We use non-GAAP financial measures in evaluating our financial performance. Please refer to the press release we issued today for how we define such non-GAAP measures and our reasons for using them as well as a detailed review of our fourth quarter and full year 2011 results including the corresponding GAAP financial measures and a reconciliation of our non-GAAP financial measures to GAAP financial measures.

This conference call is publicly available via audio webcast through our website and a replay of the call will be available for the next 90 days.

I'd now like to turn the call over to our CEO, Heath Clarke.

Heath Clarke

Thanks Janine. I'd like to welcome Janine Zanelli who recently joined Local to lead our Investor Relations effort. So please feel free to contact Janine, Ken or myself anytime.

Over the past five years, we've grown from a single website to a local online media business powering over 1,000 websites and touching a million consumers a day. The first half of 2011 was challenging, yet we delivered on our guidance that we would turn things around sharply in the second half. We grew our business 64% between Q2 and Q4 and ended the year with record revenues and exceeding both revenue and adjusted net income guidance.

We believe we ended 2012 better positioned than ever before with a strong and focused leadership team, key industry partnerships, greatly improved sales capabilities, a broader product range than we've ever had, overall traffic and organic traffic at or near record levels, record monetization, more diversified partner revenue, record proprietary revenue and a more powerful and proprietary technology platform than we've ever had. We operate in a very competitive environment, yet we have three key reasons to feel confident about our prospects.

First, we benefit from the secular trend by advertisers transitioning spend away from print and towards digital media. Second, we believe we have the right set of assets to capture these transitioning ad dollars and third, we believe we've demonstrated an ability to adapt and actively compete in this rapidly evolving marketplace. Let me talk about each of these in more detail.

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