PALO ALTO, Calif.--(BUSINESS WIRE)--Feb. 25, 2003--Hewlett-Packard
Company (NYSE:
HPQ)
-- | Non-GAAP EPS $0.29, up 21% Sequentially, $0.02 Cents Higher Than Analyst Consensus Estimates of $0.27 |
-- | GAAP EPS $0.24, up 85% Sequentially |
-- | Revenue of $17.9 Billion, Down 1% Sequentially |
-- | Gross Margin of 26.5%, up 0.6 Points Sequentially |
-- | Non-GAAP Operating Profit $1.1 Billion, up 25% Sequentially |
-- | GAAP Operating Profit $879 Million, up 107% Sequentially |
-- | Personal Systems Reports $33 Million Profit vs. $68 Million Loss in Q4; Enterprise Systems Cuts Loss by 36% Sequentially |
-- | Affirms Q2 Consensus Estimates of $0.27 Non-GAAP EPS |
HP (NYSE:
HPQ) today reported financial results for its first
fiscal quarter ended Jan. 31, 2003. The company reported first quarter
revenue of $17.9 billion, compared to $18.0 billion in the prior
quarter. Revenue reflected ongoing weakness in commercial IT spending
in the United States and Japan, while Europe and Asia-Pacific posted
solid revenue growth quarter over quarter.
Non-GAAP(1) (formerly reported as pro forma) operating profit
totaled $1.1 billion, up 25% sequentially. Non-GAAP operating profit
was 6.2% of revenue, up from 4.9% of revenue in the prior quarter.
Non-GAAP diluted earnings per share (EPS) for the quarter was 29
cents, compared to 24 cents in the fourth quarter, up 21%
sequentially. Non-GAAP diluted EPS and operating profit reflect a $156
million adjustment on an after-tax basis, or 5 cents on a diluted per
share basis. The pre-tax adjustment includes $138 million of
amortization of purchased intangible assets, and $86 million for other
acquisition-related items. All non-GAAP financial information in this
release is reconciled in the "Non-GAAP Consolidated Condensed
Statement of Earnings" table below.
GAAP operating profit for the quarter was $879 million, up 107%
sequentially. GAAP operating profit was 4.9% of revenue, up from 2.4%
in the prior quarter. GAAP diluted EPS was 24 cents per share, versus
13 cents last quarter, representing an improvement of 85%
sequentially.
Gross margin increased from 25.9% to 26.5%, up 0.6 percentage
points sequentially, reflecting continued improvement in HP's cost
structures. Integration-related cost savings for the first quarter
were $734 million, up from $482 million last quarter and 14% above
first-quarter plan. Non-GAAP expenses as a percent of revenue were
down sequentially from 21% to 20.3% of net revenue.
"HP is making good headway and continues to execute well," said
Carly Fiorina, HP chairman and chief executive officer. "The first
quarter was our best overall profit performance since the merger,
demonstrating there is significant leverage in our operating model. We
made good progress on cost structures, achieved sequential market
share gains in each of our businesses, and continued to improve gross
margins. Our revenue shortfalls were largely confined to the U.S.
market, as weak commercial spending continued. Outside the U.S.,
revenues improved 3% sequentially with strong performance in Europe
and Asia-Pacific. Personal Systems posted a profit for the quarter,
and Enterprise Systems improved operating results by 36% sequentially.
"Today's world is full of uncertainty and predictions are
difficult. We're staying focused on what we can control -- maximizing
our operating model leverage, delivering the best possible products
and services, accelerating market share gains, staying on the offense
and investing in growth. Therefore, we're comfortable affirming
analyst consensus estimates of $0.27 for the second quarter."
Summary of Financial Results
Q1 FY2003 Q4 FY2002 ---------------------------------------------------------------------- Revenue $17.9 billion $18.0 billion ---------------------------------------------------------------------- GAAP Operating Margin 4.9% 2.4% ---------------------------------------------------------------------- Non-GAAP Operating Margin(1) 6.2% 4.9% ---------------------------------------------------------------------- GAAP diluted EPS $0.24 $0.13 ---------------------------------------------------------------------- Non-GAAP diluted EPS (1) $0.29 $0.24 ----------------------------------------------------------------------
(1) All non-GAAP numbers (formerly reported as pro forma) have
been adjusted to exclude certain items. A reconciliation of the
specific adjustments to GAAP results for this quarter and the prior
period is included in the non-GAAP income statement below. A
description of HP's use of non-GAAP financial information is provided
under the heading "Use of Non-GAAP Financial Information" below.
