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Jabil Posts Fourth Quarter & Fiscal Year 2013 Results



  Jabil Posts Fourth Quarter & Fiscal Year 2013 Results

             Solid Revenue Growth and Strong Cash Flow Generation

Business Wire

ST. PETERSBURG, Fla. -- September 25, 2013

Today Jabil Circuit, Inc. (NYSE: JBL), announced preliminary, unaudited
financial results for its fourth quarter and full fiscal year, ended August
31, 2013.

“Delivering record revenues, generating more than a billion dollars of cash
flow from operations, and achieving a core return on invested capital of 21
percent are clear highlights of our fiscal year,” said Jabil’s Chief Executive
Officer Mark Mondello. “In addition, we are pleased to return nearly $200
million in capital to shareholders through dividends and share repurchases,
while continuing to thoughtfully invest capital back into the business, both
organically and acquisitively, with an eye on long-term earnings growth,” said
Mondello.

The company reported fourth quarter revenue of $4.8 billion and fiscal year
revenue of $18.3 billion.

Jabil’s three reporting segments delivered the following revenue results for
the company’s fourth fiscal quarter:

  * Diversified Manufacturing: $2.1 billion.
  * Enterprise & Infrastructure: $1.4 billion.
  * High Velocity: $1.3 billion.

“I would like to acknowledge the continued dedication of our employees because
it is their efforts and commitment that truly differentiate Jabil and enable
us to achieve our goals,” said Mondello.

Generally accepted accounting principles (GAAP) operating income for the
fourth quarter was $88.4 million and $511.4 million for the full fiscal year,
ended August 31, 2013. GAAP diluted earnings per share for the fourth quarter
were $0.61 and $1.79 for the fiscal year. The company said that $89.5 million
in restructuring activity during the year and a $25.6 million non-cash charge
related to a note receivable and related charges in the third quarter impacted
the fiscal year GAAP operating income and $61.1 million in restructuring
activity impacted the fourth quarter GAAP operating income.

Core operating income results, excluding amortization of intangibles,
stock-based compensation and related charges, restructuring and related
charges, impairment of notes receivable and related charges and acquisition
costs and purchase accounting adjustments, was $721.1 million and core diluted
earnings per share was $2.26.

(Definitions used: "GAAP" means U.S. generally accepted accounting principles.
Jabil defines core operating income as GAAP operating income before
amortization of intangibles, stock-based compensation expense and related
charges, restructuring and related charges, impairment of notes receivable and
related charges, goodwill impairment charges, certain distressed customer
charges, settlement of receivables and related charges, loss on disposal of
subsidiaries and acquisition costs and purchase accounting adjustments. Jabil
defines core earnings as GAAP net income before amortization of intangibles,
stock-based compensation expense and related charges, restructuring and
related charges, impairment of notes receivable and related charges, goodwill
impairment charges, certain distressed customer charges, settlement of
receivables and related charges, loss on disposal of subsidiaries, acquisition
costs and purchase accounting adjustments, certain other expenses, net of tax
and certain deferred tax valuation allowance charges. Jabil defines core
diluted earnings per share as core earnings divided by the weighted average
number of outstanding diluted shares determined under GAAP. Jabil calculates
core return on invested capital by annualizing its after-tax core operating
income for its most recently-ended quarter and dividing that by a two quarter
average net invested capital base. Jabil reports core operating income, core
earnings, core diluted and basic earnings per share and core return on
invested capital to provide investors an additional method for assessing
operating income, earnings, diluted earnings per share and return on invested
capital from what it believes are its core manufacturing operations. See the
accompanying reconciliation of Jabil's core operating income to its GAAP
operating income, its calculation of core earnings and core diluted earnings
per share to its GAAP net income and GAAP earnings per share, its calculation
of core return on invested capital and additional information in the
supplemental information.)

