SOURCE: CADENCE DESIGN SYSTEMS, INC.

Cadence Design Systems, Inc.

July 24, 2013 16:05 ET

Cadence Reports Second Quarter 2013 Financial Results

SAN JOSE, CA--(Marketwired - Jul 24, 2013) - Cadence Design Systems, Inc. (NASDAQ: CDNS) today announced results for the second quarter of fiscal year 2013.

Cadence reported second quarter 2013 revenue of $362 million, compared to revenue of $326 million reported for the same period in 2012. On a GAAP basis, Cadence recognized net income of $9 million, or $0.03 per share on a diluted basis, in the second quarter of 2013, compared to net income of $36 million, or $0.13 per share on a diluted basis, in the same period in 2012.

Using the non-GAAP measure defined below, net income in the second quarter of 2013 was $61 million, or $0.21 per share on a diluted basis, as compared to net income of $53 million, or $0.19 per share on a diluted basis, in the same period in 2012.

"Cadence announced two new products, the Tempus Timing Signoff Solution, a significant advancement in static timing analysis and closure, and Virtuoso for Electrically Aware Design, a groundbreaking new approach to improve automation for custom/analog design, both of which demonstrate the strength of our innovation engine," said Lip-Bu Tan, president and chief executive officer. He continued, "With the acquisitions of Tensilica, Cosmic Circuits and the IP business of Evatronix, we now have the critical mass needed to fulfill a broad spectrum of our customers' IP requirements."

"Integration of our recent acquisitions is going smoothly as we continue to execute and generate solid financial performance," added Geoff Ribar, senior vice president and chief financial officer.

The following statements are based on current expectations. These statements are forward-looking, and actual results may differ materially.

Business Outlook

For the third quarter of 2013, the company expects total revenue in the range of $360 million to $370 million. Third quarter GAAP net income per diluted share is expected to be in the range of $0.08 to $0.10. Net income per diluted share using the non-GAAP measure defined below is expected to be in the range of $0.19 to $0.21.

For 2013, the company expects total revenue in the range of $1.445 billion to $1.465 billion. On a GAAP basis, net income per diluted share for 2013 is expected to be in the range of $0.45 to $0.54. Using the non-GAAP measure defined below, net income per diluted share for 2013 is expected to be in the range of $0.80 to $0.89.

A schedule showing a reconciliation of the business outlook from GAAP net income and diluted net income per share to non-GAAP net income and diluted net income per share is included with this release.

Audio Webcast Scheduled

Lip-Bu Tan, president and chief executive officer, and Geoff Ribar, senior vice president and chief financial officer, will host a second quarter 2013 financial results audio webcast today, July 24, 2013, at 2 p.m. (Pacific) / 5 p.m. (Eastern). Attendees are asked to register at the website at least 10 minutes prior to the scheduled webcast. An archive of the webcast will be available starting July 24, 2013 at 5 p.m. (Pacific) and ending August 7, 2013 at 5 p.m. (Pacific). Webcast access is available at www.cadence.com/company/investor_relations.

About Cadence

Cadence enables global electronic design innovation and plays an essential role in the creation of today's integrated circuits and electronics. Customers use Cadence® software, hardware, IP, and services to design and verify advanced semiconductors, consumer electronics, networking and telecommunications equipment, and computer systems. The company is headquartered in San Jose, California, with sales offices, design centers, and research facilities around the world to serve the global electronics industry. More information about the company and its products and services is available at www.cadence.com.

Cadence, the Cadence logo, Tempus and Virtuoso are trademarks or registered trademarks of Cadence Design Systems, Inc. All other trademarks are the property of their respective owners.

