Elliott Noss

Thank you, operator. With me is Michael Cooperman, our Chief Financial Officer. For our usual format, I'll begin today’s call with a brief overview of the financial and operational highlights for the quarter. Mike will then review our financial results in detail. Then I will return with some concluding comments before opening the call up to questions.

The second quarter once again shows the growth, consistency and leverage in our business. We continued to see meaningful growth across each of our service categories, with overall revenue for the quarter increasing 22% year over year to $28.2 million, our ninth consecutive quarter of revenue growth.

We continued to generate cash flow from operations with in Q2 we used to repurchase additional shares and to take advantage of the new generic top level domain opportunity that I have discussed on past calls. I will now review the highlights for each of the three components of our business: wholesale, retail and portfolio.

Wholesale which I will remind you includes our OpenSRS domain service and other value added services had another solid quarter. Domain service transactions were up 12% compared with Q2 of last year to more than 2.3 million and domain service revenue was up 19%.

Renewal registrations grew a very healthy 27% year over year. New registrations were more or less unchanged from Q2 last year. However I will note that growth was held down by two factors. First, several large resellers launched one-time promotions in Q2 last year. And second, one large reseller this year was acquired by one of our registrar customers who shifted their registrations on to their accreditation on our platform.

Outside of these events, new registrations grew 16% year over year. Transfers-in were up 28% after factoring other large one-time bulk transfer-in during Q2 of last year. Renewal rates remained above the industry average and have increased slightly to 75%.

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