Regionally, Americas revenue declined 7% sequentially to $8.2
billion for the quarter, representing 46% of total revenue. Europe
grew 6% sequentially to $7.1 billion, representing 40% of total
revenue. Asia-Pacific grew 3% sequentially to $1.9 billion,
representing 11% of total revenue. Japan declined 6% sequentially to
$744 million in revenue, representing 4% of HP's total revenue.
In addition to posting a quarterly profit, Personal Systems grew
sequentially in consumer PCs and handhelds, and reinforced HP's
commitment to innovation with strong market acceptance of new Media
Center PC, Tablet PC and iPAQ offerings. Imaging and Printing
continued to post strong revenue and operating profit, with market
share gains across key categories.
Enterprise Systems reduced its operating losses for the second
quarter in a row and maintained its strong market position in servers,
storage, software and supercomputers. HP Services maintained
double-digit profitability during the quarter and posted double-digit
sequential revenue growth in managed services.
HP's 20 largest new business contracts in the quarter -- with an
average value of more than $100 million each -- represent a total
long-term value of more than $2 billion.
According to the latest third-party market reports, HP continues
to maintain its broad leadership position with sequential share gains
across the business. During the fourth calendar quarter, HP grew its
No. 1 share of overall server shipments worldwide to 30%, and grew
server revenue sequentially (Gartner Dataquest, Q4'02). Specifically,
HP increased its share of UNIX(R) revenue sequentially by 2.2%
worldwide, and 7.2% in the United States, displacing Sun as the No. 1
UNIX vendor worldwide. HP also sequentially increased its No. 1
revenue and unit share of Industry Standard Servers worldwide, and
grew twice as fast as the nearest competitor in the United States and
worldwide. Additionally, HP increased its share of Linux server
revenue to 32.8% worldwide (excluding mainframes), up 4.2%
sequentially. (All Gartner Dataquest, Q4'02.) In storage, HP grew its
No. 1 position in worldwide disk storage revenue to a 27% share, and
achieved sequential growth in external RAID, storage software and SAN
units shipped (IDC, Q3'02). HP's managed services business is growing
faster sequentially than major competitors.
In Personal Systems, HP re-gained the No. 1 position in worldwide
PC shipments with sequential unit share gains in total PC clients --
including both home and business PC clients, as well as desktop and
notebook PCs (all IDC, Q4'02). In Imaging and Printing, HP extended
its market share leadership in the overall U.S. printer market for the
third consecutive quarter, where HP holds 59% share (IDC, Q4'02). HP
grew unit share by 7% sequentially in both total inkjet printers and
laser color printers in the United States, growing faster than the
nearest two competitors (IDC, Q4'02). HP also has increased all-in-one
inkjet shipments with worldwide share up 20 points from August to
December (NPD Intelect).
Business Segment Results
As a standard part of HP's business review process, the company
has moved certain items between its core business segments and
"other." While these movements have some impact on results of the
company's other segments, all periods have been restated for
comparative purposes.
Personal Systems
Personal Systems revenue totaled $5.1 billion, reflecting 2%
sequential growth. Operating profit was $33 million, compared to a
loss of $68 million last quarter.
First quarter revenues reflect significant sequential increases in
consumer PC and handheld revenue, driven by new product introductions
and normal seasonality, while notebooks, commercial PCs and
workstations declined sequentially. Revenue declines reflect
persistent softness in corporate IT spending and intense competition.
Personal Systems operating profit was 0.6% of revenue, compared to
negative 1.4% last quarter. Operating margin improvements reflect
significant business model enhancements, re-engineered channel
programs, competitive new product introductions and continued
execution improvements. During the quarter, HP maintained worldwide
commercial channel inventories at 3.1 weeks and managed consumer
channel inventories down sequentially from 6.3 weeks to 4.9 weeks.
During the fourth quarter, HP introduced several innovative
products including the Tablet PC, the HP Media Center PC, two new HP
iPAQ Pocket PCs, a breakthrough Digital Media Receiver product for
consumers, and several low-priced notebook and desktop PC offerings.