The statements contained above regarding Cadence's second quarter 2013 results, as well as the information in the Business Outlook section and the statements by Lip-Bu Tan and Geoff Ribar, include forward-looking statements based on current expectations or beliefs and a number of preliminary assumptions about future events that are subject to factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside Cadence's control, including, among others: (i) Cadence's ability to compete successfully in the electronic design automation product and the commercial electronic design and methodology services industries; (ii) the success of Cadence's efforts to improve operational efficiency and growth; (iii) the mix of products and services sold and the timing of significant orders for Cadence's products, and its shift to a ratable license structure, which may result in changes in the mix of license types; (iv) change in customer demands, including those resulting from consolidation among Cadence's customers and the possibility that Cadence's customers' restructurings and other efforts to improve operational efficiency could result in delays in customers' purchases of Cadence's products and services; (v) economic and industry conditions in regions in which Cadence does business; (vi) fluctuations in rates of exchange between the U.S. dollar and the currencies of other countries in which Cadence does business; (vii) capital expenditure requirements, legislative or regulatory requirements, interest rates and Cadence's ability to access capital and debt markets; (viii) the acquisition of other companies or technologies or the failure to successfully integrate and operate these companies or technologies Cadence acquires, including the potential inability to retain customers, key employees or vendors; (ix) the effects of Cadence's efforts to improve operational efficiency on Cadence's business, including strategic, customer and supplier relationships, and its ability to retain key employees; (x) events that affect the reserves or settlement assumptions Cadence may take from time to time with respect to accounts receivable, taxes, litigation or other matters; and (xi) the effects of any litigation or other proceedings to which Cadence is or may become a party.

For a detailed discussion of these and other cautionary statements related to Cadence's business, please refer to Cadence's filings with the Securities and Exchange Commission. These include Cadence's most recent reports on Form 10-K and Form 10-Q, including Cadence's future filings.

GAAP to Non-GAAP Reconciliation

To supplement Cadence's financial results presented on a GAAP basis, Cadence management uses non-GAAP measures that it believes are helpful in understanding Cadence's performance. One such measure is non-GAAP net income, which is a financial measure not calculated under GAAP, and is calculated by taking GAAP net income and excluding, as applicable, amortization of intangible assets and debt discount related to our convertible notes, stock-based compensation expense, acquisition and integration-related costs including changes in fair value of contingent consideration and retention expenses for employees added from our 2013 acquisitions, investment gains or losses, income or expenses related to Cadence's non-qualified deferred compensation plan, restructuring and other significant items not directly related to Cadence's core business operations, and the income tax effect of non-GAAP pre-tax adjustments.

Cadence's management uses non-GAAP net income because it excludes items that are generally not directly related to the performance of the company's core business operations and therefore provides useful supplemental information to Cadence's management and investors regarding the performance of the company's business operations, facilitates comparisons to the company's historical operating results and enhances investors' ability to review Cadence's business from the same perspective as Cadence's management. Cadence's management also uses non-GAAP net income internally for forecasting and budgeting. Non-GAAP financial measures should not be considered as a substitute for or superior to measures of financial performance prepared in accordance with GAAP. Investors and potential investors are encouraged to review the reconciliation of non-GAAP financial measures contained within this press release with their most directly comparable GAAP financial results. Investors are encouraged to look at the GAAP results as the best measure of financial performance.

The following tables reconcile the specific items excluded from GAAP net income and GAAP net income per diluted share in the calculation of non-GAAP net income and non-GAAP net income per diluted share for the periods shown below:

     
Net Income Reconciliation Three Months Ended  
  June 29, 2013     June 30, 2012  
  (unaudited)  
(in thousands)              
Net income on a GAAP basis $ 9,429     $ 36,386  
  Amortization of acquired intangibles   11,087       6,534  
  Stock-based compensation expense   15,111       10,361  
  Non-qualified deferred compensation expenses   1,699       2,278  
  Restructuring and other charges   2,656       43  
  Integration and acquisition-related costs   10,093       3,627  
  Amortization of debt discount   5,571       5,124  
  Other income or expense related to investments and non-qualified deferred compensation plan assets*   (1,193 )     (2,220 )
  Income tax effect of non-GAAP adjustments   6,712       (9,245 )
Net income on a non-GAAP basis $ 61,165     $ 52,888  
               
* Includes, as applicable, equity in losses or income from investments, write-down of investments, gains or losses on sale of investments and gains or losses on non-qualified deferred compensation plan assets recorded in other income or expense.
   
