Exhibit 99.1
|
| | | |
| Contacts: | Debbie O'Brien | | Stephanie Wakefield |
| | Corporate Communications | | Investor Relations |
| | + 1 650 385 5735 | | + 1 650 385 5261 |
| | dobrien@informatica.com | | swakefield@informatica.com |
INFORMATICA REPORTS SECOND QUARTER RESULTS
•Total revenues of $190.5 million
•GAAP earnings per diluted share of $0.18 and non-GAAP earnings per diluted share of $0.29
•Deferred revenues of $236.7 million, up $2.0 million sequentially and up $40.5 million year over year
•First half 2012 total revenues of $386.5 million, up 7 percent year-over-year
REDWOOD CITY, Calif., July 26, 2012 - Informatica Corporation (Nasdaq:INFA), the world's number one independent provider of data integration software, today announced financial results for the second quarter ended June 30, 2012.
“Our focus in the second half of 2012 is to address the operational challenges we faced in the second quarter, in these times of macroeconomic uncertainty,” said Sohaib Abbasi, chairman and chief executive officer, Informatica. “Our long-term conviction is based on increasing customer demand and the growing role of the Informatica Platform for the next generation analytics platform, big data and cloud computing.”
Financial Highlights for the Second Quarter Ended June 30, 2012
Total revenues for the second quarter of 2012 were $190.5 million, compared to $192.7 million in the second quarter of 2011. License revenues were $70.9 million, compared to $86.3 million in the second quarter of 2011.
Income from operations for the second quarter, calculated in accordance with U.S. generally accepted accounting principles (GAAP), was $28.2 million, compared to $36.2 million in the second quarter of 2011.
GAAP net income for the second quarter of 2012 was $20.1 million, compared to $26.2 million in the second quarter of 2011, and GAAP net income per diluted share was $0.18, compared to $0.23 per diluted share in the second quarter of 2011.
Non-GAAP income from operations for the second quarter of 2012 was $45.9 million, compared to $52.5 million in the second quarter of 2011. Non-GAAP net income for the second quarter of 2012 was $32.4 million, compared to $37.7 million in the second quarter of 2011 and non-GAAP net income per diluted share was $0.29, compared to $0.33 per diluted share in the second quarter of 2011. Non-GAAP income from operations and non-GAAP net income exclude charges and tax benefits related to the amortization of acquired technology and intangible assets, facilities acquisition-related adjustments and share-
based compensation. A reconciliation of GAAP results to non-GAAP results is included below.
For the six month period ended June 30, 2012, revenues were $386.5 million, up from the $360.8 million recorded for the first six months of 2011. License revenues for the first six months of 2012 were $151.0 million, compared to $157.8 million in the first six months of 2011. Income from operations for the first six months of 2012, calculated in accordance with GAAP, was $66.2 million, compared to $68.1 million in the first six months of 2011. GAAP net income for the first six months of 2012 was $46.6 million, compared to $48.1 million in the first six months of 2011, and GAAP net income per diluted share was $0.41, compared to $0.43 per diluted share in the first six months of 2011. Non-GAAP income from operations for the first six months of 2012 was $102.5 million, up from $97.1 million in the first six months of 2011. Non-GAAP net income for the first six months of 2012 was $72.0 million, up from $68.6 million in the first six months of 2011 and non-GAAP net income per diluted share was $0.64, up from $0.62 per diluted share.
For the six months ended June 30, 2011, earnings per diluted share was calculated on an “if converted” basis, including the add-back of $0.8 million, of interest and convertible notes issuance cost amortization, net of applicable income taxes until the redemption of the convertible notes on March 18, 2011.
