Before we begin, I would like to remind you that during the course of this conference call, including comments made in response to your questions, the company will provide projections and make other forward-looking statements regarding, among other things, its future financial performance, its ability to control costs and improve efficiency, its success in qualifying additional opportunities, and its ability to continue to drive business in 2012, as well as other market conditions and trends.Management wishes to caution you that such statements deal with future events and are based on management's current expectations and are subject to risks and uncertainties that could cause actual results to differ materially. These uncertainties and risks include, but are not limited to, overall conditions in the market in which Velti competes, global financial conditions and uncertainties, market acceptance and demand for Velti's products, the impact of potential delays, including customer mandates, the potential liability resulting from pending or future litigation, the timing of marketing campaign execution and Velti's ability to integrate recently completed acquisitions, including Air2Web, Mobile Interactive Group and CASEE. In addition to the factors that may be discussed in this call, management refers you to its annual report on Form 20-F and periodic reports filed with the Securities and Exchange Commission available online by link from the company's website for additional information on the factors that could cause actual results to differ materially from current expectations. A replay of this conference call will be available at velti.com for 3 months from today. And with that, I'd like to turn the call over to Velti's Chief Executive Officer, Alex Moukas. Alex? Alexandros Moukas Thanks, Leslie, and welcome everyone to our Q2 earnings call. This was an excellent quarter for Velti. In addition to revenue growth of more than 70% and adjusted EBITDA growth of 100% from the comparable quarter last year, with improving EBITDA margins for 400 basis points on a trailing 12-month basis. We also had disposed [ph] the free and operating cash flows, reduced our comprehensive DSOs, successfully integrated our 2 recent acquisitions, Air2Web and MIG, and signed significant new customers that will drive revenue in Q4 and beyond.
Despite global macroeconomic weakness, the secular growth story of the mobile channels continue to trump the cyclical market concerns. We experienced healthy growth across our product portfolio and throughout all geographies, especially in the Americas, Western Europe and Asia, underscoring the rapid adoption of mobile worldwide as a medium of choice for brands and operators to engage with customers and drive desired business goals. As such, our new customer acquisition efforts continue to give strong results. During the quarter, we signed new agreements with brands including Disney and Nestea, representing exciting opportunities across our portfolio, and we also signed incremental agreements with current customers, including Calvin Klein and Toyota.Another major achievement in the second quarter was our completion of integrations of Air2Web and MIG. We're very pleased with our performance to date, as well as the benefits they are bringing to our complete solution. In fact, because of MIG's outperformance of our original goals, we are accelerating their [ph] associated with this acquisition and we're quickly moving MIG's outstanding leadership team into tier roles at Velti. We'll pay nearly the maximum amount as consideration, while maintaining the timing and the structure of the earn-out payments. With regards to our balance sheet, we are very pleased to report that we have attained positive operating cash flows in Q2 of $25 million, a full quarter ahead of our goal. This was the result of consolidated efforts across the company that we launched after our May earnings call, particularly in the area of collections. These efforts also allowed us to achieve positive free cash flow of $7 million. Going forward, we expect our operating cash flow to be neutral in Q3 with sustainable positive operating cash flow thereafter. We also expect that our net cash position will be strong in Q2 with no incremental debt. We are confident that we'll deliver against our goal of sustainable positive free cash flow by Q4. Read the rest of this transcript for free on seekingalpha.com