##### Table of Contents



UNITED STATES SECURITIES AND EXCHANGE COMMISSION
 Washington, DC 20549
 FORM 10-Q
  þ
    
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended June 30, 2006
 OR
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from  to
 Commission File Number 000-31523
 IXIA
 (Exact name of Registrant as specified in its charter)
 California(State or other jurisdiction of
incorporation or organization)
    
    95-4635982(I.R.S. Employer Identification No.)
 26601 West Agoura Road, Calabasas, CA 91302
 (Address of principal executive offices, including zip code)
 (818) 871-1800
 (Registrants telephone number, including area code)
 þ o
  þ o o
 o þ
  Common Stock(Class of Common Stock)
    
    67,107,581(Outstanding at July 31, 2006)




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##### 



IXIA
  
 TABLE OF CONTENTS
 Page NumberPART I.
    
    FINANCIAL INFORMATIONItem 1.
    
    Financial Statements (unaudited)Condensed Consolidated Balance Sheets as of June 30,
2006 and December 31, 2005
    
    
    3Condensed Consolidated Statements of Income for the
three and six months ended June 30, 2006 and 2005
    
    
    4Condensed Consolidated Statements of Cash Flows for
the six months ended June 30, 2006 and 2005
    
    
    5Notes to Condensed Consolidated Financial Statements
    
    
    6Item 2.
    
    Managements Discussion and Analysis of Financial
Condition and Results of Operations
    
    
    13Item 3.
    
    Quantitative and Qualitative Disclosures about Market
Risk
    
    
    19Item 4.
    
    Controls and Procedures
    
    
    20PART II.
    
    OTHER INFORMATIONItem 1A.
    
    Risk Factors
    
    
    20Item 4.
    
    Submission of Matters to a Vote of Security Holders
    
    
    20Item 5.
    
    Other Information
    
    
    21Item 6.
    
    Exhibits
    
    
    21SIGNATURES
    
    
    
    
    22EXHIBIT 31.1EXHIBIT 31.2EXHIBIT 32
  2




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IXIA
 
 Condensed Consolidated Balance Sheets
 (in thousands)
 June 30,
    
    
    December 31,2006
    
    
    2005(unaudited)AssetsCurrent assets:Cash and cash equivalents
    
    $
    37,360
    
    
    $
    51,837Short-term investments in marketable securities
    
    
    160,372
    
    
    
    124,456Accounts receivable, net of allowance for
doubtful accounts of $1,001 and $854 as of
June 30, 2006 and December 31, 2005,
respectively
    
    
    39,344
    
    
    
    31,565Inventories
    
    
    9,910
    
    
    
    9,846Deferred income taxes
    
    
    6,322
    
    
    
    4,401Prepaid expenses and other current assets
    
    
    3,569
    
    
    
    3,519Total current assets
    
    
    256,877
    
    
    
    225,624Investments in marketable securities
    
    
    4,350
    
    
    
    25,392Property and equipment, net
    
    
    22,533
    
    
    
    19,750Deferred income taxes
    
    
    4,302
    
    
    
    10,004Goodwill
    
    
    16,728
    
    
    
    13,468Intangible assets, net
    
    
    23,564
    
    
    
    20,462Other assets
    
    
    488
    
    
    
    315Total assets
    
    $
    328,842
    
    
    $
    315,015Liabilities and Shareholders EquityCurrent liabilities:Accounts payable
    
    $
    3,445
    
    
    $
    2,872Accrued expenses
    
    
    14,228
    
    
    
    12,399Deferred revenues
    
    
    9,216
    
    
    
    8,338Income taxes payable
    
    
    4,240
    
    
    
    4,131Total current liabilities
    
    
    31,129
    
    
    
    27,740Deferred revenues and other liabilities
    
    
    1,115
    
    
    
    528Deferred income taxes
    
    
    
    
    
    
    4,651Total liabilities
    
    
    32,244
    
    
    
    32,919Shareholders equity:Common stock, without par value; 200,000
shares authorized, 67,080 and 66,580 shares
issued and outstanding as of June 30, 2006 and
December 31, 2005, respectively
    
    
    130,592
    
    
    