Additional Highlights Achieved Since April 2012:
| |
| • | Announced appointment of executive vice president, Worldwide Field Operations. A seasoned industry veteran with a strong track record for leading global, high-growth sales organizations, John T. McGee joined Informatica as executive vice president of Worldwide Field Operations. McGee is responsible for leading Informatica's worldwide field organization to scale to the next level. |
| |
| • | Appointed Amy Chang to Board of Directors. As Global Head of Product, Google Analytics, Chang brings a broad range of technology experience at Google, eBay and McKinsey & Company to the Informatica Board of Directors. During her time at Google, Chang has advanced Google Analytics to become one of the most prominent platforms for the office of the CMO to leverage search, social and mobile data. |
| |
| • | Announced Informatica 9.5 Platform and Informatica 9.5 Platform for Hadoop. Informatica 9.5 Platform empowers organizations to realize the promise of big data to gain business advantage. Informatica 9.5 Platform for Hadoop will offer interoperability, productivity and manageability that in turn will facilitate the mainstream adoption of Hadoop. |
| |
| • | Released Informatica MDM 9.5. The latest version of Informatica's MDM solution provides capabilities in master data management for social media, Cloud, mobile computing and big data. Key elements include the social customer master and the master data timeline for effective date versioning. |
| |
| • | Introduced new Informatica Cloud Connector for Google Cloud. Extending its Informatica Cloud integration Platform-as-a-Service (iPaaS), Informatica customers can now securely move data to and from Google Cloud services such as Google Cloud Storage and Google BigQuery. |
| |
| • | Announced Informatica Cloud Spring 2012. The latest release of Informatica's Cloud integration Platform-as-a-Service includes a Cloud Connector Toolkit, Cloud Integration Templates and enterprise features. |
| |
| • | Launched HParser on Amazon Elastic MapReduce. Informatica HParser leverages the power of the Hadoop framework on Amazon EMR and provides customers with immediate access to data parsing, hierarchical data mapping and transformation tools. |
| |
| • | Attendance up 35 percent at twelfth user conference. Informatica World 2012 showcased technology for customers to maximize return on big data. |
| |
| • | Expanded partnership with NEC. NEC announced availability of new data migration services, leveraging Informatica PowerCenter, to improve its system construction services to the Japanese market. |
| |
| • | Announced $100 million increase to stock repurchase program. On July 5, 2012, Informatica's Board of Directors added $100 million to augment the existing authorization under the company's common stock repurchase program. With this increase, Informatica has approximately $147 million available for common stock repurchases. |
Conference Call and Webcast
Informatica will discuss its second quarter 2012 results on a conference call today beginning at 2:00 p.m. PDT. A live webcast of the conference call will be available at http://www.informatica.com/investor. A replay of the call will also be available by dialing 404-537-3406, reservation number 69298881.
About Informatica
Informatica Corporation (Nasdaq:INFA) is the world's number one independent provider of data integration software. Organizations around the world rely on Informatica for maximizing return on data to drive their top business imperatives. Worldwide, nearly 5,000 enterprises depend on Informatica to fully leverage their information assets residing on-premise, in the Cloud and across social networks. For more information, call +1 650-385-5000 (1-800-653-3871 in the U.S.), or visit www.informatica.com.
Non-GAAP Financial Information
To supplement Informatica's condensed consolidated financial statements prepared and presented on a GAAP basis, Informatica uses non-GAAP financial measures of income from operations, net income and net income per share. These measures are adjusted from income from operations, net income or net income per share prepared in accordance with GAAP to exclude the charges and expenses discussed above. The presentation of these non-GAAP financial measures are not meant to be considered in isolation or as a substitute for, or superior to, income from operations, net income or net income per share prepared in accordance with GAAP.
Informatica believes the disclosure of such non-GAAP financial measures is appropriate to enhance an overall understanding of its financial performance, its financial and operational decision making, and as a means to evaluate period to period comparisons. These adjustments to the Company's GAAP results are made with the intent of providing both management and investors a more complete understanding of Informatica's performance, by excluding certain expenses and expenditures such as non-cash charges and discrete charges that are infrequent in nature, such as charges related to acquisitions, that may not be indicative of its underlying operating results. In addition, Informatica believes these non-GAAP financial measures are useful to investors because they allow for greater transparency into the indicators used by management as a basis for its financial and operational decision making. Informatica believes that the disclosure of these non-GAAP financial measures provides consistency and comparability of its recent financial results with its historical financial results, as well as to the operating results of similar companies in Informatica's industry, many of which present similar non-GAAP financial measures to investors. As an example, Informatica believes that it enhances comparability with similar companies' operating results by excluding stock compensation in its non-GAAP financial measures because of the different types of stock-based awards that companies may grant and because ASC 718 (“Stock Compensation”) allows companies to use different valuation methodologies and subjective assumptions. In addition, Informatica believes that both management and investors benefit from referring to these non-GAAP financial measures when planning, analyzing and forecasting future periods. There are a number of limitations related to these
non-GAAP financial measures: (1) the non-GAAP measures exclude some costs that are recurring, particularly stock compensation, and we believe that stock compensation will continue to be a significant recurring expense for the foreseeable future; because stock compensation is an important part of our employees' compensation, such payments can impact their performance; and (2) the items we exclude in our non-GAAP measures may differ from the components our peer companies exclude when they report their non-GAAP measures. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP measures and evaluating non-GAAP measures together with the corresponding measures calculated in accordance with GAAP.