   
     
Diluted Net Income per Share Reconciliation Three Months Ended  
  June 29, 2013   June 30, 2012  
  (unaudited)  
(in thousands, except per share data)            
Diluted net income per share on a GAAP basis $ 0.03   $ 0.13  
  Amortization of acquired intangibles   0.04     0.02  
  Stock-based compensation expense   0.05     0.04  
  Non-qualified deferred compensation expenses   0.01     0.01  
  Restructuring and other charges   0.01     --  
  Integration and acquisition-related costs   0.03     0.01  
  Amortization of debt discount   0.02     0.02  
  Other income or expense related to investments and non-qualified deferred compensation plan assets*   --     (0.01 )
  Income tax effect of non-GAAP adjustments   0.02     (0.03 )
Diluted net income per share on a non-GAAP basis $ 0.21   $ 0.19  
Shares used in calculation of diluted net income per share -- GAAP**   294,443     275,318  
Shares used in calculation of diluted net income per share -- non-GAAP**   294,443     275,318  
             
* Includes, as applicable, equity in losses or income from investments, write-down of investments, gains or losses on sale of investments and gains or losses on non-qualified deferred compensation plan assets recorded in other income or expense.
   
** Shares used in the calculation of GAAP net income per share are expected to be the same as shares used in the calculation of non-GAAP net income per share, except when the company reports a GAAP net loss and non-GAAP net income, or GAAP net income and a non-GAAP net loss.
   

Cadence expects that its corporate representatives will meet privately during the quarter with investors, the media, investment analysts and others. At these meetings, Cadence may reiterate the business outlook published in this press release. At the same time, Cadence will keep this press release, including the business outlook, publicly available on its website.

Prior to the start of the Quiet Period (described below), the public may continue to rely on the business outlook contained herein as still being Cadence's current expectations on matters covered unless Cadence publishes a notice stating otherwise.

Beginning September 13, 2013, Cadence will observe a Quiet Period during which the business outlook as provided in this press release and the company's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q no longer constitute the company's current expectations. During the Quiet Period, the business outlook in these documents should be considered to be historical, speaking as of prior to the Quiet Period only and not subject to any update by the company. During the Quiet Period, Cadence's representatives will not comment on Cadence's business outlook, financial results or expectations. The Quiet Period will extend until the day when Cadence's Third Quarter 2013 Earnings Release is published, which is currently scheduled for October 23, 2013.

 
Cadence Design Systems, Inc.
Condensed Consolidated Balance Sheets
June 29, 2013 and December 29, 2012
(In thousands)
(Unaudited)
       
  June 29, 2013   December 29, 2012
           
Current assets:          
  Cash and cash equivalents $ 577,233   $ 726,357
  Short-term investments   101,251     100,704
  Receivables, net of allowances of $0 and $85, respectively   92,581     97,821
  Inventories   38,705     36,163
  2015 notes hedges   335,131     303,154
  Prepaid expenses and other   120,598     127,036
    Total current assets   1,265,499     1,391,235
           
Property, plant and equipment, net of accumulated depreciation of $623,356 and $635,450, respectively   243,288     244,439
Goodwill   457,556     233,266
Acquired intangibles, net of accumulated amortization of $115,406 and $104,351, respectively   337,705     184,938
Long-term receivables   5,929     7,559
Other assets   253,112     225,566
Total assets $ 2,563,089   $ 2,287,003
           
Current liabilities:          
  Revolving credit facility $ 100,000   $ -
  Convertible notes   458,179     447,011
  2015 notes embedded conversion derivative   335,131     303,154
  Accounts payable and accrued liabilities   185,809     171,318
  Current portion of deferred revenue   282,784     295,787
    Total current liabilities   1,361,903     1,217,270
           
Long-term liabilities:          
  Long-term portion of deferred revenue   43,892     50,529
  Other long-term liabilities   117,034     104,033
    Total long-term liabilities   160,926     154,562
           
Stockholders' equity   1,040,260     915,171
Total liabilities and stockholders' equity $ 2,563,089   $ 2,287,003
                   
Cadence Design Systems, Inc.  
Condensed Consolidated Income Statements  
For the Three and Six Months Ended June 29, 2013 and June 30, 2012  
(In thousands, except per share amounts)  
(Unaudited)  
                   
    Three Months Ended   Six Months Ended  
    June 29, 2013   June 30, 2012   June 29, 2013   June 30, 2012  
                           
Revenue:                          
  Product and maintenance   $ 337,983   $ 297,510   $ 666,254   $ 583,798  
  Services     24,498     28,966     50,493     58,508  
                           
