Market Overview

Keysight Technologies Reports Third Quarter 2018 Results

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Record Revenue and Earnings Exceed Guidance

Keysight Technologies, Inc. (NYSE:KEYS) today reported financial
results for the third fiscal quarter of 2018 ended July 31, 2018.

"We delivered another excellent quarter with record Q3 orders of $1
billion and record revenue of $1 billion, and we are raising our core
revenue outlook for the year. Third quarter GAAP revenue growth of 21
percent, or 15 percent on a non-GAAP core basis, was driven by
broad-based order strength for our differentiated solutions as customers
accelerate development in our key focus areas including 5G, automotive &
energy and aerospace & defense," said Ron Nersesian, Keysight president
and CEO.

Third Quarter Financial Summary

  • GAAP revenue grew 21 percent to reach $1,004 million, when compared
    with $832 million last year. Non-GAAP revenue, which excludes the
    impact of fair value adjustments to acquisition-related deferred
    revenue balances, grew 17 percent to reach $1,008 million. Non-GAAP
    core revenue, which also excludes the impact of foreign currency
    changes and revenue associated with businesses acquired or divested
    within the last twelve months, increased 15 percent.
  • GAAP net income was $121 million, or $0.63 per share, compared with a
    GAAP net loss of $18 million, or a loss of $0.10 per share, in the
    third quarter of 2017. Non-GAAP net income was $170 million, or $0.89
    per share using 191 million weighted average shares, compared with
    $115 million, or $0.61 per share using 188 million weighted average
    shares in the third quarter of 2017.
  • As of July 31, 2018, cash and cash equivalents totaled $742 million.

Reporting Segments

  • Communications Solutions Group (CSG)

CSG reported third quarter revenue of $515 million, up 23 percent,
driven by 5G-related R&D spending across the wireless ecosystem, early
investment in next-generation 400G and PAM-4 network test and strong
growth in the aerospace, defense and government end market.

  • Electronic Industrial Solutions Group (EISG)

EISG revenue grew 19 percent in the third quarter to $258 million,
driven by solid double-digit growth for automotive and energy, general
electronics and semiconductor measurement solutions.

  • Ixia Solutions Group (ISG)

ISG revenue was $119 million in the third quarter, compared with $120
million in the prior year third quarter. ISG's revenue improved
sequentially following extensive integration activities last quarter.
ISG's pipeline of activities continued to grow, including increased
demand for visibility and 400G Ethernet test solutions.

  • Services Solutions Group (SSG)

SSG revenue grew 9 percent in the third quarter to $116 million, driven
by growth in our calibration, remarketed and repair services and
solutions.

Outlook

Keysight's fourth fiscal quarter of 2018 GAAP revenue is expected to be
in the range of $996 million to $1,016 million and non-GAAP revenue for
the fourth fiscal quarter of 2018 is expected to be in the range of
$1,000 million to $1,020 million.

Non-GAAP earnings per share for the fourth fiscal quarter of 2018 are
expected to be in the range of $0.85 to $0.91, which exclude items that
pertain to future events and are not currently estimable with a
reasonable degree of accuracy. Therefore, no reconciliation to GAAP
amounts has been provided. Further information is discussed in the
section titled "Use of Non-GAAP Financial Measures" below.

Webcast

Keysight's management will present more details about its third quarter
FY2018 financial results and its fourth quarter FY2018 outlook on a
conference call with investors today at 1:30 p.m. PT. This event will be
webcast in listen-only mode. Listeners may log on to the call at www.investor.keysight.com
under the "Upcoming
Events
" section and select "Q3
2018 Keysight Technologies Inc. Earnings Conference Call
" to
participate or dial +1 866-393-4306 (U.S. only) or +1 734-385-2616
(International) and enter passcode 1275356.

The webcast will remain on the company site for 90 days. A telephone
replay of the conference call will be available at approximately 4:30
p.m. PT after the call and remain available for one week. The replay may
be accessed by dialing +1 855-859-2056 (or +1 404-537-3406 from outside
the U.S.) and entering passcode 1275356.

