Operator: Good afternoon, ladies and gentlemen and welcome to the Yahoo! Second Quarter 2013 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. As a reminder, this conference call is being recorded.
I will now like to turn the floor over to our host, Mr. Joon Huh.
Joon Huh - IR: Good afternoon and welcome to Yahoo!'s second quarter 2013 earnings video broadcast. Here with me today are Marissa Mayer, Chief Executive Officer and Ken Goldman, Chief Financial Officer.
Before getting started, I'd like to remind you that today's presentation may contain forward-looking statements concerning matters such as our strategy, product plans, cost controls and expected financial and operational performance as well as our investment priorities, stock repurchases and expectations for growth, user engagement and ad sales.
Actual results may differ materially from the results predicted in our statements and reported results should not be considered indicative of future performance. Potential risks and uncertainties that could cause our business and financial results to differ materially from our forward-looking statements are described in our Form 10-Q filed with the SEC on May 7, 2013, as well as in the earnings release included as Exhibit 99.1 in the Form 8-K we furnished today to the SEC. All information discussed during the presentation as of today, July 16, 2013, and Yahoo! does not intend and undertakes no duty to update this information to reflect subsequent events or circumstances.
During today’s presentation, we'll be referencing slides some of which are condensed versions of our earnings slides. We ask that you review our complete earnings slides that can be found on our Investor Relations website at investor.yahoo.com.
Today we will also discuss non-GAAP financial measures as we talk about the Company's performance. Reconciliations of these non-GAAP measures to the GAAP measures we consider most comparable can be found on our Investor Relations website at investor.yahoo.com. We have some prepared remarks and then we will have a brief Q&A session.
With that let me turn the presentation over to Marissa and Ken.
Marissa Mayer - Chief Executive Officer, President and Director: Hi everyone. Tomorrow marks my one-year anniversary here at Yahoo! In the spirit of making every day count and the spirit of innovation we are excited to try this live broadcast for our earnings call. We hope you find this format more interactive and that it gives you a deeper insight into our team's progress. I also wanted to thank our team here at Yahoo! Finance for helping use our own products to deliver our quarterly earnings.
Let's get started with a look at our Q2 performance. We delivered solid revenue ex-TAC, roughly flat year-over-year and within the guidance range we provided. In Q2 we continued to invest in our core business, strengthening our teams and launching new products in our quest towards long-term growth. The pace of our product launches has dramatically picked up. Q2 was one of the most productive in the history of Yahoo! We basically reached a pace of launching a new product every week and a significant new product at that. We have made real progress over the last year and we have positive momentum heading into Q3.