Forward Looking Statements
This press release contains forward-looking statements, including those relating to increasing customer demand and the growing role of Informatica's platform. Such statements involve risks and uncertainties and actual results may differ materially from the results described in this press release. The potential risks and uncertainties that could cause actual results to differ include, among others, risks related to competition with larger companies that have longer operating histories or greater financial, technical, marketing and other resources; and uncertainty in the state of IT spending and the growth of the market for data integration solutions in general. Additional risks and uncertainties are included under the caption “Risk Factors” in Informatica's Quarterly Report on Form 10-Q for the quarter ended March 31, 2012, which has been filed with the SEC and is available on our investor relations website at http://www.informatica.com. All information provided in this release is as of July 26, 2012 and Informatica undertakes no duty to update this information.
###
Note: Informatica, PowerCenter, Informatica Platform, Informatica Platform for Hadoop, Informatica MDM, Informatica Cloud, Informatica Cloud Connector and Informatica HParser are trademarks or registered trademarks of Informatica Corporation in the United States and in jurisdictions throughout the world. All other company and product names may be trade names or trademarks of their respective owners.
INFORMATICA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
(unaudited) |
| | | | | | | | | | | | | | | |
| | Three Months Ended
June 30, | | Six Months Ended
June 30, |
| | 2012 | | 2011 | | 2012 | | 2011 |
| Revenues: | | | | | | | |
| License | $ | 70,936 |
| | $ | 86,343 |
| | $ | 151,044 |
| | $ | 157,844 |
|
| Service | 119,556 |
| | 106,384 |
| | 235,468 |
| | 202,915 |
|
| Total revenues | 190,492 |
| | 192,727 |
| | 386,512 |
| | 360,759 |
|
| Cost of revenues: | |
| | |
| | | | |
| License | 1,183 |
| | 1,217 |
| | 2,285 |
| | 2,658 |
|
| Service | 31,653 |
| | 29,365 |
| | 62,109 |
| | 56,679 |
|
| Amortization of acquired technology | 5,361 |
| | 4,885 |
| | 10,992 |
| | 9,178 |
|
| Total cost of revenues | 38,197 |
| | 35,467 |
| | 75,386 |
| | 68,515 |
|
| Gross profit | 152,295 |
| | 157,260 |
| | 311,126 |
| | 292,244 |
|
| Operating expenses: | |
| | |
| | | | |
| Research and development | 34,791 |
| | 32,929 |
| | 69,563 |
| | 63,516 |
|
| Sales and marketing | 72,667 |
| | 70,943 |
| | 140,376 |
| | 130,525 |
|
| General and administrative | 14,992 |
| | 13,953 |
| | 30,677 |
| | 25,991 |
|
| Amortization of intangible assets | 1,576 |
| | 1,992 |
| | 3,228 |
| | 4,073 |
|
| Facilities restructuring and facility lease termination costs, net | — |
| | 476 |
| | 710 |
| | 986 |
|
| Acquisitions and other charges (benefit) | 67 |
| | 780 |
| | 353 |
| | (922 | ) |
| Total operating expenses | 124,093 |
| | 121,073 |
| | 244,907 |
| | 224,169 |
|
| Income from operations | 28,202 |
| | 36,187 |
| | 66,219 |
| | 68,075 |
|
| Interest and other income (expense), net | 680 |
| | 425 |
| | 1,378 |
| | (1,192 | ) |
| Income before income taxes | 28,882 |
| | 36,612 |
| | 67,597 |
|
| 66,883 |
|
| Income tax provision | 8,796 |
| | 10,402 |
| | 20,982 |
| | 18,764 |
|
| Net income | $ | 20,086 |
| | $ | 26,210 |
| | $ | 46,615 |
| | $ | 48,119 |
