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iRobot LBO Acquisition ProjectAlin DevAnkita JainSameer Mittal
iRobot - Business Model iRobot Corporation designs and builds robots for the consumer, government, and industrial  market...
iRobot - Business Model             Focus on key robotic-specific technologies12/16/2011                                  ...
iRobot’s performance compared to the industry   In the recently ended third quarter, iRobots top line surged 28% year on ...
Good LBO Candidate - iRobot    Steady and predictable cash flow      There is significant growth potential in the automat...
iRobot – Innovative product line12/16/2011                         6
iRobot – Growth Strategies             WHAT                            WHY ?• Focus on Core markets           • Vast marke...
iRobot – Key Growth Potentials Expect strong growth in Home robots to continue in future years  Moving new products, such...
iRobot – Innovative Products for future growth12/16/2011                                       9
Intellectual Property – key asset for iRobot92 US Patents to date with more than 148 pending US patentapplications        ...
iRobot’s - Target Audience12/16/2011                   11
Dry Floor Care – Huge Addressable MarketsUS & Canada $1.75 billions              Latin America – 200 Million             1...
Business Risks and Mitigating Factors - Suppliers    •   Large dependence on several single       •   Gives iRobot the opp...
Business Risks and mitigating factors – Customers                                                  •   Contracts with the ...
Business risks and mitigating factors - Competitors      •      Possible competition from          •   High Barriers to en...
iRobot – Committed & highly skilled ManagementColin M. Angle – Co Founder, CEO and Chairman of the boardAngle is an indust...
iRobot - Financial Growth - AnalystsRevenue, USD Millions                                                EBITDA, USD Milli...
iRobot - Financial Growth - ConservativeRevenue, USD Millions                                                EBITDA, USD M...
iRobot Valuation – APV MethodAPV MethodAssumptions:Terminal Perpetuity Growth:                    3.0% Assumed perpetual g...
iRobot – Peer Group Attributes     Company                  Industry/Sector             Technology Based   Market Leader  ...
iRobot Valuation – Comparable Company AnalysisComparable Company Analysis                                                 ...
iRobot – Peer Group Multiple Values                4                                                      CGNX            ...
iRobot Valuation – Model Basic Assumptions  •   Available debt has been assumed to be 5 times of EBITDA. This is in accord...
iRobot – LBO Model SOURCES  Revolving Credit Facility                               10,000        1.3%        0.1x  Senior...
iRobot – LBO Model ( Return Analysis)RETURNS ANALYSIS                                             2011                    ...
iRobot-LBO Model ( Return Analysis)Debt Returns                            At      10.5x  Mezznine debt                   ...
iRobot – Return Sensitivity Analysis – AggressiveGrowth Assumptions       Spronsor returns       Management returns   Exit...
iRobot – Return Sensitivity Analysis – ConservativeGrowth Assumptions           Spronsor returns       Management returns ...
Conclusion   iRobot has excellent product portfolio and strong expected revenue growth.   Entry multiple at 10.5 x trail...
References    •   iRobot’s 2010 Annual Report 10k    •   iRobot MorningStar Management Presentation - 11/10/2011    •   An...
