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Mindspeed Reports Fiscal First Quarter 2013 Results



  Mindspeed Reports Fiscal First Quarter 2013 Results

  * Achieves non-GAAP operating and net profitability
  * Product revenue at high end of guidance range, reaching $38.4 million
  * 4G/ LTE small cells using Mindspeed SoCs deployed in December quarter in
    Korea

Business Wire

NEWPORT BEACH, Calif. -- January 28, 2013

Mindspeed Technologies, Inc. (NASDAQ: MSPD), a leading supplier of
semiconductor solutions for communications infrastructure applications, today
reported results for its fiscal first quarter of 2013. For the quarter ended
December 28, 2012, Mindspeed recorded net revenues of $44.4 million and
earnings per share of $0.14 on a non-GAAP basis, or $0.03 on a GAAP basis. The
non-GAAP results include the benefit of the $6.0 million sale of non-core
intellectual property. Net product revenue for the quarter was $38.4 million.

Product revenue from high-performance analog (HPA) products was $19.2 million,
or 50 percent of fiscal first quarter 2013 product revenue, and increased
eight percent sequentially from the prior quarter, marking another quarter of
record revenue from this product line. Product revenue from communications
processors was $14.6 million, or 38 percent of total product revenue, and was
up four percent sequentially. This included $9.5 million of the former
communications convergence processing (CCP) product revenue, excluding
wireless, and $5.1 million of wide area networking (WAN) product revenue.
Wireless infrastructure revenue contributed $4.6 million in the quarter, or 12
percent of total product revenue, and was up four percent sequentially from
the prior quarter. A comparison to past reporting practices is available in
the accompanying financial data.

Non-GAAP operating income for the fiscal first quarter of 2013 was $7.4
million, compared to a non-GAAP operating loss of $2.0 million in the prior
fiscal quarter. This included the benefit of the $6 million non-core
intellectual property sale. GAAP operating income for the fiscal first quarter
of 2013 was $2.5 million, compared to a GAAP operating loss of $6.1 million in
the prior fiscal quarter. Non-GAAP net income for the fiscal first quarter of
2013 was $6.2 million, or $0.14 per share, compared to a non-GAAP net loss of
$2.6 million, or $0.07 per share, in the prior quarter. GAAP net income in the
fiscal first quarter of 2013 was $1.1 million, or $0.03 per share, compared to
a GAAP net loss of $6.1 million, or $0.15 per share, in the prior quarter.
Excluding the $6.0 million non-core intellectual property sale, non-GAAP
operating income was $1.4 million and non-GAAP net income was $180,000.

Non-GAAP results exclude stock-based compensation and related payroll costs,
restructuring charges, amortization of acquired intangible assets, non-cash
interest expense on convertible senior notes and asset impairment, among other
items. Reconciliations of the non-GAAP measures to GAAP measures are included
in the accompanying financial data.

“I’m pleased to report that we reached the important milestone of operating
profitability,” commented Raouf Y. Halim, Mindspeed’s chief executive officer.
“As we transition to higher growth markets in high-performance analog
solutions, communications processors and small cell wireless infrastructure,
including the current ramp in 4G/LTE deployments, we have built a solid
foundation for continued future profitable growth.”

Outlook

Mindspeed forecasts total net product revenue in the fiscal second quarter of
2013 to be approximately flat to up or down 2% versus total net product
revenue in the fiscal first quarter of 2013. The company expects fiscal second
quarter of 2013 non-GAAP gross margin to be between 60-61 percent and
anticipates non-GAAP operating expenses to be approximately $22 million in the
fiscal second quarter of 2013.

Fiscal First Quarter 2013 Conference Call

Mindspeed will conduct a conference call announcing its fiscal first quarter
of 2013 results today at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time. To
listen to the conference call via telephone, call 877-303-3204 (domestic) or
253-237-1154 (international); password: Mindspeed. To listen via the Internet,
please visit the Investors section of Mindspeed's web site at
http://www.mindspeed.com. A replay of the conference call will be available
via telephone for a period of five days, beginning one hour after the
conference call concludes by calling 855-859-2056 (domestic) or 404-537-3406
(international). Conference ID # 87096941 is required to access the replay.
The replay will also be available in the Investors section of Mindspeed's web
site at http://www.mindspeed.com for a period of thirty days after the call.

