Identiv, Inc. · NASDAQ:INVE
Identiv — Q1 2023 Earnings Presentation
19 slides from Identiv's earnings presentation, May 4, 2023
Slide 1: Q1 2023 Earnings Conference Call
Q1 2023 Earnings Conference Call Thursday, May 4, 2023, at 5:00PM EDT © 2023 Identiv, Inc. | All Rights Reserved | NASDAQ: INVE
Slide 2: Safe Harbor
Safe Harbor Note Regarding Forward-Looking Information This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those involving future events and future results that are based on current expectati
Slide 3: Agenda
Agenda I. Q1 2023 Highlights II. Financial Review III. 2023 Business Drivers 3 © 2023 Identiv, Inc. | All Rights Reserved | NASDAQ: INVE
Slide 4: Q1 2023 Business Highlights
Q1 2023 Business Highlights Delivered 10 million Wiliot IoT Pixels and Confirmed Follow-On Order • Identity Segment Updates • Shipped 43 million units; maintained 100% RFID customer retention; supported 54 NRE projects • Delivered 10 million units to Ambient IoT leader Wiliot; on pace to deliver 14
Slide 5: Q1 2023 Financial Overview
Q1 2023 Financial Overview
Slide 6: Financial Overview
Financial Overview Metric Q1’23 Q4’22 Q1’22 Revenue $26.0M $29.0M $25.1M Recurring Revenue (% of Revenue) 6% 5% 6% GAAP Gross Margin 35.4% 36.5% 35.8% Non-GAAP Gross Margin 37.1% 37.9% 37.1% GAAP Operating Expenses $11.9M $10.2M $10.0M Non-GAAP Operating Expenses $10.6M $9.3M $9.0M GAAP Net Income (
Slide 7: Segment Revenue and Non-GAAP Gross Margin
Segment Revenue and Non-GAAP Gross Margin Premises Identity Non-GAAP Gross Margin $31.0 $29.1 $28.5 $29.0 $27.9 $26.0 $24.8 $25.1 $24.0 $22.2 $19.2 $16.8 $15.8 $18.7 $17.5 $17.0 $14.7 $13.7 $14.6 $14.8 $11.0 $10.9 $11.8 $12.2 $11.3 $9.0 $9.2 $10.4 $10.5 $8.5 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22
Slide 8: Total Revenue and Non-GAAP Adjusted EBITDA Operating Expenses
Total Revenue and Non-GAAP Adjusted EBITDA Operating Expenses Revenue Adj. EBITDA Non-GAAP Operating Expenses % $31.0 $29.1 $28.5 $29.0 $27.9 $26.0 $24.9 $24.8 $25.1 $24.0 $22.2 $19.1 40% 41% 37% 36% 34% 33% 33% 30% 31% 32% 30% 28% $1.4 $0.4 $1.2 $1.4 $2.0 $1.7 -$0.9 $0.5 -$0.7 $0.2 $2.8 $3.2 Q2'20
Slide 9: Q1 2023 Cash Flow and Balance Sheet (in $M)
Q1 2023 Cash Flow and Balance Sheet (in $M) Cash Position Assets Q1'22 Q4'22 Q1'23 Liabilities & Equity Q1'22 Q4'22 Q1'23 Cash Flow Q1'22 Q4'22 Q1'23 Cash & cash equivalents* 28.7 17.1 21.2 Accounts payable 11.3 14.8 9.9 From operations* 0.0 (4.8) (4.7) Accounts receivable 19.5 24.8 21.1 Financial l
Slide 10: 2023 Business Drivers
2023 Business Drivers
Slide 11: 2023 Overall Strategy
2023 Overall Strategy Delivering Healthy Expanding Our Growth with Strong Technology Leadership Margins Protecting Our Progress Towards Our Balance Sheet and Long-Term Operating Working Capital Model 11 © 2023 Identiv, Inc. | All Rights Reserved | NASDAQ: INVE
Slide 12: Healthcare and Medical Device Use Cases
Healthcare and Medical Device Use Cases End user Status Application End user Status Application Arthrex Active Medical Device Biomedica Early stage Blood Bags Siemens Healthineers Active Medical Device (Cartridge for stroke quick-test) Novo Nordisk Early Stage Medical Device (Insulin pens) Gerreshei
Slide 13: 2023 IoT Business Drivers
2023 IoT Business Drivers • IoT Strategy • Expanded product range: • Full range of standardized NFC and ruggedized UHF products • Wiliot/BLE-enabled IoT • bitse.io SaaS platform • Build technical lead in key verticals: medical & pharma, specialty packaging, industrial • Expand capacity and cost comp
Slide 14: 2023 Premises Business Drivers
2023 Premises Business Drivers • Industry’s Most Complete Platform • Integrated security platform combining Velocity Ecosystem across access control, video, and analytics with TouchSecure readers and credentials • Complete sales & services teams in place with go-to- market strategy • Increasing comm
Slide 15: Thank You Q&A Session
THANK YOU Q&A Session Visit identiv.com for more information today.
Slide 16: Appendix
Appendix
Slide 17: Income Statement
Income Statement (unaudited, in $’000) Identiv, Inc. Condensed Consolidated Statements of Operations (in thousands, except per share data) (unaudited) Three Months Ended March 31, December 31, March 31, 2023 2022 2022 Net revenue $ 25,997 $ 29,001 $ 25,061 Cost of revenue 16,786 18,421 16,095 Gross
Slide 18: Balance Sheet
Balance Sheet Identiv, Inc. Condensed Consolidated Balance Sheets (in $’000) (in thousands) (unaudited) March 31, December 31, 2023 2022 ASSETS Current assets: Cash and cash equivalents $ 20,804 $ 16,650 Restricted cash 363 487 Accounts receivable, net of allowances 21,136 24,826 Inventories 30,609
Slide 19: Non-GAAP Reconciliation
Non-GAAP Reconciliation (in $M) Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 2021 2021 2021 2021 2021 2022 2022 2022 2022 2022 2023 Reconciliation of GAAP gross margin and non-GAAP gross margin GAAP gross margin (%) 35% 37% 38% 33% 36% 36% 37% 36% 36% 36% 35% GAAP gross profit $7.7 $8.8 $11.1 $9.4 $37.1 $9.0 $1