Forward-Looking Statements

This communication contains forward-looking statements as defined in the
Securities Exchange Act of 1934 and is subject to the safe harbors
created therein. These forward-looking statements involve risks and
uncertainties that could significantly affect the expected results and
are based on certain key assumptions of Keysight's management and on
currently available information. Due to such uncertainties and risks, no
assurances can be given that such expectations or assumptions will prove
to have been correct, and readers are cautioned not to place undue
reliance on such forward-looking statements, which speak only as of the
date hereof. Keysight undertakes no responsibility to publicly update or
revise any forward-looking statement. The forward-looking statements
contained herein include, but are not limited to, information and future
guidance on the company's goals, priorities, revenues, demand, financial
condition, earnings, the continued strengths and expected growth of the
markets the company sells into, operations, operating earnings, and tax
rates that involve risks and uncertainties that could cause Keysight's
results to differ materially from management's current expectations.
Such risks and uncertainties include, but are not limited to, changes in
the demand for current and new products, technologies, and services;
customer purchasing decisions and timing, and the risk that we are not
able to realize the savings or benefits expected from integration or
restructuring activities. The words "estimate," "expect," "intend,"
"will," "should," "forecast," and similar expressions, as they relate to
the company, are intended to identify forward-looking statements.

In addition to the risks above, other risks that Keysight faces include
those detailed in Keysight's filings with the Securities and Exchange
Commission, including our Form 10-K for the fiscal year ended Oct. 31,
2017 and Keysight's quarterly report on Form 10-Q for the period ended
April 30, 2018.

Segment Data

Segment data reflects the results of our reportable segments under our
management reporting system. Segment revenue and income from operations
are consistent with the respective non-GAAP measures as explained below
and in the attached supplemental schedules. Segment data are provided on
page 6 of the attached tables.

Use of Non-GAAP Financial Measures

In addition to financial information prepared in accordance with U.S.
GAAP ("GAAP"), this document also contains certain non-GAAP financial
measures based on management's view of performance, including:

  • Non-GAAP Revenue
  • Non-GAAP Core Revenue
  • Non-GAAP Net Income
  • Non-GAAP Diluted EPS

See the attached supplemental schedules for reconciliations of each
non-GAAP financial measure to its most directly comparable GAAP
financial measure for the three months ended July 31, 2018 and for
projected non-GAAP revenue amounts for the three months ended October
31, 2018. Following the reconciliations is a discussion of the items
adjusted from our non-GAAP financial measures and the company's reasons
for including or excluding certain categories of income or expenses from
our non-GAAP results.

About Keysight Technologies

Keysight Technologies, Inc. (NYSE:KEYS) is a leading technology company
that helps enterprises, service providers, and governments accelerate
innovation to connect and secure the world. Keysight's solutions
optimize networks and bring electronic products to market faster and at
a lower cost with offerings from design simulation, to prototype
validation, to manufacturing test, to optimization in networks and cloud
environments. Customers span the worldwide communications ecosystem,
aerospace and defense, automotive, energy, semiconductor and general
electronics end markets. Keysight generated revenues of $3.2B in fiscal
year 2017. In April 2017, Keysight acquired Ixia, a leader in network
test, visibility, and security. More information is available at www.keysight.com.

Additional information about Keysight Technologies is available in the
newsroom at www.keysight.com/go/news and
on FacebookGoogle+LinkedInTwitter and YouTube.

Source: IR-KEYS

 
KEYSIGHT TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(In millions, except per share amounts)
(Unaudited)
PRELIMINARY
     
Three months ended
July 31, Percent
  2018     2017   Inc/(Dec)
 
Orders $ 1,007 $ 879 15%
 
 
Net revenue $ 1,004 $ 832 21%
 
Costs and expenses:
Cost of products and services 439 421 4%
Research and development 151 132 14%
Selling, general and administrative 289 286 1%
Other operating expense (income), net   (3 )   (3 ) 6%
Total costs and expenses   876     836   5%
 
Income (loss) from operations 128 (4 )
 
Interest income 3 2 58%
Interest expense (20 ) (22 ) (11)%
Other income (expense), net   2     (1 )
 
Income (loss) before taxes 113 (25 )
 
Provision (benefit) for income taxes   (8 )   (7 ) 34%
 
Net income (loss) $ 121   $ (18 )
 
 
Net income (loss) per share:
Basic $ 0.64 $ (0.10 )
Diluted $ 0.63 $ (0.10 )
 
