Apple jury award is excluded from our price target - $4We base our thesis and valuation for Quarterhills value on three points: 1. The IP NAV of ~US$2.40 per share is a hidden value: The patent licensing opportunity of the 40-patent portfolio is ~US$750MM (undiscounted). The Apple jury award is excluded from our price target but included in our NAV. We discount this by 80% as the final value and timing are unknown. 2. Modest growth in recurring revenue: Intelligent Systems value is ~$1.11/share. 3. A balance sheet to execute the plan: Q3 cash is ~$124MM or ~$1.10/share. Quarterhill requires ~$50MM-$70MM to operate its business.