Quarterly Results                         Q4 2013              Q4 2012
Net revenue                               $4.8 billion         $4.3 billion
GAAP operating income                     $88.4 million        $144.3 million
GAAP net income                           $127.0 million       $82.8 million
GAAP diluted earnings per share           $0.61                $0.39
GAAP return on invested capital           22%                  17%
Core operating income                     $181.4 million       $175.1 million
Core earnings                             $117.2 million       $113.3 million
Core diluted earnings per share           $0.56                $0.54
Core return on invested capital           21%                  22%
 
Fiscal Year Results                       Fiscal 2013          Fiscal 2012
Net revenue                               $18.3 billion        $17.2 billion
GAAP operating income                     $511.4 million       $621.9 million
GAAP net income                           $371.5 million       $394.7 million
GAAP diluted earnings per share           $1.79                $1.87
GAAP return on invested capital           17%                  22%
Core operating income                     $721.1 million       $736.2 million
Core earnings                             $469.9 million       $507.1 million
Core diluted earnings per share           $2.26                $2.40
Core return on invested capital           21%                  26%

Business Update

“We are fortunate to have a strong balance sheet, broad-based capabilities
that deliver innovative solutions, outstanding employees and a roster of
market-leading customers as we head into fiscal year 2014,” said Jabil CEO,
Mark Mondello. Jabil provided guidance for its first fiscal quarter of 2014,
which began on September 1^st.

Fiscal Q1 2014 Guidance:        
Net revenue                      $4.35 billion to $4.65 billion
Core operating income            $165 million to $195 million
Core earnings per share          $0.50 to $0.60 per diluted share
GAAP operating income            $110 million to $140 million
GAAP earnings per share          $0.25 to $0.35 per diluted share

(GAAP earnings per share for the first quarter of fiscal 2014 are currently
estimated to include $0.03 per share for amortization of intangibles, $0.09
per share for stock-based compensation and $0.13 per share for restructuring
and related charges.)

Year over Year Segment Revenue Guidance:

  * Diversified Manufacturing Services to increase 7 percent.
  * Enterprise & Infrastructure to remain consistent.
  * High Velocity to decline 25 percent.

In addition to the segment guidance, Jabil said its previously announced
restructuring of global operations continued through the quarter. It is
currently estimated that the balance of $99 million will be recorded in fiscal
years 2014 and 2015.

The company also announced it expects approximately $35 to $85 million of
charges in fiscal year 2014 related to ongoing discussions with Blackberry,
Jabil’s second largest customer in fiscal 2013.

FORWARD LOOKING STATEMENT: This news release contains forward-looking
statements, including those regarding our anticipated financial results for
our fourth quarter of fiscal year 2013 and our full fiscal year 2013; our
thoughtful investment of capital back into the business, both organically and
acquisitively, with an eye on long term earnings growth; our balance sheet,
capabilities, employees and customers as we head into fiscal year 2014; and
our currently expected first quarter of fiscal year 2014 net revenue
(including that of our segments), core operating income, GAAP operating
income, core and GAAP earnings per share results and the components thereof.
The statements in this news release are based on current expectations,
forecasts and assumptions involving risks and uncertainties that could cause
actual outcomes and results to differ materially. These risks and
uncertainties include, but are not limited to: our determination as we
finalize our financial results for our fourth quarter of fiscal year 2013 and
our full fiscal year 2013 that our financial results and conditions differ
from our current preliminary unaudited numbers set forth herein; changes to
our capital investment strategy over time; our ability to generate long term
earnings growth from our capital investments; fluctuations in our stock’s
market price; fluctuations in operating results and cash flows; unexpected,
adverse seasonal impacts on demand; changes in macroeconomic conditions, both
in the U.S. and internationally; our financial performance during and after
the current economic conditions; our ability to maintain and improve costs,
quality and delivery for our customers; risks and costs inherent in
litigation; whether our realignment of our capacity will adversely affect our
cost structure, ability to service customers and labor relations; our ability
to take advantage of perceived benefits of offering customers vertically
integrated services; changes in technology; competition; anticipated growth
for us and our industry that may not occur; managing rapid growth; managing
rapid declines in customer demand and other related customer challenges that
may occur; our ability to successfully consummate acquisitions and
divestitures; managing the integration of businesses we acquire; risks
associated with international sales and operations; retaining key personnel;
our dependence on a limited number of large customers; business and
competitive factors generally affecting the electronic manufacturing services
industry, our customers and our business; other factors that we may not have
currently identified or quantified; and other risks, relevant factors and
uncertainties identified in our Annual Report on Form 10-K for the fiscal year
ended August 31, 2012, subsequent Reports on Forms 10-Q and 8-K and our other
securities filings. Jabil disclaims any intention or obligation to update or
revise any forward-looking statements, whether as a result of new information,
future events or otherwise.

