Company Quick10K Filing
Identiv
Price4.93 EPS0
Shares18 P/E131
MCap88 P/FCF64
Net Debt4 EBIT1
TEV91 TEV/EBIT95
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-11
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-03-18
10-Q 2019-09-30 Filed 2019-11-12
10-Q 2019-06-30 Filed 2019-08-14
10-Q 2019-03-31 Filed 2019-05-13
10-K 2018-12-31 Filed 2019-03-15
10-Q 2018-09-30 Filed 2018-11-13
10-Q 2018-06-30 Filed 2018-08-13
10-Q 2018-03-31 Filed 2018-05-15
10-K 2017-12-31 Filed 2018-03-29
10-Q 2017-09-30 Filed 2017-11-13
10-Q 2017-06-30 Filed 2017-08-11
10-Q 2017-03-31 Filed 2017-05-15
10-K 2016-12-31 Filed 2017-03-28
10-Q 2016-09-30 Filed 2016-11-14
10-Q 2016-06-30 Filed 2016-08-15
10-Q 2016-03-31 Filed 2016-05-13
10-K 2015-12-31 Filed 2016-03-31
10-Q 2015-09-30 Filed 2016-03-29
10-Q 2015-06-30 Filed 2016-03-29
10-Q 2015-03-31 Filed 2016-03-29
10-K 2014-12-31 Filed 2015-03-23
10-Q 2014-09-30 Filed 2014-11-14
10-Q 2014-06-30 Filed 2014-08-14
10-Q 2014-03-31 Filed 2014-05-15
10-K 2013-12-31 Filed 2014-03-31
10-Q 2013-09-30 Filed 2013-11-13
10-Q 2013-06-30 Filed 2013-08-14
10-Q 2013-03-31 Filed 2013-05-10
10-K 2012-12-31 Filed 2013-03-19
10-Q 2012-06-30 Filed 2012-08-08
10-Q 2012-03-31 Filed 2012-05-15
10-K 2011-12-31 Filed 2012-03-29
10-Q 2011-09-30 Filed 2011-11-10
10-Q 2011-06-30 Filed 2011-08-05
10-Q 2011-03-31 Filed 2011-05-06
10-K 2010-12-31 Filed 2011-03-07
10-Q 2010-09-30 Filed 2010-11-09
10-Q 2010-06-30 Filed 2010-08-16
10-Q 2010-03-31 Filed 2010-05-17
10-K 2009-12-31 Filed 2010-03-08
8-K 2020-08-06 Earnings, Exhibits
8-K 2020-06-01
8-K 2020-05-16
8-K 2020-05-07
8-K 2020-05-05
8-K 2020-04-09
8-K 2020-03-12
8-K 2020-01-28
8-K 2019-11-04
8-K 2019-08-08
8-K 2019-08-05
8-K 2019-05-29
8-K 2019-05-09
8-K 2019-03-07
8-K 2019-02-06
8-K 2019-01-02
8-K 2018-12-19
8-K 2018-11-08
8-K 2018-11-01
8-K 2018-10-25
8-K 2018-08-09
8-K 2018-05-30
8-K 2018-05-10
8-K 2018-03-06
8-K 2018-02-21
8-K 2018-02-14
8-K 2018-02-06
8-K 2018-01-31
8-K 2017-12-28

INVE 10Q Quarterly Report

Part I: Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part Ii: Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-10.2 inve-ex102_476.htm
EX-31.1 inve-ex311_8.htm
EX-31.2 inve-ex312_6.htm
EX-32 inve-ex32_7.htm

Identiv Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
1058463422102012201420172020
Assets, Equity
30198-3-14-252012201420172020
Rev, G Profit, Net Income
3526178-1-102012201420172020
Ops, Inv, Fin

10-Q 1 inve-10q_20200630.htm 10-Q inve-10q_20200630.htm

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ______ to ______

 

Commission File Number: 000-29440

 

IDENTIV, INC.

