Good afternoon. My name is Chris, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Facebook First Quarter 2015 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operation Instructions] Ms. Deborah Crawford, Facebook's Vice President, Investor Relations, you may begin.

Thank you. Good afternoon, and welcome to Facebook's first quarter earnings conference Call. Joining me today to talk about our results are Mark Zuckerberg, CEO; Sheryl Sandberg, COO; and Dave Wehner, CFO. Before we get started, I would like to take this opportunity to remind you that our remarks today will include forward-looking statements and actual results may differ materially from those contemplated by these forward-looking statements. Factors that could cause these results to differ materially are set forth in today's press release and on our Annual Report on Form 10-K filed with the SEC. Any forward-looking statements that we make on this call are based on assumptions as of today and we undertake no obligation to update these statements as a result of new information or future events. During this call, we will present both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in today's earnings press release. The press release and an accompanying investor presentation are available on our website at investor.fb.com. And now, I'd like to turn the call over to Mark. Mark Elliot Zuckerberg - Chairman & Chief Executive Officer: Thanks, Deborah, and thanks, everyone for joining us today. This was a good quarter and a good start to the year. We continue to grow the size and engagement of our community, now with 1.44 billion people using Facebook each month and 936 million people daily. We continue to see strong growth in daily engagement around the world, including in our most engaged markets. On mobile, nearly 1.25 billion people now use Facebook every month, 240 million than a year ago, and we now see more than 1 billion mobile searches every day. Looking at our business, we continue to achieve impressive growth. Total revenue grew by 42% year-over-year, and…

Thanks, Sheryl, and good afternoon, everyone. Q1 was a strong quarter for Facebook. We generated $3.5 billion in revenue and $1.2 billion in free cash flow and continued making investments to position us for both near-term and long-term growth. We are pleased with the growth and engagement of our community. In March, 936 million people used Facebook on an average day, an increase of 17% compared to last year. This daily number represents 65% of the 1.44 billion people who used Facebook during the month of March. Mobile remains the key driver of our growth. In March, approximately 1.25 billion people accessed Facebook on mobile devices, up 24% from last year. In addition to Facebook, Instagram, Messenger, and WhatsApp continue to grow, exceeding 300 million, 600 million, and 800 million MAU, respectively. Now turning to the financials. All of our comparisons are on a year-over-year basis unless otherwise noted. Additionally, as a reminder, our non-GAAP measures exclude stock-based compensation and the amortization of intangibles. Total revenue was $3.5 billion, up 42% or 49% on a constant currency basis. Ad revenue was $3.3 billion, up 46% or 55% on a constant currency basis. The general strengthening of the U.S. dollar in the past year had an unfavorable impact on our revenue. Had foreign exchange rates remained constant with Q1 2014 levels, our total revenue this quarter would have been approximately $190 million higher. Regionally, we saw strong North American ad revenue growth of 53% in the quarter, second only to APAC, which grew 57%. Europe and the rest of world revenue grew more slowly at 35% and 32%, respectively, with currency impacts leading to a significant reduction in these regions' year-over-year growth rates. Mobile ad revenue in Q1 was $2.4 billion, up from approximately $1.3 billion last year. Revenue from ads…

Thank you. We'll now open the lines for a question-and-answer session. Your first question comes from the line of Brian Nowak with Morgan Stanley. Your line is open. Brian Nowak - Morgan Stanley & Co. LLC: Thanks for taking the questions. I have two. The first one, I guess, can you talk a little about early advertiser and publisher feedback from the LiveRail in-app mobile product and what are some areas where you see potential for improvements to drive faster adoption? And then on the OpEx side, I appreciate you're tightening the range. Can you help us at all on expectations for head count growth this year and what are the biggest areas you see investing in incremental employees this year? Sheryl K. Sandberg - Chief Operating Officer & Director: So, on LiveRail, we're pleased with the performance and the changes we've been able to make. Video is obviously super important so having the ability to do – work on video across the web has been really great. And then at F8 we made two more announcements that I mentioned. What we're hearing from publishers is that this is a good opportunity and they're pleased with the extensions we're making because it can make their ad serving and buying more efficient across the platforms they use. In terms of areas for improvement, I think there's a lot we can do. I think have you to look at our ad tech investments very holistically from Atlas to LiveRail to the Audience Network. These are all different pieces of the ad tech but what they're all working on is taking the relevance and the ability to do people-based marketing and make that available to work on Facebook but also off Facebook. We believe that because we can do marketing to people and then measure results across what people do in privacy-protective ways, we have an ability to improve the relevance of marketing which will make it better for consumers and increase returns for marketers.

