEO; Peter Walsh, Chief Operating Officer; and Mike Frankenfield, Director of Global Sales.
This conference call is being transcribed in real-time by FactSet's CallStreet Service and is being broadcast live via the Internet at factset.com. A replay of this call will also be available on our website. Condensed highlights will be available shortly via StreetAccount.
Our call will contain forward-looking statements reflecting management's expectations based on currently available information. Actual results may differ materially. More information about factors that could affect FactSet's business and financial results can be found in FactSet's filings with the SEC.
Consistent with previous quarters, we have included a table at the end of the press release that reconciles non-GAAP measures to GAAP. Annual Subscription Value, or ASV, is a key metric for FactSet. Please recall that ASV is a snapshot view of client subscriptions and represents our forward-looking revenues for the next 12 months.
Lastly, FactSet undertakes no obligation to update publicly any forward-looking statements as a result of new information, future events, or otherwise.
I'd like to turn the discussion over now to Peter Walsh, Chief Operating Officer.
Peter G. Walsh - EVP and COO: Thank you, Rachel, and good morning, everyone. Here's how I plan to spend our time today. First, I'll cover two items that impacted EPS this quarter. Second, we'll review quarterly results. Third, I'll provide guidance for our next quarter. Fourth and finally, we'll end with your questions.
Let's begin by covering the two significant items that occurred in Q2. One, we recorded a non-cash pre-tax charge of $15.7 million. Performance-based stock options were granted in connection with the acquisition of Market Metrics back in June 2010. Since then the Market Metrics business accelerated to achieve stretch revenue targets causing the performance options to best.
Just as a reminder when acquired, the Market Metrics business was $16 million in ASV. While we are very pleased about Market Metrics, its size relative to the rest of FactSet means it's outperformance has had a limited impact on our overall growth rate at this juncture.
Two, in Q2 the federal R&D tax credit was signed back into law and renewed retroactively to January 1, 2012. Although Congress has renewed this credit every year since 1981, it laps in 2012, and under U.S. GAAP were not permitted to recognize the benefit until it actually becomes law.
FactSet realize an income tax benefit of $4.9 million during the second quarter of fiscal '13. The R&D tax credit impacted fiscal 2013 by reducing our projected annual effective tax rate. You will notice this reduction when I'll cover Q3 guidance later on in this call.