Weighted average shares used in computing net income (loss) per
share:
Basic 188 186
Diluted 191 186
 
 
Page 1
 
 
KEYSIGHT TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(In millions, except per share amounts)
(Unaudited)
PRELIMINARY
     
Nine months ended
July 31, Percent
  2018     2017   Inc/(Dec)
 
Orders $ 2,958 $ 2,379 24%
 
 
Net revenue $ 2,831 $ 2,311 22%
 
Costs and expenses:
Cost of products and services 1,296 1,083 20%
Research and development 453 359 26%
Selling, general and administrative 877 755 16%
Other operating expense (income), net   (18 )   (86 ) (79)%
Total costs and expenses   2,608     2,111   24%
 
Income from operations 223 200 11%
 
Interest income 8 5 57%
Interest expense (63 ) (58 ) 8%
Other income (expense), net   5     2   111%
 
Income before taxes 173 149 16%
 
Provision (benefit) for income taxes   (106 )   9  
 
Net income $ 279   $ 140   100%
 
 
Net income per share:
Basic $ 1.49 $ 0.78
Diluted $ 1.46 $ 0.78
 
Weighted average shares used in computing net income per share:
Basic 187 178
Diluted 191 180
 
 
Page 2
 
 
KEYSIGHT TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEET
(In millions, except par value and share amounts)
PRELIMINARY
   
July 31, October 31,
  2018     2017  
(unaudited)
ASSETS
 
Current assets:
Cash and cash equivalents $ 742 $ 818
Accounts receivable, net 597 547
Inventory 609 588
Other current assets   234     224  

Total current assets

2,182 2,177
 
Property, plant and equipment, net 549 530
Goodwill 1,888 1,882
Other intangible assets, net 702 855
Long-term investments 54 63
Long-term deferred tax assets 186 186
Other assets   285     240  
Total assets $ 5,846   $ 5,933  
 
LIABILITIES AND EQUITY
 
Current liabilities:
Current portion of long-term debt $ - $ 10
Accounts payable 231 211
Employee compensation and benefits 213 217
Deferred revenue 333 291
Income and other taxes payable 45 28
Other accrued liabilities   78     62  
Total current liabilities 900 819
 
Long-term debt 1,790 2,038
Retirement and post-retirement benefits 220 309
Long-term deferred revenue 122 101
Other long-term liabilities   201     356  
Total liabilities   3,233     3,623  
 
Stockholders' Equity:

Preferred stock; $0.01 par value; 100 million shares authorized;
none issued and outstanding

- -

Common stock; $0.01 par value, 1 billion shares authorized; 191
million shares at July 31, 2018 and 188 million shares at October
31, 2017, issued

2 2

Treasury stock at cost; 3.7 million shares at July 31, 2018 and
2.3 million shares at October 31, 2017.

(142 ) (62 )
Additional paid-in-capital 1,876 1,786
Retained earnings 1,326 1,041
Accumulated other comprehensive loss   (449 )   (457 )
Total stockholders' equity   2,613     2,310  
Total liabilities and equity $ 5,846   $ 5,933  
 
 
Page 3
 
 
KEYSIGHT TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(In millions)
(Unaudited)
PRELIMINARY
   
Nine months ended
July 31,
  2018     2017  
 
Cash flows from operating activities:
Net income $ 279 $ 140
 
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation 78 70
Amortization 155 83
Share-based compensation 48 44
Debt issuance expense - 9
Deferred tax benefit (227 ) (43 )
Excess and obsolete inventory-related charges 20 12
Gain on sale of assets and divestiture (8 ) (8 )
Pension curtailment and settlement gains - (68 )
Asset impairment - 7
Other non-cash expenses, net 9 1
Changes in assets and liabilities:
Accounts receivable (55 ) 14
Inventory (43 ) 10
Accounts payable 13 (17 )
Employee compensation and benefits (2 ) (33 )
Income taxes payable 96 8
Retirement and post-retirement benefits (116 ) (10 )
Deferred revenue 65 58
Other assets and liabilities   8     (12 )
Net cash provided by operating activities (a)   320     265  
 