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Irobot presentation

  1. 1. iRobot LBO Acquisition ProjectAlin DevAnkita JainSameer Mittal
  2. 2. iRobot - Business Model iRobot Corporation designs and builds robots for the consumer, government, and industrial markets. The company offers consumer products, such as floor vacuuming robots, floor washing robots, pool cleaning robots, gutter cleaning robots, and programmable robots. Its government and industrial products include the 510 PackBot line of small, unmanned ground robots; and the 310 small unmanned ground vehicle (SUGV) and 320 SUGV multi- purpose ground robots that perform battlefield reconnaissance and bomb disposal, as well as the 210 Negotiator for state and local police, and first responders. The company also provides 1Ka Seaglider, an underwater vehicle designed for oceanic missions to measure temperature, salinity, depth-averaged current, and other data for scientific and military planners. It sells its robots through chain stores and other national retailers, as well as through its on- line store to consumers, the U.S. military, and other government agencies worldwide. iRobot Corporation was incorporated in 1990 and is headquartered in Bedford, Massachusetts. 12/16/2011 Source: Yahoo Finance 2
  3. 3. iRobot - Business Model Focus on key robotic-specific technologies12/16/2011 3
  4. 4. iRobot’s performance compared to the industry In the recently ended third quarter, iRobots top line surged 28% year on year from increased demand in the home robots division and higher product prices. There have been substantial increase in sales through internet retail channels. The bottom got an impressive 101% boost to $14.1 million. Five-year revenue growth stands at an impressive 20.8% CAGR, along with five-year gross profit growth of a strong 23.4%. Analyst projected EPS growth over the next 5 years is 22.50%. Net institutional shares purchased over the current quarter at 3.1M, which is 12.59% of the companys 24.62M share float which indicates strong bullish sentiment for the stock. Entering iRobot at a higher multiple might be sensible given the strong product portfolio and constantly growing product portfolio through innovative additions. iRobot is in advanced stages of product development for the health care & oil exploration industry. These segments are not yet tapped fully to their potential by the existing players. We expect significant growth in iRobot’s revenue in next couple of years. Several indicators point to the robotics industry being on an exponential growth path. Key enabling technologies, such as Artificial Intelligence, energy storage, computer hardware, sensors, and actuators are steadily improving, and revenues are also increasing12/16/2011 4
  5. 5. Good LBO Candidate - iRobot Steady and predictable cash flow There is significant growth potential in the automation sector. iRobot’s because of it’s technical excellence has great potential in capturing a significant market segment. Heavy asset base for loan collateral High Base asset base in terms of high quality research labs. Strong management team Attracts talented young professionals from Ivy league schools like MIT. The Co Founders has over 20 years of experience in technical innovation and management. Strong, defensible market position Current market leaders in automated home maintenance products. They are also market leaders in the industrial and defense remote presence robots. Viable exit strategy Strong business model and penetration into new market segments e.g. healthcare would easily attract strategic and financial buyers. Limited working capital requirements Minimal requirement except for normal recurring trade payables, expense accruals and operating leases, all of which can be funded through working capital, CFO and the working capital line of credit. Minimal future capital requirements Management currently does not anticipate significant investment in property, plant and equipment, and believe that the outsourced approach to manufacturing provides them with flexibility in both managing inventory levels and financing the inventory. Potential for expense reduction The company has insignificant debt compared to Equity. Credit Stats looks good even after leveraging the company up to a level of 4-5 times EBITDA.12/16/2011 5
