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Pericom Semiconductor Reports Fiscal Second Quarter 2013 Financial Results

SAN JOSE, CA -- (Marketwire) -- 01/29/13 -- Pericom Semiconductor Corporation (NASDAQ: PSEM)

  • Q2 revenues were $30.4 million, reflective of the global softness in the PC industry
  • Q2 non-GAAP gross margin increased 125 bps year-over-year, consistent with our focus on higher margin sectors
  • Continued strong balance sheet with quarter-end cash and investments at $5.29 per share

Pericom Semiconductor Corporation (NASDAQ: PSEM), a worldwide supplier of high performance connectivity and timing solutions, today announced results for its fiscal 2013 second quarter ended December 29, 2012.

Net revenues for the second quarter were $30.4 million, a decrease of 17% from the $36.7 million reported in the first quarter, and a decrease of 0.2% from the $30.5 million reported in the comparable period last year.

GAAP gross margin was 36.8% in the second quarter, a decrease from 37.9% last quarter and an increase from 36.0% in the comparable period last year. On a non-GAAP basis, gross margin was 38.5% in the second quarter, which reflects exclusion of share-based compensation, amortization of intangible assets and amortization of fair value adjustments on acquired fixed assets. The comparable non-GAAP gross margins were 39.3% last quarter and 37.3% in the comparable period last year. The improvement in gross margin from the prior year primarily reflects favorable product mix from our focus on higher margin opportunities in networking and telecom, server, storage, and embedded end-market segments. The sequential decline in gross margin primarily reflects increased underutilization expenses in the current quarter.

GAAP net loss for the second quarter was $5.3 million, or $0.23 per diluted share, compared with net income of $1.2 million, or $0.05 per diluted share in the first quarter, and net loss of $0.3 million, or $0.01 per diluted share in the comparable period last year. GAAP net income for all periods included share-based compensation, amortization of intangible assets, and amortization of fair value adjustments, and the current quarter also included a $5.0 million tax provision resulting from intercompany transactions completed in the implementation of an operating structure to more efficiently align our transaction flows with our geographic business operations. Excluding these items, non-GAAP net income for the second quarter was $0.9 million, or $0.04 per diluted share, compared with non-GAAP net income of $2.5 million or $0.10 per diluted share in the first quarter, and non-GAAP net income of $1.0 million, or $0.04 per diluted share in the comparable period last year.

The balance sheet remained very strong with cash and cash equivalents and investments in marketable securities of $124 million or $5.29 per diluted share at the end of the second quarter. Inventories decreased $1.4 million on a sequential basis to $16.1 million, which represents 78 days of supply based on non-GAAP cost of revenues. Trade accounts receivable decreased by $4.7 million sequentially to $19.8 million, which represents DSO of 59 days. At quarter-end, working capital was $119 million and the current ratio was 6.4.

"While our second quarter results reflected continued economic softness in global markets, we were able to maintain improved gross margins driven by market segments and product mix that aligned with our strategic focus," said Alex Hui, President and CEO of Pericom. "The industry continues to face challenging times, yet we remain focused on our long-term growth strategy of expanding our customer base in server, networking, embedded and other high-margin applications for our high speed serial connectivity and timing products."

New Products

In the second quarter of fiscal 2013, Pericom introduced a total of 23 new products in our Connectivity, Timing, and Signal Integrity product areas.

We introduced 13 new products across our Connectivity product families targeting networking, server, storage, embedded, notebook/tablet, and consumer market segments. These included an HDMI switch, a new family of Microprocessor Supervisors ("MPS"), and a new family of Universal Level Shifters ("ULS"). All of these products were sampled to key customers during the quarter.

We expanded our Timing solutions for next generation platforms with 6 new products, including embedded clocks, a new family of ultra low jitter buffers, and a PCIe clock generator. These products target mainly networking, storage, server and embedded segments.

For Signal Integrity, we introduced 4 new ReDriver products targeting USB3 applications in notebook, server, storage, and networking applications, and a very low power PCIe GEN2 ReDriver for servers and computing.