(Exact Name of Registrant as Specified in its Charter)

 

 

DELAWARE

77-0444317

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

 

 

2201 Walnut Avenue, Suite 100

Fremont, California

94538

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (949) 250-8888

 

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of exchange on which registered

 

Common Stock, $0.001 par value per share

 

INVE

 

The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

  

Accelerated filer

Non-accelerated filer

  

Smaller reporting company

Emerging growth company

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

As of August 6, 2020, the registrant had 17,892,629 shares of common stock outstanding.

 

 


TABLE OF CONTENTS

 

 

 

 

Page

PART I. FINANCIAL INFORMATION

 

Item 1.

 

Financial Statements (Unaudited)

3

 

 

Condensed Consolidated Balance Sheets as of June 30, 2020 and December 31, 2019

3

 

 

Condensed Consolidated Statements of Comprehensive (Loss) Income for the Three and Six Months Ended June 30, 2020 and 2019

4

 

 

Condensed Consolidated Statements of Stockholders’ Equity for the Three and Six Months Ended June 30, 2020 and 2019

5

 

 

Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2020 and 2019

7

 

 

Notes to Unaudited Condensed Consolidated Financial Statements

8

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

28

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

37

Item 4.

 

Controls and Procedures

37

 

 

PART II. OTHER INFORMATION

 

Item 1.

 

Legal Proceedings

38

Item 1A.

 

Risk Factors

39

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

39

Item 6.

 

Exhibits

40

 

 

 

 

SIGNATURES

41

 

 

 

2


PART I: FINANCIAL INFORMATION

Item 1. Financial Statements

IDENTIV, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited, in thousands, except par value)

 

 

 

June 30,

 

 

December 31,

 

 

 

2020

 

 

2019

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash

 

$

13,115

 

 

$

9,383

 

Accounts receivable, net of allowances of $465 and $299 as of June 30, 2020

   and December 31, 2019, respectively

 

 

17,976

 

 

 

18,363

 

Inventories

 

 

18,747

 

 

 

16,145

 

Prepaid expenses and other current assets

 

 

2,957

 

 

 

2,292

 

Total current assets

 

 

52,795

 

 

 

46,183

 

Property and equipment, net

 

 

2,269

 

 

 

2,042

 

Operating lease right-of-use assets

 

 

3,492

 

 

 

4,629

 

Intangible assets, net

 

 

8,751

 

 

 

10,104

 

Goodwill

 

 

10,180

 

 

 

10,238

 

Other assets

 

 

1,011

 

 

 

1,122

 

Total assets

 

$

78,498

 

 

$

74,318

 

LIABILITIES AND STOCKHOLDERS´ EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

9,216

 

 

$

8,799

 

Current portion - contractual payment obligation

 

 

862

 

 

 

1,311

 

Current portion - financial liabilities, net of debt issuance costs of $410 and $41 as of June 30,

   2020 and December 31, 2019, respectively

 

 

22,983

 

 

 

14,189

 

Operating lease liabilities

 

 

1,832

 

 

 

1,814

 

Deferred revenue

 

 

2,280

 

 

 

2,193

 

Accrued compensation and related benefits

 

 

2,144

 

 

 

1,671

 

Other accrued expenses and liabilities

 

 

2,296

 

 

 

4,498

 

Total current liabilities

 

 

41,613

 

 

 

34,475

 

Long-term contractual payment obligation

 

 

486

 

 

 

360

 

Long-term operating lease liabilities

 

 

2,989

 

 

 

3,013

 

Long-term deferred revenue

 

 

512

 

 

 

640

 

Other long-term liabilities

 

 

385

 

 

 

364

 

Total liabilities

 

 

45,985

 

 

 

38,852

 

Commitments and contingencies (see Note 17)

 

 

 

 

 

 

 

 

Stockholders´ equity:

 

 

 

 

 

 

 

 

Series B convertible preferred stock, $0.001 par value: 5,000 shares authorized; 5,000 shares

   issued and outstanding as of June 30, 2020 and December 31, 2019

 

 

5

 

 

 

5

 

Common stock, $0.001 par value: 50,000 shares authorized; 19,177 and 18,209 shares

   issued and 17,860 and 16,986 shares outstanding as of June 30, 2020 and

   December 31, 2019, respectively

 

