Annual Reports

 
Quarterly Reports

 
8-K

  • 8-K (Sep 16, 2014)
  • 8-K (Jun 17, 2014)
  • 8-K (Apr 14, 2014)
  • 8-K (Mar 18, 2014)
  • 8-K (Jan 29, 2014)
  • 8-K (Dec 12, 2013)

 
Other

Adobe Systems 8-K 2011

Documents found in this filing:

  1. 8-K
  2. Ex-10.1
  3. Ex-10.2
  4. Ex-99.1
  5. Graphic
  6. Graphic

Exhibit 99.1

 

Investor Relations Contact

GRAPHIC

 

Mike Saviage

Adobe Systems Incorporated

408-536-4416

ir@adobe.com

 

Public Relations Contact

 

Jodi Sorensen

Adobe Systems Incorporated

408-536-2084

jsorensen@adobe.com

 

FOR IMMEDIATE RELEASE

 

Adobe Reports Record Quarterly and Annual Revenue

 

Strong Execution Against Digital Media and Digital Marketing Opportunities Drives Q4 and FY2011 Upside

 

SAN JOSE, Calif. — Dec. 15, 2011 Adobe Systems Incorporated (Nasdaq:ADBE) today reported financial results for its fourth quarter and fiscal year ended Dec. 2, 2011.

 

Fourth Quarter Financial Highlights

 

·                  Revenue was $1.152 billion, which exceeded the company’s target range of $1.075 billion to $1.125 billion, and represents 14 percent year-over-year revenue growth.

 

·                  Diluted earnings per share were $0.35 on a GAAP-basis, and $0.67 on a non-GAAP basis.

 

·                  Operating income was $246.1 million, operating margin was 21.4 percent and net income was $173.7 million on a GAAP-basis.  Operating income was $444.5 million, operating margin was 38.6 percent and net income was $332.6 million on a non-GAAP basis.

 

·                  Deferred revenue grew by $47.6 million to $531.7 million.

 

·                  Cash flow from operations was $496.8 million.

 

A reconciliation between GAAP and non-GAAP results is provided at the end of this press release.

 

Fiscal Year 2011 Financial Highlights

 

·                  Adobe achieved revenue of $4.216 billion, compared to $3.800 billion in fiscal 2010.  This represents 11 percent year-over-year growth, and exceeded the company’s target of ten percent growth provided at the outset of the year.

 

·                  GAAP diluted earnings per share for fiscal 2011 were $1.65, compared to $1.47 in fiscal 2010.  Non-GAAP diluted earnings per share for fiscal 2011 were $2.35, compared to $1.93 in fiscal 2010.

 

1



 

·                  Operating income was $1.099 billion, operating margin was 26.1 and net income was $832.8 million on a GAAP-basis.  Operating income was $1.587 billion, operating margin was 37.6 percent and net income was $1.183 billion on a non-GAAP basis.

 

·                  Adobe generated $1.5 billion in cash flow during the year.

 

·                  The company repurchased 21.8 million shares during the year, returning approximately $695 million to stockholders.

 

A reconciliation between GAAP and non-GAAP results is provided at the end of this press release.

 

Executive Quotes

 

“Adobe’s record results in Q4 and fiscal 2011 were driven by strong performance in our digital media and digital marketing businesses,” said Shantanu Narayen, president and CEO of Adobe. “We intend to be the market leader in these two large categories, which will drive strong revenue and earnings growth.”

 

“Our outstanding Q4 finish enabled Adobe to beat the annual revenue growth target we provided at the outset of the year,” said Mark Garrett, executive vice president and CFO of Adobe.  “We also drove $1.5 billion in cash flow during the year, and grew annual non-GAAP earnings per share by 22 percent.”

 

Financial Outlook

 

For the first quarter of fiscal 2012, Adobe is targeting revenue of $1.025 billion to $1.075 billion.  On a diluted earnings per share basis, the company is targeting a range of $0.37 to $0.43 on a GAAP basis, and $0.54 to $0.59 on a non-GAAP basis.