    126,792Additional paid-in capital
    
    
    78,015
    
    
    
    68,098Retained earnings
    
    
    87,991
    
    
    
    87,206Total shareholders equity
    
    
    296,598
    
    
    
    282,096Total liabilities and shareholders equity
    
    $
    328,842
    
    
    $
    315,015
  3




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IXIA
 
 Condensed Consolidated Statements of Income
 (in thousands, except per share data)
  Three months ended
    
    
    Six months endedJune 30,
    
    
    June 30,2006
    
    
    2005
    
    
    2006
    
    
    2005Net revenues
    
    $
    39,900
    
    
    $
    41,326
    
    
    $
    78,752
    
    
    $
    79,740Cost of revenues(1)
    
    
    8,112
    
    
    
    6,349
    
    
    
    15,111
    
    
    
    12,194Amortization of purchased technology
    
    
    1,137
    
    
    
    943
    
    
    
    2,193
    
    
    
    1,885Gross profit
    
    
    30,651
    
    
    
    34,034
    
    
    
    61,448
    
    
    
    65,661Operating expenses:Research and development(1)
    
    
    11,063
    
    
    
    7,974
    
    
    
    21,623
    
    
    
    15,520Sales and marketing(1)
    
    
    15,174
    
    
    
    9,950
    
    
    
    29,918
    
    
    
    19,425General and administrative(1)
    
    
    5,149
    
    
    
    3,914
    
    
    
    10,803
    
    
    
    7,519Amortization of intangible assets
    
    
    424
    
    
    
    286
    
    
    
    823
    
    
    
    628Total operating expenses
    
    
    31,810
    
    
    
    22,124
    
    
    
    63,167
    
    
    
    43,092Income (loss) from operations
    
    
    (1,159
    )
    
    
    11,910
    
    
    
    (1,719
    )
    
    
    22,569Interest and other, net
    
    
    2,209
    
    
    
    1,229
    
    
    
    4,310
    
    
    
    2,125Income before income taxes
    
    
    1,050
    
    
    
    13,139
    
    
    
    2,591
    
    
    
    24,694Income tax expense
    
    
    754
    
    
    
    3,373
    
    
    
    1,806
    
    
    
    5,599Net income
    
    $
    296
    
    
    $
    9,766
    
    
    $
    785
    
    
    $
    19,095Earnings per share:Basic
    
    $
    0.00
    
    
    $
    0.15
    
    
    $
    0.01
    
    
    $
    0.30Diluted
    
    $
    0.00
    
    
    $
    0.14
    
    
    $
    0.01
    
    
    $
    0.28Weighted average number of common and common
equivalent shares outstanding:Basic
    
    
    66,955
    
    
    
    64,862
    
    
    
    66,796
    
    
    
    64,112Diluted
    
    
    68,802
    
    
    
    69,391
    
    
    
    68,887
    
    
    
    68,944
 
 (1) Stock-based compensation included in:Cost of revenues
    
    $
    188
    
    
    $
    
    
    
    $
    425
    
    
    $
    Research and development
    
    
    1,593
    
    
    
    
    
    
    
    3,435
    
    
    
    Sales and marketing
    
    
    1,996
    
    
    
    
    
    
    
    4,028
    
    
    
    General and administrative
    
    
    686
    
    
    
    
    
    
    
    1,477
    
    
    
    
  4




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IXIA
 
 Condensed Consolidated Statements of Cash Flows
 (in thousands)
  Six months endedJune 30,2006
    
    
    2005Cash flows from operating activities:Net income
    
    $
    785
    
    
    $
    19,095Adjustments to reconcile net income to net cash
provided by operating activities:Depreciation and amortization
    
    
    4,673
    
    
    
    2,395Amortization of intangible assets
    
    
    3,017
    
    
    
    2,513Allowance for doubtful accounts
    
    
    147
    
    
    
    (62
    )Stock-based compensation
    
    
    9,365
    
    
    
    Deferred income taxes
    
    
    (870
    )
    
    
    (8,900
    )Tax benefit from stock option transactions
    
    
    
    
    
    
    13,521Changes in operating assets and liabilities,
net of effect of acquisitions:Accounts receivable
    