Share Repurchase Update

On April 26, 2012 the Board authorized a repurchase program for up to $25 million of shares of our common stock. Pursuant to this authorization, the Company repurchased 150,201 shares in the three months ended December 29, 2012 for an aggregate cost of $1.1 million and an average per share purchase price of $7.47. The remaining balance of potential share repurchases under the authorization is approximately $23.9 million. Shares may be repurchased from time to time in the open market or through private transactions, at the discretion of Pericom management. As of January 25, 2013, Pericom had approximately 23.5 million shares of common stock outstanding.

Fiscal Q3 2013 Outlook

The following statements are based on current expectations. These statements are forward looking, and actual results may differ materially.

Below are the estimates for fiscal Q3 2013.

  • Revenues in the second fiscal quarter are expected to be in the range of $27.5 million to $30.5 million.

  • GAAP gross margins are expected to be between 34.1% and 36.6%, and adjusting for share-based compensation, amortization of intangibles and fair value adjustments that are expected to total approximately 1.9%, non-GAAP gross margins are expected to be in the 36.0% to 38.5% range.

  • GAAP operating expenses are expected to be between $12.5 million and $12.9 million, and adjusting for share-based compensation, amortization of intangibles and fair value adjustments that are expected to total approximately $1.2 million, non-GAAP operating expenses are expected to be in the range of $11.3 million to $11.7 million.

  • Other income is expected to be between $0.6 million and $0.8 million on a GAAP basis and on a non-GAAP basis.

  • The effective tax rate is expected to be approximately 30-34% on a GAAP basis, and 30-32% on a non-GAAP basis.

Conference Call

The press release will be followed by a conference call beginning at 1:30 p.m. Pacific time on January 29, 2013. To listen to the call, dial (877) 377-7103 and reference "Pericom". A slide presentation will accompany the conference call. To view the slides, please visit the investor relations section of www.pericom.com.

The Pericom financial results conference call will be available via a live webcast on the investor relations section of the web site at http://www.pericom.com. Access the web site 15 minutes prior to the start of the call to download and install any necessary audio software. An archived webcast replay will be available on the web site for approximately 90 days.

A taped replay of the conference call will be made available for the period from this evening through midnight on Monday, February 4th. To listen to the replay, dial toll-free (855) 859-2056 and reference conference ID 91148924.

About Pericom

Pericom Semiconductor Corporation (NASDAQ: PSEM) enables serial connectivity with the industry's most complete solutions for the computing, communications, consumer and embedded market segments. Pericom's analog, digital and mixed-signal integrated circuits, along with its frequency control products are essential in the timing, switching, bridging and conditioning of high-speed signals required by today's ever-increasing speed and bandwidth demanding applications. Company headquarters is in San Jose, California, with design centers and technical sales and support offices globally. Pericom and the Pericom logo are trademarks or registered trademarks of Pericom Semiconductor Corp in the U.S. and/or other countries. Our website is http://www.pericom.com.

Non-GAAP Financial Information

In addition to disclosing financial results calculated in accordance with U.S. generally accepted accounting principles (GAAP), this announcement of operating results contains non-GAAP financial measures that exclude the income statement effects of share-based compensation, amortization of intangible assets, fair value adjustments of acquired inventory, a tax provision on intercompany transactions and the effects of excluding share-based compensation upon the number of diluted shares used in calculating non-GAAP earnings per share.

We have excluded share-based compensation expense in calculating these non-GAAP financial measures. These expenses are non-cash in nature and rely on valuations of the future market price of our common stock that is difficult to predict and is affected by market factors that are largely not within the control of management. We have excluded amortization of intangible assets, amortization of the fair value adjustments related to acquired inventory, tax on an intercompany transaction and the corresponding tax effects of these adjustments because we do not consider them to be related to our core operating performance. We also use non-GAAP data in calculating certain metrics such as non-GAAP cost of revenues in computing inventory days of supply.

We use the non-GAAP financial measures that exclude these items to make strategic decisions, forecast future results and evaluate the Company's current operating performance. We believe that the presentation of non-GAAP financial measures that exclude these items is useful to investors because we do not consider these charges either part of the day-to-day business or reflective of the core operational activities of the Company that are within the control of management or that are used to evaluate the Company's operating performance.

