Additionally, we have posted a supplemental earnings summary presentation and an excel document of our historical financials to assist in your modeling efforts. This call is being recorded, and will be available for replay from our corporate website.Please be reminded that this call will include forward-looking statements that involve risks and uncertainties that could cause NXP's results to differ materially from management's current expectations. The risks and uncertainties include, but are not limited to, statements regarding the macroeconomic impact on the specific end markets in which we operate, the sale of new and existing products and our expectations for financial results for the third quarter of 2012. Please be reminded that NXP undertakes no obligation to revise or update publicly any forward-looking statements. For a full disclosure on forward-looking statements, please refer to our press release. Additionally, during our call today, we will make reference to certain non-GAAP financial measures, which exclude the impact of purchase price accounting, restructuring, impairment and other charge, charges that are driven primarily by discrete events that management does not consider to be directly related to NXP's underlying core operating performance. Pursuant to Regulation G, NXP has provided reconciliations of the non-GAAP financial measures to the most directly comparable GAAP measures in our second quarter 2012 earnings press release, which will be furnished to the SEC on Form 6-K, and available on NXP's website in the Investor Relations section at nxp.com. Before we begin today, I would like to highlight that we have changed 2 of the 4 end markets we will report within our HPMS segments. We have defined the new end markets as portable and computing and infrastructure and industrial. These 2 new end markets replaced what were previously known as Wireless Infrastructure Lighting and Industrial, as well as the end market known as mobile consumer and computing. Included in the supplemental presentation on our IR website, we have provided a bridge and an explanation of what specific products are reflected in each new end market definition. There has been no changes to the Automotive and identification end market definitions. Now I'd like to turn the call over to Rick.
Richard L. ClemmerThanks, Jeff and welcome, everyone, to our earnings call today. As is our practice, I will address revenue trends in our various markets and channels with Peter Kelly, now providing more color on profitability and other financial metrics. We are very pleased with our performance in the second quarter as we delivered product revenue of $1.02 billion, up 12% sequentially above the high end of our original guidance. NXP revenue was $1.09 billion, up nearly 12% sequentially, also above the upper end of our guidance range. We experienced growth in every one of our target end markets, a positive indication that company specific opportunities we have previously addressed are coming to fruition. We acknowledge the macroenvironment has clearly weakened, however, we see our growth in the intermediate term as less dependent on the cyclical industry rebound and more a function of unique company-specific design wins. From a segment perspective, HPMS revenue was $803 million, a 13% sequential increase and $30 million above the midpoint of our guidance. As Jeff commented, we have changed 2 of our end market definitions within HPMS to better reflect our strategic focus in the mobile computing and specialized industrial areas. My comments today will reflect these new definitions. Overall, we experienced solid growth in all of our HPMS segment end markets and in most cases delivered performance above our guidance. Within our Automotive business, revenue was $244 million, up nearly 7% above the high end of our expectations with record levels set in North America and China markets. From a product perspective, we experienced strong sequential demand for entertainment and sensor products with keyless door entry products in line with our expectations while in-vehicle networking declined modestly in the quarter principally due to softening demand from European automotive OEMs. However, we continue to see luxury brands driving resilient demand and trends in North America and Japan strengthened during the quarter, albeit with increasing chatter of weakening demand for mass-market vehicle in Europe, Middle East and Africa. Read the rest of this transcript for free on seekingalpha.com