Business Wire | Aug 10, 2020 04:05PM EDT

Xperi Holding Corporation Announces Second Quarter 2020 Results

Aug. 10, 2020

SAN JOSE, Calif.--(BUSINESS WIRE)--Aug. 10, 2020--Xperi Holding Corporation (Nasdaq: XPER) (the "Company" or "we") today announced financial results for the second quarter ended June 30, 2020.

"This has been a very productive time for Xperi, as we closed our transformational merger with TiVo in June and have made significant progress on the integration and on our strategic and financial goals," said Jon Kirchner, chief executive officer of Xperi. "We delivered solid results across our combined businesses, and we continue to see validation of our IP through key agreements, renewals, and favorable litigation decisions. We are beginning to realize the benefits of the added scale and diversification to our IP and Product platforms and believe Xperi is well positioned as a key provider of technology to enable more compelling experiences in the markets we serve."

Second Quarter 2020 Financial Highlights:

* Completed the merger of Xperi Corporation and TiVo Corporation on June 1, 2020, to form Xperi Holding Corporation. * Billings for legacy Xperi of $93.4 million, above the high end of expectations. * Reported GAAP quarterly revenue, including only one month of TiVo operations post close, of $137.6 million. * Fully combined Adjusted Revenue, on a non-GAAP basis, of $234.8 million for the quarter (see definition of Adjusted Revenue below). * Repurchased $15 million of common stock under a new $150 million stock repurchase program. * Finished the quarter with $200 million in cash and investments.

Second Quarter 2020 Business and Recent Operating Highlights:

Product Business

As a result of the merger, the Company has divided the Product Business into three categories: Consumer Experience, Connected Car, and Pay-TV.

Consumer Experience business highlights:

* Launched TiVo Stream 4K, which is selling at a more rapid rate than previous TiVo hardware launches. * Completed license for DTS:X immersive audio in a next generation game console scheduled for launch this Fall.

Connected Car business highlights:

* Launched HD Radio on six new 2020 car models in North America. * Released the latest version of the Company's Occupancy Monitoring System suite which includes child seat detection, occupant detection, emotion detection, and passenger authentication.

Pay-TV business highlights:

* Signed a new license with a regional cable television provider converting them to our next generation IPTV platform. * Churn of subscribers using our solutions was less than 2% during the quarter, significantly lower than the Pay-TV industry average of 4-5%.

IP Licensing Business

IP Licensing business highlights:

* Renewed and expanded an agreement with Verizon, one of the top five U.S. Pay-TV providers. * Expanded and extended an agreement with CommScope, one of the leading suppliers to the North America Pay-TV market. * Completed a new agreement with a leading social media platform, our third agreement in this space over the last year. * Completed a new agreement with Tower Semiconductor, a global leader in high-value semiconductor foundry solutions, for our ZiBond and DBI technologies. * Received a favorable initial determination in our most recent International Trade Commission (ITC) case against Comcast. The Administrative Law Judge ruled that Comcast's X1 platform infringes on two Rovi patents and recommended the issuance of a limited exclusion order and a cease and desist order.

Capital Allocation

On May 27, 2020, legacy Xperi paid $10.1 million to stockholders of record on May 20, 2020, for a quarterly cash dividend of $0.20 per share of common stock.

Following the merger, Xperi's new board reviewed the Company's capital allocation policy and established a target to return approximately 50% of free cash flow to stockholders, consistent with historical levels. Additionally, the board determined to take a more balanced approach to capital allocation, providing for increased stock buybacks and debt paydown relative to cash dividends.

On June 12, 2020, the board authorized a stock repurchase program providing for the repurchase of up to $150 million of the Company's common stock. During the quarter, the Company repurchased 1.1 million shares of its common stock at an average price of $13.92, for a total of $15 million.

On July 29, 2020, the board declared a dividend of $0.05 per share, payable on September 21, 2020, to stockholders of record on August 31, 2020.