    Total revenue     362,481     326,476     716,747     642,306  
                           
Costs and expenses:                          
  Cost of product and maintenance     28,095     32,406     57,942     59,618  
  Cost of services     15,148     17,071     33,492     36,445  
  Marketing and sales     95,277     80,418     185,679     164,213  
  Research and development     136,395     112,031     260,479     220,625  
  General and administrative     34,441     30,244     64,251     58,014  
  Amortization of acquired intangibles     5,327     3,643     9,118     7,429  
  Restructuring and other charges (credits)     2,656     43     2,508     (8 )
                           
    Total costs and expenses     317,339     275,856     613,469     546,336  
                           
      Income from operations     45,142     50,620     103,278     95,970  
                           
  Interest expense     (9,528 )   (8,566 )   (18,790 )   (17,103 )
  Other income, net     2,018     3,669     4,193     6,103  
                           
      Income before provision for income taxes     37,632     45,723     88,681     84,970  
                           
  Provision for income taxes     28,203     9,337     643     17,480  
                           
      Net income   $ 9,429   $ 36,386   $ 88,038   $ 67,490  
                           
                           
Net income per share - basic   $ 0.03   $ 0.13   $ 0.32   $ 0.25  
                           
Net income per share - diluted   $ 0.03   $ 0.13   $ 0.30   $ 0.24  
                           
Weighted average common shares outstanding - basic     277,146     269,739     276,018     268,840  
                           
Weighted average common shares outstanding - diluted     294,443     275,318     293,274     276,526  
   
Cadence Design Systems, Inc.  
Condensed Consolidated Statements of Cash Flows  
For the Six Months Ended June 29, 2013 and June 30, 2012  
(In thousands)  
(Unaudited)  
   
  Six Months Ended  
  June 29,     June 30,  
  2013     2012  
               
Cash and cash equivalents at beginning of period $ 726,357     $ 601,602  
Cash flows from operating activities:              
  Net income   88,038       67,490  
  Adjustments to reconcile net income to net cash provided by operating activities:              
    Depreciation and amortization   46,977       43,736  
    Amortization of debt discount and fees   12,625       11,529  
    Stock-based compensation   28,921       21,886  
    Gain on investments, net   (2,477 )     (4,169 )
    Deferred income taxes   (4,413 )     459  
    Other non-cash items   433       3,564  
    Changes in operating assets and liabilities, net of effect of acquired businesses:              
      Receivables   8,719       16,513  
      Inventories   (2,672 )     499  
      Prepaid expenses and other   26,516       414  
      Other assets   (45,274 )     (169 )
      Accounts payable and accrued liabilities   10,023       (4,694 )
      Deferred revenue   (24,359 )     (27,446 )
      Other long-term liabilities   7,174       (1,424 )
        Net cash provided by operating activities   150,231       128,188  
               
Cash flows from investing activities:              
  Purchases of available-for-sale securities   (63,705 )     (49,083 )
  Proceeds from the sale of available-for-sale securities   46,857       136  
  Proceeds from the maturity of available-for-sale securities   15,716       -  
  Proceeds from the sale of long-term investments   6,102       44  
  Purchases of property, plant and equipment   (23,739 )     (18,269 )
  Investment in venture capital partnerships and equity investments   -       (250 )
  Cash paid in business combinations and asset acquisitions, net of cash acquired   (392,139 )     (1,041 )
        Net cash used for investing activities   (410,908 )     (68,463 )
               
Cash flows from financing activities:              
  Proceeds from revolving credit facility   100,000       -  
  Principal payments on receivable financing   (2,526 )     (2,907 )
  Payment of acquisition-related contingent consideration   (582 )     (39 )
  Tax effect related to employee stock transactions allocated to equity   7,300       4,075  
  Proceeds from issuance of common stock   30,227       13,063  
  Stock received for payment of employee taxes on vesting of restricted stock   (11,758 )     (9,897 )
        Net cash provided by financing activities   122,661       4,295  
               
Effect of exchange rate changes on cash and cash equivalents   (11,108 )     (3,964 )
               
Increase (decrease) in cash and cash equivalents   (149,124 )     60,056  
               
Cash and cash equivalents at end of period $ 577,233     $ 661,658  
 
Cadence Design Systems, Inc.
As of July 24, 2013
Impact of Non-GAAP Adjustments on Forward Looking Diluted Net Income Per Share
(Unaudited)
       