Cash flows from investing activities:
Investments in property, plant and equipment (98 ) (54 )
Proceeds from sale of property, plant and equipment - 8
Proceeds from sale of investments - 42
Acquisition of businesses and intangible assets, net of cash acquired (11 ) (1,642 )
Proceeds from divestiture   12     -  
Net cash used in investing activities   (97 )   (1,646 )
 
Cash flows from financing activities:
Proceeds from issuance of common stock under employee stock plans 62 51
Proceeds from issuance of common stock under public offering - 444
Payment of taxes related to net share settlement of equity awards (18 ) (12 )
Treasury stock repurchases (80 ) -
Proceeds from short-term borrowings 40 170
Proceeds from issuance of long-term debt - 1,069
Payment of debt issuance costs - (16 )
Repayment of debt and credit facility   (300 )   (240 )
Net cash provided by /(used in) financing activities   (296 )   1,466  
 
Effect of exchange rate movements   (3 )   5  
 
Net increase (decrease) in cash and cash equivalents (76 ) 90
 
Cash and cash equivalents at beginning of period   818     783  
 
Cash and cash equivalents at end of period $ 742   $ 873  
 
 
(a) Cash payments included in operating activities:
Income tax payments, net $ (22 ) $ (43 )
Interest payment on borrowings $ (41 ) $ (24 )
 
 
Page 4
 
 
KEYSIGHT TECHNOLOGIES, INC.
RECONCILIATION OF REVENUE GUIDANCE AND NON GAAP CORE REVENUE
(In millions)
(Unaudited)
PRELIMINARY
         
Q4'18 Guidance Year-over-Year compare
Low end High end   Q3'18 Q3'17 Percent Inc/(Dec)
GAAP Revenue $ 996 $ 1,016 $ 1,004 $ 832 21%
Amortization of acquisition-related balances   4   4   4     31  
Non-GAAP Revenue $ 1,000 $ 1,020 $ 1,008 $ 863 17%
Less: Revenue from acquisitions or divestiture included in segment
results
(10 ) (2 )
Currency impacts   (5 )   -  
Non-GAAP Core Revenue $ 993   $ 861   15%
 
 
Non GAAP core revenue excludes impact of currency and revenue from
acquisitions or divestitures closed within the last twelve months
 
Please refer page 8 for discussion on our non-GAAP financial
measures.
 
 
Page 5
 
 
KEYSIGHT TECHNOLOGIES, INC.
SEGMENT RESULTS INFORMATION
(In millions, except where noted)
(Unaudited)
PRELIMINARY
     
Communications Solutions Group YoY
Q3'18 Q3'17 % Chg
Revenue $ 515 $ 418 23%
Gross Margin, % 61.7 % 61.2 %
Income from Operations $ 114 $ 66
Operating Margin, % 22 % 16 %
 
 
Electronic Industrial Solutions Group YoY
Q3'18 Q3'17 % Chg
Revenue $ 258 $ 218 19%
Gross Margin, % 63.1 % 61.1 %
Income from Operations $ 74 $ 55
Operating Margin, % 28 % 25 %
 
 
Ixia Solutions Group YoY
Q3'18 Q3'17 % Chg
Revenue $ 119 $ 120 (1%)
Gross Margin, % 75.6 % 77.0 %
Income from Operations $ 10 $ 24
Operating Margin, % 8 % 20 %
 
 
Services Solutions Group YoY
Q3'18 Q3'17 % Chg
Revenue $ 116 $ 107 9%
Gross Margin, % 40.1 % 41.8 %
Income from Operations $ 17 $ 19
Operating Margin, % 15 % 18 %
 
 
 
Net revenue for our segment, Ixia Solutions Group excludes the
impact of amortization of acquisition-related balances of $4 million
for Q3'18 and $31 million for Q3'17. Segment revenue and income from
operations are consistent with the respective non-GAAP measures as
discussed on Page 8.
 
