Intellicheck Mobilisa, Inc. (NYSE MKT:IDN) Q1 2019 Earnings Conference Call - Final Transcript

May 01, 2019 • 04:30 pm ET

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Intellicheck Mobilisa, Inc. (NYSE MKT:IDN) Q1 2019 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Greetings and welcome to the Intellicheck First Quarter 2019 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will

follow the formal presentation. (Operator Instructions) As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Gar Jackson, Investor Relations for Intellicheck. Please go ahead, sir.

Executive
Gar Jackson

Thank you, Kevin. Good afternoon, and thank you for joining us today for the Intellicheck first quarter 2019 earnings call. Before we get started, I will take a few minutes to read the forward-looking statement. Certain statements in this conference call constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as amended. When used in this conference call, words such as will, believe, expect, anticipate, encourage and similar expressions as they relate to the Company or its management as well as assumptions made by and information currently available to the Company's management, identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

These forward-looking statements are based on management's current expectations and beliefs about future events. As with any projection or forecast, they are inherently susceptible to uncertainty and changes in circumstances, and the Company undertakes no obligation to and expressly disclaims any obligation to update or alter its forward-looking statements, whether resulting from such changes, new information, subsequent events or otherwise.

Additional information concerning forward-looking statements is contained under the headings of Safe Harbor statement and Risk Factors listed from time-to-time in the Company's filings with the Securities and Exchange Commission. Statements made on today's call are as of today, May 1, 2019. 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 will begin today's call with Bryan Lewis, Intellicheck's Chief Executive Officer; and then Bill White, Intellicheck's Chief Financial Officer, who will discuss the Q1 financial results. Following their prepared remarks, we will take questions from our analysts and institutional investors. Today's call will be limited to 1 hour.

And I will now turn the call over to Bryan.

Executive
Bryan Lewis

Good afternoon, everyone and thank you for joining us for the Q1 2019 Intellicheck earnings call. We continue to make progress towards the goals we've set for ourselves and I continue to be excited every day that I walk through the door to our office. I would like to start with some general comments about our growth. Our SaaS revenue continues to grow. SaaS revenue was up 45% quarter-over-quarter and 4% sequentially. We are off to a solid start after our first month in the second quarter and we will believe -- we believe we will see our sequential SaaS revenue growth accelerate, leading into the third quarter.

Notwithstanding the non-cash expenses in Q1, operating expenses were up slightly over Q4, but as we have previously explained, it is largely driven by investments we have