  6. 6. iRobot – Innovative product line12/16/2011 6
  7. 7. iRobot – Growth Strategies WHAT WHY ?• Focus on Core markets • Vast market opportunities Floorcare $6 billion annual market Unmanned Ground Robots 8,000 unit requirement for SUGV/ 4000 unit requirement for throwable robot• Do Fewer things better • Play to market leading technology strengths Leverage technology developed by others Platforms, autonomy/navigation, manipulation • Huge addressable market• Invest in the Future Health Care Focused on emerging high potential markets enabled by Oil & Gas our technology Retail12/16/2011 7
  8. 8. iRobot – Key Growth Potentials Expect strong growth in Home robots to continue in future years Moving new products, such as the Roomba 700 series and new Scooba, into mass retail from their current limited web-based distribution this year. Early stage in robotics industry; Likely to see Healthcare pilots iRobot is developing robotic solutions to help people live independently for longer to address current aging demographics and rising healthcare costs. iRobot in association with InTouch health has already fielded 400 remote presence robots to assist specialist doctors in urban areas. Passage of FY12 defense budget near-term will improve Government visibility. Scope of expanding into emerging markets. Organic growth in all three geographic areas, including North America, Europe, and Asia, from current low market penetration and the higher performance Roomba going mainstream. Outsourcing of Production. iRobot has recently started outsourcing the manufacturing to Chinese manufacturers. There are significant opportunities for cost savings and expansion of EBITDA.12/16/2011 8
  9. 9. iRobot – Innovative Products for future growth12/16/2011 9
  10. 10. Intellectual Property – key asset for iRobot92 US Patents to date with more than 148 pending US patentapplications U.S. Patents Home Robot Patents Home Govt & Industrials Dry Floorcare Other 46% 41% 54% 59%12/16/2011 10
  11. 11. iRobot’s - Target Audience12/16/2011 11
  12. 12. Dry Floor Care – Huge Addressable MarketsUS & Canada $1.75 billions Latin America – 200 Million 1% 8% 1% 1% iRobot iRobot Vaccums Vaccums Others Others 91% 98% EMEA $2.1 billions Asia Pacific $1.7 billions 3% 3% 5% 10% iRobot iRobot Vaccums Vaccums Others Others 92% 87%12/16/2011 12
  13. 13. Business Risks and Mitigating Factors - Suppliers • Large dependence on several single • Gives iRobot the opportunity to outsourced contract manufacturers. sell their products to countries other than the United States. • All contract manufacturers for home robots located in China • Availability of skilled labor in the emerging economies at a lower • Lack of direct control over production price compared to the US. capacity and delivery schedules • Efficient Supply Chain and • Lack of direct control over quality significant cost savings. assurance, manufacturing yields and production costs • Lack of enforceable contractual provisions over the production and costs of consumer products12/16/2011 13
  14. 14. Business Risks and mitigating factors – Customers • Contracts with the government • Dependence on the U.S. federal will lead to stable and significant government for a significant portion of revenue revenue approx. 50% • Use of iRobot’s products in critical • Contracts with the U.S federal government project improve the government which could give priority technical credibility of iRobot’s to the government orders before the product in the eyes of customer. more profitable commercial orders. • Plans to expand into the • IP rights – harming ability to compete healthcare market12/16/2011 14
  15. 15. Business risks and mitigating factors - Competitors • Possible competition from • High Barriers to entry because of  developers of robot floor High R&D Cost and lack of talented cleaning products, employee pool.  small unmanned ground vehicles, • Already established government  established government contracts are difficult for the contractors competitors to break in.  developers of small unmanned underwater vehicles.12/16/2011 15