|
| Basic net income per common share | $ | 0.19 |
| | $ | 0.25 |
| | $ | 0.43 |
| | $ | 0.47 |
|
| Diluted net income per common share (1) | $ | 0.18 |
| | $ | 0.23 |
| | $ | 0.41 |
| | $ | 0.43 |
|
| Shares used in computing basic net income per common share | 108,245 |
| | 106,014 |
| | 107,889 |
| | 101,458 |
|
| Shares used in computing diluted net income per common share | 113,027 |
| | 113,148 |
| | 112,888 |
| | 112,755 |
|
____________________
| |
| (1) | Diluted EPS is calculated under the "if converted" method for the six months ended June 30, 2011. This includes the add-back of interest and convertible notes issuance cost amortization, net of applicable income taxes of $0.8 million for the six months ended June 30, 2011. |
INFORMATICA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
|
| | | | | | | |
| | June 30,
2012 | | December 31,
2011 |
| | (unaudited) | | |
| Assets | | | |
| Current assets: | | | |
| Cash and cash equivalents | $ | 253,322 |
| | $ | 316,835 |
|
| Short-term investments | 311,957 |
| | 285,579 |
|
| Accounts receivable, net of allowances of $3,912 and $4,001, respectively | 140,510 |
| | 176,066 |
|
| Deferred tax assets | 21,137 |
| | 21,591 |
|
| Prepaid expenses and other current assets | 36,794 |
| | 23,206 |
|
| Total current assets | 763,720 |
| | 823,277 |
|
| Property and equipment, net | 145,225 |
| | 16,025 |
|
| Goodwill and intangible assets, net | 482,040 |
| | 497,058 |
|
| Long-term deferred tax assets | 24,384 |
| | 23,037 |
|
| Other assets | 5,294 |
| | 21,351 |
|
| Total assets | $ | 1,420,663 |
| | $ | 1,380,748 |
|
| Liabilities and Stockholders’ Equity | | | |
| Current liabilities: | |
| | |
|
| Accounts payable and other current liabilities | $ | 103,009 |
| | $ | 126,448 |
|
| Income taxes payable | — |
| | 1,178 |
|
| Accrued facilities restructuring charges | — |
| | 17,751 |
|
| Deferred revenues | 226,797 |
| | 208,039 |
|
| Total current liabilities | 329,806 |
| | 353,416 |
|
| Accrued facilities restructuring charges, less current portion | — |
| | 5,543 |
|
| Long-term deferred revenues | 9,880 |
| | 6,573 |
|
| Long-term income taxes payable | 19,304 |
| | 16,709 |
|
| Other liabilities | 3,152 |
| | 6,304 |
|
| Stockholders’ equity | 1,058,521 |
| | 992,203 |
|
| Total liabilities and stockholders’ equity | $ | 1,420,663 |
| | $ | 1,380,748 |
|
INFORMATICA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
|
| | | | | | | |
| | Six Months Ended
June 30, |
| | 2012 | | 2011 |
| Operating activities: | | | |
| Net income | $ | 46,615 |
| | $ | 48,119 |
|
| Adjustments to reconcile net income to net cash provided by operating activities: | | | |
|
| Depreciation and amortization | 5,458 |
| | 2,799 |
|
| Recovery of doubtful accounts | (78 | ) | | (499 | ) |
| Gain on sale of investment in equity interest | (125 | ) | | — |
|
| Share-based compensation | 20,627 |
| | 15,667 |
|
| Deferred income taxes | (930 | ) | | (1,197 | ) |
| Tax benefits from share-based compensation | 10,325 |
| | 15,421 |
|
| Excess tax benefits from share-based compensation | (10,037 | ) | | (15,172 | ) |
| Amortization of intangible assets and acquired technology | 14,220 |
| | 13,251 |
|
| Settlement of lease obligations | 585 |
| | — |
|
| Non-cash facilities restructuring charges | 125 |
| | 986 |
|
| Other non-cash items | 353 |
| | (1,702 | ) |
| Changes in operating assets and liabilities: | | | |