And Brian, it's Dave. Just on the OpEx question, I think the key is that we're investing in our near, mid-term, and long-term priorities, so in the near-term we're investing to grow the community, execute on the existing business, both on the product side and then the advertising and sales force side. And in the mid-term, we're building out those next-generation of services to be great businesses that reach their full potential, so that's Instagram, WhatsApp, Messenger. And then in the long-term, we're investing in areas like the next-generation computing platform, internet.org, AI. In general, I would say our head count growth has skewed towards the R&D side because a lot of these initiatives have long-term development needs. So we've been investing there. But we are investing across the board. In terms of a specific head count guidance, I would just stick with our expense guidance. But I'd note that the 48% year-over-year does include some inorganic growth from the pickup of the three larger acquisitions, Oculus, LiveRail, and WhatsApp. We haven't lapped those at this point.

Your next question is from Douglas Anmuth with JPMorgan. Your line is open.

Thanks for taking the question. One for Sheryl and one more Mark. Sheryl, I just wanted to ask you to talk a little bit more about big brands, give us a sense for what's working best in terms of products? And then also how penetrated do you think Facebook is now with some of the larger brands? And, Mark, what are the signals that you'll be looking for to tell you when it's the right time to ramp-up the advertising on Instagram more? Thanks. Sheryl K. Sandberg - Chief Operating Officer & Director: Our growth was really strong across all of our marketer segments, but we had a particularly good quarter in brands, I think driven by two things. The first is that we really have a great platform to do creative storytelling on mobile and I think we have that in a way that no one else does. Our mobile ad product is so integrated into the user experience and provides real creative flexibility that people have a way to reach people on mobile and that's becoming increasingly important in telling the stories that drive their business. The second thing is video. Video is exploding on Facebook, as Mark talked about, and that gives us an opportunity to do a lot of work with marketers on video. This is the first time the technology and media vertical was one of our top four verticals. And that's largely because of the use of mobile. And so that's been really a great story for us. In terms of penetration, we work with almost all the large marketers almost everywhere in the world. But even for the largest, the largest clients we have, we are a very small part of their budget. I don't think we have any large clients, if you…

Your next question is from Heather Bellini of Goldman Sachs. Your line is open. Heather Anne Bellini - Goldman Sachs & Co.: Great. Thank you. I just had two quick ones. I was wondering, Mark, I think you mentioned you're seeing 1 billion searches per day on mobile. I was wondering if you could give us an update on your initiatives here. And also when you think about Facebook kind of as a microcosm of different applications, at some point is there a plan that we will be able to search – use the search functionality to go across all the different Facebook apps that we might have installed on our mobile devices? Mark Elliot Zuckerberg - Chairman & Chief Executive Officer: So we're pretty early in this whole thing and there's so much unique content that people share in Facebook that I think that that is the clear, unique opportunity to go for first, right? I mean there's – if you think about the overall web, there's a lot of public content that's out there that any web search engine can go index and provide. But a lot of what we can get at are recommendations on products and travel and restaurants and things that your friends have shared, they haven't shared publicly, and knowing different correlations, or interesting things about what your friends are interested in, and that's the type of stuff, those are questions that we can answer that no one else can answer, and that's probably going to be what we continue to focus on doing first. And I think what you're seeing is that as we enable more use cases and as we just get a lot of the basics right around performance and bringing the mobile features into parity and beyond what we've been able to do on desktop, the volume is growing quickly. I think on a recent earnings call we just announced that we passed 1 billion searches total so now being more than 1 billion on mobile shows some progress that I'm pretty proud of for the search team.

Your next question is from Eric Sheridan with UBS. Your line is open.