  Three Months Ending   Year Ending
  September 28, 2013   December 28, 2013
  Forecast   Forecast
       
Diluted net income per share on a GAAP basis $0.08 to $0.10   $0.45 to $0.54
       
  Amortization of acquired intangibles 0.04   0.14
  Stock-based compensation expense 0.06   0.23
  Non-qualified deferred compensation expenses -   0.01
  Restructuring and other charges -   0.01
  Integration and acquisition-related costs 0.03   0.10
  Amortization of debt discount 0.02   0.08
  Other income or expense related to investments and non-qualified deferred compensation plan assets* -   (0.01)
  Income tax benefit due to a release of an uncertain tax position -   (0.11)
  Income tax effect of non-GAAP adjustments (0.04)   (0.10)
       
Diluted net income per share on a non-GAAP basis $0.19 to $0.21   $0.80 to $0.89
   
* Includes, as applicable, equity in losses or income from investments, write-down of investments, gains or losses on sale of investments and gains or losses on non-qualified deferred compensation plan assets recorded in other income or expense.
   
  Cadence Design Systems, Inc.
  As of July 24, 2013
  Impact of Non-GAAP Adjustments on Forward Looking Net Income
  (Unaudited)
         
    Three Months Ending   Year Ending
    September 28, 2013   December 28, 2013
  ($ in millions) Forecast   Forecast
         
  Net income on a GAAP basis $24 to $30   $134 to $161
         
    Amortization of acquired intangibles 12   43
    Stock-based compensation expense 19   69
    Non-qualified deferred compensation expenses -   2
    Restructuring and other charges -   3
    Integration and acquisition-related costs 8   29
    Amortization of debt discount 6   22
    Other income or expense related to investments and non-qualified deferred compensation plan assets* -   (2)
    Income tax benefit due to a release of an uncertain tax position -   (34)
    Income tax effect of non-GAAP adjustments (11)   (30)
         
  Net income on a non-GAAP basis $58 to $64   $236 to $263
   
* Includes, as applicable, equity in losses or income from investments, write-down of investments, gains or losses on sale of investments and gains or losses on non-qualified deferred compensation plan assets recorded in other income or expense.
 
Cadence Design Systems, Inc.
(Unaudited)
                 
Revenue Mix by Geography (% of Total Revenue)
                 
  2012   2013
GEOGRAPHY Q1 Q2 Q3 Q4 Year   Q1 Q2
                 
  Americas 44% 46% 43% 45% 45%   44% 45%
  EMEA 19% 20% 20% 21% 20%   22% 21%
  Japan 18% 16% 17% 14% 16%   15% 13%
  Asia 19% 18% 20% 20% 19%   19% 21%
Total 100% 100% 100% 100% 100%   100% 100%
                 
Revenue Mix by Product Group (% of Total Revenue)
                 
  2012   2013
PRODUCT GROUP Q1 Q2 Q3 Q4 Year   Q1 Q2
                 
  Functional Verification, Hardware and IP 30% 33% 30% 30% 30%   26% 28%
  Digital IC Design 23% 22% 23% 23% 23%   25% 23%
  Custom IC Design 23% 22% 24% 24% 23%   25% 25%
  Design for Manufacturing 7% 6% 6% 6% 6%   7% 6%
  System Interconnect Design 8% 8% 9% 9% 9%   10% 11%
  Services and other 9% 9% 8% 8% 9%   7% 7%
Total 100% 100% 100% 100% 100%   100% 100%
                 
Note: Product Group total revenue includes product + maintenance
                         
Cadence Design Systems, Inc.  
Supplemental Reconciliation of Certain GAAP to Non-GAAP Measures  
For the Three Months Ended June 29, 2013  
(In thousands, except per share amounts)  
(Unaudited)  
                         
    Three Months Ended  
    June 29, 2013  
    GAAP     Adjustments           Non-GAAP  
                               
Revenue:                              
  Product and maintenance   $ 337,983     $ -           $ 337,983  
  Services     24,498       -             24,498  
                               
