Operator: Good day, ladies and gentlemen, and welcome to the TripAdvisor Third Quarter 2013 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 call is being recorded.
I would now like to introduce your host for today's conference, (Will Lyons). Sir, you may begin.
Will Lyons - IR: Thank you, Sam. Good afternoon, everyone, and welcome to TripAdvisor's third quarter 2013 earnings conference call. I'm Will Lyons, Senior Director of Investor Relations for TripAdvisor, and joining me on the call today are our CEO, Steve Kaufer; and our CFO, Julie Bradley.
Before we begin, I'd like to remind you that the estimates and other forward-looking statements included in this call represent the Company's views as of today, October 23, 2013. TripAdvisor disclaims any obligation to update these statements to reflect future events or circumstances. Please refer to today's earnings release and TripAdvisor's filings with the SEC for information concerning factors that would cause actual results to differ materially from those expressed or implied by such statements.
You'll also find reconciliations of non-GAAP financial measures to the most comparable GAAP financial measures discussed on this call in our Q3 earnings release, which is available on our IR site, ir.tripadvisor.com.
Finally, unless otherwise stated, all references to selling and marketing expense, general and administrative expense and technology and content expense exclude stock-based compensation, and all comparisons on this call will be against our results for the comparable period of 2012.
With that, I will now turn the call over to Steve.
Stephen Kaufer - CEO: Thank you, Will and welcome everyone. I am going to take a few minutes and highlight some key metrics and discuss some notable developments on our technology and growth initiatives. Julie will then review our financials and outlook before we take your questions.
First, some of the numbers. Hotel shoppers grew a healthy 37% during Q3 as we saw solid growth across our core and emerging markets. This drove 13% click-based revenue growth for the period, a quarter in which we saw the biggest negative impact from our Meta transition.
Our display business continued its solid 2013, accelerating nicely to 29% growth based upon global sales traction and product differentiation, and our subscription, transaction and other revenue line saw a very healthy 68% growth. It's worth noting that this strong total revenue growth came without much, if any, contribution from our new TV ad campaign, which we began testing in Q2 and rolled out more broadly in the U.S. and targeted international markets at the end of September. As a result, adjusted EBITDA came in better than we had anticipated as the bulk of our expected TV marketing spend has shifted into the fourth quarter.
Most importantly, we continued strengthening our position in the travel planning funnel, making progress on a number of ongoing initiatives aimed at growing our community and user-generated content, amplifying our brand throughout the globe, as well as improving the TripAdvisor experience for users and partners alike.