About Mindspeed Technologies

Mindspeed Technologies (NASDAQ: MSPD) is a leading provider of network
infrastructure semiconductor solutions to the communications industry. The
company's low-power system-on-chip (SoC) products are helping to drive video,
voice and data applications in worldwide fiber-optic networks and enable
advanced processing for 3G and long-term evolution (LTE) mobile networks. The
company's high-performance analog products are used in a variety of optical,
enterprise, industrial and video transport systems. Mindspeed's products are
sold to original equipment manufacturers (OEMs) around the globe.

To learn more, please visit www.mindspeed.com. Company news and updates are
also posted at www.twitter.com/mindspeed.

Non-GAAP Measures

We provide non-GAAP measures as a supplement to financial results based on
GAAP. A detailed reconciliation of the non-GAAP results to the most directly
comparable GAAP measures is set forth below under the heading “Reconciliation
of Non-GAAP Measures to GAAP Measures.” Investors are encouraged to review the
accompanying press release reconciliations. We believe the presentation of
non-GAAP measures provides investors with additional insight into underlying
operating results and prospects for the future by excluding asset impairments,
stock-based compensation and related payroll costs, profit in acquired
inventory, amortization of acquired intangible assets, non-recurring legal and
settlement costs, employee separation costs, acquisition-related costs,
integration costs, revaluation of contingent consideration, restructuring
charges and/or non-cash interest expense on our convertible senior notes. We
have historically reported similar financial measures and believe that the
inclusion of comparative numbers provides consistency in our financial
reporting.

We also discuss certain non-GAAP measures excluding patent sales as a
supplement to financial results based on GAAP. The sale of patents in the
fiscal first quarter of 2013 impacted our net revenue, gross margin, operating
income and net income. Information needed to reconcile our non-GAAP financial
measures excluding the impact of patent sales is provided within the text of
our earnings release. Non-GAAP net income is also referred to in this earnings
release as net profitability.

We use non-GAAP gross margin, research and development expenses, selling,
general and administrative expenses, operating expenses, operating income,
other expense, net, net income and net income per share internally to evaluate
our operating performance and to determine certain components of management
compensation. In addition, we use these non-GAAP measures for internal budgets
and forecasts. We believe that these non-GAAP measures can be useful to
investors in allowing for greater transparency with respect to supplemental
information used by management in its financial and operational decision
making.

We exclude stock-based compensation and related payroll costs and non-cash
interest expense on our convertible senior notes from non-GAAP measures
because we believe that excluding these costs can enhance the understanding of
our performance. We exclude profit in acquired inventory to facilitate
comparability of gross profit between periods and to better reflect continuing
operations of the acquired company. We exclude asset impairments, employee
separation costs, non-recurring legal and settlement costs, restructuring
charges, acquisition-related costs, and integration costs because they include
significant discrete items that may not be indicative of our ongoing
operations or economic performance.

We do not provide forward-looking GAAP measures or a reconciliation of the
forward-looking non-GAAP measures to GAAP measures because of our inability to
project restructuring charges, employee separation costs and stock-based
compensation and related payroll costs.