    Total revenue     362,481       -             362,481  
                               
Costs and expenses:                              
  Cost of product and maintenance     28,095       (6,095 )   (A )     22,000  
  Cost of services     15,148       (483 )   (A )     14,665  
  Marketing and sales     95,277       (3,868 )   (A )     91,409  
  Research and development     136,395       (13,096 )   (A )     123,299  
  General and administrative     34,441       (9,121 )   (A )     25,320  
  Amortization of acquired intangibles     5,327       (5,327 )   (A )     -  
  Restructuring and other charges     2,656       (2,656 )           -  
                               
    Total costs and expenses     317,339       (40,646 )           276,693  
                               
      Income from operations     45,142       40,646             85,788  
                               
  Interest expense     (9,528 )     5,571     (B )     (3,957 )
  Other income, net     2,018       (1,193 )   (C )     825  
                               
      Income before provision for income taxes     37,632       45,024             82,656  
                               
  Provision for income taxes     28,203       (6,712 )   (D )     21,491  
                               
      Net income   $ 9,429     $ 51,736           $ 61,165  
   
Notes:
(A) For the three months ended June 29, 2013 adjustments to GAAP are as follows for the line items specified:
                     
    Amortization of acquired intangibles   Stock-based compensation expense   Non-qualified deferred compensation expenses   Integration and acquisition-related costs   Total adjustments
Cost of product and maintenance   $ 5,760   $ 323   $ 12   $ -   $ 6,095
Cost of services     -     466     17     -     483
Marketing and sales     -     3,327     146     395     3,868
Research and development     -     7,485     879     4,732     13,096
General and administrative     -     3,510     645     4,966     9,121
Amortization of acquired intangibles     5,327     -     -     -     5,327
  Total   $ 11,087   $ 15,111   $ 1,699   $ 10,093   $ 37,990
   
(B) Amortization of debt discount related to convertible notes
(C) Other income or expense related to investments and non-qualified deferred compensation plan assets
(D) Income tax effect of non-GAAP adjustments
                         
Cadence Design Systems, Inc.  
Supplemental Reconciliation of Certain GAAP to Non-GAAP Measures  
For the Three Months Ended June 30, 2012  
(In thousands, except per share amounts)  
(Unaudited)  
                         
    Three Months Ended  
    June 30, 2012  
    GAAP     Adjustments           Non-GAAP  
Revenue:                              
  Product and maintenance   $ 297,510     $ -           $ 297,510  
  Services     28,966       -             28,966  
                               
    Total revenue     326,476       -             326,476  
                               
Costs and expenses:                              
  Cost of product and maintenance     32,406       (3,188 )   (E )     29,218  
  Cost of services     17,071       (426 )   (E )     16,645  
  Marketing and sales     80,418       (2,420 )   (E )     77,998  
  Research and development     112,031       (7,865 )   (E )     104,166  
  General and administrative     30,244       (5,258 )   (E )     24,986  
  Amortization of acquired intangibles     3,643       (3,643 )   (E )     -  
  Restructuring and other charges     43       (43 )           -  
                               
    Total costs and expenses     275,856       (22,843 )           253,013  
                               
      Income from operations     50,620       22,843             73,463  
                               
  Interest expense     (8,566 )     5,124     (F )     (3,442 )
  Other income, net     3,669       (2,220 )   (G )     1,449  
                               
      Income before provision for income taxes     45,723       25,747             71,470  
                               
  Provision for income taxes     9,337       9,245     (H )     18,582  
                               
      Net income   $ 36,386     $ 16,502           $ 52,888  
   
Notes:
(E) For the three months ended June 30, 2012 adjustments to GAAP are as follows for the line items specified:
                     
    Amortization of acquired intangibles   Stock-based compensation expense   Non-qualified deferred compensation expenses   Integration and acquisition-related costs   Total adjustments
Cost of product and maintenance   $ 2,891   $ 268   $ 29   $ -   $ 3,188
Cost of services     -     384     42     -     426
Marketing and sales     -     2,128     212     80     2,420
Research and development     -     4,441     1,083     2,341     7,865
General and administrative     -     3,140     912     1,206     5,258
Amortization of acquired intangibles     3,643     -     -     -     3,643
  Total   $ 6,534   $ 10,361   $ 2,278   $ 3,627   $ 22,800
   
(F) Amortization of debt discount related to convertible notes
(G) Other income or expense related to investments and non-qualified deferred compensation plan assets
(H) Income tax effect of non-GAAP adjustments
   

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