    
    (7,926
    )
    
    
    (5,194
    )Inventories
    
    
    (64
    )
    
    
    (595
    )Prepaid expenses and other current assets
    
    
    (50
    )
    
    
    672Other assets
    
    
    (173
    )
    
    
    305Accounts payable
    
    
    573
    
    
    
    214Accrued expenses
    
    
    523
    
    
    
    1,002Deferred revenues
    
    
    737
    
    
    
    1,911Income taxes payable
    
    
    109
    
    
    
    1,041Net cash provided by operating activities
    
    
    10,846
    
    
    
    27,918Cash flows from investing activities:Purchases of property and equipment
    
    
    (7,456
    )
    
    
    (5,512
    )Purchases of available-for-sale securities
    
    
    (62,000
    )
    
    
    (86,251
    )Proceeds from available-for-sale securities
    
    
    43,100
    
    
    
    42,376Purchases of held-to-maturity securities
    
    
    (7,978
    )
    
    
    (13,666
    )Proceeds from held-to-maturity securities
    
    
    12,004
    
    
    
    15,204Purchases of technology and other intangible assets
    
    
    (71
    )
    
    
    (62
    )Payments in connection with acquisitions
    
    
    (7,274
    )
    
    
    (4,356
    )Cash used in investing activities
    
    
    (29,675
    )
    
    
    (52,267
    )Cash flows from financing activities:Proceeds from exercise of stock options
    
    
    3,800
    
    
    
    20,787Excess tax benefits from stock-based compensation
    
    
    552
    
    
    
    Net cash provided by financing activities
    
    
    4,352
    
    
    
    20,787Net decrease in cash and cash equivalents
    
    
    (14,477
    )
    
    
    (3,562
    )Cash and cash equivalents at beginning of period
    
    
    51,837
    
    
    
    16,383Cash and cash equivalents at end of period
    
    $
    37,360
    
    
    $
    12,821
  5




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IXIA
 
 Notes to Condensed Consolidated Financial Statements
 (unaudited)
 1. Business
  2. Basis of Presentation
    3. Inventories
  6




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June 30,
    
    
    December 31,2006
    
    
    2005Raw materials
    
    $
    2,500
    
    
    $
    3,574Work in process
    
    
    5,880
    
    
    
    3,426Finished goods
    
    
    1,530
    
    
    
    2,846$
    9,910
    
    
    $
    9,846
 4. Stock-Based Compensation
    7




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5. Earnings Per Share
   Three months ended
    
    
    Six months endedJune 30,
    
    
    June 30,2006
    
    
    2005
    
    
    2006
    
    
    2005Numerator:Net income
    
    $
    296
    
    
    $
    9,766
    
    
    $
    785
    
    
    $
    19,095Denominator:Basic presentation:Weighted average common shares
    
    
    66,955
    
    
    
    64,862
    
    
    
    66,796
    
    
    
    64,112Denominator for basic calculation
    
    
    66,955
    
    
    
    64,862
    
    
    
    66,796
    
    
    
    64,112Diluted presentation:Shares used above
    
    
    66,955
    
    
    
    64,862
    
    
    
    66,796
    
    
    
    64,112Weighted average effect of
dilutive stock options and
warrants
    
    
    1,847
    
    
    
    4,529
    
    
    
    2,091
    
    
    
    4,832Denominator for diluted calculation
    
    
    68,802
    
    
    
    69,391
    
    
    
    68,887
    
    
    
    68,944Basic earnings per share
    
    $
    0.00
    
    
    $
    0.15
    
    
    $
    0.01
    
    
    $
    0.30Diluted earnings per share
    
    $
    0.00
    
    
    $
    0.14
    
    
    $
    0.01
    
    
    $
    0.28
 6. Concentrations
 Significant Customer
  Three months ended
    
    Six months endedJune 30,
    
    June 30,2006
    
    2005
    
    2006
    
    2005Amount of net revenues
    
    $
    10,349
    
    
    $
    16,214
    
    
    $
    23,876
    
    
    $
    31,197As a percentage of total net revenues
    
    
    26
    %
    
    
    39
    %
    
    
    30
    %
    
    
    39
    %
  8




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International Data
  Three months ended
    