HP also achieved a significant milestone in handhelds, reaching the 3
million unit sales mark.
Recent Personal Systems wins include SBC's selection of HP to
deploy 14,000 desktops, 4,600 notebooks and 400 technical workstations
supported by an HP service warranty, and a three-year, $100 million
contract with the Internal Revenue Service to provide more than 30,000
desktop and notebook PCs.
Enterprise Systems
Enterprise Systems made significant progress improving its cost
structure and improved HP's market share sequentially in a difficult
IT spending environment. Revenue was $3.7 billion, down 6%
sequentially, reflecting continued soft demand in the United States
and Latin America. Enterprise Systems reduced its operating loss to
$83 million during the quarter, from $129 million last quarter.
Enterprise Systems operating profit was negative 2.2% of revenue,
compared to negative 3.2% last quarter. Business-critical server
revenue was down 12% sequentially, reflecting a weak UNIX market and a
tough quarter for NonStop servers in the telecommunications and
finance industries. Industry-standard server revenue was down 5%
sequentially, reflecting soft market demand. Storage revenue was down
5% sequentially. Software revenue was flat sequentially.
The quarter's highlights included record worldwide shipments of
ProLiant industry standard servers and another quarter of record
Superdome shipments. During the quarter, HP continued shipping what is
now into the thousands of Itanium(R) 2-based systems and launched new
AlphaServers, new ProLiant servers and 2- and 4-way blade servers.
OpenView management software license revenue increased 15%
sequentially. HP announced its Adaptive Management software platform
with 30 new OpenView and Opencall products. HP also unveiled the
industry's first network storage virtualization framework, 33 new
storage products and expanded relationships with Brocade and
Microsoft.
Recent Enterprise Systems wins include: a multi-year contract with
Delphi Corporation for ProLiant and HP-UX servers, StorageWorks
systems and HP managed services to support Delphi's global SAP
solutions; a $55 million contract with InSite One, Inc. to deliver a
pay-per-use medical imaging and archiving solution based on ProLiant
and StorageWorks systems; completion of a second multi-million dollar
contract with DGI (France's tax administration department) for HP-UX
servers, storage and nearly 40,000 PCs; and a contract with General
Motors Corporation to upgrade its dealer technology nationwide with HP
ProLiant servers for 7,600 dealerships and fleet customers.
Services
HP Services maintained double-digit profit margins during the
quarter and grew above market rates in the managed services business,
despite a continued weak IT services market. Revenue was $3.0 billion,
down 3% sequentially. Operating profit was $341 million or 11.5% of
revenue, down 6% sequentially.
Customer support revenue was down 3% sequentially, reflecting
lengthening customer renewal cycles. Managed services revenue was up
11% sequentially, reflecting comprehensive deals closed in fiscal 2002
and new helpdesk and desktop contracts as customers use outsourcing to
reduce IT costs. This business was profitable for the second quarter
in a row. Consulting and integration revenue was down 12%
sequentially, as HP focuses its consulting efforts more tightly for
improved profitability.
Highlights for HP Services in the quarter included strong demand
for enterprise Microsoft(R) services, enterprise resource planning and
supply chain services, helpdesk and desktop services, SAN
implementation services and data center infrastructure management.
Recent wins include a five-year, $240 million managed services
agreement with Telecom Italia to manage 90,000 seats including help
desk, onsite services and the overall IT environment; a five-year
agreement with DIRECTV, Inc. to provide computing infrastructure and
ongoing management services and support for DIRECTV's 24x7 billing
environment; a five-year contract with Critical Path to manage three
existing data centers and helpdesk services worldwide; and a four-year
agreement to provide the Swedish Parliament with a secure IT and
communications infrastructure.
Imaging and Printing
Imaging and Printing revenue totaled $5.6 billion, flat
sequentially following a seasonally strong fourth quarter, and
representing strong year-over-year growth. Operating profit was $907
million, down 4% sequentially. As a percent of revenue, operating
profit for the segment was 16.2%, compared to 16.8% last quarter.
Normal seasonal gross margin declines were partially offset by
continued operational efficiencies.