Supplemental Information: The financial results disclosed in this release
include certain measures calculated and presented in accordance with GAAP. In
addition to the GAAP financial measures, Jabil provides supplemental, non-GAAP
financial measures to facilitate evaluation of Jabil's core operating
performance. The non-GAAP financial measures disclosed in this release exclude
certain amounts that are included in the most directly comparable GAAP
measures. The non-GAAP or core financial measures disclosed in this release do
not have standard meanings and may vary from the non-GAAP financial measures
used by other companies. Management believes core financial measures (which
exclude the effects of the amortization of intangibles, stock-based
compensation expense and related charges, restructuring and related charges,
impairment of notes receivable and related charges, goodwill impairment
charges, certain distressed customer charges, settlement of receivables and
related charges, loss on disposal of subsidiaries, acquisition costs and
purchase accounting adjustments, certain other expenses, net of tax and
certain deferred tax valuation allowance charges) are a useful measure that
facilitates evaluating the past and future performance of Jabil's ongoing
operations on a comparable basis. Jabil reports core operating income, core
return on invested capital, core earnings and core diluted and basic earnings
per share to provide investors an additional method for assessing operating
income, earnings and earnings per share from what it believes are its core
manufacturing operations. Included in this release are Condensed Consolidated
Statements of Operations as well as a reconciliation of the disclosed core
financial measures to the most directly comparable GAAP financial measures.

Company Conference Call Information: Jabil will hold a conference call to
discuss the fourth fiscal quarter 2013 earnings today at 4:30 p.m. ET live on
the Internet at http://www.jabil.com. The call will be recorded and archived
on the web at http://www.jabil.com. A taped replay of the conference call will
also be available September 25, 2013 at approximately 7:30 p.m. ET through
midnight on October 2, 2013. To access the replay, call (855) 859-2056 from
within the United States, or (404) 537-3406 outside the United States. The
pass code is: 55279234. An archived webcast of the conference call will be
available at http://www.jabil.com/investors/.

About Jabil

Jabil is an electronic product solutions company providing comprehensive
electronics design, manufacturing and aftermarket product management services
to global electronics and technology companies. Offering complete product
supply chain management from facilities in 31 countries, Jabil provides
comprehensive, individualized-focused solutions to customers in a broad range
of industries. Jabil common stock is traded on the New York Stock Exchange
under the symbol, “JBL”. Further information is available on Jabil’s  website:
jabil.com.

JABIL CIRCUIT, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)

(Unaudited)
                                                                
                                                                  
                                                 August 31,      August 31,

                                                 2013            2012
ASSETS
Current assets:
Cash and cash equivalents                        $ 1,011,373     $ 1,217,256
Accounts receivable, net                           1,281,425       1,125,015
Inventories                                        2,302,155       2,268,949
Prepaid expenses and other current assets          1,165,984       989,326
Income taxes receivable                            13,048          10,949
Deferred income taxes                              46,260          27,833     
                                                                  
Total current assets                               5,820,245       5,639,328
                                                                  
Property, plant and equipment, net                 2,395,598       1,779,155
Goodwill and intangible assets, net                740,435         214,071
Deferred income taxes                              94,069          73,411
Other assets                                       103,434         97,176     
                                                                  
Total assets                                     $ 9,153,781     $ 7,803,141  
                                                                  
LIABILITIES AND EQUITY
Current liabilities:
Current installments of notes payable,           $ 215,536       $ 18,031
long-term debt and capital lease obligations
Accounts payable                                   3,301,235       2,992,865
Accrued expenses                                   1,301,078       808,480
Income taxes payable                               40,332          35,665
Deferred income taxes                              6,253           3,955      
                                                                  