The non-GAAP financial measures we provide have certain limitations because
they do not reflect all of the costs associated with the operation of our
business as determined in accordance with GAAP. The non-GAAP measures are in
addition to, and not a substitute for, or superior to, measures of financial
performance prepared in accordance with GAAP and may be different from
non-GAAP measures used by other companies. We endeavor to compensate for the
limitations of these non-GAAP measures by providing GAAP financial statements,
descriptions of the reconciling items and a reconciliation of the non-GAAP
measures to the most directly comparable GAAP measures so that investors can
appropriately incorporate the non-GAAP measures and their limitations into
their analyses. For complete information on asset impairments, stock-based
compensation and related payroll costs, profit in acquired inventory,
amortization of acquired intangible assets, non-recurring legal and settlement
costs, employee separation costs, restructuring charges, acquisition-related
costs, integration costs, revaluation of contingent consideration and non-cash
interest expense on our convertible senior notes, please see our financial
statements and “Management’s Discussion and Analysis of Results of Operations
and Financial Condition” that will be included in the periodic report we
expect to file with the SEC with respect to the financial periods discussed
herein.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Such statements include
statements regarding our expectations, goals or intentions, including, but not
limited to: our current assessment of the demand environment and trends in our
target markets, including the HPA and small cell basestation markets; and our
current expectations for fiscal second quarter 2013 net product revenue,
non-GAAP gross margin and non-GAAP operating expenses. These forward-looking
statements are based on management's current expectations, estimates,
forecasts and projections and are subject to risks and uncertainties that
could cause actual results and events to differ materially from those stated
in the forward-looking statements. Our business is subject to numerous risks
and uncertainties that could adversely affect investors in our securities,
including fluctuations in our operating results and the potential for future
operating losses; loss of or diminished demand from one or more key
distributors; our ability to successfully develop and introduce new products;
pricing pressures; our ability to maintain operating profitability; our
ability to successfully integrate acquired businesses and products, including
with respect to our acquisition of Picochip; and the potential for
intellectual property or other litigation. Additional risks and uncertainties
that could cause our actual results to differ from those set forth in any
forward-looking statements are discussed in more detail under the caption
“Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended
September 28, 2012, our most recent Quarterly Report on Form 10-Q and our
future filings with the SEC.

 
MINDSPEED TECHNOLOGIES, INC.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(unaudited, in thousands, except per share amounts)
                                                                 
                                   Three Months Ended
                                   December 28,   September 28,   December 30,
                                       2012          2012            2011     
                                                                   
Net revenue:
Products                           $   38,394     $  36,264       $  33,842
Intellectual property                  6,000         -               90       
Total net revenue                      44,394        36,264          33,932
Cost of goods sold (a)                 15,094        15,253          14,219   
Gross margin                           29,300        21,011          19,713   
                                                                   
Operating expenses:
Research and development (a)           15,597        16,519          15,008
Selling, general and                   9,610         9,901           10,130
administrative (a)
Restructuring charges                  1,572         703             -        
Total operating expenses               26,779        27,123          25,138   
                                                                   
Operating income/(loss)                2,521         (6,112  )       (5,425  )
                                                                   
Other expense/(income), net            1,373         (22     )       85       
                                                                   
Income/(loss) before income            1,148         (6,090  )       (5,510  )
taxes
                                                                   
Provision/(benefit) for income         71            (28     )       88       
taxes
                                                                   
Net income/(loss)                  $   1,077      $  (6,062  )    $  (5,598  )
                                                                   
Net income/(loss) per share:
Basic                              $   0.03       $  (0.15   )    $  (0.17   )
Diluted                            $   0.03       $  (0.15   )    $  (0.17   )
                                                                   
Weighted-average number of
shares used in per share
computation:
Basic                                  39,497        39,169          32,900
Diluted                                40,058        39,169          32,900
                                                                   
(a) Includes stock-based compensation expense and related payroll costs.
 

 
MINDSPEED TECHNOLOGIES, INC.
Reconciliation of Non-GAAP Measures to GAAP Measures
(unaudited, in thousands, except per share amounts)
                                                                 
                                   Three Months Ended
                                   December 28,   September 28,   December 30,
                                       2012          2012            2011     
                                                                   
Reconciliation of Non-GAAP Gross
Margin to GAAP Gross Margin
Non-GAAP gross margin              $   29,604     $  21,372       $  19,670
Items excluded from non-GAAP
gross margin:
Stock-based compensation and           45            91              (43     )
related payroll costs
Profit in acquired inventory (b)       -             24              -
Amortization of acquired               247           246             -
intangible assets (c)
Employee separation costs (d)          12            -               -        
Gross margin                       $   29,300     $  21,011       $  19,713   
                                                                   