Imaging and Printing's revenue reflects strong holiday sales in
digital imaging, home printers and solid supplies sales, offset by
continued weakness in enterprise IT spending. Digital imaging revenue
increased 7% sequentially, as digital photography continues to move
mainstream. Home hardware revenue decreased 3% sequentially. Supplies
revenue decreased 2% sequentially following a record quarter, but was
up 14% year over year with continued strong sales in toner, ink and
photo media. Business hardware revenue increased 1% sequentially,
fueled by demand for HP's color and personal LaserJet printers and
gains in digital publishing.
The quarter's highlights include strong continued response to
roughly 50 new "Big Bang" consumer and business products, as well as
the first sub-$1,000 color LaserJet printer and new midrange LaserJet
printers. HP's imaging and printing products won more than 75 industry
awards during the quarter.
Financial Services
HP Financial Services offers leasing and financial asset
management services to HP customers worldwide, operating as a wholly
owned subsidiary. Revenue was $517 million, down 4% sequentially.
Operating results showed significant improvement, with operating
profit of $14 million for the quarter versus a $101 million loss last
quarter. The improvement reflects reductions of bad debt expense
incurred in the prior quarter, primarily in Latin America and EMEA.
Operating profit was 2.7% of revenue, compared to negative 18.8% last
quarter. Portfolio assets were down 2% quarter to quarter, reflecting
soft market conditions.
Asset Management
HP exited the quarter with $13.2 billion in gross cash, which
includes cash and cash equivalents of $12.6 billion and short- and
certain long-term investments of $600 million. Inventory ended the
quarter at $6.1 billion, a sequential increase of $294 million over
Q4. Trade receivables decreased $590 million from the prior quarter to
$7.9 billion. Cash generated from operations for the quarter was $791
million, and the company added $1.3 billion in net short- and
long-term debt throughout the quarter. HP's dividend of $0.08 in the
fourth quarter resulted in a cash use of $245 million. In addition, HP
repurchased $155 million of stock.
Outlook
For the second quarter 2003, HP affirmed Wall Street consensus
estimates of $0.27 earnings per share on a non-GAAP basis, taking into
account normal seasonal revenue patterns.
More information on this quarter's earnings is available on HP's
Investor Relations site at
http://www.hp.com/hpinfo/investor/financials/quarters/.
About HP
HP is a leading global provider of products, technologies,
solutions and services to consumers and businesses. The company's
offerings span IT infrastructure, personal computing and access
devices, global services and imaging and printing. HP completed its
acquisition of Compaq Computer Corporation on May 3, 2002. More
information about HP is available at
http://www.hp.com.
Use of Non-GAAP Financial Information
To supplement our consolidated financial statements presented on a
GAAP basis, HP uses non-GAAP additional measures of operating results,
net earnings and earnings per share adjusted to exclude certain costs,
expenses, gains and losses we believe appropriate to enhance an
overall understanding of our past financial performance and also our
prospects for the future. These adjustments to our current period GAAP
results are made with the intent of providing both management and
investors a more complete understanding of the underlying operational
results and trends and our marketplace performance. For example, the
non-GAAP results are an indication of our baseline performance before
gains, losses or other charges that are considered by management to be
outside of our core business segment operational results. In addition,
these adjusted non-GAAP results are among the primary indicators
management uses as a basis for our planning and forecasting of future
periods. The presentation of this additional information is not meant
to be considered in isolation or as a substitute for net earnings or
diluted earnings per share prepared in accordance with generally
accepted accounting principles in the United States.
Unix is a registered trademark of the Open Group. Itanium is a
registered trademark of Intel Corp. or its subsidiaries in the United
States and other countries. Microsoft is a U.S. registered trademark
of Microsoft Corp.