 

Adobe is targeting its share count to be between 500 million and 502 million shares, and it is targeting non-operating expense between $19 million and $22 million.  Adobe’s tax rate is expected to be approximately 23 percent on both a GAAP and non-GAAP basis.

 

For fiscal year 2012, Adobe continues to target annual revenue growth of four to six percent.  On a diluted earnings per share basis, the company is targeting a range of $1.70 to $1.83 on a GAAP basis, and $2.37 to $2.47 on a non-GAAP basis.

 

These targets do not include the impact of Adobe’s expected acquisition of Efficient Frontier, which the company expects to close later in Q1 fiscal 2012.  A reconciliation between GAAP and non-GAAP financial targets is provided at the end of this press release.

 

Forward-Looking Statements Disclosure

 

This press release contains forward-looking statements, including those related to revenue, non-operating expense, tax rate, share count, earnings per share and our ability to align our business to successfully respond to changes in our industry, which involve risks and uncertainties that could cause actual results to differ materially. Factors that might cause or contribute to such differences include, but are not limited to: failure to develop,

 

2



 

market and distribute new products and services or upgrades or enhancements to existing products and services that meet customer requirements, introduction of new products, services and business models by existing and new competitors, failure to successfully manage transitions to new business models and markets, continued uncertainty in economic conditions and the financial markets and other adverse changes in general political or economic conditions in any of the major countries in which Adobe does business, difficulty in predicting revenue from new businesses, failure to realize the anticipated benefits of past or future acquisitions, and difficulty in integrating such acquisitions, costs related to intellectual property acquisitions, disputes and litigation, inability to protect Adobe’s intellectual property from third-party infringers, or unauthorized copying, use or disclosure, security vulnerabilities in our products and systems, interruptions or delays in our service or service from third-party service providers that host or deliver services, security or privacy breaches, or failure in data collection, failure to manage Adobe’s sales and distribution channels and third-party customer service and technical support providers effectively, disruption of Adobe’s business due to catastrophic events, risks associated with global operations, currency fluctuations, risks associated with our debt service obligations, changes in, or interpretations of, accounting principles, impairment of Adobe’s goodwill or amortizable intangible assets, changes in, or interpretations of, tax rules and regulations, Adobe’s inability to attract and retain key personnel, and impairment of Adobe’s investment portfolio due to deterioration of the capital markets. For further discussion of these and other risks and uncertainties, individuals should refer to Adobe’s SEC filings.

 

The financial information set forth in this press release reflects estimates based on information available at this time.  These amounts could differ from actual reported amounts stated in Adobe’s Annual Report on Form 10-K for our fiscal year ended Dec. 2, 2011, which Adobe expects to file in Jan. 2012. Adobe does not undertake an obligation to update forward-looking statements.

 

About Adobe Systems Incorporated

 

Adobe is changing the world through digital experiences. For more information, visit www.adobe.com.

 

###

 

© 2011 Adobe Systems Incorporated. All rights reserved.  Adobe and the Adobe logo are either registered trademarks or trademarks of Adobe Systems Incorporated in the United States and/or other countries. All other trademarks are the property of their respective owners.

 

3



 

Condensed Consolidated Statements of Income

(In thousands, except per share data; unaudited)

 

 

 

Three Months Ended

 

Year Ended

 

 

 

December 2,
2011

 

December 3,
2010

 

December 2,
2011

 

December 3,
2010

 

 

 

 

 

 

 

 

 

 

 

Revenue:

 

 

 

 

 

 

 

 

 

Products

 

$

936,958

 

$

830,867

 

$

3,424,472

 

$

3,159,161

 

Subscription

 

123,374

 

100,387

 

450,645

 

386,805

 

Services and support

 

91,829

 

76,692

 

341,141

 

254,034

 

Total revenue

 

1,152,161

 

1,007,946

 

