Factors that cause or contribute to such differences include, but are not limited to, the risks and other factors discussed in Infospace most recent quarterly form on Form 10-Q on file with the Securities and Exchange Commission. Infospace assumes no obligation to update any forward-looking statements, which speak only as of the date the statement is made. In addition, during this call, our management will discuss GAAP and non-GAAP financial measures. In the press release, which has been posted on our website and filed with the SEC on Form 8-K, we present GAAP and non-GAAP results along with reconciliation tables and the reasons for our presentation of non-GAAP information.Now, I'll turn the call over to Bill Ruckelshaus. Following his comments, Eric Emans will review the fourth quarter results and first quarter outlook, then we'll open up the call to your questions. William J. Ruckelshaus Thank you, Stacy, and good afternoon. We are pleased to provide an update on our performance for the fourth quarter and full year 2011. InfoSpace has progressed considerably in the period since January of last year on a variety of fronts. Today, we will briefly discuss our performance last year and provide some thoughts about why we are excited for the future. Revenue in the fourth quarter of 2011 was $66.6 million, up 34% from the prior year. Adjusted EBITDA was strong at $10.2 million, up 23% year-on-year. Our fourth quarter capped a good year of top line growth and profitability for InfoSpace. The distribution side of our search business continues to be a big driver for us. Last period marked the third consecutive quarter of accelerating revenue growth with our distribution partners. In the fourth quarter, distribution revenue increased 69% year-on-year, aided significantly by revenue from partners signed in 2011. We see the market opportunity for distributed search expanding, and we believe InfoSpace is well positioned to continue to tap this growth.
I want to spend some time describing this marketplace a bit further. Users are continuing to evolve in how they consume digital content through applications and utility-based tools on the desktop, on social platforms and increasingly through mobile devices and tablets. This evolution is driving significant downstream innovation in the publisher community. Barriers to entry are coming down dramatically for providers of content and applications. No longer is it a question of funding or scale, ideas and imagination win a day. Search is playing an important role in this trend, allowing the growing provider community to monetize effectively and adding functionality to their consumer offerings.InfoSpace is serving this market through its distributed search offering. We partner with publishers to help them monetize and share in the gains when they do. We differentiate through our years of in-market experience, service levels and flexibility. Distributed search is a sustained growth story for us. In the period from 2008 to 2011, revenue from our distribution business has grown at a compound annual rate of 22%. The market is accelerating and we are participating fully in the momentum. Supporting our search business, we have longstanding relationships with Google and Yahoo!. In the first quarter of 2011, we renewed our agreements with both parties to continue to distribute their result sets through our network and partner websites through 2013. These partnerships represent a cornerstone of our search business, and we are pleased to extend our relationships with both parties on favorable terms. Moving now to 2012 and beyond, we are optimistic going forward about our prospects in search and are now thrilled to welcome TaxACT to the company's story. Last month, we announced and ultimately closed our acquisition of TaxACT. This was a significant milestone for our company and the result of an announced strategy and dedicated process to allocate our capital to acquire a new business outside of search. In TaxACT, we have found an outstanding business run by a terrific team with an excellent track record of execution and financial performance. Read the rest of this transcript for free on seekingalpha.com