Reconciliation of Non-GAAP
Research and Development
Expenses to GAAP Research and
Development Expenses
Non-GAAP research and              $   14,500     $  15,554       $  14,338
development expenses
Items excluded from non-GAAP
research and development
expenses:
Asset impairment (e)                   135           -               -
Stock-based compensation and           918           942             670
related payroll costs
Employee separation costs (d)          44            23              -        
Research and development           $   15,597     $  16,519       $  15,008   
expenses
                                                                   
Reconciliation of Non-GAAP
Selling, General and
Administrative Expenses to GAAP
Selling, General and
Administrative Expenses
Non-GAAP selling, general and      $   7,656      $  7,808        $  7,639
administrative expenses
Items excluded from non-GAAP
selling, general and
administrative expenses:
Stock-based compensation and           1,721         850             1,567
related payroll costs
Amortization of acquired               104           104             -
intangible assets (c)
Non-recurring legal and                117           715             -
settlement costs
Employee separation costs (d)          -             169             (19     )
Integration costs (f)                  -             226             -
Acquisition related costs (g)          12            29              943      
Selling, general and               $   9,610      $  9,901        $  10,130   
administrative expenses
                                                                   
Reconciliation of Non-GAAP
Operating Expenses to GAAP
Operating Expenses
Non-GAAP operating expenses        $   22,156     $  23,362       $  21,977
Items excluded from non-GAAP
operating expenses:
Asset impairments (e)                  135           -               -
Stock-based compensation and           2,639         1,791           2,237
related payroll costs
Acquisition related costs (g)          12            29              943
Restructuring charges                  1,572         704             -
Amortization of acquired               104           104             -
intangible assets (c)
Non-recurring legal and                117           715             -
settlement costs
Employee separation costs (d)          44            192             (19     )
Integration costs (f)                  -             226             -        
Operating expenses                 $   26,779     $  27,123       $  25,138   
                                                                   
Reconciliation of Non-GAAP
Operating Income to GAAP
Operating Income/(Loss)
Non-GAAP operating income          $   7,448      $  (1,990  )    $  (2,307  )
Items excluded from non-GAAP
operating income/(loss):
Asset impairment (e)                   135           -               -
Stock-based compensation and           2,684         1,882           2,194
related payroll costs
Acquisition related costs (g)          12            29              943
Restructuring charges                  1,572         704             -
Profit in acquired inventory (b)       -             24              -
Amortization of acquired               351           350             -
intangible assets (c)
Non-recurring legal and                117           715             -
settlement costs
Employee separation costs (d)          56            192             (19     )
Integration costs (f)                  -             226             -        
Operating income/(loss)            $   2,521      $  (6,112  )    $  (5,425  )
                                                                   

 
MINDSPEED TECHNOLOGIES, INC.
Reconciliation of Non-GAAP Measures to GAAP Measures
(unaudited, in thousands, except per share amounts)
                                                                 
                                   Three Months Ended
                                   December 28,   September 28,   December 30,
                                      2012           2012            2011     
                                                                   
Reconciliation of Non-GAAP Other
Expense, Net to GAAP Other
Expense, Net
Non-GAAP other expense, net        $  1,197       $  663          $  (17     )
Items excluded from non-GAAP
other income/(expense), net:
Revaluation of contingent             (10     )      (885    )       -
consideration
Non-cash interest expense on          186            200             102      
convertible senior notes (h)
Other expense, net                 $  1,373       $  (22     )    $  85       
                                                                   
Reconciliation of Non-GAAP Net
Income to GAAP Net Income/(Loss)
Non-GAAP net income                $  6,180       $  (2,625  )    $  (2,378  )
Items excluded from non-GAAP net
income:
Asset impairment (e)                  135            -               -
Stock-based compensation and          2,684          1,882           2,194
related payroll costs
Acquisition related costs (g)         12             29              943
Restructuring charges                 1,572          704             -
Profit in acquired inventory (b)      -              24              -
Amortization of acquired              351            350             -
intangible assets (c)
Non-recurring legal and               117            715             -
settlement costs
Employee separation costs (d)         56             192             (19     )
Integration costs (f)                 -              226             -
Revaluation of contingent             (10     )      (885    )       -
consideration
Non-cash interest expense on          186            200             102      
convertible senior notes (h)
Net income/(loss)                  $  1,077       $  (6,062  )    $  (5,598  )
                                                                   