4,216,258

 

3,800,000

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue:

 

 

 

 

 

 

 

 

 

Products

 

34,048

 

35,151

 

125,640

 

127,453

 

Subscription

 

51,334

 

49,187

 

194,033

 

195,595

 

Services and support

 

30,997

 

22,879

 

118,200

 

80,454

 

Total cost of revenue

 

116,379

 

107,217

 

437,873

 

403,502

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

1,035,782

 

900,729

 

3,778,385

 

3,396,498

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

Research and development

 

195,403

 

170,378

 

738,053

 

680,332

 

Sales and marketing

 

368,330

 

322,708

 

1,385,822

 

1,244,197

 

General and administrative

 

119,586

 

100,323

 

414,605

 

383,499

 

Restructuring and other charges

 

94,502

 

2,193

 

97,773

 

23,266

 

Amortization of purchased intangibles

 

11,830

 

18,184

 

42,833

 

72,130

 

Total operating expenses

 

789,651

 

613,786

 

2,679,086

 

2,403,424

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

246,131

 

286,943

 

1,099,299

 

993,074

 

 

 

 

 

 

 

 

 

 

 

Non-operating income (expense):

 

 

 

 

 

 

 

 

 

Interest and other income (expense), net

 

(1,351

)

11,234

 

(2,974

)

13,139

 

Interest expense

 

(16,774

)

(16,786

)

(66,952

)

(56,952

)

Investment gains (losses), net

 

5,174

 

4,620

 

5,857

 

(6,110

)

Total non-operating income (expense), net

 

(12,951

)

(932

)

(64,069

)

(49,923

)

Income before income taxes

 

233,180

 

286,011

 

1,035,230

 

943,151

 

Provision for income taxes

 

59,461

 

17,161

 

202,383

 

168,471

 

Net income

 

$

173,719

 

$

268,850

 

$

832,847

 

$

774,680

 

 

 

 

 

 

 

 

 

 

 

Basic net income per share

 

$

0.35

 

$

0.53

 

$

1.67

 

$

1.49

 

 

 

 

 

 

 

 

 

 

 

Shares used to compute basic net income per share

 

491,523

 

506,752

 

497,469

 

519,045

 

 

 

 

 

 

 

 

 

 

 

Diluted net income per share

 

$

0.35

 

$

0.53

 

$

1.65

 

$

1.47

 

 

 

 

 

 

 

 

 

 

 

Shares used to compute diluted net income per share

 

496,288

 

511,923

 

503,921

 

525,824

 

 

4



 

Condensed Consolidated Balance Sheets

(In thousands, except par value; unaudited)

 

 

 

December 2,

 

December 3,

 

 

 

2011

 

2010

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

 

$

989,500

 

$

749,891

 

Short-term investments

 

1,922,192

 

1,718,124

 

Trade receivables, net of allowances for doubtful accounts of $15,080 and $15,233, respectively

 

634,373

 

554,328

 

Deferred income taxes

 

91,963

 

83,247

 

Prepaid expenses and other current assets

 

133,423

 

110,460

 

Total current assets

 

3,771,451

 

3,216,050

 

 

 

 

 

 

 

Property and equipment, net

 

527,828

 

448,881

 

Goodwill

 

3,849,217

 

3,641,844

 

Purchased and other intangibles, net

 

545,526

 

528,784

 

Investment in lease receivable

 

207,239

 

207,239

 

Other assets

 

89,922

 

98,350

 

Total assets

 

$

8,991,183

 

$

8,141,148

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Trade payables

 

$

86,660

 

$

52,432

 

Accrued expenses

 

554,941

 

564,275

 

Capital lease obligations

 

9,212

 

8,799

 

Accrued restructuring

 

80,930

 

8,119

 

Income taxes payable

 

42,634

 

53,715

 

Deferred revenue

 

476,402

 

380,748

 

Total current liabilities

 

1,250,779

 

1,068,088

 