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, and the financial results calculated in accordance with GAAP and reconciliations to those financial statements should be carefully evaluated. The non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. The Company has provided reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures.

Safe Harbor Statement

This press release contains forward-looking statements as defined under The Securities Litigation Reform Act of 1995. Forward-looking statements in this release include the statements under the captions "Fiscal Q3 2013 Outlook", which regard the anticipated revenues, gross margin, operating expenses, other income, and effective tax rate in the third fiscal quarter of 2013, and statements from our CEO regarding challenging times for the industry and other future expectations. The Company's actual results could differ materially from what is set forth in such forward-looking statements due to a variety of risk factors, including softness in demand for our products, price erosion for certain of our products, unexpected difficulties in developing new products, customer decisions to reduce inventory, economic or financial difficulties experienced by our customers, or technological and market changes. All forward-looking statements included in this document are made as of the date hereof, based on information available to the Company as of the date hereof, and Pericom assumes no obligation to update any forward-looking statements. Parties receiving this release are encouraged to review our annual report on Form 10-K for the year ended June 30, 2012, our quarterly report on Form 10-Q for the quarter ended September 29, 2012, and in particular, the risk factors section contained in those reports.



                     Pericom Semiconductor Corporation
              Condensed Consolidated Statements of Operations
                   (In thousands, except per share data)
                                (unaudited)

                                Three Months Ended        Six Months Ended
                          -----------------------------  ------------------
                          December   September December  December  December
                          29, 2012   29, 2012  31, 2011  29, 2012  31, 2011
                          --------  ---------- --------  --------  --------

Net revenues              $ 30,433  $   36,749 $ 30,481  $ 67,182  $ 65,813

Cost of revenues            19,239      22,838   19,504    42,077    42,299
                          --------  ---------- --------  --------  --------

   Gross profit             11,194      13,911   10,977    25,105    23,514

Operating expenses:

   Research and
    development              5,097       5,323    5,277    10,420    10,593

   Selling, general and
    administrative           7,532       7,639    7,060    15,171    14,399
                          --------  ---------- --------  --------  --------

      Total operating
       expenses             12,629      12,962   12,337    25,591    24,992
                          --------  ---------- --------  --------  --------

Income (loss) from
 operations                 (1,435)        949   (1,360)     (486)   (1,478)

Interest and other
 income, net                   795         635      638     1,430     1,708
                          --------  ---------- --------  --------  --------

Income (loss) before
 income taxes                 (640)      1,584     (722)      944       230

Income tax expense
 (benefit)                   4,756         500     (335)    5,256       199
                          --------  ---------- --------  --------  --------

Net income (loss) from
 consolidated companies     (5,396)      1,084     (387)   (4,312)       31

Equity in net income of
 unconsolidated affiliate       57         108       52       165        79
                          --------  ---------- --------  --------  --------

Net income (loss)         $ (5,339) $    1,192 $   (335) $ (4,147) $    110
                          ========  ========== ========  ========  ========

Basic income (loss) per
 share                    $  (0.23) $     0.05 $  (0.01) $  (0.18) $   0.00
                          ========  ========== ========  ========  ========

Diluted income (loss) per
 share                    $  (0.23) $     0.05 $  (0.01) $  (0.18) $   0.00
                          ========  ========== ========  ========  ========

Shares used in computing
 basic income (loss) per
 share                      23,515      23,543   24,244    23,529    24,368
                          ========  ========== ========  ========  ========

Shares used in computing
 diluted income (loss)
 per share                  23,515      23,740   24,244    23,529    24,469
                          ========  ========== ========  ========  ========



                      Pericom Semiconductor Corporation
               Condensed Consolidated Statements of Operations
                               (In thousands)
                                 (unaudited)

                                Three Months Ended         Six Months Ended
                          ------------------------------ -------------------
                           December  September  December  December  December
                           29, 2012  29, 2012   31, 2011  29, 2012  31, 2011
                          --------- ---------- --------- --------- ---------

Share-based compensation
   Cost of revenues       $      43 $       52 $      47 $      95 $     101
   Research and
    development                 333        322       357       655       728
   Selling, general and
    administrative              484        467       528       951     1,077
                          --------- ---------- --------- --------- ---------
      Share-based
       compensation
       expense            $     860 $      841 $     932 $   1,701 $   1,906