| Accounts receivable | 35,634 |
| | 22,905 |
|
| Prepaid expenses and other assets | 11,888 |
| | (8,975 | ) |
| Accounts payable and accrued liabilities | (26,097 | ) | | (8,675 | ) |
| Income taxes payable | (9,074 | ) | | 65 |
|
| Accrued facilities restructuring charges | (23,977 | ) | | (7,014 | ) |
| Deferred revenues | 22,065 |
| | 16,545 |
|
| Net cash provided by operating activities | 97,577 |
| | 92,524 |
|
| Investing activities: | | | |
| Purchases of property and equipment | (134,847 | ) | | (2,377 | ) |
| Purchases of investments | (121,818 | ) | | (191,895 | ) |
| Purchase of investment in equity interest | (103 | ) | | (164 | ) |
| Sale of investment in equity interest | 125 |
| | — |
|
| Maturities and sales of investments | 96,287 |
| | 162,947 |
|
| Business acquisitions, net of cash acquired | — |
| | (24,085 | ) |
| Net cash used in investing activities | (160,356 | ) | | (55,574 | ) |
| Financing activities: | | | |
| Net proceeds from issuance of common stock | 27,177 |
| | 30,519 |
|
| Repurchases and retirement of common stock | (29,652 | ) | | (19,638 | ) |
| Redemption of convertible senior notes | — |
| | (4 | ) |
| Withholding taxes related to restricted stock units net share settlement | (5,950 | ) | | (5,256 | ) |
| Excess tax benefits from share-based compensation | 10,037 |
| | 15,172 |
|
| Net cash provided by financing activities | 1,612 |
| | 20,793 |
|
| Effect of foreign exchange rate changes on cash and cash equivalents | (2,346 | ) | | 6,398 |
|
| Net increase (decrease) in cash and cash equivalents | (63,513 | ) | | 64,141 |
|
| Cash and cash equivalents at beginning of period | 316,835 |
| | 208,899 |
|
| Cash and cash equivalents at end of period | $ | 253,322 |
| | $ | 273,040 |
|
INFORMATICA CORPORATION
GAAP TO NON-GAAP RESULTS
(in thousands, except per share data)
(unaudited)
|
| | | | | | | | | | | | | | | | |
| | | Three Months Ended
June 30, | | Six Months Ended
June 30, |
| | | 2012 | | 2011 | | 2012 | | 2011 |
| Total revenues | $ | 190,492 |
| | $ | 192,727 |
| | $ | 386,512 |
| | $ | 360,759 |
|
| | | | | | | | | |
| Operating income: | | | | | | | |
| | | | | | | | | |
| GAAP operating income | $ | 28,202 |
| | $ | 36,187 |
| | $ | 66,219 |
| | $ | 68,075 |
|
| | | | | | | | | |
| Percentage of GAAP operating income to total revenues | 15 | % | | 19 | % | | 17 | % | | 19 | % |
| | | | | | | | | |
| Plus: | | | | | | | | |
| | Amortization of acquired technology - Cost of revenues | 5,361 |
| | 4,885 |
| | 10,992 |
| | 9,178 |
|
| | Amortization of intangible assets - Operating expenses | 1,576 |
| | 1,992 |
| | 3,228 |
| | 4,073 |
|
| | Facilities restructuring and facility lease termination costs, net - Operating expenses | — |
| | 476 |
| | 710 |
| | 986 |
|
| | Building operating expense - Operating expenses (1) | 645 |
| | — |
| | 355 |
| | — |
|
| | Acquisitions and other charges (benefit) - Operating expenses | 67 |
| | 780 |
| | 353 |
| | (922 | ) |
| | Share-based compensation - Cost of revenues | 1,023 |
| | 861 |
| | 2,110 |
| | 1,725 |
|
| | Share-based compensation - Research and development | 3,478 |
| | 2,654 |
| | 6,963 |
| | 5,053 |
|
| | Share-based compensation - Sales and marketing | 3,141 |
| | 2,478 |
| | 6,479 |
| | 4,887 |
|
| | Share-based compensation - General and administrative | 2,367 |
| | 2,162 |
| | 5,075 |
| | 4,002 |
|
