Intellicheck Mobilisa, Inc. (NYSE MKT:IDN) Q2 2020 Earnings Conference Call - Final Transcript
Aug 11, 2020 • 04:30 pm ET
Greetings and welcome to Intellicheck's Second Quarter 2020 Earnings Call. [Operator Instructions] As a reminder, this conference call is being recorded.
It is now my pleasure to introduce your host, Gar Jackson, Investor relations for Intellicheck. Thank you. You may begin.
Thank you, operator. Good afternoon and thank you for joining us today for the Intellicheck second quarter 2020 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, August 11th, 2020. 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 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. I will now turn the call over to Bryan.
Thanks Gar. Hello everyone and thank you for joining us for the Q2 2020 earnings call. I'll begin this call by recognizing and thanking my team. While we've always been setup to work remote, the team showed me just how well they could do it. As you'll see from some of the wins and implementations over the quarter, the team demonstrated that they don't need an office to perform at 110%. So, a big thank you to my team.
Let's begin with a look at some of the numbers. Obviously, COVID had a major impact on retail foot traffic and our brick-and-motor retailers. During the Q1 earnings call, we'd indicated that we anticipated achieving 60% of Q1 SaaS revenue in Q2. In fact, we achieved 75% of that revenue number, with $1.67 million in SaaS revenue in the quarter. While down from Q1 due to the pandemic, it was still a 49% increase year-over-year.