Amortization of
 intangible assets
   Cost of revenues       $     481 $      477 $     331 $     958 $     785
   Research and
    development                  49         56       167       105       327
   Selling, general and
    administrative              242        243       241       485       480
                          --------- ---------- --------- --------- ---------
      Amortization of
       intangible assets  $     772 $      776 $     739 $   1,548 $   1,592



                     Pericom Semiconductor Corporation
      Reconciliation of GAAP Net Income (Loss) to Non-GAAP Net Income
                               (In thousands)
                                (unaudited)

                                Three Months Ended        Six Months Ended
                          -----------------------------  ------------------
                          December  September  December  December  December
                          29, 2012   29, 2012  31, 2011  29, 2012   31,2011
                          --------  ---------  --------  --------  --------
GAAP net income (loss)    $ (5,339) $   1,192  $   (335) $ (4,147) $    110
Reconciling items:
   Share-based
    compensation expense       860        841       932     1,701     1,906
   Amortization of
    intangible assets          772        776       739     1,548     1,592
   Fair value adjustment
    to depreciation
    expense on acquired
    fixed assets                50         50        50       100       100
   Tax on intercompany
    transaction              4,987          -         -     4,987         -
   Tax effect of
    adjustments               (408)      (402)     (428)     (810)     (906)
                          --------  ---------  --------  --------  --------
      Total reconciling
       items                 6,261      1,265     1,293     7,526     2,692
                          --------  ---------  --------  --------  --------
Non-GAAP net income       $    922  $   2,457  $    958  $  3,379  $  2,802
                          ========  =========  ========  ========  ========

         Reconciliation of GAAP Diluted EPS to Non-GAAP Diluted EPS
                                (unaudited)

Diluted net income (loss)
 per share:
   GAAP diluted income
    (loss) per share      $  (0.23) $    0.05  $  (0.01) $  (0.18) $   0.00
   Adjustments:
   Share-based
    compensation expense      0.04       0.04      0.04      0.08      0.08
   Amortization of
    intangible assets         0.03       0.03      0.03      0.06      0.07
   Fair value adjustment
    to depreciation
    expense on acquired
    fixed assets                 -          -         -         -         -
   Tax on intercompany
    transaction               0.21          -         -      0.21         -
   Tax effect of
    adjustments              (0.02)     (0.02)    (0.02)    (0.04)    (0.04)
   Difference in share
    count                     0.01          -         -      0.01
                          --------  ---------  --------  --------  --------
      Total adjustments       0.27       0.05      0.05      0.32      0.11
                          --------  ---------  --------  --------  --------
   Non-GAAP diluted
    income per share      $   0.04  $    0.10  $   0.04  $   0.14  $   0.11
                          ========  =========  ========  ========  ========

Shares used in diluted
 net income (loss) per
 share calculation:
   GAAP                     23,515     23,740    24,244    23,529    24,469
      Change in diluted
       shares from GAAP
       net loss to non-
       GAAP net income         141          -       111       169         -
      Exclude the benefit
       of share-based
       compensation
       expense (1)             507        308       334       408       379
                          --------  ---------  --------  --------  --------
   Non-GAAP                 24,163     24,048    24,689    24,106    24,848
                          ========  =========  ========  ========  ========

(1) For purposes of calculating non-GAAP diluted net income per share, the
GAAP diluted weighted average shares outstanding is adjusted to exclude the
benefits of unamortized stock compensation costs that are treated as
proceeds assumed to be used to repurchase shares under the GAAP treasury
stock method.