Thanks for taking the questions. Maybe one for Mark and one more Sheryl. Mark, you talked about the family of apps at Facebook. As more and more people are consuming professional content, different verticals like news, sports, and video format on Facebook, how do you think about the use case for the consumption of that content inside the main Facebook app versus maybe an even separate app for more professional content long-term for Facebook? And then for Sheryl, appreciate the color you gave us on the evolution of targeting on Facebook. Wanted to know either qualitatively or quantitatively if you could talk a little bit about the way those ads are performing as you continue to evolve the product set around targeting on Facebook and off, in particular around Dynamic Product Ads and what that might mean for closing the loop longer term. Thanks so much, guys. Mark Elliot Zuckerberg - Chairman & Chief Executive Officer: Yeah. So in terms of news and different kinds of content, I know this has traditionally been something that we've delivered a really good experience for in terms of people being able to share the content that they want, being able to get access to the content that they want, different recommendations from friends, and we've a lot more coming there, so I'm excited about that. And we definitely do see in this family of app strategy that there's so many new ways that people want to share content, and so many different types of sets of people that people want to share with, right, ranging from one person at a time and that would be messaging or small group sharing or sharing with interest-based communities or sharing with all your friends at once or sharing with public. There are just a lot of…

Your next question is from Youssef Squali with Cantor Fitzgerald. Your line is open.

Thank you very much. A question for Dave and then maybe one for Mark or Sheryl. FX adjusted ARPU growth this past quarter, it was about 35%, which is by our math about half of what it was last year and within mobile, it was about 45%, that's about a third of what it was last year. Other than tough comps, what else is driving that decline? Is it just Q1 seasonality getting more pronounced? Is there anything else – we would have thought maybe video advertising would have had actually the opposite effect. And then what's your – maybe Mark or Sheryl, what's your experience so far with Voice over IP? What is the strategy, I guess, over time? Is that something that you can start charging for or either through maybe a subscription or is there another way of monetizing it? Thanks, guys.

Youssef, it's Dave. So on the FX adjusted ARPU growth, I would just really point to the overall revenue growth rate, that's what's driving it. So you're coming up against a bigger business last year than we had in the past. So you're seeing declining rate on that basis. So I don't think there's anything specific to ARPU, it's just a reflection of what we're seeing on the revenue front as we scale, and it's sort of as expected there. So we're really pleased with the performance that we're seeing on the revenue front, certainly on the FX adjusted basis. We're seeing strong growth in the face of really a tough currency environment. So we're really pleased with that. We think we've got the best mobile ad product out there in the market and it's just getting better. So we're really pleased with what we're doing on the revenue front. Mark Elliot Zuckerberg - Chairman & Chief Executive Officer: Yeah, and in terms of voice calling, no, we're not going to charge for it just like we're not going to charge for messaging. What we're focused on doing is providing more higher quality services for free than what you could otherwise get in paying for them. And one thing that you may not know about voice calling is that by using the Internet for calling rather than the relatively low bit rate voice networks, you can actually get higher quality calls using VoIP. So one of our theories in this is that it's one of the reasons why voice calling has been a little slower to catch on is because you need the large established network of people who you know will have access to be able to receive a voice call before it, before that behavior can really take on in a big global community. But now between Facebook Messenger and WhatsApp, which are two very broad communication networks, we're pretty confident that because of the higher quality of calling that you can get through the services that we're providing that this is going to continue growing very quickly. I mean, a lot of people still – we're just very early in rolling out and promoting it. Even in Facebook Messenger, it's been out for a little while and we're already more than 10% of the global VoIP market. And I think that that's just going to continue growing and I'm really looking forward to getting the first stats on WhatsApp VoIP as well soon.

Your next question is from Mark Mahaney with RBC Capital Markets. Your line is open.