 

 

 

 

 

 

Long-term liabilities:

 

 

 

 

 

Debt and capital lease obligations

 

1,505,096

 

1,513,662

 

Deferred revenue

 

55,303

 

48,929

 

Accrued restructuring

 

7,449

 

8,254

 

Income taxes payable

 

156,958

 

164,713

 

Deferred income taxes

 

181,602

 

103,098

 

Other liabilities

 

50,883

 

42,017

 

Total liabilities

 

3,208,070

 

2,948,761

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

Preferred stock, $0.0001 par value; 2,000 shares authorized

 

 

 

Common stock, $0.0001 par value

 

61

 

61

 

Additional paid-in-capital

 

2,753,896

 

2,458,278

 

Retained earnings

 

6,528,735

 

5,980,914

 

Accumulated other comprehensive income

 

29,950

 

17,428

 

Treasury stock, at cost (109,294 and 98,937 shares, respectively), net of re-issuances

 

(3,529,529

)

(3,264,294

)

Total stockholders’ equity

 

5,783,113

 

5,192,387

 

Total liabilities and stockholders’ equity

 

$

8,991,183

 

$

8,141,148

 

 

5



 

Condensed Consolidated Statements of Cash Flows

(In thousands; unaudited)

 

 

 

Three Months Ended

 

 

 

December 2,
2011

 

December 3,
2010

 

Cash flows from operating activities:

 

 

 

 

 

Net income

 

$

173,719

 

$

268,850

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

Depreciation, amortization and accretion

 

73,290

 

76,097

 

Stock-based compensation expense

 

72,527

 

23,703

 

Unrealized investment (gains) losses

 

(5,811

)

2,751

 

Changes in deferred revenue

 

47,399

 

5,590

 

Changes in other operating assets and liabilities

 

135,629

 

(66,370

)

 

 

 

 

 

 

Net cash provided by operating activities

 

496,753

 

310,621

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

Sales and maturities of short-term investments, net of purchases

 

18,826

 

34,326

 

Purchases of property and equipment

 

(74,897

)

(55,427

)

(Purchases) sales of long-term investments, intangibles and other assets, net

 

(51,684

)

11,378

 

Business acquisitions, net of cash

 

(151,925

)

(193,281

)

 

 

 

 

 

 

Net cash used for investing activities

 

(259,680

)

(203,004

)

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

Purchases of treasury stock

 

 

(200,000

)

Re-issuance of treasury stock

 

1,191

 

9,628

 

Repayment of debt

 

(2,243

)

(2,148

)

Excess tax benefits from stock-based compensation

 

853

 

6,258

 

 

 

 

 

 

 

Net cash used for financing activities

 

(199

)

(186,262

)

 

 

 

 

 

 

Effect of exchange rate changes on cash and cash equivalents

 

(16,586

)

14,387

 

Net increase (decrease) in cash and cash equivalents

 

220,288

 

(64,258

)

Cash and cash equivalents at beginning of period

 

769,212

 

814,149

 

Cash and cash equivalents at end of period

 

$

989,500

 

$

749,891

 

 

6



 

Non-GAAP Results

(In thousands, except per share data)

 

The following tables show Adobe’s GAAP results reconciled to non-GAAP results included in this release.

 

 

 

Three Months Ended

 

Year Ended

 

 

 

December 2,
2011

 

December 3,
2010

 

September 2,
2011

 

December 2,
2011

 

December 3,
2010

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP operating income

 

$

246,131

 

$

286,943

 

$

274,110

 

$

1,099,299

 

$

993,074

 

Stock-based and deferred compensation expense

 

75,450

 

59,736

 

64,115

 

286,048

 

234,311

 

Restructuring and other charges

 

94,502

 

2,193

 

3,816

 

97,773

 

23,266

 

Amortization of purchased intangibles

 

28,444

 

35,082

 

24,103

 

104,005

 

142,020

 

Non-GAAP operating income

 