                     Pericom Semiconductor Corporation
        Reconciliation of GAAP Gross Margin to Non-GAAP Gross Margin
                               (In thousands)
                                (unaudited)

                                Three Months Ended        Six Months Ended
                          -----------------------------  ------------------
                          December  September  December  December  December
                          29, 2012   29, 2012  31, 2011  29, 2012  31, 2011
                          --------  ---------  --------  --------  --------
GAAP gross margin         $ 11,194  $  13,911  $ 10,977  $ 25,105  $ 23,514
 - % of revenues              36.8%      37.9%     36.0%     37.4%     35.7%
    Reconciling items:
    Share-based
     compensation               43         52        47        95       101
    Amortization of
     intangible assets         481        477       331       958       785
    Fair value adjustment
     to depreciation
     expense on acquired
     fixed assets               10         10        10        20        20
                          --------  ---------  --------  --------  --------
       Total reconciling
        items                  534        539       388     1,073       906
                          --------  ---------  --------  --------  --------
Non-GAAP gross margin     $ 11,728  $  14,450  $ 11,365  $ 26,178  $ 24,420
                          ========  =========  ========  ========  ========
 - % of revenues              38.5%      39.3%     37.3%     39.0%     37.1%

        Reconciliation of GAAP R&D Expenses to Non-GAAP R&D Expenses
                                (unaudited)

GAAP research and
 development expenses     $  5,097  $   5,323  $  5,277  $ 10,420  $ 10,593
 - % of revenues              16.7%      14.5%     17.3%     15.5%     16.1%
    Reconciling items:
    Share-based
     compensation             (333)      (322)     (357)     (655)     (728)
    Amortization of
     intangible assets         (49)       (56)     (167)     (105)     (327)
    Fair value adjustment
     to depreciation
     expense on acquired
     fixed assets              (10)       (10)      (10)      (20)      (20)
                          --------  ---------  --------  --------  --------
       Total reconciling
        items                 (392)      (388)     (534)     (780)   (1,075)
                          --------  ---------  --------  --------  --------
Non-GAAP research and
 development expenses     $  4,705  $   4,935  $  4,743  $  9,640  $  9,518
                          ========  =========  ========  ========  ========
 - % of revenues              15.5%      13.4%     15.6%     14.3%     14.5%

       Reconciliation of GAAP SG&A Expenses to Non-GAAP SG&A Expenses
                                (unaudited)

GAAP selling, general and
 administrative expenses  $  7,532  $   7,639  $  7,060  $ 15,171  $ 14,399
 - % of revenues              24.7%      20.8%     23.2%     22.6%     21.9%
    Reconciling items:
    Share-based
     compensation             (484)      (467)     (528)     (951)   (1,077)
    Amortization of
     intangible assets        (242)      (243)     (241)     (485)     (480)
    Fair value adjustment
     to depreciation
     expense on acquired
     fixed assets              (30)       (30)      (30)      (60)      (60)
                          --------  ---------  --------  --------  --------
       Total reconciling
        items                 (756)      (740)     (799)   (1,496)   (1,617)
                          --------  ---------  --------  --------  --------
Non-GAAP selling, general
 and administrative
 expenses                 $  6,776  $   6,899  $  6,261  $ 13,675  $ 12,782
                          ========  =========  ========  ========  ========
 - % of revenues              22.3%      18.8%     20.5%     20.4%     19.4%



                      Pericom Semiconductor Corporation
                    Condensed Consolidated Balance Sheets
                               (In thousands)
                                 (unaudited)


                                                       As of       As of
                                                   December 29,   June 30,
                                                       2012         2012
                                                   ------------ ------------
                      Assets

Current assets:

     Cash and cash equivalents                     $     29,716 $     24,283
     Short-term investments                              69,362       79,924
     Accounts receivable - trade                         19,828       24,010
     Inventories                                         16,134       16,604
     Prepaid expenses and other current assets            4,784        6,099
     Deferred income taxes                                1,611        1,549
                                                   ------------ ------------
          Total current assets                          141,435      152,469

Property, plant and equipment-net                        61,838       56,102
Investments in unconsolidated affiliates                  2,375        2,474
Deferred income taxes non-current                         2,358        2,447
Long-term investments in marketable securities           25,224       23,628
Goodwill                                                 16,829       16,797
Intangible assets-net                                    11,317       12,831
Other assets                                              8,817        9,058
                                                   ------------ ------------
          Total assets                             $    270,193 $    275,806
                                                   ============ ============


       Liabilities and Shareholders' Equity

Current liabilities:

     Short-term debt                               $      1,338 $      1,364
     Accounts payable                                     8,654       14,860
     Accrued liabilities                                 12,075        8,608
                                                   ------------ ------------
          Total current liabilities                      22,067       24,832

