Operator: Good day, everyone. And welcome to Groupon's Third Quarter 2013 Financial Results Conference Call. At this time, all participants are in listen-only mode. A question-and-answer session will follow the Company's formal remarks.
Today's conference call is being recorded. For opening remarks, I would like to turn the call over to the VP of FP&A and Investor Relations, Genny Konz. Please go ahead.
Genny Konz - IR: Hello, and welcome to our third quarter 2013 financial results conference call. On the call today are Eric Lefkofsky, CEO; and Jason Child, CFO. Kal Raman, our COO will be available for questions during the Q&A portion of the call.
Following discussion and responses to your questions reflect management's views as of today November 7, 2013 only and will include forward-looking statements. Actual results may differ materially. Additional information about factors that could potentially impact our financial results is included in today's press release and in our filings with the SEC including our Form 10-Q. Groupon encourages investors to use its Investor Relations website as a way of easily finding information about the Company. Groupon promptly makes available on its website free of charge reports that the Company files or furnishes with the SEC, corporate governance information and forward press releases and social media posting.
During this call, we will discuss certain non-GAAP financial measures. In our press release and our filings with the SEC each of which is posted on our Investor Relations website, you will find additional disclosures regarding non-GAAP measures including reconciliations of these measures with U.S. GAAP.
Finally, unless otherwise stated all comparisons in this call will be against our results for the comparable period of 2012.
Now, I'll turn the call over to Eric.
Eric Lefkofsky - CEO: Thanks Genny. In the third quarter, we delivered revenues toward the lower end of our guidance range, operating income at the high end of our range and EPS above our range, despite stronger than anticipated seasonal headwinds and pressure on our email business.
Gross billings growth of 10% year over year was driven by 20% growth in North America and 12% growth in EMEA. Revenue growth of 5% year-over-year was driven by a 24% growth in North America. Operating income, excluding stock-based compensation and acquisition related costs known as CSI was $39 million, and adjusted EBITDA was $62 million in the quarter.
Let me start by reviewing the highlights. First, for the quarter, billings in North America were $665 million, revenue was $361 million, and segment operating income was $25 million. The business continued to post strong year-over-year billings growth at 20%, despite pressure on our email business as we continued the rollout of Pull.
In our original daily email model, consumers needed to buy everything upfront, which meant our sales were frontloaded around newly launched deals. In the new Pull marketplace model, customers can wait and buy deals closer to when they intend to actually use them. As Pull grows, we believe this timing effect has created some short-term pressure on our North American email business.