Philip Morris International (PM) Q2 2010 Earnings Call July 22, 2010 9:00 am ET Executives Nicholas Rolli - Vice President of Investor Relations & Financial Communications Hermann Waldemer - Chief Financial Officer and Executive Vice President Analysts Thilo Wrede - Crédit Suisse AG Judy Hong - Goldman Sachs Group Inc. Christopher Growe - Stifel, Nicolaus & Co., Inc. Thomas Russo - Gardner Russo Christine Farkas - BofA Merrill Lynch David Adelman - Morgan Stanley Jonathan Fell - Deutsche Bank AG Adam Spielman - Citigroup Inc PresentationOperator
Good day, and welcome to the Philip Morris International Second Quarter 2010 Earnings Conference Call. [Operator Instructions] I will now turn the call over to Mr. Nick Rolli, Vice President of Investor Relations and Financial Communications. Please go ahead, sir. Nicholas Rolli Welcome. Thank you for joining us. Earlier today, we issued a news release containing detailed information on our 2010 second quarter results. You may access the release on our website at www.pmi.com. During our call today, we will be talking about results in the second quarter of 2010 and comparing them with the same period in 2009, unless otherwise stated. References to volumes are for PMI shipments, industry volume and market shares on the latest data available from a number of internal and external sources. Net revenue data excludes excise taxes. Acquisitions for the purposes of this presentation also include our business combination with Fortune Tobacco Corporation in the Philippines. You'll find data tables showing how we made adjustments to net revenues and operating companies income, or OCI, for currency, acquisitions, asset impairment and exit costs, free cash flow calculations and adjustment to earnings per share or EPS, as well as reconciliations to U.S. GAAP measures at the end of today's webcast slides, which are posted on our website.