    Six months endedJune 30,
    
    June 30,2006
    
    2005
    
    2006
    
    2005Amount of net revenues
    
    $
    13,176
    
    
    $
    10,211
    
    
    $
    25,969
    
    
    $
    22,107As a percentage of total net revenues
    
    
    33
    %
    
    
    25
    %
    
    
    33
    %
    
    
    28
    %
  7. Acquisitions
   Intangible assets
    
    $
    2,430Goodwill
    
    
    3,260Total assets acquired
    
    
    5,690Current liabilities assumed
    
    
    (477
    )Net assets acquired
    
    $
    5,213
   8. Share-Based Compensation
 Stock Option Plans
  9




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WeightedWeighted
    
    
    AverageAverage
    
    
    Remaining
    
    
    AggregateNumber
    
    
    Exercise Price
    
    
    Contractual
    
    
    Intrinsicof Options
    
    
    Per Share
    
    
    Life (in years)
    
    
    ValueOutstanding as of December 31,
2005
    
    
    10,465
    
    
    $
    10.62Granted
    
    
    759
    
    
    
    11.85Exercised
    
    
    (302
    )
    
    
    6.73Forfeited/canceled
    
    
    (595
    )
    
    
    13.51Outstanding as of June 30, 2006
    
    
    10,327
    
    
    $
    10.65
    
    
    
    5.06
    
    
    $
    13,467Exercisable as of June 30, 2006
    
    
    5,905
    
    
    $
    8.82
    
    
    
    4.22
    
    
    $
    12,265
  Employee Stock Purchase Plan
   10




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Stock-Based Compensation Expense
  Three Months Ended
    
    Six Months EndedJune 30,
    
    June 30,2006
    
    2005
    
    2006
    
    2005Expected lives (in years)
    
    
    4.1
    
    
    
    3.8
    
    
    
    4.1
    
    
    
    3.8Risk-free interest rates
    
    
    5.0
    %
    
    
    3.9
    %
    
    
    4.8
    %
    
    
    3.9
    %Dividend yield
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.0
    %Expected volatility
    
    
    60.5
    %
    
    
    61.6
    %
    
    
    62.3
    %
    
    
    61.9
    %
  Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2006
    
    
    2005
    
    
    2006
    
    
    2005Net income  as reported for prior period (1)
    
    
    N/A
    
    
    $
    9,766
    
    
    
    N/A
    
    
    $
    19,095Stock-based compensation expense related to share-based
awards, net of tax (2)
    
    $
    (3,407
    )
    
    
    (760
    )
    
    $
    (7,322
    )
    
    
    (2,711
    )Net income  including the effects of stock-based
compensation (3)
    
    $
    296
    
    
    $
    9,006
    
    
    $
    785
    
    
    $
    16,384
 11




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Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2006
    
    
    2005
    
    
    2006
    
    
    2005Earnings per share:Basic  as reported for prior period (1)
    
    
    N/A
    
    
    $
    0.15
    
    
    
    N/A
    
    
    $
    0.30Basic  including the effects of stock-based
compensation (3)
    
    $
    0.00
    
    
    $
    0.14
    
    
    $
    0.01
    
    
    $
    0.26Diluted  as reported for prior period (1)
    
    
    N/A
    
    
    $
    0.14
    
    
    
    N/A
    
    
    $
    0.28Diluted  including the effects of stock-based
compensation (3)
    
    $
    0.00
    
    
    $
    0.13
    
    
    $
    0.01
    
    
    $
    0.24
 
 (1)
    
    Net income and earnings per share for the three and six months ended June 30, 2005
did not include stock-based compensation expense for share-based awards under SFAS 123 because we
did not adopt the recognition provisions of SFAS 123.(2)
    
    Stock-based compensation expense prior to fiscal 2006 is calculated based on the pro
forma application of SFAS 123. Stock-based compensation expense, excluding tax effects, under SFAS
123R and SFAS 123 for the three months ended June 30, 2006 and 2005 was $4.5 million and $3.4
million, respectively. Stock-based compensation expense, excluding tax effects, under SFAS 123R and
SFAS 123 for the six months ended June 30, 2006 and 2005 was $9.4 million and $7.6 million,
respectively.(3)
    