  16. 16. iRobot – Committed & highly skilled ManagementColin M. Angle – Co Founder, CEO and Chairman of the boardAngle is an industry pioneer with more than two decades of experience.B.S. in Electrical Engineering and an M.S. in Computer Science, MITDr. Tom Wagner - Chief Technology OfficerPrior experience at the Defense Advanced Research Projects Agency (DARPA), theresearch and development agency of the U.S. Department of Defense, where hemanaged programs in robotics, communications, command and control, tele-health and artificial intelligence.Jeffery A. Beck - President Home Robots DivisionJeff Beck brings more than 20 years of high-technology leadership to iRobot. Priorto joining iRobot, Beck served as senior vice president and general manager of theaerospace and defense division of AMETEK, Inc.Captain Robert L. Mosses - President Govt. & Industrial Robots DivisionPrior to joining iRobot in 2003, Moses served as a career naval officer. As directorof contracts for the Naval Air Systems Command, he supervised more than 800employees and planned, negotiated and administered contracts worth more than$20 billion annually.12/16/2011 16
  17. 17. iRobot - Financial Growth - AnalystsRevenue, USD Millions EBITDA, USD Millions $920 $185.00 $800 $152.00 $695 $604 $124.00 $525 $101.00 $467 $401 $83.00 $71.00 $299 $47 $21 2009 2010 2011 2012 E 2013 E 2014 E 2015 E 2016 E 2009 2010 2011 2012 E 2013 E 2014 E 2015 E 2016 E Assuming the growth rates as projected by the management and after adjustment by the JP Morgan Analysts report. Approximately Growth Rate of 14%-15% YoY in Revenue12/16/2011 17
  18. 18. iRobot - Financial Growth - ConservativeRevenue, USD Millions EBITDA, USD Millions $836 $168 $745 $141 $663 $590 $118 $525 $467 $98 $401 $83 $71 $299 $47 $21 2009 2010 2011 2012 E 2013 E 2014 E 2015 E 2016 E 2009 2010 2011 2012 E 2013 E 2014 E 2015 E 2016 E Assuming a conservative growth rate in the range of 10-12% YoY in Revenue12/16/2011 18
  19. 19. iRobot Valuation – APV MethodAPV MethodAssumptions:Terminal Perpetuity Growth: 3.0% Assumed perpetual growthCost of Capital: Pre-tax cost of debt 9.1% weighted average cost of debt After-tax cost of debt 6.5% Assume 28.3% effective tax rate Unlevered cost of equity 13.0% Risk free rate ( assumed 4%) + assumed 9% market premium for equity Levered cost of equity 25.0% Assumed minimum LBO hurdle Assumed LT Debt/Total Capitalization 46.7% Target Wtd Avg Cost of Capital 16.4% Projected Years Ending December 31,Free Cash Flow 2012 2013 2014 2015 2016EBITDA 82,922 100,640 124,112 152,036 185,125Less: Depr & Amort 14,196 15,910 17,883 20,149 22,749 Perp growth vs. APVEBIT 68,726 84,730 106,229 131,887 162,376 825,383Taxes (19,468) (24,001) (30,091) (37,360) (45,996) 0.0% 681,431After Tax EBIT 49,258 60,728 76,137 94,527 116,380 1.0% 721,417Plus: Depr & Amort 14,196 15,910 17,883 20,149 22,749 2.0% 768,674Less: Capex (17,629) (18,664) (21,477) (24,701) (28,386) 3.0% 825,383Plus/Minus Ch in NWC (8,091) (5,965) (6,853) (7,876) (9,036) 4.0% 894,693Free Cash Flow (Unlevered, After Tax) 37,734 52,009 65,690 82,100 101,707 5.0% 981,330NPV of FCF @ Unlevered Cost of Equity 225,206Terminal Value - - - - 1,047,587Implied Multiple of EBITDA 5.7xNPV of TV @ Unlevered Cost of Equity 568,588Value of Tax ShieldInterest Expense 32,730 31,724 29,519 26,093 21,158Tax shield 9,271 8,987 8,362 7,391 5,993NPV @ Pre-tax cost of debt 31,588Total APV 825,383 12/16/2011 19
  20. 20. iRobot – Peer Group Attributes Company Industry/Sector Technology Based Market Leader Large Markets Expanding Markets Appliances/Consumer Goods; iRobot Defense Products & services *** *** *** *** Defense Products & FLIR Systems Inc Services/Industrial goods *** ** *** ***Bruker Corporation Scientific instruments/Technology *** ** *** ** Defense Products & Heico Services/Industrial goods *** *** *** ** Cognex Scientific instruments/Technology *** ** *** ***United Technologies Aerospace Technologies *** *** *** *** 12/16/2011 20