Reconciliation of Non-GAAP Net
Income Per Share to GAAP Net
Income/(Loss) Per Share
Net income per share, basic:
Non-GAAP net income                $  0.16        $  (0.07   )    $  (0.07   )
Adjustments                           (0.13   )      (0.08   )       (0.10   )
Net income/(loss)                  $  0.03        $  (0.15   )    $  (0.17   )
                                                                   
Net income per share, diluted:
Non-GAAP net income                $  0.14        $  (0.07   )    $  (0.07   )
Adjustments                           (0.11   )      (0.08   )       (0.10   )
Net income/(loss)                  $  0.03        $  (0.15   )    $  (0.17   )
                                                                   
Reconciliation of Shares used in
Non-GAAP diluted shares to GAAP
diluted shares
Non-GAAP diluted shares               51,428         39,169          32,900
The effect of dilutive potential
common shares due to reporting        (11,370 )      -               -        
Non-GAAP net income (i)
GAAP diluted shares                   40,058         39,169          32,900   
                                                                              

(b) Profit in acquired inventory results from purchase-accounting adjustments
which increase the value of inventory acquired to its fair value. As the
acquired inventory is sold, the associated profit in acquired inventory
increases cost of goods sold and reduces gross profit.
 
(c) Amortization of acquired intangible assets reflects amortization expense
on intangible assets recorded in conjunction with the picoChip acquisition.
 
(d) Employee separation costs consist of severance benefits payable to certain
former employees of the Company as a result of organizational changes.
 
(e) Asset impairment includes the write-off of software tools no longer in
use.
 
(f) Integration costs represent costs incurred related to the transition of
picoChip to a wholly owned subsidiary of Mindspeed.
 
(g) Acquisition-related costs are professional fees incurred related to the
acquision of picoChip.
 
(h) Non-cash interest expense on convertible senior notes represents the
amortization of debt discounts recorded in accordance with FASB ASC 470-20,
related to the Company's 6.50% and 6.75% convertible senior notes.
 
(i) Diluted shares include shares that would be issued from the company's 6.5%
and 6.75% convertible notes, calculated using the "if converted" method.
 

 
MINDSPEED TECHNOLOGIES, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(unaudited, in thousands)
                                                           
                                             December 28,   September 28,
                                                 2012           2012
                                                             
ASSETS
Current Assets
Cash and cash equivalents                    $   51,137     $   49,098
Receivables, net                                 16,649         14,527
Inventories                                      9,199          10,482
Prepaid expenses and other current assets        5,300          10,497
Total current assets                             82,285         84,604
                                                             
Property, plant and equipment, net               17,510         16,031
Intangible assets, net                           36,165         35,351
Goodwill                                         57,110         57,110
Other assets                                     4,190          4,000
Total assets                                 $   197,260    $   197,096
                                                             
                                                             
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable                             $   8,371      $   9,262
Accrued compensation and benefits                5,363          6,401
Deferred income on sales to distributors         3,606          4,396
Deferred revenue                                 1,661          2,338
Line of credit - short term                      5,521          5,511
Short term debt                                  15,866         15,384
Contingent consideration                         1,866          1,876
Other current liabilities                        9,589          10,661
Total current liabilities                        51,843         55,829
                                                             
Line of credit – long term                       8,000          8,000
Long-term debt                                   44,470         44,765
Other liabilities                                6,853          6,767
Total liabilities                                111,166        115,361
                                                             
Stockholders' equity                             86,094         81,735
Total liabilities and stockholders' equity   $   197,260    $   197,096
                                                             

 
MINDSPEED TECHNOLOGIES, INC.
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(unaudited, in thousands)
                                                                 
                                                   Three Months Ended
                                                   December 28,   December 30,
                                                      2012           2011     
                                                                   