Thanks. One question for Mark, one for Sheryl. Mark, there's just this explosion in these messaging platforms worldwide you obviously bought into one. The growth has been greater than we would have expected, and perhaps you too. Do you – have you – has your thinking changed on the opportunity or maybe the need but really the opportunity to integrate WhatsApp and Facebook over the next couple of years because of the growth of WhatsApp to-date? And then Sheryl, you mentioned some verticals that are doing well. I was just wondering if I could ask about automotive and insurance, just a couple of verticals that have always been skewed very heavily towards TV advertising and the question is whether they've really skewed up more now on Facebook given the auto play video ad format. Thank you. Mark Elliot Zuckerberg - Chairman & Chief Executive Officer: I mean, on the messaging question, yeah, we're pretty happy with how it's all going. I think if we're going to pay $19 billion for a company, we should have pretty high expectations for how it's going to do. So I do feel good about how we're doing, but it needs to do a lot more obviously and we're very excited about the roadmap of things that we have ahead. In terms of integrating them, no, we're not going to do that. One of the things that had been interesting, while we were watching these different services grow, was just how quickly multiple different messaging and communication services were growing at the same time, and it seemed a little bit counter-intuitive at first because it seemed like there should have been more overlap than it actually, now in retrospect looking back, seems like there is. So you can look at countries where both services, WhatsApp and Messenger, are growing very quickly like Brazil, for example. And what you'll see is that basically people use them a little bit differently. I mean, WhatsApp is more of a clear text messaging replacement. Facebook Messenger people use to connect with people that they know on Facebook primarily. And then there are differences in the feature sets where WhatsApp is extremely utilitarian and focused on texting and now voice calling, whereas Messenger is very focused on expression and the whole set of things that fit into the tools around the Messenger platform that we rolled out at F8, communicating with businesses now, richer tools to communicate in different ways. So I think that these are just going to keep on growing is my expectation and hope, and we're excited to kind of pursue both different products to serve the different communities. Sheryl K. Sandberg - Chief Operating Officer & Director: On the auto and insurance verticals, they're both still small which makes them good opportunities to grow. We're seeing good progress on both of them, and interestingly, insurance companies have been pretty active both on Facebook and Instagram, so we're optimistic about that.

Your next question is from Paul Vogel with Barclays. Your line is open.

Great. Thanks. Two questions. One for Mark and one for Dave. I guess, Mark, just going back to the video question again real quick. I'm wondering, given all the noise around over-the-top and long form content and given your push in video, I'm just sort of curious as to whether or not you think Facebook can or should be a player in more studio content, professionally-driven content. And then Dave, I guess for you, just in terms of CapEx, you gave guidance for this year, but again, given sort of the ramp-up in video in search, how should we think about CapEx longer term relative to, either in absolute terms, or maybe relative to revenue growth? Thanks.

I can go first. So on the CapEx growth for this year, Paul, yeah, we are ramping CapEx, obviously, to support the initiatives that we have. 2015 is a big investment year for us, both in CapEx and OpEx. It's a little bit early to be talking about how that's going to scale going forward. But, clearly, we've got a lot of areas that we're investing in, including video, including the various other services on top of Facebook. So, we're going to be investing to deliver the best quality services that we can for our users, so we'll continue to invest heavily on the datacenter and infrastructure side going forward. But 2015 is a big investment year for us across the board. Mark Elliot Zuckerberg - Chairman & Chief Executive Officer: Yeah, and on video, we're excited about people sharing all different kinds of content on Facebook. Right now, a lot of what people are sharing are their social videos and content. There a lot of public figures who have pages often with millions or tens of millions of followers producing unique and really high-quality content that they're pushing out to all their fans on the network today. So, yeah, we'll continue looking at ways to grow that and it's – the product experience that we have right now is growing quite well so we feel good about it.

Your next question is from John Blackledge with Cowen & Co. Your line is open. John R Blackledge - Cowen & Co. LLC: Great. Thanks. Two questions. One more on video. So with the explosive ramp in video views over the last six months, could you discuss the video advertising ramp this year? And then maybe talk about the video versus static ads within the News Feed. And then the other question would be, you reference Facebook hitting 2 million active advertisers in the first quarter, and with over 30 million company pages, how should we think about the advertiser TAM for Facebook next year and over time? Thank you. Sheryl K. Sandberg - Chief Operating Officer & Director: So, to the first question, video is a big opportunity for us. Mark talked about how we have 4 billion video views on Facebook everyday and we've always believed that the format of our ads should follow the format of what consumers are doing on Facebook. So many years ago when the homepage ticker was in vogue, we never did that. And so the fact that there's so much consumer video, that gives us the opportunity to do more marketing video as well. It's still early days and we're very focused on quality and it's worth noting that not all of the revenue from video is incremental, because the video ads take the place of other ads that we would have served into News Feed. That said, we're really excited about the opportunity I talked about, increasing the entertainment and media vertical and brand marketers, particularly. But I think all marketers have the opportunity to do video, and that's pretty exciting, including SMBs who would never be able to hire a film crew and buy a TV ad. We're seeing those…

Your next question is from Justin Post with Merrill Lynch. Your line is open.