  21. 21. iRobot Valuation – Comparable Company AnalysisComparable Company Analysis On the basis of Comparable iRobot FLIR Bruker United Tech Heico Cognex analysis and the APV method weStock price(50 day avg) 31.8 26.0 13.1 76.3 57.7P/E trailing 22.6 18.9 24.1 13.8 35.2 20.4 decide the to pay 730 million asP/E forward 12.4 12.4 the base price for iRobot.PEG Ratio 1.22 0.98 1.2 Though for the sensitivityProfit Margin 8.15% 13.68% 5.18% 8.35% 9.64% 22.24%Operating margin 10.21% 22.81% 11.0% 15.02% 18.21% 27.26% analysis we have considered aEBIT ( Mn $) 45.74 358.10 172.70 235.81 285.90 427.98 range of purchase price andRevenue ( Mn $) 448 1,570 1,590 58,090 725 318 calculated the corresponding IRREBITDA (Mn $) 55 442 226 10,000 150 97EBITDA Margin 12.3% 28.1% 14.2% 17.21% 20.6% 30.37% for the equity sponsor. Range ofTotal debt ( Mn $) - 248 313 11,360 100 - purchase price considered in theMarket capitalization ( Mn $) 800 3,910 2,010 66,370 2,420 1,450 analysis is 730 million to 805D/E - 16.01 51.92 47.52 0.02 -Enterprise Value ( Mn $) 800 4,158 2,323 77,730 2,520 1,450 million.equity betas 1.47 1 1.19 1.15 1.2 1.41EV/Revenue 1.54 2.4 1.34 1.25 3.30 3.88EV/EBITDA 12.59 9.41 10.28 7.77 16.80 15.03EV/EBITDA (median) 10.3iRobot has a range of businesses, we have selected the median of the closest companies 9.3 10.3 11.3EV/EBITDA(ttm) 659,523 730,602 801,680EV/EBITDA(forward) 769,416 852,338 935,26112/16/2011 21
  22. 22. iRobot – Peer Group Multiple Values 4 CGNX 3.5 3 FLIREV / REVENUE 2.5 HEI 2 IRBT 1.5 UTX 1 BRKR 0.5 0 6 7 8 9 10 11 12 13 EV / EBITDA12/16/2011 22
  23. 23. iRobot Valuation – Model Basic Assumptions • Available debt has been assumed to be 5 times of EBITDA. This is in accordance to the information available in the Berkshire case. • Though debt is only 48% in the recommended capital structure, we cannot go beyond this based on the interest coverage and the information available in The Pitchbook decade report. • Interest rate on the senior debt and the working capital line has been taken from the Berkshire case. • We are assuming a 0.5% commitment fees on the unused working capital line. • 3% is the financing fees • 1% is the transaction expense • Mezzanine gets an 8% warrant • Management has 20% initial contribution in the equity. Their existing stake in equity is 12%. • Management has further been given a 10% options. The strike price is the going in valuation.12/16/2011 23
  24. 24. iRobot – LBO Model SOURCES Revolving Credit Facility 10,000 1.3% 0.1x Senior Unsecured Note 250,000 33.4% 3.5x Mezznine Debt and warrant 100,000 13.3% 1.4x Total Debt 360,000 48.0% 5.1x Common Equity Management 77,862 10.4% 1.1x Sponsor 311,446 41.6% 4.4x Total Equity 389,308 52.0% 5.5x Total Sources 749,308 100.0% 10.5x USES Purchase Price 730,602 Plus: debt assumed 0 less: excess cash 0 Total Purchase Price 730,602 97.5% Financing Fees 11,400 1.5% Transaction Expenses 7,306 1.0% Total Uses 749,308 100.0% w/o fees w/ fees Purch Price/LTM Full Year 2011 EBITDA 10.3x 10.5x Purch Price/Forward 2012 EBITDA 8.8x 9.0x Assumption: the excess cash is given out in the form of dividends to the shareholders at the time of purchase12/16/2011 24
  25. 25. iRobot – LBO Model ( Return Analysis)RETURNS ANALYSIS 2011 2016Investor Ownership % of $ Ownership Options Ownership Sponsor 311,446 80.0% 65.6% Management 77,862 20.0% 16.4%Management options 10.0% 10.0%Mezznine warrants 8.0% 8.0%Total Equity 389,308 100.0% 0.0% 100.0% Mult. Of 2011 2012 2013 2014 2015 2016 IRR Invest.Equity Returns At 10.5x Sponsor (311,446) - - - - 1,254,044 32.1% 4.0x Management (77,862) - - - - 465,746 43.0% 6.0x At 8.5x Sponsor (311,446) - - - - 1,011,160 26.6% 3.2x Management (77,862) - - - - 368,000 36.4% 4.7x 2016 EBITDA 185,125 185,125 185,125 Exit Multiple 8.5x 10.5x 11.5x Total Ent. Value 1,581,327 1,951,578 2,136,703 Plus: Option proceeds 38,931 38,931 38,931 Plus: Warrant proceeds 31,145 31,145 31,145 Less: Net Debt (110,000) (110,000) (110,000) Common Equity Value 1,541,403 1,911,653 2,096,778 Assuming the exit multiple remains the same as the entry multiple or even contracts 12/16/2011 25
