Identiv, Inc. · NASDAQ:INVE
Identiv — Q2 2021 Earnings Presentation
17 slides from Identiv's earnings presentation, Aug 3, 2021
Slide 1: Q2 2021 Earnings Conference Call
Q2 2021 Earnings Conference Call Tuesday, August 3, 2021 at 5 PM ET © 2021 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. Q2 2021 Highlights II. Financial Review III. Business Drivers & Outlook 3 © 2021 Identiv, Inc. | All Rights Reserved | NASDAQ: INVE
Slide 4: Q2 2021 Business Highlights
Q2 2021Business Highlights • Q2 2021 Overview • Growth: Revenues up 26% YoY • Identity grew 27% YoY • Premises grew 23% • Total backlog at end of Q2 2021 up 26% year-over-year • Leverage: total revenue up 26%, expenses down 8% • RFID Market Growth Continues to Accelerate • RFID up 39% • Shipped +41
Slide 5: Q2 2021 Business Highlights cont'd
Q2 2021Business Highlights cont’d • Premises Segment Rebounding • 23% year-over-year growth • 34% growth in federal government sales • Strong momentum from federal govt., state and local govt., and commercial resurgence in multiple verticals (banking, retail, travel) • Increasingly Predictable Reven
Slide 6: Q2 2021 Financial Overview
Q2 2021 Financial Overview 6 © 2021 Identiv, Inc. | All Rights Reserved | NASDAQ: INVE
Slide 7: Financial Overview
Financial Overview Metric Q2’21 Q2’21 YTD TTM $24.0M $46.2M $95.9M Revenue 26% 24% 21% 5% 6% 6% Recurring Revenue (% of Revenue) -230 bps -348 bps -341 bps 37% 36% 37% GAAP Gross Margin -352 bps -505 bps -549 bps 38% 37% 38% Non-GAAP Gross Margin -403 bps -563 bps -591 bps 5% 3% 6% Non-GAAP Adj. EBI
Slide 8: Segment Revenue & Non-GAAP Gross Margin
Segment Revenue & Non-GAAP Gross Margin Premises Identity $24.9 $24.8 $24.0 $22.2 $23.0 $22.2 $19.5 $19.0 $19.1 $18.1 $11.6 $10.1 $15.4 $15.8 $14.8 $10.2 $10.3 $13.7 $9.9 $11.6 46% 42% 41% 46% 47% 43% 38% 42% 36% 36% $12.9 $10.7 $8.6 $8.2 $9.4 $9.0 $8.5 $9.2 $9.3 $7.5 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q
Slide 9: Total Revenue & Non-GAAP Adjusted EBITDA Operating Expenses
Total Revenue & Non-GAAP Adjusted EBITDA Operating Expenses Revenue Adj. EBITDA Non-GAAP Operating Expenses % $24.9 $24.8 $24.0 $23.0 $22.2 $22.2 $19.5 $19.0 $19.1 $18.1 40% 40% 35% 34% 45% 30% 30% 40% 34% 33% $2.4 $3.0 $2.8 $1.2 $1.4 $0.4 $1.2 $0.2 -$0.3 $0.5 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'
Slide 10: Q2 2021 Cash Flow and Balance Sheet
Q2 2021 Cash Flow and Balance Sheet (in $M) Cash Position $36.4 ($0.1) $11.1 $11.1 $13.1 $12.3 $11.4 $11.5 $8.9 $9.4 $8.7 $0.8 $27.9 $(3.2) $(0.5) Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Net loss Changes in Investing Financing FX Effect Q2'21 excl. non- operating Activities activities
Slide 11: 2021 Business Drivers and Outlook
2021 Business Drivers and Outlook 11 © 2021 Identiv, Inc. | All Rights Reserved | NASDAQ: INVE
Slide 12: 2021 RFID Drivers
2021 RFID Drivers • RFID Developers’ Kit & Community • Objective: to become the go-to solution provider for engineers & to gain Insight into new applications • Intercept 100MU+ use cases in early development stage • Expand funnel and market leadership • Set to launch in August 2021 • Production Tech
Slide 13: 2021 Broader Business Drivers
2021 Broader Business Drivers • Premises Rebounding • Anticipated strong growth in Premises for 2H 2021 • Tailwind from 34% growth in federal sales in Q2’21 vs comparable quarter of 2020, with continued focus on security at state & local level • Higher gross margins → expanded EBITDA margins • Peopl
Slide 14: Question & Answer Session
Thank You Question & Answer Session Visit identiv.com for more information today. 14 © 2021 Identiv, Inc. | All Rights Reserved | NASDAQ: INVE
Slide 15: Income Statement
Identiv, Inc. Income Statement Consolidated Statements of Operations (in thousands, except per share data) (unaudited, in $’000) (unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, June 30, 2021 2021 2020 2021 2020 Net revenue $ 23,993 $ 22,162 $ 19,105 $ 46,155 $ 37
Slide 16: Balance Sheet
Identiv, Inc. Consolidated Balance Sheets Balance Sheet (in thousands) (unaudited) (in $’000) June 30, March 31, December 31, 2021 2021 2020 ASSETS Current assets: Cash and cash equivalents $ 36,370 $ 11,518 $ 11,409 Accounts receivable, net of allowances 17,746 18,911 18,927 Inventories 21,894 19,3
Slide 17: Operating Results & Non-GAAP Adjusted EBITDA Reconciliation
Operating Results & Non-GAAP Adjusted EBITDA Reconciliation (in $M) Q1'19 Q2'19 Q3'19 Q4'19 FY 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 FY 2020 Q1 2021 Q2 2021 Reconciliation of GAAP gross profit margin and non-GAAP gross profit margin GAAP gross profit margin (%) 45% 44% 46% 40% 44% 41% 40% 40% 35% 39%