 

19

 

 

 

18

 

Additional paid-in capital

 

 

450,480

 

 

 

447,965

 

Treasury stock, 1,317 and 1,223 shares as of June 30, 2020 and December 31, 2019,

   respectively

 

 

(9,451

)

 

 

(9,043

)

Accumulated deficit

 

 

(410,300

)

 

 

(405,504

)

Accumulated other comprehensive income

 

 

1,760

 

 

 

2,025

 

Total stockholders´ equity

 

 

32,513

 

 

 

35,466

 

Total liabilities and stockholders' equity

 

$

78,498

 

 

$

74,318

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 

3


IDENTIV, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

(Unaudited, in thousands, except per share data)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net revenue

 

$

19,105

 

 

$

22,237

 

 

$

37,225

 

 

$

41,759

 

Cost of revenue

 

 

11,393

 

 

 

12,354

 

 

 

22,013

 

 

 

23,172

 

Gross profit

 

 

7,712

 

 

 

9,883

 

 

 

15,212

 

 

 

18,587

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

2,422

 

 

 

2,078

 

 

 

5,018

 

 

 

4,104

 

Selling and marketing

 

 

4,236

 

 

 

4,721

 

 

 

8,733

 

 

 

9,219

 

General and administrative

 

 

2,151

 

 

 

2,279

 

 

 

4,342

 

 

 

4,901

 

Decrease in fair value of earnout liability

 

 

(261

)

 

 

 

 

 

(261

)

 

 

 

Restructuring and severance

 

 

1,417

 

 

 

(2

)

 

 

1,482

 

 

 

(14

)

Total operating expenses

 

 

9,965

 

 

 

9,076

 

 

 

19,314

 

 

 

18,210

 

(Loss) income from operations

 

 

(2,253

)

 

 

807

 

 

 

(4,102

)

 

 

377

 

Non-operating income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

(407

)

 

 

(241

)

 

 

(659

)

 

 

(520

)

Foreign currency gains (losses), net

 

 

(30

)

 

 

(70

)

 

 

56

 

 

 

(72

)

(Loss) income before income taxes

 

 

(2,690

)

 

 

496

 

 

 

(4,705

)

 

 

(215

)

Income tax provision

 

 

(59

)

 

 

(80

)

 

 

(91

)

 

 

(184

)

Net (loss) income

 

$

(2,749

)

 

$

416

 

 

$

(4,796

)

 

$

(399

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive (loss) income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

215

 

 

 

196

 

 

 

(265

)

 

 

67

 

Comprehensive (loss) income

 

$

(2,534

)

 

$

612

 

 

$

(5,061

)

 

$

(332

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.17

)

 

$

0.01

 

 

$

(0.30

)

 

$

(0.05

)

Diluted

 

$

(0.17

)

 

$

0.01

 

 

$

(0.30

)

 

$

(0.05

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares used in computing net (loss) income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

17,941

 

 

 

16,953

 

 

 

17,730

 

 

 

16,896

 

Diluted

 

 

17,941

 

 

 

17,795

 

 

 

17,730

 

 

 

16,896

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 

 

4


IDENTIV, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited, in thousands)

 

 

 

Series B

Convertible Preferred Stock

 

 

Common Stock

 

 

Additional

Paid-in

 

 

Treasury

 

 

Accumulated

 

 

Accumulated

Other

Comprehensive

 

 

Total

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Stock

 

 

Deficit

 

 

Income

 

 

Equity

 

Balances, December 31, 2019

 

 

5,000

 

 

$

5

 

 

 

16,986

 

 

$

18

 

 

$

447,965

 

 

$

(9,043

)

 

$

(405,504

)

 

$

2,025

 

 

$

35,466

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,047

)

 

 

 

 

 

(2,047

)

Unrealized loss from foreign

   currency translation adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(480

)

 

 

(480

)

Issuance of common stock in connection

   with vesting of stock awards

 

 

 

 

 

 

 

 

150

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

640

 

 

 

 

 

 