Business Outlook

Going forward, the Company will provide its top-line outlook using revenue. The Company will not report billings, which had been legacy Xperi's practice prior to the merger. Xperi's semiconductor IP Licensing business is forecasted to have 2020 billings that are $70 million higher than revenue due to the application of ASC 606, of which $65 million occurs in the second half. This difference is due to fixed-fee semiconductor IP agreements where revenue was recognized in prior periods but continues to be billed in 2020. There is also an annual impact of $7 million reduction to revenue from purchase price accounting related to the merger, of which $5 million occurs in the second half.

The Company's second-half 2020 outlook is as follows:

Category GAAP Outlook Non-GAAP Outlook

Revenue $390M to $410M $390M to $410M

COGS $72M to $75M $72M to $75M

Operating Expense * $380M to $395M $230M to $245M

Interest Expense $26M to $27M $26M to $27M

Other Income ~ $2M ~ $2M

Cash Tax (net of refunds) $20M to $22M $20M to $22M

Basic Shares Outstanding 109M 109M

Diluted Shares Outstanding 110M 113M

* See tables for reconciliation of GAAP to non-GAAP differences.

Notably, as a result of two significant semiconductor IP agreements executed in the first half of the year, and the related revenue being recognized from these customers during that period, the full year performance of the combined companies is weighted to the first half.

Management will provide more commentary around guidance for the Company on its earnings conference call at 2:00PM Pacific Time today.

Conference Call Information

The Company will hold its second quarter 2020 earnings conference call at 2:00 PM Pacific Time (5:00 PM Eastern Time) on Monday, August 10, 2020. To access the call in the U.S., please dial 800-309-1256, and for international callers, dial +1 323-347-3622. The conference ID is 196454. All participants should dial in at least 15 minutes prior to the start of the conference call. Due to the COVID-19 pandemic and a lower number of operators, wait times for the dial-in may be long and the Company suggests utilizing the webcast link to access the call at Xperi Q2 Earnings Webcast.

Safe Harbor Statement

This press release contains "forward-looking statements" within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on the Company's current expectations, estimates and projections about the Company's financial results, forecasts, and business outlook, the benefits of the merger with TiVo and progress on integration efforts, and the Company's anticipated capital allocation strategy. In this context, forward-looking statements often address expected future business, financial performance and financial condition, and often contain words such as "expect," "anticipate," "intend," "plan," "believe," "could," "seek," "see," "will," "may," "would," "might," "potentially," "estimate," "continue," "expect," "target," similar expressions or the negatives of these words or other comparable terminology that convey uncertainty of future events or outcomes. All forward-looking statements by their nature address matters that involve risks and uncertainties, many of which are beyond our control, and are not guarantees of future results, such as statements about the anticipated benefits of the transaction. These and other forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statements. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements and, therefore, you should not place undue reliance on any such statements and caution must be exercised in relying on forward-looking statements. Important risk factors that may cause such a difference include, but are not limited to: challenges in integration of Xperi and TiVo operations after the merger, anticipated tax treatment, unforeseen liabilities, future capital expenditures, revenues, cost savings, expenses, earnings, synergies, economic performance, indebtedness, financial condition, losses, future prospects, business strategies, and expansion and growth of the Company's businesses; failure to realize the anticipated benefits of the recent merger with TiVo; the Company's ability to implement its business strategy; pricing trends, including the Company's ability to achieve economies of scale; the ability of the Company to retain and hire key personnel; potential adverse reactions or changes to business relationships resulting from the merger with TiVo; uncertainty as to the long-term value of the Company's common stock; legislative, regulatory and economic developments affecting the Company's business; general economic and market developments and conditions; the evolving legal, regulatory and tax regimes under which the Company operates; unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism or outbreak of war or hostilities, natural disasters, the outbreak of coronavirus (COVID-19) or similar outbreaks or pandemics, and their effects on economic and business environments in which the Company operates, as well as the Company's response to any of the aforementioned factors; the extent to which the COVID-19 pandemic continues to have an adverse impact on our business, results of operations, and financial condition will depend on future developments, including measures taken in response to the pandemic, which are highly uncertain and cannot be predicted; and any plans regarding a potential separation of the combined business. These risks, as well as other risks associated with the transaction, are more fully discussed in the Company's filings with the U.S. Securities and Exchange Commission ("SEC"), including the Company's Quarterly Report on Form 10-Q. While the list of factors presented here is, and the list of factors presented in the Company's filings with the SEC are, considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on the Company's consolidated financial condition, results of operations, liquidity or trading price of common stock. The Company does not assume any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws.

