Intellicheck Mobilisa, Inc. (NYSE MKT:IDN) Q2 2019 Earnings Conference Call - Final Transcript

Aug 01, 2019 • 04:30 pm ET

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Intellicheck Mobilisa, Inc. (NYSE MKT:IDN) Q2 2019 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Greetings and welcome to Intellicheck's Second 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 turn the conference over to your host, Mr. Gar Jackson. Thank you. You may begin.

Executive
Gar Jackson

Thank you, operator. Good afternoon and thank you for joining us today for the Intellicheck's second quarter 2019 earnings call. Before we get started, I will take a few minutes to read the forward-looking statements. 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 an 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 forecasts, 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 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, August 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 contacts 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 Q2 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 and I will now turn the call over to Bryan.

Executive
Bryan Lewis

Thank you, Gar. Good afternoon, everyone and thank you for joining us for the Intellicheck Q2, 2019 earnings call. As you can see for the numbers, the changes we put in place over the past year are making a difference and we continue to march towards the goals we've set for ourselves for 2019. Identity theft is not going away and we believe that we are well positioned to capitalize on stopping fraud and reducing the sales of age-restricted products to the under age. Our SaaS revenue was up 79% over Q2, 2018 and was a 30% sequential increase from our Q1, 2019 numbers.

One-time revenue was up this quarter, because as I have previously said, we no longer do custom development for free. In Q2, we received the second payment for the completion of