Thank you. Dave, maybe you could help us breakdown the 55% ad revenue growth a little bit. Between usage, kind of are you increasing ad loads at all? Maybe you talk about the formats or is Instagram helping at all, just a little granularity on that or maybe it's just a format shift, but just help us understand what the key drivers are and how much room you still have to go on each of these things. Thank you.

Yeah, Justin. So in terms of the 55% revenue growth, obviously, it's mobile News Feed is what's driving it from a fundamental point of view. In terms of what the opportunity there is to drive it, it's really about increasing the relevance and quality of the ads. That's been a key part of what we've been doing, and that will just continue to be the big driver in the near- and medium-term. And we're doing that on a number of different fronts. Part of it's about finding the right format, so it's getting the video units there for the people for whom video ads are going to make sense. It's getting the dynamic products ads in front of people for people who are going to find those ads interesting and engaging. And it's really just continuing to learn more and more about the people who are using Facebook and what types of ads they interact with and the like. And so that's part of what we're trying to do across the board. And then at the same time, we're bringing more and more advertisers into the system and that's giving us a better selection of the ads that we can serve to the people using Facebook, and that, again, improves the quality and the relevance. So the main thing that we're seeing drive this is just improving the quality and the relevance of the ads experience for the people using Facebook, and I think that's going to continue to be the story. I think the specific ads will be part of how we do that, but it won't be the only way. It will also be the targeting that we have and the targeting capabilities that we're doing with things like Custom Audiences and getting better and better at that. So there's a lot of different fronts that we're working on. It's hard to tease out every individual component of it. But all in all, we're really pleased with the revenue growth that we're seeing. And also, that's coupled with good engagement growth, so we're doing a nice balance of having an experience that's working well for our advertisers but it's also working really well for the people who are using Facebook.

Your next question is from Ross Sandler with Deutsche Bank. Your line is open.

Great. Just two quick questions. First, on the News Feed organic reach and then, Mark, one on Apple Watch and wearables. So on the News Feed, you guys recently made tweak to kind of alter the algorithm in favor of friend-oriented content. And then on the other hand, you're also moving towards, like, hosting publisher content from New York Times and BuzzFeed and folks like that. So how are you balancing out organic reach between these algorithm changes and then whether or not professional content is hosted inside of Facebook versus coming from a third-party website? And then the second question is, Mark, how do you view the shift to wearables with smaller screens and shorter interactions? So it looks like you guys have gotten most of the apps on the Apple Watch. Just wondering what you're doing to kind of adapt to these new smaller screens. Thanks. Mark Elliot Zuckerberg - Chairman & Chief Executive Officer: Sure. So I can speak to both of those. For the News Feed question, the North Star for us in News Feed is that we want to produce the best experience for everyone who is using the app and loading News Feed to see what is going on in the world around them, right? So when it comes to – there are lots of businesses on Facebook, there are professional content producers, our main interest here is the people in the community who are using News Feed, not those guys, right? So of course we want to build tools to enable them to share their content and all of that, but we're constantly refining the algorithms in order to make it so the experience is the best for you when you open up your phone and look at Facebook and, there are a…

The watch. Mark Elliot Zuckerberg - Chairman & Chief Executive Officer: Oh, the watch. Sheryl K. Sandberg - Chief Operating Officer & Director: Wearables. Mark Elliot Zuckerberg - Chairman & Chief Executive Officer: You know, I haven't actually spent that much time with this so far so, I mean, I mostly just want to congratulate Apple on shipping something that seems like a pretty amazing piece of technology and work, and we're proud to be supporting. And I know that we have a bunch of apps, and it's a space that's going to be really interesting and we're going watch closely and build what our community wants us to.

Your next question is from Brian Pitz with Jefferies. Your line is open.

Thank you. Two more quick questions on video. Roughly, what percentage of videos are currently monetized via ads and where do you see it headed over time? And as you look at the early video ads on the platform, how is pricing comparing to other ad formats? Thanks.