About Xperi Holding Corporation

Xperi invents, develops, and delivers technologies that enable extraordinary experiences. Xperi technologies, delivered via its brands (DTS, HD Radio, IMAX Enhanced, Invensas, TiVo), and by its startup, Perceive, make entertainment more entertaining, and smart devices smarter. Xperi technologies are integrated into billions of consumer devices, media platforms, and semiconductors worldwide, driving increased value for partners, customers and consumers.

Xperi, DTS, IMAX Enhanced, Invensas, HD Radio, Perceive, TiVo and their respective logos are trademarks or registered trademarks of affiliated companies of Xperi Holding Corporation in the United States and other countries. All other company, brand and product names may be trademarks or registered trademarks of their respective companies.

Billings

Billings reflect amounts in an accounting period invoiced to customers, less any credits issued to or paid to customers, plus amounts due under certain licensing-related contractual arrangements that may not be subject to an invoice. Billings may vary materially from revenue recorded under U.S. GAAP.

Non-GAAP Financial Measures

In addition to disclosing financial results calculated in accordance with U.S. Generally Accepted Accounting Principles (GAAP), the Company's earnings release contains non-GAAP financial measures adjusted for either one-time or ongoing non-cash acquired intangibles amortization charges; costs related to actual or planned business combinations including transaction fees, integration costs, separation costs, severance, facility closures and retention bonuses; all forms of stock-based compensation; loss on debt extinguishment; realized and unrealized gains or losses on marketable equity securities and associated tax effects. Management believes that the non-GAAP measures used in this release provide investors with important perspectives into the Company's ongoing business and financial performance, and provide a better understanding of our core operating result reflecting our normal business operations. The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP. Our use of non-GAAP financial measures has certain limitations in that the non-GAAP financial measures we use may not be directly comparable to those reported by other companies. For example, the terms used in this press release, such as non-GAAP Operating Expenses, do not have a standardized meaning. Other companies may use the same or similarly named measures, but exclude different items, which may not provide investors with a comparable view of our performance in relation to other companies. We seek to compensate for the limitation of our non-GAAP presentation by providing a detailed reconciliation of the non-GAAP financial measures to the most directly comparable U.S. GAAP measures in the tables attached hereto. Investors are encouraged to review the related U.S. GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable U.S. GAAP financial measures. All financial data is presented on a GAAP basis except where the Company indicates its presentation is on a non-GAAP basis.

Set forth below are reconciliations of the Company's reported and forecasted GAAP to non-GAAP financial metrics.

Adjusted Revenue

Adjusted Revenue is a non-GAAP financial measure that reflects the combined revenue of legacy business operations of Xperi Corporation ("Xperi") and TiVo Corporation ("TiVo") for the periods presented. We calculate Adjusted Revenue as the sum of (i) GAAP revenue, (ii) revenue recorded by TiVo for the months of April and May 2020 prior to the effective date of the merger, and (iii) certain adjustments to revenue recorded by TiVo as a result of the application of purchase accounting to the merger. This information is derived from (1) previous public filings made by Xperi and TiVo prior to the merger, (2) the Company's quarterly report on Form 10-Q filed for the quarter ended June 30, 2020, which reflects the Company's revenue for the quarter (including revenue from TiVo recognized after June 1, 2020, the effective date of the merger) and (3) revenue based on TiVo's financial reporting systems for the months of April and May 2020 covering the period after TiVo's last public filing and prior to the effective date of merger. Adjusted Revenue is used by Xperi's management and Board of Directors to evaluate financial performance of the combined company, including factors for setting and measuring performance impacting bonus incentives available to the Company's employees. We believe Adjusted Revenue can provide investors with useful and important metrics in assessing the financial performance of core operations of the combined company without the impact of the merger, and to allow investors to analyze drivers of revenue on the same basis as the management of the Company. Adjusted Revenue does not reflect GAAP revenue and should not be construed by investors as a replacement for revenue as reported in accordance with GAAP.