Total current liabilities                          4,864,434       3,858,996
                                                                  
Notes payable, long-term debt and capital          1,690,426       1,658,326
lease obligations, less current installments
Other liabilities                                  89,813          85,714
Income tax liabilities                             80,368          68,525
Deferred income taxes                              73,173          24,245     
                                                                  
Total liabilities                                  6,798,214       5,695,806  
                                                                  
Commitments and contingencies

Equity:
Jabil Circuit, Inc. stockholders’ equity:
Preferred stock                                    —               —
Common stock                                       238             232
Additional paid-in capital                         1,853,409       1,752,847
Retained earnings                                  1,071,175       766,934
Accumulated other comprehensive income             81,248          106,275
Treasury stock, at cost                            (670,783  )     (521,231  )
                                                                  
Total Jabil Circuit, Inc. stockholders’ equity     2,335,287       2,105,057  
                                                                  
Noncontrolling interests                           20,280          2,278      
                                                                  
Total equity                                       2,355,567       2,107,335  
                                                                  
Total liabilities and equity                     $ 9,153,781     $ 7,803,141  

JABIL CIRCUIT, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except for per share data)
(Unaudited)
                                                  
                     Three months ended            Twelve months ended
                     August 31,    August 31,      August 31,     August 31,
                       2013          2012            2013           2012
 
Net revenue          $ 4,814,858   $ 4,338,080     $ 18,336,894   $ 17,151,941
Cost of revenue        4,462,613     4,020,532       16,977,032     15,842,896
                                                                   
Gross profit           352,245       317,548         1,359,862      1,309,045
                                                                   
Operating
expenses:
Selling, general       189,979       163,070         688,752        644,452
and administrative
Research and           7,075         6,784           28,468         25,837
development
Amortization of        5,760         3,426           16,154         16,825
intangibles
Restructuring and      61,061        —               89,453         —
related charges
Impairment of
notes receivable       —             —               25,597         —
and related
charges
Operating income       88,370        144,268         511,438        621,931
                                                                   
Interest and           32,547        29,804          125,374        113,031
other, net
                                                                   
Income before          55,823        114,464         386,064        508,900
income tax
                                                                   
Income tax             (70,967   )   31,999          15,973         112,811
(benefit) expense
                                                                   
Net income             126,790       82,465          370,091        396,089
                                                                   
Net (loss) income
attributable to
noncontrolling         (229      )   (332      )     (1,391     )   1,402
interests, net of
income tax expense
                                                                   
Net income
attributable to      $ 127,019     $ 82,797        $ 371,482      $ 394,687
Jabil Circuit,
Inc.
                                                                   
Earnings per share
attributable to
the stockholders
of Jabil Circuit,
Inc.:
Basic                $ 0.63        $ 0.40          $ 1.83         $ 1.91
Diluted              $ 0.61        $ 0.39          $ 1.79         $ 1.87
                                                                   
Weighted average
shares
outstanding:
Basic                  202,959       205,666         203,096        206,160
Diluted                208,502       210,847         207,815        211,181

JABIL CIRCUIT, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(Unaudited)
                                              
                                               Twelve months ended
                                               August 31,       August 31,
                                               2013             2012
Cash flows from operating activities:
Net income                                     $ 370,091        $ 396,089
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization                    418,117          353,492
Recognition of stock-based compensation          68,383           81,405
expense
Deferred income taxes                            (123,165   )     (9,201     )
Impairment of notes receivable and related       25,597           —
charges
Excess tax benefit related to stock awards       (14,605    )     (885       )
Other, net                                       12,616           25,563
Changes in operating assets and liabilities,
exclusive of net assets acquired:
Accounts receivable                              750              (22,626    )
Inventories                                      50,229           (53,268    )
Prepaid expenses and other current assets        (82,756    )     (141,526   )
Other assets                                     (5,025     )     (2,745     )
Accounts payable and accrued expenses            485,972          21,955
Income taxes payable                             7,685            (14,027    )
                                                                 
