After the business portion of today's meeting, our executive team will be available to answer questions. Now at the request of the Board of Directors I will conduct the business portion of the meeting.Today's annual meeting is being webcast. The webcast will be archived on the Cadence website and available for replay through 5 o'clock Pacific Time, 8 Eastern on Friday, June 1, 2012. In addition to the Directors and Officers I already introduced, I would like to point out several other important people here with us today. Richard [Imerseck], Sean [Adam] and Leo [Lynd] are representatives of KPMG LLP, our independent registered public accounting firm. They are here and will be available to respond to appropriate questions today. Also from Computershare Shareowner Services, Cadence's transfer agent who will tabulate the proxies again this year, Renee [Delrial] of Computershare is with us today. The 2012 Annual Meeting of Cadence's stockholders will come to order. We will proceed with the formal business of the meeting as set forth in your notice of annual meeting and proxy statement. I have with me at this meeting a complete list of the holders of record of Cadence's common stock as of the close of business on March 6th, 2012 which was the record date set for this meeting by the Board of Directors. As list of stockholders entitled to vote at this meeting has been on file here at Cadence for the past 10 days available for inspection by any stockholder and is available for examination at this meeting for a stockholder wishing to do so. I also have affidavits certifying that as of March 21, 2012 a notice of Internet availability of proxy materials containing instructions on how to access and review the proxy materials on the Internet including the proxy statement and annual report was deposited in the United States mail to the stockholders of record as of the close of business on March 6, 2012 unless they previously requested paper delivery of the proxy materials.