    Net income and earnings per share prior to fiscal 2006 represent pro
forma information based on SFAS 123. 9. Recent Accounting Pronouncements
 Accounting for Uncertainty in Income Taxes: an interpretation of FASB Statement No. 109 Accounting for Income Taxes
 12




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ITEM 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
  OVERVIEW
   Three months ended
    
    
    Six months endedJune 30,
    
    
    June 30,Product Category
    
    2006
    
    
    2005
    
    
    2006
    
    
    2005(in thousands, except percentages)Ethernet
    
    $
    26,072
    
    
    
    65.3
    %
    
    $
    27,713
    
    
    
    67.1
    %
    
    $
    52,689
    
    
    
    66.9
    %
    
    $
    52,102
    
    
    
    65.3
    %SONET
    
    
    819
    
    
    
    2.1
    
    
    
    2,516
    
    
    
    6.1
    
    
    
    1,941
    
    
    
    2.5
    
    
    
    4,282
    
    
    
    5.4Software
    
    
    7,905
    
    
    
    19.8
    
    
    
    6,506
    
    
    
    15.7
    
    
    
    13,877
    
    
    
    17.6
    
    
    
    13,408
    
    
    
    16.8Chassis and other
    
    
    5,104
    
    
    
    12.8
    
    
    
    4,591
    
    
    
    11.1
    
    
    
    10,245
    
    
    
    13.0
    
    
    
    9,948
    
    
    
    12.5Total
    
    $
    39,900
    
    
    
    100.0
    %
    
    $
    41,326
    
    
    
    100.0
    %
    
    $
    78,752
    
    
    
    100.0
    %
    
    $
    79,740
    
    
    
    100.0
    %
  Net Revenues.
 13




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Stock-Based Compensation.
  Cost of Revenues
 14




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Gross Margins
 
    
    changes in our pricing policies and those of our competitors;
    
    the pricing we are able to obtain from our component suppliers and contract manufacturers;
    
    the mix of our products sold, including the mix of software versus hardware sales;
    
    new product introductions by us and by our competitors;
    
    demand for our products;
    
    expenses related to acquired technologies, such as amortization of intangible assets and royalties;
    
    production volume; and
    
    the mix of sales channels through which our products are sold.
  Operating Expenses
     Interest and Other, Net.
 15




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Income Tax Expense.
 RESULTS OF OPERATIONS
  Three months ended
    
    
    Six months endedJune 30,
    
    
    June 30,2006
    
    
    2005
    
    
    2006
    
    
    2005Net revenues
    
    
    100.0
    %
    
    
    100.0
    %
    
    
    100.0
    %
    
    
    100.0
    %Cost of revenues(1)
    
    
    20.4
    
    
    
    15.3
    
    
    
    19.2
    
    
    
    15.3Amortization of purchased technology
    
    
    2.8
    
    
    
    2.3
    
    
    
    2.8
    
    
    
    2.4Gross profit
    
    
    76.8
    
    
    
    82.4
    
    
    
    78.0
    
    
    
    82.3Operating expenses:(1)Research and development
    
    
    27.7
    
    
    
    19.3
    
    
    
    27.5
    
    
    
    19.5Sales and marketing
    
    
    38.0
    
    
    
    24.1
    
    
    
    38.0
    
    
    
    24.4General and administrative
    
    
    12.9
    
    
    
    9.5
    
    
    
    13.7
    
    
    
    9.4Amortization of intangible assets
    
    
    1.1
    
    
    
    0.7
    
    
    
    1.0
    
    
    
    0.7Total operating expenses
    
    
    79.7
    
    
    
    53.6
    
    
    
    80.2
    
    
    
    54.0Income (loss) from operations
    
    
    (2.9
    )
    
    
    28.8
    
    
    
    (2.2
    )
    
    
    28.3Interest and other, net
    
    
    5.5
    
    
    
    3.0
    
    
    
    5.5
    
    
    
    2.6Income before income taxes
    
    
    2.6
    
    
    