$

444,527

 

$

383,954

 

$

366,144

 

$

1,587,125

 

$

1,392,671

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP net income

 

$

173,719

 

$

268,850

 

$

195,101

 

$

832,847

 

$

774,680

 

Stock-based and deferred compensation expense

 

75,450

 

59,736

 

64,115

 

286,048

 

234,311

 

Restructuring and other charges

 

94,502

 

2,193

 

3,816

 

97,773

 

23,266

 

Amortization of purchased intangibles

 

28,444

 

35,082

 

24,103

 

104,005

 

142,020

 

Resolution of an income tax audit

 

 

(39,574

)

 

 

(39,574

)

Investment (gains) losses

 

(5,174

)

(4,620

)

993

 

(5,857

)

6,110

 

Income tax adjustments

 

(34,347

)

(35,973

)

(15,326

)

(131,400

)

(125,276

)

Non-GAAP net income

 

$

332,594

 

$

285,694

 

$

272,802

 

$

1,183,416

 

$

1,015,537

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP diluted net income per share

 

$

0.35

 

$

0.53

 

$

0.39

 

$

1.65

 

$

1.47

 

Stock-based and deferred compensation expense

 

0.15

 

0.12

 

0.13

 

0.57

 

0.45

 

Restructuring and other charges

 

0.19

 

 

0.01

 

0.19

 

0.04

 

Amortization of purchased intangibles

 

0.06

 

0.07

 

0.05

 

0.21

 

0.27

 

Resolution of an income tax audit

 

 

(0.08

)

 

 

(0.08

)

Investment (gains) losses

 

(0.01

)

(0.01

)

 

(0.01

)

0.01

 

Income tax adjustments

 

(0.07

)

(0.07

)

(0.03

)

(0.26

)

(0.23

)

Non-GAAP diluted net income per share

 

$

0.67

 

$

0.56

 

$

0.55

 

$

2.35

 

$

1.93

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares used in computing diluted net income per share

 

496,288

 

511,923

 

498,741

 

503,921

 

525,824

 

 

7



 

Non-GAAP Results (continued)

(In thousands, except percentages)

 

 

 

Three Months Ended

 

Year Ended

 

 

 

December 2,
2011

 

December 3,
2010

 

September 2,
2011

 

December 2,
2011

 

December 3,
2010

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP operating expenses

 

$

789,651

 

$

613,786

 

$

634,448

 

$

2,679,086

 

$

2,403,424

 

Stock-based and deferred compensation expense

 

(71,435

)

(58,373

)

(60,195

)

(270,268

)

(229,308

)

Restructuring and other charges

 

(94,502

)

(2,193

)

(3,816

)

(97,773

)

(23,266

)

Amortization of purchased intangibles

 

(11,830

)

(18,184

)

(10,376

)

(42,833

)

(72,130

)

Non-GAAP operating expenses

 

$

611,884

 

$

535,036

 

$

560,061

 

$

2,268,212

 

$

2,078,720

 

 

 

 

Three Months Ended

 

Year Ended

 

 

 

December 2,
2011

 

December 3,
2010

 

September 2,
2011

 

December 2,
2011

 

December 3,
2010

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating margin:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP operating margin

 

21.4

%

28.5

%

27.1

%

26.1

%

26.1

%

Stock-based and deferred compensation expense

 

6.5

 

5.9

 

6.3

 

6.8

 

6.2

 

Restructuring and other charges

 

8.2

 

0.2

 

0.4

 

2.3

 

0.6

 

Amortization of purchased intangibles

 

2.5

 

3.5

 

2.3

 

2.4

 

3.7

 

Non-GAAP operating margin

 

38.6

%

38.1

%

36.1

%

37.6

%

36.6

%

 

 

 

Three Months
Ended

 

 

 

December 2,
2011

 

Effective income tax rate:

 

 

 

 

 

 

 

GAAP effective income tax rate

 

25.5

%

One-time charges related to acquisitions

 

(3.5

)

Non-GAAP effective income tax rate

 

22.0

%

 

8



 

Non-GAAP Financial Targets

(In millions, except per share data)

 

The following tables show Adobe’s first quarter and fiscal year 2012 GAAP financial targets reconciled to non-GAAP financial targets included in this release.