- Tables Follow -

XPER-E

XPERI HOLDING CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(in thousands, except per share amounts)(unaudited) Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2020 2019 2020 2019Revenue:Licensing, services and $ 135,996 $ 75,031 $ 253,483 $ 131,343 softwareHardware 1,635 84 1,813 339

Total revenue 137,631 75,115 255,296 131,682

Operating expenses:Cost of licensing, servicesand software revenue, 8,252 2,460 9,792 4,509 excluding depreciation andamortization of intangibleassetsCost of hardware revenue,excluding depreciation and 1,428 69 1,472 227 amortization of intangibleassetsResearch, development and 38,227 25,346 66,833 52,005 other related costsSelling, general and 68,195 27,252 104,802 56,533 administrativeDepreciation expense 3,333 1,759 5,062 3,427

Amortization expense 32,044 25,314 54,553 50,773

Litigation expense 3,871 1,231 5,974 2,521

Total operating expenses 155,350 83,431 248,488 169,995

Operating income (loss) (17,719 ) (8,316 ) 6,808 (38,313 )

Interest expense (6,958 ) (6,199 ) (11,209 ) (12,884 )

Other income and expense, 578 4,806 1,143 7,108 netLoss on debt extinguishment (8,300 ) - (8,300 ) -

Loss before taxes (32,399 ) (9,709 ) (11,558 ) (44,089 )

Benefit from income taxes (9,299 ) (3,547 ) (7,243 ) (12,497 )

Net loss $ (23,100 ) $ (6,162 ) $ (4,315 ) $ (31,592 )

Less: net loss attributable (487 ) (341 ) (1,038 ) (688 )to noncontrolling interestNet loss attributable to the $ (22,613 ) $ (5,821 ) $ (3,277 ) $ (30,904 )CompanyLoss per share attributableto the Company:Basic $ (0.33 ) $ (0.12 ) $ (0.06 ) $ (0.63 )

Diluted $ (0.33 ) $ (0.12 ) $ (0.06 ) $ (0.63 )

Weighted average number of 69,160 49,259 59,462 48,918 shares used in per sharecalculations-basicWeighted average number of 69,160 49,259 59,462 48,918 shares used in per sharecalculations-diluted

XPERI HOLDING CORPORATIONCONDENSED CONSOLIDATED BALANCE SHEETS(in thousands, except for par value)(unaudited) June 30, December 31, 2020 2019ASSETSCurrent assets:Cash and cash equivalents $ 174,013 $ 74,551

Available-for-sale debt securities 25,564 45,802

Equity securities - 1,124

Accounts receivable, net 124,746 24,177

Unbilled contracts receivable 184,101 121,826

Other current assets 36,362 13,735

Total current assets 544,786 281,215

Long-term unbilled contracts receivable 20,582 26,672

Property and equipment, net 71,025 32,877

Operating lease right-of-use assets 89,136 17,786

Intangible assets, net 1,056,266 232,275

Goodwill 846,913 385,784

Other long-term assets 123,899 71,336

Total assets $ 2,752,607 $ 1,047,945

LIABILITIES AND EQUITYCurrent liabilities:Accounts payable $ 21,242 $ 4,650

Accrued legal fees 5,594 1,316

Accrued liabilities 105,368 41,433

Deferred revenue 38,639 720

Current portion of long-term debt, net 43,612 -

Total current liabilities 214,455 48,119

Deferred revenue, less current portion 22,624 -

Long-term deferred tax liabilities 28,876 29,735

Long-term debt, net 967,471 334,679

Noncurrent operating lease liabilities 73,474 13,414

Other long-term liabilities 96,240 76,898

Total liabilities 1,403,140 502,845

Commitments and contingencies (Note 15)Company stockholders' equity:Preferred stock - -