This document contains forward-looking statements that involve
risks and uncertainties, as well as assumptions that, if they never
materialize or prove incorrect, could cause the results of HP and its
consolidated subsidiaries to differ materially from those expressed or
implied by such forward-looking statements. All statements other than
statements of historical fact are statements that could be deemed
forward-looking statements, including any projections of earnings,
revenues, margins, synergies or other financial items; any statements
of the plans, strategies, and objectives of management for future
operations, including the execution of integration and restructuring
plans; any statements concerning proposed new products, services,
developments, anticipated performance of products or services, or
industry rankings; any statements regarding future economic conditions
or performance; statements of belief and any statement of assumptions
underlying any of the foregoing. The risks, uncertainties and
assumptions referred to above include macroeconomic and geopolitical
trends and events; intense competition within our industry;
performance of contracts by suppliers, customers and partners;
employee management issues; the challenge of managing asset levels,
including inventory; the difficulty of aligning expense levels with
revenue changes; and other risks that are described from time to time
in HP's Securities and Exchange Commission reports, including without
limitation HP's annual report on Form 10-K for the fiscal year ended
October 31, 2002 and other subsequently filed reports. HP assumes no
obligation to update these forward-looking statements.
HEWLETT-PACKARD COMPANY AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENT OF EARNINGS (Unaudited) (In millions except per share amounts) Three months ended ---------------------------------- January 31, October 31, January 31, 2003(a) 2002(a),(b) 2002(b),(c) -------- -------- -------- Net revenue $ 17,877 $ 18,048 $ 11,383 Costs and expenses: Cost of sales 13,141 13,380 8,356 Research and development 908 979 691 Selling, general and administrative 2,725 2,819 1,623 Amortization of goodwill and purchased intangible assets 138 150 50 Restructuring charges -- 150 -- Acquisition-related charges 86 145 38 -------- -------- -------- Total costs and expenses 16,998 17,623 10,758 -------- -------- -------- Earnings from operations 879 425 625 Interest and other, net 51 68 10 Net investment (losses) gains (5) (38) 9 -------- -------- -------- Earnings before taxes 925 455 644 Provision for taxes 204 65 160 -------- -------- -------- Net earnings $ 721 $ 390 $ 484 ======== ======== ======== Net earnings per share: Basic $ 0.24 $ 0.13 $ 0.25 Diluted $ 0.24 $ 0.13 $ 0.25 Cash dividends declared per share $ 0.16 $ -- $ 0.16 Weighted-average shares used to compute net earnings per share: Basic 3,048 3,047 1,941 Diluted 3,065 3,048 1,963 (a) The results for the three months ended January 31, 2003 and October 31, 2002 include the results of Compaq for the entire period. (b) Certain reclassifications have been made to prior year amounts in order to conform to the current year presentation. (c) The results for the three months ended January 31, 2002 include the results of HP prior to the acquisition of Compaq. HEWLETT-PACKARD COMPANY AND SUBSIDIARIES NON-GAAP CONSOLIDATED CONDENSED STATEMENT OF EARNINGS Excluding adjustments itemized below (Unaudited) (In millions except per share amounts) Three months ended --------------------- Percent January 31, October 31, increase/ 2003(a) 2002(a),(b) decrease) -------- -------- -------- Net revenue $ 17,877 $ 18,048 (1) Costs and expenses: Cost of sales 13,141 13,370 Research and development 908 979 Selling, general and administrative 2,725 2,819 -------- -------- Total costs and expenses 16,774 17,168 (2) -------- -------- Earnings from operations 1,103 880 25 Interest and other, net 51 68 -------- -------- Earnings before taxes 1,154 948 22 Provision for taxes 277 227 -------- -------- Net earnings $ 877 $ 721 22 ======== ======== Net earnings per share: Basic $ 0.29 $ 0.24 Diluted $ 0.29 $ 0.24 Weighted-average shares used to compute net earnings per share: Basic 3,048 3,047 Diluted 3,065 3,056 An itemized reconciliation between net earnings on a GAAP basis and non-GAAP basis is as follows: GAAP net earnings 721 390 Acquisition-related inventory write-down included in cost of sales -- 10 Amortization of goodwill and purchased intangible assets 138 150 Restructuring charges -- 150 Acquisition-related charges 86 145 Net investment losses 5 38 Income tax effect of reconciling items (73) (162) Non-GAAP net earnings $ 877 $ 721 ======== ======== (a) The non-GAAP results for the three months ended January 31, 2003 and October 