  26. 26. iRobot-LBO Model ( Return Analysis)Debt Returns At 10.5x Mezznine debt (100,000) - - - - - Closing Fee 3,000 - - - - - Repayments - - - - - - Balance payment - - - - - 100,000 Interest payment 12,000 12,000 12,000 12,000 12,000 Equity kicker 152,932 Net Loan (97,000) 12,000 12,000 12,000 12,000 264,932 30.1% 2.7x At 8.5x Mezznine debt (100,000) - - - - - Closing Fee 3,000 - - - - - Repayments - - - - - - Balance payment - - - - - 100,000 Interest payment - 12,000 12,000 12,000 12,000 12,000 Equity kicker 123,312 Net Loan (97,000) 12,000 12,000 12,000 12,000 235,312 27.5% 2.4x Senior debt (Rev, senior unsecured) (260,000) - - - - - Closing Fee 8,400 - - - - - Repayments - 12,570 27,566 42,827 61,692 105,345 Balance payment - - - - - 10,000 Interest payment 20,830 19,824 17,619 14,193 9,258 Net Loan (251,600) 33,400 47,390 60,446 75,885 124,603 9.0% 12/16/2011 26
  27. 27. iRobot – Return Sensitivity Analysis – AggressiveGrowth Assumptions Spronsor returns Management returns Exit Mult. IRR Exit Mult. IRR The sensitivity analysis is on the basis of 0 0 aggressive growth assumptions. These 8.5x 26.6% 8.5x 36.4% 9.5x 29.5% 9.5x 39.9% assumptions are in sync with the management 10.5x 32.1% 10.5x 43.0% and the analyst reports. 11.5x 34.6% 11.5x 45.9% 12.5x 36.9% 12.5x 48.6% 13.5x 39.0% 13.5x 51.1% Sponsor IRR Mezznine returns Exit Mult. IRR Purchase Price Exit Multiple Sponsor Contribution 0 0 8.5x 9.5x 10.5x 11.5x 12.5x 8.5x 27.5% 730,000 26.5% 29.4% 32.1% 34.5% 36.8% 370,000 9.5x 28.8% 745,000 25.5% 28.4% 31.1% 33.5% 35.8% 385,000 10.5x 30.1% 760,000 24.7% 27.5% 30.2% 32.6% 34.9% 400,000 11.5x 31.3% 775,000 23.8% 26.7% 29.3% 31.7% 33.9% 415,000 12.5x 32.5% 790,000 23.0% 25.8% 28.4% 30.8% 33.1% 430,000 13.5x 33.7% 805,000 22.3% 25.1% 27.6% 30.0% 32.2% 445,000 The column on the left has different purchase prices for iRobot. We have assumed the debt to be constant at 360 million. The equity contribution from the financial sponsor will increase with the increase in purchase price.12/16/2011 27
  28. 28. iRobot – Return Sensitivity Analysis – ConservativeGrowth Assumptions Spronsor returns Management returns Exit Mult. IRR Exit Mult. IRR The sensitivity analysis is on the basis of 0 0 conservative growth assumptions. The 8.5x 24.1% 8.5x 33.5% analyst growth assumptions have been 9.5x 26.9% 9.5x 36.9% 10.5x 29.6% 10.5x 40.0% reduced to account for uncertainty. 11.5x 32.0% 11.5x 42.8% 12.5x 34.2% 12.5x 45.5% 13.5x 36.3% 13.5x 47.9% Sponsor IRR Mezznine returns Exit Mult. IRR Purchase Price Exit Multiple Sponsor Contribution 0 0 8.5x 9.5x 10.5x 11.5x 12.5x 8.5x 26.4% 730,000 24.0% 26.9% 29.5% 31.9% 34.2% 370,000 9.5x 27.7% 745,000 23.1% 25.9% 28.5% 31.0% 33.2% 385,000 10.5x 28.9% 760,000 22.2% 25.1% 27.6% 30.0% 32.3% 400,000 11.5x 30.0% 775,000 21.4% 24.2% 26.8% 29.1% 31.4% 415,000 12.5x 31.2% 790,000 20.6% 23.4% 25.9% 28.3% 30.5% 430,000 13.5x 32.2% 805,000 19.9% 22.6% 25.2% 27.5% 29.7% 445,000 The column on the left has different purchase prices for iRobot. We have assumed the debt to be constant at 360 million. The equity contribution from the financial sponsor will increase with the increase in purchase price.12/16/2011 28
  29. 29. Conclusion iRobot has excellent product portfolio and strong expected revenue growth. Entry multiple at 10.5 x trailing EBITDA The economy is pretty flat, so we are seeing market paying up for growth stories, and in that case 10.5 x could be reasonable versus some other growing brands. Potentially a good buy since there is strong expected growth. Even after significant multiple contraction to 8.5 from 10.5 we can achieve an IRR of 27%12/16/2011 29
  30. 30. References • iRobot’s 2010 Annual Report 10k • iRobot MorningStar Management Presentation - 11/10/2011 • Analyst Day Presentation Q3 2011 • JP Morgan Analyst Report - 11/01/2011 • Benchmark Analyst Report - 12/09/2011 • Yahoo Finance • Bloomberg Terminal • inFinancials • Tuck School Note on LBO Valuation • Berkshire Partners: Bidding for Carter’s12/16/2011 30

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