Common stock 109 64

Additional paid-in capital 1,245,717 768,284

Treasury stock at cost (17,572 ) (368,701 )

Accumulated other comprehensive income (loss) 170 (53 )

Retained earnings 124,887 148,317

Total Company stockholders' equity 1,353,311 547,911

Noncontrolling interest (3,844 ) (2,811 )

Total equity 1,349,467 545,100

Total liabilities and equity $ 2,752,607 $ 1,047,945

XPERI HOLDING CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(in thousands)(unaudited) Six Months Ended June 30, 2020 June 30, 2019Cash flows from operating activities:Net loss $ (4,315 ) $ (31,592 )

Adjustments to reconcile net loss to net cash fromoperating activities:Depreciation of property and equipment 5,062 3,427

Amortization of intangible assets 54,553 50,773

Stock-based compensation expense 16,456 14,844

Deferred income taxes (28,933 ) (24,233 )

Loss on debt extinguishment 8,300 -

Other 4,775 (248 )

Changes in operating assets and liabilities:Accounts receivable 3,306 3,681

Unbilled contracts receivable 12,645 65,347

Other assets (9,675 ) 4,504

Accounts payable 3,334 1,721

Accrued and other liabilities (5,199 ) (17,036 )

Deferred revenue 6,933 (2,295 )

Net cash from operating activities 67,242 68,893

Cash flows from investing activities:Purchases of property and equipment (1,892 ) (6,543 )

Proceeds from sale of property and equipment 19 55

Cash acquired in merger transaction 117,424 -

Purchases of intangible assets (519 ) -

Purchases of short-term investments - (22,693 )

Proceeds from sales of investments 7,189 4,500

Proceeds from maturities of investments 13,502 12,990

Net cash from investing activities 135,723 (11,691 )

Cash flows from financing activities:Dividend paid (20,153 ) (19,686 )

Proceeds from debt, net 1,011,343

Repayment of debt (344,000 ) (100,000 )

Repayment of assumed debt from merger transaction (734,609 ) -

Proceeds from exercise of stock options 1 520

Proceeds from employee stock purchase program 4,764 3,111

Repurchase of common stock (20,943 ) (4,264 )

Net cash from financing activities (103,597 ) (120,319 )

Effect of exchange rate changes on cash and cash 94 - equivalentsNet increase (decrease) in cash and cash 99,462 (63,117 )equivalentsCash and cash equivalents at beginning of period 74,551 113,625

Cash and cash equivalents at end of period $ 174,013 $ 50,508

Supplemental disclosure of cash flow information:Interest paid $ 5,807 $ 11,628

Income taxes paid, net of refunds $ 13,723 $ 6,457

Stock issued in merger transaction $ 828,334 $ -



XPERI HOLDING CORPORATIONRECONCILIATION FROM GAAP NET LOSS TO NON-GAAP NET INCOME(in thousands, except per share amounts)(unaudited) Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019

GAAP net loss $ (23,100 ) $ (6,162 ) $ (4,315 ) $ (31,592 )

Adjustments to GAAP netloss:Stock-based compensationexpense:Cost of revenue 73 - 73 -

Research, development and 2,838 3,146 5,874 6,749 otherSelling, general and 5,558 4,075 10,509 8,095 administrativeAmortization expense 32,044 25,314 54,553 50,773

Merger-related costs:Transaction and otherrelated costs recorded in 25,234 - 28,323 - selling, general andadministrativeSeverance and retention 1,256 - 1,256 - recorded to research,development and otherSeverance and retention 5,645 - 5,645 - recorded to selling, generaland administrativeLoss on debt extinguishment 8,300 - 8,300 -

Unrealized and realized (26 ) (2,032 ) 707 (1,622 )(gain) loss on equitysecuritiesTax adjustments for non-GAAP (16,266 ) (8,237 ) (20,621 ) (23,035 )items Non-GAAP net income $ 41,556 $ 16,104 $ 90,304 $ 9,368

Non-GAAP net income per $ 0.57 $ 0.31 $ 1.44 $ 0.18 share - dilutedWeighted average number ofshares used in per sharecalculations excluding the 72,605 52,135 62,823 51,594 effects of stock-basedcompensation - diluted