Cash Flows From Operating Activities
Net income/(loss)                                  $  1,077       $  (5,598  )
Adjustments required to reconcile net
income/(loss) to net cash provided by operating
activities:
Depreciation and amortization of property, plant      1,553          1,513
and equipment
Amortization of license agreements                    659            643
Amortization of intangibles                           351            -
Restructuring charges                                 1,471          -
Stock-based compensation                              2,671          2,150
Inventory provisions                                  367            699
Amortization of debt discount on convertible          244            144
debt
Other non-cash items, net                             125            (93     )
Changes in assets and liabilities, net of
acquisitions:
Receivables                                           (2,193  )      (590    )
Inventories                                           916            2,428
Current deferred tax asset                            -              -
Other assets, net                                     5,012          854
Accounts payable                                      (909    )      (1,009  )
Deferred income on sales to distributors              (790    )      8
Restructuring charges                                 (909    )      (528    )
Accrued compensation and benefits                     (1,134  )      (2,481  )
Accrued expenses and other current liabilities        (1,667  )      1,627
Other liabilities, net                                182            (113    )
                                                                   
Net cash provided by/(used in) operating              7,026          (346    )
activities
                                                                   
Cash Flows From Investing Activities
Purchases of property, plant and equipment            (3,032  )      (1,570  )
Payments under license agreements                     (2,477  )      (1,111  )
                                                                   
Net cash used in investing activities                 (5,509  )      (2,681  )
                                                                   
Cash Flows From Financing Activities
Payments made on capital lease obligations            (67     )      (173    )
Borrowings under line of credit                       1,250          -
Payments made on line of credit                       (1,240  )      -
Repurchase of restricted stock for income tax         (216    )      (264    )
withholding
Proceeds from equity compensation programs            770            992
                                                                   
Net cash provided by financing activities             497            555      
                                                                   
Effect of foreign currency exchange rates on          25             6
cash
                                                                   
Net increase/ (decrease) in cash and cash             2,039          (2,466  )
equivalents
Cash and cash equivalents at beginning of period      49,098         45,227   
                                                                   
Cash and cash equivalents at end of period         $  51,137      $  42,761   
                                                                   

 
MINDSPEED TECHNOLOGIES, INC.
Selected Corporate Data
(unaudited, in thousands)
                                                                 
                                   Three Months Ended
                                   December 28,   September 28,   December 30,
                                      2012           2012            2011     
                                                                   
Gross margin %                        66.0    %      57.9    %       58.1    %
                                                                   
Cash provided by/(used in):
Operating activities               $  7,026       $  (1,079  )    $  (346    )
Investing activities                  (5,509  )      (4,975  )       (2,681  )
Financing activities                  497            (51     )       555
Effect of foreign currency on cash    25             65              6        
Net increase/(decrease) in cash    $  2,039       $  (6,040  )    $  (2,466  )
                                                                   
Depreciation                       $  1,553       $  1,552        $  1,513
Capital expenditures                  5,509          4,975           2,681
                                                                   
Net revenue by region:
Americas                           $  11,510      $  5,942        $  5,516
Europe                                3,454          2,325           1,858
Asia-Pacific                          29,430         27,997          26,558   
                                   $  44,394      $  36,264       $  33,932   
                                                                   
Net revenue by new product lines:
High performance analog            $  19,190      $  17,821       $  14,344
Communications processors             14,630         14,037          19,226
Wireless infrastructure               4,574          4,406           272      
Total net product revenue             38,394         36,264          33,842
Intellectual property                 6,000          -               90       
Total net revenue                  $  44,394      $  36,264       $  33,932   
                                                                   
                                                                   
Net revenue by historical product
lines:
High-performance analog products   $  19,190      $  17,821       $  14,344
Communications convergence            14,051         14,261          14,989
processing products
WAN communications products           5,153          4,182           4,509    
Total net product revenue             38,394         36,264          33,842
Intellectual property                 6,000          -               90       
Total net revenue                  $  44,394      $  36,264       $  33,932   
                                                                   

Contact:

Investor Relations Contact:
Mindspeed Technologies, Inc.
Kevin Trosian
VP, Business Development and Investor Relations
+1 949.579.3111
Investor.Relations@Mindspeed.com
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