Net cash provided by operating activities        1,213,889        634,226     
                                                                 
Cash flows from investing activities:
Acquisition of property, plant and equipment     (736,858   )     (497,697   )
Cash paid for business and intangible asset      (650,054   )     (125,098   )
acquisitions, net of cash acquired
Proceeds from sale of property, plant and        15,792           16,408
equipment
Cost of receivables acquired, net of cash        —                517
collections
Investments in non-marketable equity             (3,342     )     —           
securities
                                                                 
Net cash used in investing activities            (1,374,462 )     (605,870   )
                                                                 
Cash flows from financing activities:
Borrowings under debt agreements                 5,764,400        9,233,414
Payments towards debt agreements                 (5,586,738 )     (8,748,420 )
Payments to acquire treasury stock               (129,262   )     (70,991    )
Dividends paid to stockholders                   (67,181    )     (65,240    )
Dividends paid to noncontrolling interest        —                (333       )
Net proceeds from exercise of stock options
and issuance of common stock under employee      18,285           26,003
stock purchase plan
Debt issuance costs                              —                (6,254     )
Treasury stock minimum tax withholding           (20,290    )     (31,205    )
related to vesting of restricted stock
Cash paid to purchase noncontrolling             (17,500    )     (20,501    )
interest
Excess tax benefit related to stock awards       14,605           885
Capital contribution to noncontrolling           316              —
interest
Bank overdraft                                   372              —           
                                                                 
Net cash (used in) provided by financing         (22,993    )     317,358     
activities
                                                                 
Effect of exchange rate changes on cash and      (22,317    )     (17,069    )
cash equivalents
                                                                 
Net (decrease) increase in cash and cash         (205,883   )     328,645
equivalents
Cash and cash equivalents at beginning of        1,217,256        888,611     
period
                                                                 
Cash and cash equivalents at end of period     $ 1,011,373      $ 1,217,256   

JABIL CIRCUIT, INC. AND SUBSIDIARIES
SUPPLEMENTAL DATA
RECONCILIATION OF GAAP FINANCIAL RESULTS TO NON-GAAP MEASURES
(in thousands, except for per share data)
(Unaudited)
 
                             Three months ended        Twelve months ended
                             August 31,   August 31,   August 31,   August 31,
                             2013         2012         2013         2012
 
Operating income (GAAP)      $ 88,370     $ 144,268    $ 511,438    $ 621,931
Amortization of              5,760        3,426        16,154       16,825
intangibles
Distressed customer charge   —            5,865        —            16,014
Stock-based compensation     16,182       21,552       68,383       81,409
and related charges
Restructuring and related    61,061       —            89,453       —
charges
Impairment of notes
receivable and related       —            —            25,597       —
charges
Acquisition costs and
purchase accounting          10,037       —            10,037       —
adjustments
Core operating income        $ 181,410    $ 175,111    $ 721,062    $ 736,179
(Non-GAAP)
                                                                     
Net income attributable to   $ 127,019    $ 82,797     $ 371,482    $ 394,687
Jabil Circuit, Inc. (GAAP)
Amortization of              (15,104)     3,327        (5,269)      16,425
intangibles, net of tax
Distressed customer charge   —            5,865        —            16,014
Stock-based compensation
and related charges, net     16,365       21,329       68,480       79,985
of tax
Restructuring and related    59,252       —            85,827       —
charges, net of tax
Impairment of notes
receivable and related       —            —            19,748       —
charges, net of tax
Acquisition costs and
purchase accounting          (70,363)     —            (70,363)     —
adjustments, net of tax
Core earnings (Non-GAAP)     $ 117,169    $ 113,318    $ 469,905    $ 507,111
                                                                     
Earnings per share: (GAAP)
Basic                        $ 0.63       $ 0.40       $ 1.83       $ 1.91
Diluted                      $ 0.61       $ 0.39       $ 1.79       $ 1.87
                                                                     
Core earnings per share:
(Non-GAAP)
Basic                        $ 0.58       $ 0.55       $ 2.31       $ 2.46
Diluted                      $ 0.56       $ 0.54       $ 2.26       $ 2.40
                                                                     