Industrial development subsidy                            7,578        8,577
     Deferred income tax liabilities                      5,986        6,191
     Other long-term liabilities                          3,450        2,571
                                                   ------------ ------------
          Total liabilities                              39,081       42,171

Shareholders' equity:
     Common stock and paid in capital                   123,664      123,362
     Retained earnings and other comprehensive
      income                                            107,448      110,273
                                                   ------------ ------------
          Total shareholders' equity                    231,112      233,635
                                                   ------------ ------------

          Total liabilities and shareholders'
           equity                                  $    270,193 $    275,806
                                                   ============ ============

Contact:
Aaron Tachibana
Pericom Semiconductor
Tel: 408 435-0800
Email Contact

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Can call centers hang up the phones for good? Intuitive Solutions did. WebRTC enabled this contact center provider to eliminate antiquated telephony and desktop phone infrastructure with a pure web-based solution, allowing them to expand beyond brick-and-mortar confines to a home-based agent model. It also ensured scalability and better service for customers, including MUY! Companies, one of the country's largest franchise restaurant companies with 232 Pizza Hut locations. This is one example of WebRTC adoption today, but the potential is limitless when powered by IoT. Attendees will learn rea...
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The Internet of Things (IoT) promises to create new business models as significant as those that were inspired by the Internet and the smartphone 20 and 10 years ago. What business, social and practical implications will this phenomenon bring? That's the subject of "Monetizing the Internet of Things: Perspectives from the Front Lines," an e-book released today and available free of charge from Aria Systems, the leading innovator in recurring revenue management.
The Internet of Things will put IT to its ultimate test by creating infinite new opportunities to digitize products and services, generate and analyze new data to improve customer satisfaction, and discover new ways to gain a competitive advantage across nearly every industry. In order to help corporate business units to capitalize on the rapidly evolving IoT opportunities, IT must stand up to a new set of challenges.
There’s Big Data, then there’s really Big Data from the Internet of Things. IoT is evolving to include many data possibilities like new types of event, log and network data. The volumes are enormous, generating tens of billions of logs per day, which raise data challenges. Early IoT deployments are relying heavily on both the cloud and managed service providers to navigate these challenges. In her session at 6th Big Data Expo®, Hannah Smalltree, Director at Treasure Data, to discuss how IoT, Big Data and deployments are processing massive data volumes from wearables, utilities and other mach...
P2P RTC will impact the landscape of communications, shifting from traditional telephony style communications models to OTT (Over-The-Top) cloud assisted & PaaS (Platform as a Service) communication services. The P2P shift will impact many areas of our lives, from mobile communication, human interactive web services, RTC and telephony infrastructure, user federation, security and privacy implications, business costs, and scalability. In his session at Internet of @ThingsExpo, Erik Lagerway, Co-founder of Hookflash, will walk through the shifting landscape of traditional telephone and voice s...
While great strides have been made relative to the video aspects of remote collaboration, audio technology has basically stagnated. Typically all audio is mixed to a single monaural stream and emanates from a single point, such as a speakerphone or a speaker associated with a video monitor. This leads to confusion and lack of understanding among participants especially regarding who is actually speaking. Spatial teleconferencing introduces the concept of acoustic spatial separation between conference participants in three dimensional space. This has been shown to significantly improve comprehe...
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, will discuss single-value, geo-spatial, and log time series data. By focusing on enterprise applications and the data center, he will use OpenTSDB as an example...
SYS-CON Events announced today that Gridstore™, the leader in software-defined storage (SDS) purpose-built for Windows Servers and Hyper-V, will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Gridstore™ is the leader in software-defined storage purpose built for virtualization that is designed to accelerate applications in virtualized environments. Using its patented Server-Side Virtual Controller™ Technology (SVCT) to eliminate the I/O blender effect and accelerate applications Gridsto...
The Transparent Cloud-computing Consortium (abbreviation: T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data processing High speed and high quality networks, and dramatic improvements in computer processing capabilities, have greatly changed the nature of applications and made the storing and processing of data on the network commonplace. These technological reforms have not only changed computers and smartphones, but are also changi...