31, 2002 include the results of Compaq for the entire period. (b) Certain reclassifications have been made to prior period amounts in order to conform to the current year presentation. HEWLETT-PACKARD COMPANY AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEET (In millions) January 31, October 31, 2003 2002(a) --------- --------- (unaudited) ASSETS Current assets: Cash and cash equivalents $ 12,641 $ 11,192 Short-term investments 223 237 Accounts receivable, net 7,866 8,456 Financing receivables, net 3,565 3,453 Inventory 6,091 5,797 Other current assets 7,277 6,940 --------- --------- Total current assets 37,663 36,075 Property, plant and equipment, net 6,865 6,924 Long-term investments and other assets 7,692 7,758 Goodwill 15,112 15,089 Purchased intangible assets 4,761 4,864 --------- --------- Total assets $ 72,093 $ 70,710 ========= ========= LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Notes payable and short-term borrowings $ 3,033 $ 1,793 Accounts payable 6,334 7,012 Employee compensation and benefits 1,678 2,012 Taxes on earnings 1,582 1,529 Deferred revenues 3,450 3,260 Accrued restructuring 1,013 1,309 Other accrued liabilities 8,107 7,395 --------- --------- Total current liabilities 25,197 24,310 Long-term debt 6,187 6,035 Other liabilities 4,240 4,103 Stockholders' equity 36,469 36,262 --------- --------- Total liabilities and stockholders' equity $ 72,093 $ 70,710 ========= ========= (a) Certain reclassifications have been made to prior year balances in order to conform to the current year presentation. HEWLETT-PACKARD COMPANY AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS (Unaudited) (In millions) Three months ended ------------------------ January 31, October 31, 2003(a) 2002(a) --------- --------- Cash flows from operating activities: Net earnings $ 721 $ 390 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 690 709 Deferred taxes on earnings 138 389 Restructuring charges -- 150 Acquisition-related charges, including in-process research and development 86 145 Net investment losses 5 38 Changes in assets and liabilities: Accounts and financing receivables 547 (79) Inventory (275) (32) Accounts payable (693) 341 Other assets and liabilities (428) (583) --------- --------- Net cash provided by operating activities 791 1,468 --------- --------- Cash flows from investing activities: Investment in property plant and equipment, net (427) (366) Change in investments, net 13 (1) Cash acquired through business acquisitions, net of acquisition costs (59) -- --------- --------- Net cash used in investing activities (473) (367) --------- --------- Cash flows from financing activities: Increase (decrease) in notes payable and short-term borrowings, net 1,084 (338) Change in long-term debt, net 244 (318) Issuance of common stock under employee stock plans 203 24 Repurchase of common stock (155) (125) Dividends (245) (244) --------- --------- Net cash provided by (used in) financing activities 1,131 (1,001) --------- --------- Increase in cash and cash equivalents 1,449 100 Cash and cash equivalents at beginning of period 11,192 11,092 --------- --------- Cash and cash equivalents at end of period $ 12,641 $ 11,192 ========= ========= (a) Results of operations for the three months ended January 31, 2003 and October 31, 2002 include the results of Compaq for the entire period. HEWLETT-PACKARD COMPANY AND SUBSIDIARIES SEGMENT INFORMATION (Unaudited) (In millions) Net revenue (which includes intersegment revenue) and earnings from operations for each segment are provided in the tables below, which includes a reconciliation to our consolidated condensed statement of earnings: Three months ended ------------------------ January 31, October 31, 2003(a) 2002(a),(b) --------- --------- Net revenue: Imaging and Printing Group $ 5,610 $ 5,624 Personal Systems Group 5,143 5,037 Enterprise Systems Group 3,736 3,995 HP Services 2,960 3,065 Financing 517 537 --------- --------- Total segments 17,966 18,258 --------- --------- Eliminations / Other (89) (210) Total HP Consolidated $ 17,877 $ 18,048 ========= ========= Earnings from operations: Imaging and Printing Group $ 907 $ 944 Personal Systems Group 33 (68) Enterprise Systems Group (83) (129) HP Services 341 362 Financing 14 (101) --------- --------- Total segments 1,212 1,008 --------- --------- Eliminations / Other (333) (583) Total HP Consolidated $ 879 $ 425 ========= ========= (a) Segment information for the three months ended January 31, 2003 and October 31, 2002 include the results of Compaq for the entire period. (b) Certain reclassifications have been made to prior year amounts to conform to the current year presentation.
CONTACT: HP Tim Marklein, 650/236-4525 Email Contact Rebeca Robboy, 650/857-2064 Email Contact