Weighted average shares
outstanding used in the
calculations of earnings
per share (GAAP and
Non-GAAP):
Basic                        202,959      205,666      203,096      206,160
Diluted                      208,502      210,847      207,815      211,181

                     JABIL CIRCUIT, INC. AND SUBSIDIARIES

                              SUPPLEMENTAL DATA

        RECONCILIATION OF GAAP FINANCIAL RESULTS TO NON-GAAP MEASURES

                                (in thousands)

                                 (Unaudited)

                CALCULATION OF RETURN ON INVESTED CAPITAL AND

                       CORE RETURN ON INVESTED CAPITAL

The Company calculates: (1) its "Return on Invested Capital" by annualizing
its "after-tax GAAP operating income" for its most recently-ended quarter and
dividing that by a two quarter average of its "net invested capital asset
base" and (2) its "Core Return on Invested Capital" by annualizing its
"after-tax non-GAAP core operating income" for its most recently-ended quarter
and dividing that by a two quarter average of its "net invested capital asset
base."

The Company calculates: (1) its "after-tax GAAP operating income" by
subtracting a certain tax effect (the calculation of which is explained below)
from its GAAP operating income and (2) its "after-tax non-GAAP core operating
income" by subtracting a certain tax effect (the calculation of which is
explained below) from its non-GAAP core operating income. See elsewhere in
this earnings release for a reconciliation of the Company's non-GAAP core
operating income to its GAAP operating income.

The Company calculates "net invested capital asset base" as the sum of the
averages (the calculations of which are explained below) of (1) its
stockholders’ equity, (2) the non-current portion of its notes payable,
long-term debt and capital lease obligations and (3) the current portion of
its notes payable, long-term debt and capital lease obligations, less the
average (the calculation of which is explained below) of its cash and cash
equivalents.

The following table reconciles (1) "Return on Invested Capital," as calculated
using "after-tax GAAP operating income" to (2) "Core Return on Invested
Capital," as calculated using "after-tax non-GAAP core operating income":

                                             
                                              Three months      Twelve months

                                              ended             ended

                                              August 31,        August 31,
                                                2013              2013        
Numerator:
Operating income (GAAP)                       $ 88,370          $ 511,438
Tax effect (1)                                  72,217            (16,151    )
After-tax operating income                      160,587           495,287
                                              x4                x1
Annualized after-tax operating income         $ 642,348         $ 495,287     
                                                                 
Core operating income (Non-GAAP)              $ 181,410         $ 721,062
Tax effect (2)                                  (32,134    )      (128,095   )
After-tax core operating income                 149,276           592,967
                                              x4                x1
Annualized after-tax core operating income    $ 597,104         $ 592,967     
                                                                 
Denominator:
Average total Jabil Circuit, Inc.             $ 2,270,437       $ 2,220,172
stockholders’ equity (3)
Average notes payable, long-term debt and
capital lease obligations, less current         1,670,893         1,674,376
installments (3)
Average current installments of notes
payable, long-term debt and capital lease       112,498           116,784
obligations (3)
Average cash and cash equivalents (3)           (1,181,550 )      (1,114,315 )
Net invested capital asset base               $ 2,872,278       $ 2,897,017   
                                                                 
Return on Invested Capital (GAAP)               22.4       %      17.1       %
Adjustments noted above                         (1.6       )%     3.4        %
Core Return on Invested Capital (Non-GAAP)      20.8       %      20.5       %

(1) This amount is calculated by adding the amount of income taxes
attributable to its operating income (GAAP) and its interest expense.

(2) This amount is calculated by adding the amount of income taxes
attributable to its core operating income (Non-GAAP) and its interest expense.

(3) The average is based on the addition of the account balance at the end of
the most recently-ended quarter to the account balance at the end of the prior
quarter for the three months ended August 31, 2013 and dividing by two. The
average is based on the addition of the account balance at the end of the most
recently-ended fiscal year to the account balance at the end of the prior
fiscal year for the twelve months ended August 31, 2013 and dividing by two.

Contact:

Jabil Circuit, Inc.
Investor & Media Contact:
Beth Walters, 727-803-3511
Senior Vice President, Investor Relations & Communications
beth_walters@jabil.com
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