    31.8
    
    
    
    3.3
    
    
    
    30.9Income tax expense
    
    
    1.9
    
    
    
    8.2
    
    
    
    2.3
    
    
    
    7.0Net income
    
    
    0.7
    %
    
    
    23.6
    %
    
    
    1.0
    %
    
    
    23.9
    %
 
 (1) Stock-based compensation included in:Cost of revenues
    
    
    0.5
    %
    
    
    
    
    
    
    0.5
    %
    
    
    Research and development
    
    
    4.0
    
    
    
    
    
    
    
    4.4
    
    
    
    Sales and marketing
    
    
    5.0
    
    
    
    
    
    
    
    5.1
    
    
    
    General and administrative
    
    
    1.7
    
    
    
    
    
    
    
    1.9
    
    
    
    
 Comparison of Three and Six Months Ended June 30, 2006 and 2005
 Net Revenues.
 16




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##### Table of Contents



Gross Profit.
 Research and Development Expenses.
 Sales and Marketing Expenses.
 General and Administrative Expenses.
 17




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##### Table of Contents



Amortization of Intangible Assets.
 Interest and Other, Net.
 Income Tax Expense.
 LIQUIDITY AND CAPITAL RESOURCES
    18




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##### Table of Contents



SAFE HARBOR UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
  
 ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
 Interest Rate Sensitivity
  Exchange Rate Sensitivity
  19




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##### Table of Contents



ITEM 4. CONTROLS AND PROCEDURES
 (a) Evaluation of Disclosure Controls and Procedures
  (b) Changes in Internal Controls
  
 PART II. OTHER INFORMATION
 
 ITEM 1A. Risk Factors
 
 ITEM 4. Submission of Matters to a Vote of Security Holders
   Name of Director
    
    Votes Cast for Director
    
    Votes WithheldJean-Claude Asscher
    
    
    47,360,339
    
    
    
    15,924,231Massoud Entekhabi
    
    
    61,133,701
    
    
    
    2,150,869Jonathan Fram
    
    
    63,064,859
    
    
    
    219,711Errol Ginsberg
    
    
    63,230,337
    
    
    
    54,233Gail Hamilton
    
    
    62,916,379
    
    
    
    368,191Jon F. Rager
    
    
    61,162,610
    
    
    
    2,121,960
  20




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##### Table of Contents



ITEM 5. Other Information
  
 ITEM 6. Exhibits
 10.1
    
    Supplemental Provisions, effective April 14, 2006, to Employee Stock Purchase
Plan(1)31.1
    
    Certification of Chief Executive Officer of Ixia pursuant to
Section 302 of the Sarbanes-Oxley Act of 200231.2
    
    Certification of Chief Financial Officer of Ixia pursuant to
Section 302 of the Sarbanes-Oxley Act of 200232.1
    
    Certifications of Chief Executive Officer and Chief Financial
Officer of Ixia pursuant to Rule 13a-14(b) under the Exchange Act and 18 U.S.C.
Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
2002
 
 (1)
    
    Incorporated by reference to Exhibit 10.1 to the Companys Current Report on
Form 8-K (File No. 000-31523) filed with the Commission on April 20, 2006 21




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##### Table of Contents



SIGNATURES
  IXIADate: August 4, 2006
    
    By:
    
    /s/ Errol Ginsberg

                       Errol GinsbergPresident and Chief Executive OfficerDate: August 4, 2006
    
    By:
    
    /s/ Thomas B. Miller

                       Thomas B. MillerChief Financial Officer
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##### Table of Contents



EXHIBIT INDEX
 Exhibit No.
    
    Description31.1
    
    Certification of Chief Executive Officer of Ixia pursuant
to Section 302 of the Sarbanes-Oxley Act of 200231.2
    
    Certification of Chief Financial Officer of Ixia pursuant
to Section 302 of the Sarbanes-Oxley Act of 200232.1
    
    Certifications of Chief Executive Officer and Chief
Financial Officer of Ixia pursuant to Rule 13a-14(b)
under the Exchange Act and 18 U.S.C. Section 1350, as
adopted pursuant to Section 906 of the Sarbanes-Oxley Act
of 2002
 23