I can take this. I mean, in terms of – in terms of what percentage of videos or ads, we're not breaking that out. I think what we said was that we're really pleased with the consumer adoption we're seeing. That's kind of the fundamental table stakes that need to be there and that's the most important thing, and we're really pleased with the 4 billion video views daily that we're getting. We know that marketers love videos so there's a great opportunity here. It's still early. It's worth pointing out that, as Sheryl mentioned, video does displace other ads in News Feed. And let me just kind of speak to how that plays into pricing as well. Video is just a format that's bid into the auction. So video is effectively winning in the auction if it's higher priced. So if somebody's willing to pay more for a video, it's going to get served before another type of format ad. But there's not really a price differential you're paying for a video, it's just what are you willing to pay into the system. So there's not differential pricing by product, it's just what are you willing to bid for the format that you want to show to the people that you want to show it to and that's how the system works.

Your next question is from Ben Schachter with Macquarie. Your line is open. Ben Schachter - Macquarie Capital (USA), Inc.: Mark, does the OpEx guide assume an Oculus product for consumers this calendar year? And will the initial products focus on gaming or more on some of the experiences that you showed at F8 around non-gaming like that Saturday Night Live demo? And then separately, beyond searching within Facebook, should we expect to see Facebook leverage its 2 million advertiser relationships against third-party search queries? For example, when a user searches on, say, Yahoo! or maybe some Apple device, Facebook might tap it to advertisers to provide relevant sponsored results. Thanks.

Ben, let me take the OpEx guidance question. So we have not announced any specific plans for shipment volumes in 2015 related to Oculus. I just know that Oculus is very much in the development stage so it's early to be talking about large shipment volumes, and our expense guidance reflects any volumes that we might do in 2015. Sheryl K. Sandberg - Chief Operating Officer & Director: And no plans to work with our marketers in the way you described.

Your next question is from Peter Stabler with Wells Fargo Securities. Your line is open.

Good afternoon. Thanks. Dave, I just wanted to return to, I think, Justin's question about the drivers behind ad growth. You mentioned gains made in relevance and quality and format. Wondering if you could provide any quantitative color around ad engagement trends, clicks, shares, likes or anything like that? And then secondly, one quickly for Sheryl. In your SMB discussions, wondering if you're ever asked to help facilitate transactions in that space? Or that's an area of small business that you're interested in? Thank you.

Yeah. So, Peter, just on the – on ads engagement, that's an area that we've obviously been very focused on, and we're really pleased with the results that we're seeing there in terms of driving better engagement per ad, and that's really the focus of a lot of our quality and relevance efforts. How do we find those ads that are going to be more engaging, they're going to get more clicks, that they're going to get more views, that are going to get more installs. We're working on focusing on all of those, on optimizing the relevance of the ads for all of those different potential actions that happen downstream and we're pleased with what we're doing there and the trends that we're seeing there. And, again, that's a big part of what we're trying to do to drive the overall ads growth story, as well as providing a good experience for users with the ads that they're seeing. Sheryl K. Sandberg - Chief Operating Officer & Director: On SMBs, we have a very small test in the U.S. We started last quarter for buy-on Facebook, and that enables people to buy products from merchants with a buy button on Pages, and it is a product that is used and aimed at SMBs. We're also very focused on helping SMBs have a presence, especially a mobile presence. 35% of SMBs in the United States, which is probably ahead of most other countries, don't have a web presence at all, and an even smaller percentage of SMBs have a mobile web presence or any kind of mobile presence that works. And so Pages are a good and free and easy way to have a mobile presence, and that's something we're very focused on growing.

Operator, we have time for one last question.

Certainly. Your final question is from Mark May with Citi. Your line is open.

Thanks a lot. I had two. You've recently announced plans to enable longer form video content, as well as to allow those videos to be syndicated or distributed on third-party publishers. What, if any, initiatives do you have to help with this content, contributors and the publishers to generate revenue from those videos? And then secondly, on public content, what, if anything, are you doing to try to secure more unique public content, content that's potentially unique to Facebook from personalities and other sources? Thanks. Sheryl K. Sandberg - Chief Operating Officer & Director: On the video question, we're basically focused primarily on video on our own site and service, and video tends to be pretty short form content right now on Facebook because it's playing in News Feed. We do see some pretty cool examples of people using it well. So for example, in the election, you saw Hillary Clinton announce her candidacy very recently, obviously, and that video got 2.7 million views. Ted Cruz and others have done the same and they've gotten large numbers of video views. So we think it's a very attractive platform for people to reach people with video messages.

Great. Thank you for joining us today. We appreciate your time and we look forward to speaking with you again.

Ladies and gentlemen, this concludes today's conference call. You may now disconnect.