 
Page 6
 
 
KEYSIGHT TECHNOLOGIES, INC.
NON-GAAP NET INCOME AND DILUTED EPS RECONCILIATIONS
(In millions, except per share amounts)
(Unaudited)
PRELIMINARY
               
Three months ended Nine months ended
July 31, July 31,
2018   2017   2018   2017  
Net Income   Diluted EPS Net Income   Diluted EPS(a) Net Income   Diluted EPS Net Income   Diluted EPS
 
GAAP Net income (loss) $ 121 $ 0.63 $ (18 ) $ (0.10 ) $ 279 $ 1.46 $ 140 $ 0.78
Non-GAAP adjustments:
Amortization of acquisition-related balances 56 0.30 134 0.71 210 1.10 170 0.95
Share-based compensation expense 14 0.07 13 0.07 48 0.25 44 0.24
Acquisition and integration costs 6 0.03 12 0.07 42 0.22 49 0.27
Acquisition-related compensation expense - - - - - - 28 0.16
Separation and related costs - - 4 0.03 2 0.01 18 0.10
Pension curtailment and settlement gains - - - - - - (68 ) (0.38 )
Northern California wildfire-related costs - - - - 7 0.04 - -
Restructuring and related costs 3 0.02 3 0.01 16 0.09 6 0.03
Other 8 0.04 2 0.01 2 0.01 2 0.01
Adjustment for taxes (b)   (38 )     (0.20 )   (35 )     (0.19 )   (181 )     (0.95 )   (62 )     (0.34 )
Non-GAAP Net income $ 170     $ 0.89   $ 115     $ 0.61   $ 425     $ 2.23   $ 327     $ 1.82  
 
Weighted average shares outstanding - diluted 191 186 191 180
 
(a) EPS impact on Non-GAAP adjustments and non-GAAP Net
income is based on adjusted shares outstanding of 188 million for
three months ended July 31, 2017.
 
(b) For the three and nine months ended July 31, 2018
management uses a non-GAAP effective tax rate of 15%. For the three
and nine months ended July 31, 2017 management uses a non-GAAP
effective tax rate of 19% and 18% respectively. Historical amounts
are reclassified to conform with current presentation.
 
Please refer page 8 for discussion on our non-GAAP financial
measures.
 
 
Page 7
 
 

Non-GAAP Financial Measures

Management uses both GAAP and non-GAAP financial measures to analyze and
assess the overall performance of the business, to make operating
decisions and to forecast and plan for future periods. We believe that
our investors benefit from seeing our results "through the eyes of
management" in addition to seeing our GAAP results. This information
enhances investors' understanding of the continuing performance of our
business and facilitates comparison of performance to our historical and
future periods.

Our non-GAAP financial measures may not be comparable to similarly
titled measures used by other companies, including industry peer
companies, limiting the usefulness of these measures for comparative
purposes.

These non-GAAP measures should be considered supplemental to and not a
substitute for financial information prepared in accordance with GAAP.
The discussion below presents information about each of the non-GAAP
financial measures and the company's reasons for including or excluding
certain categories of income or expenses from our non-GAAP results. In
future periods, we may exclude such items and may incur income and
expenses similar to these excluded items. Accordingly, adjustments for
these items and other similar items in our non-GAAP presentation should
not be interpreted as implying that these items are non-recurring,
infrequent or unusual.

Non-GAAP Revenue includes recognition of acquired deferred
revenue that was written down to fair value in purchase accounting.
Management believes that excluding fair value purchase accounting
adjustments more closely correlates with the ordinary and ongoing course
of the acquired company's operations and facilitates analysis of revenue
growth and business trends.

Non-GAAP Core Revenue is non-GAAP revenue (see Non-GAAP Revenue
above) excluding the impact of foreign currency changes and revenue
associated with businesses acquired or divested within the last twelve
months. We exclude the impact of foreign currency changes as currency
rates can fluctuate based on factors that are not within our control and
can obscure revenue growth trends. As the nature, size and number of
acquisitions can vary significantly from period to period and as
compared to our peers, we exclude revenue associated with recently
acquired businesses to facilitate comparisons of revenue growth and
analysis of underlying business trends.

