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July 17, 2012 5:00 pm ET
Timothy R. Morse - Chief Financial Officer and Executive Vice President
Mark S. Mahaney - Citigroup Inc, Research Division
Anthony J. DiClemente - Barclays Capital, Research Division
Douglas Anmuth - JP Morgan Chase & Co, Research Division
Benjamin A. Schachter - Macquarie Research
Heath P. Terry - Goldman Sachs Group Inc., Research Division
Herman Leung - Susquehanna Financial Group, LLLP, Research Division
Jason S. Helfstein - Oppenheimer & Co. Inc., Research Division
So Young Lee - SunTrust Robinson Humphrey, Inc., Research Division
Martin Pyykkonen - Wedge Partners Corporation
A. Justin Post - BofA Merrill Lynch, Research Division
Peter Stabler - Wells Fargo Securities, LLC, Research Division
Scott H. Kessler - S&P Equity Research
Kenneth Sena - Evercore Partners Inc., Research Division
Laura A. Martin - Needham & Company, LLC, Research Division
Daniel Salmon - BMO Capital Markets U.S.
Brian Nowak - Nomura Securities Co. Ltd., Research Division
Ronald V. Josey - ThinkEquity LLC, Research Division
Good afternoon, ladies and gentlemen, and welcome to the Yahoo! Second Quarter 2012 Earnings Conference Call. [Operator Instructions] Please note that this conference is being recorded. I will now turn the call over to Joon Huh. Mr. Huh, you may begin.
Thank you. Good afternoon, and welcome to Yahoo!'s second quarter 2012 earnings conference call. On the call today will be Tim Morse, Chief Financial Officer. Before we begin, I'd like to remind you that today's call may contain forward-looking statements concerning matters such as our expected financial and operational performance and long-term financial model, as well as our expectations for the economy in general and online advertising in particular; our Search Alliance with Microsoft; our agreement with Alibaba; the effects of our restructuring; and our strategic, operational and product plans. 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, May 9, 2012, as well as in the earnings release included in Exhibit 99.1 to the Form 8-K we furnished today to the SEC. All information on this call is as of today, July 17, 2012, and Yahoo! does not intend and undertakes no duty to update this information to reflect subsequent events or circumstances.