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 first quarter 2012 results, including the corresponding GAAP financial measures and a reconciliation of our non-GAAP 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. We continue to make great progress exceeding prior guidance and increasing our adjusted net income guidance for the year. As I’ve mentioned in the past, we have a multi year approach to building traffic, technology and advertisers.

We’ve built a leading local search site and network. We did that by aggregating locally relevant data like business information, activities, events and more and publishing that data across a network of over 1,000 regional media sites. The major search engines index that content, which drives traffic into our ecosystem and we monetize that traffic with ads from our direct advertisers plus ads from various partners.

Our revenue model is surprisingly simple. Traffic times monetization equals revenue. To grow our business we need to grow traffic and increase monetization. Lets look at our momentum in each of these areas.

When it comes to traffic we consistently set new records. We achieved a major milestone in the second quarter reaching over 100 million monthly unique visitors or MUVs across our ecosystem, up nearly 22% against the year ago period. Organic traffic was a record 39 million MUVs in the second quarter, up over 25% from the year ago period and was nearly 40% of total traffic.

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