XPERI HOLDING CORPORATION AND TIVO CORPORATIONREVENUE BY SEGMENT(in thousands)(unaudited) Three Months Ended Six Months Ended June 30, June 30, 2020* 2019 2020* 2019

Xperi:Product segment $ 64,124 $ 61,431 $ 120,066 $ 105,999

IP Licensing segment 73,507 13,684 135,230 25,683

Total revenue $ 137,631 $ 75,115 $ 255,296 $ 131,682

TiVo:Product segment $ 85,207 $ 176,510

IP Licensing segment 90,965 157,897

Total revenue N/A** $ 176,172 N/A** $ 334,407



* Reported results include revenue from TiVo recognized after June 1, 2020, theeffective date of the merger.**The above table presents segment revenue as reported in the SEC filings forthe periods presented by Xperi Holding Corporation, its predecessor filer XperiCorporation and TiVo Corporation for the respective periods. TiVo Corporationdid not prepare a standalone filing for the three or six months ended June 30,2020, and these periods are therefore listed as N/A.

XPERI HOLDING CORPORATIONADJUSTED REVENUE SCHEDULE(in thousands)(unaudited) Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019

Xperi revenue (as reported) $ 137,631 * $ 75,115 $ 255,296 * $ 131,682

TiVo revenue 95,543 ** 176,172 255,405 ** 334,407

Impact from purchase accounting 1,666 - 1,666 -

Adjusted Revenue $ 234,840 $ 251,287 $ 512,367 $ 466,089

Revenue by Segment: Xperi Product (as reported) 64,124 * 61,431 120,066 * 105,999

TiVo Product 50,572 ** 85,207 137,049 ** 176,510

114,696 146,638 257,115 282,509

Xperi IP Licensing (as 73,507 * 13,684 135,230 * 25,683reported)TiVo IP Licensing 44,971 ** 90,965 118,356 ** 157,897

118,478 104,649 253,586 183,580

Impact from purchase accounting 1,666 - 1,666 -

Adjusted Revenue $ 234,840 $ 251,287 $ 512,367 $ 466,089

* Reported results include revenue from TiVo recognized after June 1, 2020, theeffective date of the merger.** Represents financial results of TiVo Corporation prior to the date of themergers. For the three and six months ended June 30, 2020, this presents theresults of TiVo Corporation from April 1, 2020 through May 31, 2020 and fromJanuary 1, 2020 through May 31, 2020, respectively. Xperi management and itsboard of directors evaluate the combined company utilizing this combined viewof revenue and believe it provides useful insight to investors. This AdjustedRevenue does not reflect revenue as measured according to US General AcceptedAccounting Principles (GAAP) and should not be considered a replacement orequivalent presentation to GAAP revenue as presented in the Company's SECfilings and as reported in this earnings release.

XPERI HOLDING CORPORATIONRECONCILIATION FOR GUIDANCE ONGAAP TO NON-GAAP OPERATING EXPENSE(in millions)(unaudited) Six Months Ended December 31, 2020 Low High GAAP operating expense $ 380.0 $ 395.0

Stock-based compensation -- R&D (12.0 ) (12.0 )

Stock-based compensation -- SG&A (14.0 ) (14.0 )

Merger and integration-related expense -- R&D (2.0 ) (2.0 )

Merger and integration-related expense -- SG&A (20.0 ) (20.0 )

Amortization expense (102.0 ) (102.0 )

Total of non-GAAP adjustments (150.0 ) (150.0 )

Non-GAAP operating expense $ 230.0 $ 245.0

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CONTACT: Xperi Investors: Geri Weinfeld, Vice President of Investor Relations +1 818-436-1231 geri.weinfeld@xperi.com

CONTACT: Xperi Media: Lerin O'Neill +1 408-562-8455 lerin.oneill@xperi.com

CONTACT: John Christiansen/Reze Wong Sard Verbinnen & Co +1 415-618-8750 Xperi-SVC@sardverb.com