Non-GAAP Income from Operations, Non-GAAP Net Income and Non-GAAP
Diluted EPS
may include the following types of adjustments:

  • Share-based Compensation Expense: We exclude share-based
    compensation expense from our non-GAAP financial measures because
    share-based compensation expense can vary significantly from period to
    period based on the company's share price, as well as the timing, size
    and nature of equity awards granted. Management believes the exclusion
    of this expense facilitates the ability of investors to compare the
    company's operating results with those of other companies, many of
    which also exclude share-based compensation expense in determining
    their non-GAAP financial measures.
  • Acquisition-related Items: We exclude the impact of certain
    items recorded in connection with business combinations from our
    non-GAAP financial measures that are either non-cash or not normal,
    recurring operating expenses due to their nature, variability of
    amounts and lack of predictability as to occurrence or timing. These
    amounts may include non-cash items such as the amortization of
    acquired intangible assets and amortization of items associated with
    fair value purchase accounting adjustments, including recognition of
    acquired deferred revenue (see Non-GAAP Revenue above). We also
    exclude transaction and certain other cash costs associated with
    business acquisitions that are not normal recurring operating
    expenses, including amortization of amounts paid to redeem acquires'
    unvested stock-based compensation awards, and legal, accounting and
    due diligence costs. We exclude these charges to facilitate a more
    meaningful evaluation of our current operating performance and
    comparisons to our past operating performance.
  • Separation and Related Costs: We exclude all incremental
    expenses incurred to effect the separation of Keysight from Agilent.
    We exclude expenses that would not have been incurred if we had no
    plan to spin-off including, among other things, branding, legal,
    accounting and advisory fees, costs to resize and optimize our
    infrastructure and other costs to separate and transition from
    Agilent. We believe that these costs do not reflect expected future
    operating expenses and do not contribute to a meaningful evaluation of
    the company's current operating performance or comparisons to our
    operating performance in other periods.
  • Restructuring and Related Costs: We exclude incremental
    expenses associated with restructuring initiatives, usually aimed at
    material changes in the business or cost structure. Such costs may
    include employee separation costs, asset impairments, facility-related
    costs, contract termination fees, and costs to move operations from
    one location to another. These activities can vary significantly from
    period to period based on the timing, size and nature of restructuring
    plans; therefore, we do not consider such costs to be normal,
    recurring operating expenses. We believe that these costs do not
    reflect expected future operating expenses and do not contribute to a
    meaningful evaluation of the company's current operating performance
    or comparisons to our operating performance in other periods.
  • Northern California wildfire-related costs and Other Items: We
    exclude certain other significant income or expense items that may
    occur occasionally and are not normal, recurring, cash operating from
    our non-GAAP financial measures. Such items are evaluated on an
    individual basis based on both quantitative and qualitative factors
    and generally represent items that we would not anticipate occurring
    as part of our normal business on a regular basis. While not
    all-inclusive, examples of certain other significant items excluded
    from non-GAAP financial measures would be: costs related to unusual
    disaster like Northern California wildfires, significant realized
    gains or losses associated with our employee benefit plans, gain on
    sale of assets and small divestitures etc.
  • Estimated Tax Rate: We utilize a consistent methodology for
    long-term projected non-GAAP tax rate. When projecting this long-term
    rate, we exclude any tax benefits or expenses that are not directly
    related to ongoing operations and which are either isolated or cannot
    be expected to occur again with any regularity or predictability.
    Additionally, we evaluate our current long-term projections, current
    tax structure and other factors, such as existing tax positions in
    various jurisdictions and key tax holidays in major jurisdictions
    where Keysight operates. This tax rate could change in the future for
    a variety of reasons, including but not limited to significant changes
    in geographic earnings mix including acquisition activity, or
    fundamental tax law changes in major jurisdictions where Keysight
    operates. The above reasons also limit our ability to reasonably
    estimate the future GAAP tax rate and provide a reconciliation of the
    expected non-GAAP earnings per share for the third fiscal quarter of
    2018 to the GAAP equivalent.

Management recognizes these items can have a material impact on our cash
flows and/or our net income. Our GAAP financial statements, including
our Condensed Consolidated Statement of Cash Flows, portray those
effects. Although we believe it is useful for investors to see core
performance free of special items, investors should understand that the
excluded costs are actual expenses that may impact the cash available to
us for other uses. To gain a complete picture of all effects on the
company's profit and loss from any and all events, management does (and
investors should) rely upon the Condensed Consolidated Statement of
Operations prepared in accordance with GAAP. The non-GAAP measures focus
instead upon the core business of the company, which is only a subset,
albeit a critical one, of the company's performance.

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