| Non-GAAP operating income | $ | 45,860 |
| | $ | 52,475 |
| | $ | 102,484 |
| | $ | 97,057 |
|
| | | | | | | | | |
| Percentage of Non-GAAP operating income to total revenues | 24 | % | | 27 | % | | 27 | % | | 27 | % |
| | | | | | | | | |
| Net income: | | | | | | | |
| | | | | | | | | |
| GAAP net income | $ | 20,086 |
| | $ | 26,210 |
| | $ | 46,615 |
| | $ | 48,119 |
|
| | | | | | | | | |
| Plus: | | | | | | | | |
| | Amortization of acquired technology - Cost of revenues | 5,361 |
| | 4,885 |
| | 10,992 |
| | 9,178 |
|
| | Amortization of intangible assets - Operating expenses | 1,576 |
| | 1,992 |
| | 3,228 |
| | 4,073 |
|
| | Facilities restructuring and facility lease termination costs, net - Operating expenses | — |
| | 476 |
| | 710 |
| | 986 |
|
| | Building operating expense - Operating expenses (1) | 645 |
| | — |
| | 355 |
| | — |
|
| | Acquisitions and other charges (benefit) - Operating expenses | 67 |
| | 780 |
| | 353 |
| | (922 | ) |
| | Share-based compensation - Cost of revenues | 1,023 |
| | 861 |
| | 2,110 |
| | 1,725 |
|
| | Share-based compensation - Research and development | 3,478 |
| | 2,654 |
| | 6,963 |
| | 5,053 |
|
| | Share-based compensation - Sales and marketing | 3,141 |
| | 2,478 |
| | 6,479 |
| | 4,887 |
|
| | Share-based compensation - General and administrative | 2,367 |
| | 2,162 |
| | 5,075 |
| | 4,002 |
|
| | Income tax adjustments | (5,320 | ) | | (4,792 | ) | | (10,928 | ) | | (8,469 | ) |
| Non-GAAP net income | $ | 32,424 |
| | $ | 37,706 |
| | $ | 71,952 |
| | $ | 68,632 |
|
INFORMATICA CORPORATION
GAAP TO NON-GAAP RESULTS
(in thousands, except per share data)
(unaudited)
|
| | | | | | | | | | | | | | | | |
| | | Three Months Ended
June 30, | | Six Months Ended
June 30, |
| | | 2012 | | 2011 | | 2012 | | 2011 |
Diluted net income per share: (2) | | | | | | | |
| | | | | | | | | |
| Diluted GAAP net income per share | $ | 0.18 |
| | $ | 0.23 |
| | $ | 0.41 |
| | $ | 0.43 |
|
| Plus: | | | | | | | | |
| | Amortization of acquired technology | 0.05 |
| | 0.04 |
| | 0.10 |
| | 0.08 |
|
| | Amortization of intangible assets | 0.01 |
| | 0.02 |
| | 0.03 |
| | 0.04 |
|
| | Facilities restructuring and facility lease termination costs, net | — |
| | — |
| | 0.01 |
| | 0.01 |
|
| | Building operating expense (1) | 0.01 |
| | — |
| | — |
| | — |
|
| | Acquisitions and other charges (benefit) | — |
| | 0.01 |
| | — |
| | (0.01 | ) |
| | Share-based compensation | 0.09 |
| | 0.07 |
| | 0.19 |
| | 0.14 |
|
| | Income tax adjustments | (0.05 | ) | | (0.04 | ) | | (0.10 | ) | | (0.07 | ) |
| Diluted Non-GAAP net income per share | $ | 0.29 |
| | $ | 0.33 |
| | $ | 0.64 |
| | $ | 0.62 |
|
| | | | | | | | | |
| Shares used in computing diluted Non-GAAP net income per share | 113,027 |
| | 113,148 |
| | 112,888 |
| | 112,755 |
|
________________
| |
| (1) | Represents expense from operating future headquarters buildings purchased in February 2012 prior to expected occupancy by Informatica, which the Company previously reported in periods prior to the acquisition as a part of the “Facilities restructuring charges (benefit) - Operating expenses.” |
| |
| (2) | Diluted EPS is calculated under the "if converted" method for the six months ended June 30, 2011. This includes the add-back of interest and convertible notes issuance cost amortization, net of applicable income taxes of $0.8 million for the six months ended June 30, 2011. |
