Intellicheck Mobilisa, Inc. (NYSE MKT:IDN) Q3 2018 Earnings Conference Call - Final Transcript
Nov 14, 2018 • 04:30 pm ET
Greetings, and welcome to Intellicheck's Third Quarter 2018 Earnings Conference Call. At this time all participants are in listen-only mode. A brief question-and-answer session will follow the formal presentation. (Operator Instructions) As a reminder, this conference is being recorded. I'd now like to turn the conference over to Gar Jackson with Global IR Group. Please, go ahead.
Good afternoon, and thank you for joining us today for the Intellicheck Third Quarter 2018 Earnings Call.
(Forward-Looking Cautionary Statements)
Management will use the financial term adjusted EBITDA in today's call. Please refer to the company's press release issued this afternoon for further definition, reconciliation and context for the use of this term. We'll begin today's call with Bryan Lewis, Intellicheck's CEO; and then Bill White, Intellicheck's CFO, who will discuss the Q3 financial results. Following their prepared remarks, we will take questions from our analysts and institutional investors. Today's call will be limited to one hour. I will now turn the call over to Bryan.
Thank you, Gar. Good afternoon, and thank you all for joining us today. I continue to be excited about what we're doing here at Intellicheck on multiple fronts. Key to our success is the growing realization across our market verticals of the importance of authenticating a government ID as the critical first step in combating identity fraud, keeping age-controlled products out of the hands of the under-aged and increasing police officer effectiveness and safety.
As I've said since day one, we believe that the market is coming our way. I was brought on board earlier this year to accelerate the company's growth, and would like to bring you up-to-date on what we have accomplished. But first, I would like to remind everyone of the magnitude of the problem we all face with identity theft and the amount of data stolen. I will start with the consumer space, specifically, retail, where we believe, we have the most immediate revenue opportunity because we can show the fastest payback to both retailers and their banking partners.
On any given day, you will see an article or research report detailing how identity theft and the creation of synthetic identities is costing billions of dollars a year and is taking countless hours for victims to clear their records. Criminals use stolen information about individuals, think the data taken in the Equifax breach, to create identities that are then used to open fraudulent accounts. Take a moment to think about the frequency of announced data breaches, and you will quickly understand the severity of the situation. Just do a quick Internet search and you'll see how many records have been stolen. From numerous sources, you will learn that easily over 760 million records have been breached this year alone.
Additionally, 15 of the top retailers in the country were hacked in 2018. This is in addition to the more than 145 million names, Social Security Numbers and dates of birth that were breached at Equifax last year. The amount of data stolen and available