 

 

 

 

 

 

640

 

Shares withheld in payment of taxes in

   connection with net share settlement of

   restricted stock units

 

 

 

 

 

 

 

 

(48

)

 

 

 

 

 

 

 

 

(225

)

 

 

 

 

 

 

 

 

(225

)

Issuance of common stock in connection

   with warrant exercise

 

 

 

 

 

 

 

 

387

 

 

 

1

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

Balances, March 31, 2020

 

 

5,000

 

 

 

5

 

 

 

17,475

 

 

 

19

 

 

 

448,604

 

 

 

(9,268

)

 

 

(407,551

)

 

 

1,545

 

 

 

33,354

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,749

)

 

 

 

 

 

(2,749

)

Unrealized income from foreign currency

   translation adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

215

 

 

 

215

 

Issuance of common stock in connection

   with vesting of stock awards

 

 

 

 

 

 

 

 

212

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

751

 

 

 

 

 

 

 

 

 

 

 

 

751

 

Shares withheld in payment of taxes in

   connection with net share settlement

   of restricted stock units

 

 

 

 

 

 

 

 

(46

)

 

 

 

 

 

 

 

 

(183

)

 

 

 

 

 

 

 

 

(183

)

Issuance of common stock in connection

   with Viscount Earnout

 

 

 

 

 

 

 

 

157

 

 

 

 

 

 

489

 

 

 

 

 

 

 

 

 

 

 

 

489

 

Issuance of shares to non-employees

 

 

 

 

 

 

 

 

62

 

 

 

 

 

 

304

 

 

 

 

 

 

 

 

 

 

 

 

304

 

Issuance of warrants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

332

 

 

 

 

 

 

 

 

 

 

 

 

332

 

Balances, June 30, 2020

 

 

5,000

 

 

$

5

 

 

 

17,860

 

 

$

19

 

 

$

450,480

 

 

$

(9,451

)

 

$

(410,300

)

 

$

1,760

 

 

$

32,513

 

 

5


 

 

 

Series B

Convertible Preferred Stock

 

 

Common Stock

 

 

Additional

Paid-in

 

 

Treasury

 

 

Accumulated

 

 

Accumulated

Other

Comprehensive

 

 

Noncontrolling

 

 

Total

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Stock

 

 

Deficit

 

 

Income

 

 

Interest

 

 

Equity

 

Balances, December 31, 2018

 

 

5,000

 

 

$

5

 

 

 

15,967

 

 

$

17

 

 

$

444,145

 

 

$

(8,153

)

 

$

(404,353

)

 

$

2,209

 

 

$

(170

)

 

$

33,700

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(815

)

 

 

 

 

 

 

 

 

(815

)

Unrealized loss from foreign

   currency translation adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(129

)

 

 

 

 

 

(129

)

Issuance of common stock in connection

   with acquisition of business

 

 

 

 

 

 

 

 

419

 

 

 

1

 

 

 

1,634

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,635

 

Issuance of common stock in connection

   with vesting of stock awards

 

 

 

 

 

 

 

 

126

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

687

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

687

 

Shares withheld in payment of taxes in

   connection with net share settlement of

   restricted stock units

 

 

 

 

 

 

 

 

(43

)

 

 

 

 

 

 

 

 

(228

)

 

 

 

 

 

 

 

 

 

 

 

(228

)

Issuance of common stock in connection

   with warrant exercise

 

 

 

 

 

 

 

 

10

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances, March 31, 2019

 

 

5,000

 

 

 

5

 

 

 

16,479

 

 

 

18

 

 

 

446,466

 

 

 

(8,381

)

 

 

(405,168

)

 

 

2,080

 

 

 

(170

)

 

 

34,850

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

416

 

 

 

 

 

 

 

 

 

416

 

Unrealized income from foreign

   currency translation adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

196

 

 

 

 

 

 

196

 

Issuance of common stock in connection

   with acquisition of business

 

 

 

 

 

 

 

 

456

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

693

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

693

 

Shares withheld in payment of taxes in

   connection with net share settlement of

   restricted stock units