 

 

 

First Quarter
Fiscal 2012

 

 

 

Low

 

High

 

Diluted net income per share:

 

 

 

 

 

 

 

 

 

 

 

GAAP diluted net income per share

 

$

0.37

 

$

0.43

 

Stock-based and deferred compensation expense

 

0.14

 

0.13

 

Restructuring and other charges

 

0.03

 

0.03

 

Amortization of purchased intangibles

 

0.05

 

0.05

 

Income tax adjustments

 

(0.05

)

(0.05

)

Non-GAAP diluted net income per share

 

$

0.54

 

$

0.59

 

 

 

 

 

 

 

Shares used to compute diluted net income per share

 

502.0

 

500.0

 

 

 

 

Fiscal 2012

 

 

 

Low

 

High

 

Diluted net income per share:

 

 

 

 

 

 

 

 

 

 

 

GAAP diluted net income per share

 

$

1.70

 

$

1.83

 

Stock-based and deferred compensation expense

 

0.62

 

0.59

 

Restructuring and other charges

 

0.05

 

0.04

 

Amortization of purchased intangibles

 

0.20

 

0.20

 

Income tax adjustments

 

(0.20

)

(0.19

)

Non-GAAP diluted net income per share

 

$

2.37

 

$

2.47

 

 

 

 

 

 

 

Shares used to compute diluted net income per share

 

504.0

 

500.0

 

 

Adobe continues to provide all information required in accordance with GAAP, but believes evaluating its ongoing operating results may not be as useful if an investor is limited to reviewing only GAAP financial measures.  Accordingly, Adobe uses non-GAAP financial information to evaluate its ongoing operations and for internal planning and forecasting purposes.  Adobe’s management does not itself, nor does it suggest that investors should, consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.  Adobe presents such non-GAAP financial measures in reporting its financial results to provide investors with an additional tool to evaluate Adobe’s operating results in a manner that focuses on what Adobe believes to be its ongoing business operations.  Adobe’s management believes it is useful for itself and investors to review, as applicable,  both GAAP information that includes the stock-based and deferred compensation expenses, restructuring and other charges, amortization of purchased intangibles, resolution of an income tax audit, investment gains and losses and the related tax impact of all of these items, income tax adjustments, the income tax effect of the non-GAAP pre-tax adjustments from the provision for income taxes, and the non-GAAP measures that exclude such information in order to assess the performance of Adobe’s business and for planning and forecasting in subsequent periods.  Whenever Adobe uses such a non-GAAP financial measure, it provides a reconciliation of the non-GAAP financial measure to the most closely applicable GAAP financial measure.  Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measure as detailed above.

 

9


Wikinvest © 2006, 2007, 2008, 2009, 2010, 2011, 2012. Use of this site is subject to express Terms of Service, Privacy Policy, and Disclaimer. By continuing past this page, you agree to abide by these terms. Any information provided by Wikinvest, including but not limited to company data, competitors, business analysis, market share, sales revenues and other operating metrics, earnings call analysis, conference call transcripts, industry information, or price targets should not be construed as research, trading tips or recommendations, or investment advice and is provided with no warrants as to its accuracy. Stock market data, including US and International equity symbols, stock quotes, share prices, earnings ratios, and other fundamental data is provided by data partners. Stock market quotes delayed at least 15 minutes for NASDAQ, 20 mins for NYSE and AMEX. Market data by Xignite. See data providers for more details. Company names, products, services and branding cited herein may be trademarks or registered trademarks of their respective owners. The use of trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, is sponsored by, endorses, or is endorsed by Wikinvest.
Powered by MediaWiki