Intellicheck, Inc. (NYSE American: IDN)
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1 Intellicheck, Inc. (NYSE American: IDN) Investor Presentation December 2018 Intellicheck, Inc. 1
2 Safe Harbor Statement Certain statements in this presentation constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Words such as "will," "believe," "expect," "anticipate, "encouraged" 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. There is no assurance that the proposed changes in the company s business model will result in positive cash flows or profitability. Actual results may differ materially from the information presented here. Additional information concerning forward looking statements is contained under the heading of risk factors listed from time to time in the company's filings with the Securities and Exchange Commission. We do not assume any obligation to update the forward-lookinginformation. Intellicheck, Inc. 2
3 Intellicheck at a Glance Intellicheck delivers instant, accurate identification authentication solutions to: reduce identity theft control age-restricted products increase law-enforcement effectiveness SaaS based products include Retail ID; Age ID; Law ID and Defense ID Intellicheck s Retail ID Online authentication tool is stopping online fraud in the rapidly expanding e-commerce channel Authentication products serve a large and growing addressable market, as the amount of personal data stolen only grows Intellicheck, Inc. 3
4 The Market is Moving Towards Intellicheck Identity theft continues to be a major concern amongst banks, retailers and consumers In Q2 of 2018 nine of the largest breaches in the U.S. led to 681 million records being stolen Additionally, 15 of the top retailers in the country were hacked so far in million names, social security numbers and dates of birth were breached at Equifax last year The only element missing for a criminal to utilize data breach information is a fake ID Intellicheck, Inc. 4
5 Fake IDs are Readily Attainable and Near Perfect Intellicheck, Inc. 5
6 Fake ID - Just Pick Your State Intellicheck, Inc. 6
7 New York Governor Showcases Intellicheck Technology Both state and local agencies are taking action against underage drinking through the use of fake ID s. I'm proud to launch this new pilot program that capitalizes on exciting new technology developed right here in the Empire State and will aid in our efforts to crack down on this reckless and dangerous behavior, stated Andrew Cuomo in August press release Intellicheck, Inc. 7
8 Proven and Effective Technology Prior to us using it in the field, we scanned over 1,000 known counterfeits, each one was detected by the device, said NYS DMV Director of Investigations Owen McShane Currently, over 45 enforcement and compliance agencies in 26 states have deployed Age ID or Law ID Intellicheck, Inc. 8
9 Investment Highlights Market Opportunity Retail Fraud Loss estimated at $16.8 billion in 2017 (Javelin Strategy & Research) 145 million Names, Dates of Birth, Social Security Numbers stolen in Equifax Breach month data breach to fraud occurrence (Accenture PLC) Unique Position in Ecosystem Innovative solutions with the ability to authenticate government ID credentials from hundreds of unique barcode formats Works with existing POS systems, no hardware purchase necessary, in addition to easily implemented on smartphones and tablets in an increasingly mobile world High Gross Margin Operating Profile with Accelerating SaaS Growth Strong revenue retention and visibility due to nature of customer and partner relationships Growing customer base accelerated through master service agreements Gross Margin of 89.1% in Q3 18 Bryan Lewis joined Intellicheck in early 2018 New Leadership in Place Prior to joining Intellicheck, Mr. Lewis was Chief Operating Officer at Third Bridge, Inc., where he oversaw company growth from 100 to 600 employees and a CAGR of 56% in a four-year period. Previously, Mr. Lewis held senior leadership positions at BondDesk (sold to TradeWeb), TheMarkets.com (sold to Capital IQ), Reuters, Barra (sold to MSCI) and Bloomberg. He began his career as a bond trader and has a solid understanding of the capital markets Intellicheck, Inc. 9
10 Intellicheck SaaS Offerings Product Application Customers Addressable Market Reduces Identity theft fraud while increasing credit card and loyalty program applications and conversions A new level of card-not-present transaction safety for online retail transactions Retail ID Mobile can be instantly deployed with no point-of-sale system integration required. Protects vendors from increasingly sophisticated fakes while often reducing their insurance premiums Financial Institutions and Retailers E-tailer's, Retailer websites, Financial Intuitions offering online credit Brick and Mortar Retailers nationwide Anywhere age restricted products are sold. Client size ranges from sports stadiums and major restaurant chains, to local bars RETAIL Puts the power of the MDT in the officers hand, providing instant threat analysis of wanted or potentially dangerous persons while freeing airwaves for safety issues Increases awareness and security at restricted facilities with instant ID authentication Provides Law Enforcement Officers with real time access to Federal, State and DMV databases Access control for: Military Government Secure or classified facilities LAW ENFORCEMENT DEFENSE Intellicheck, Inc. 10
11 Market Opportunity Challenge Financial Services / Retail Fraud related to identity theft in the retail sector is estimated at $16.8B annually and growing* Counterfeit driver licenses are used by fraudsters to apply for credit at in-store and online, in card not present transactions, and to return stolen merchandise Solution Intellicheck s products for the finance and retail markets instantly identify counterfeit driver licenses Instant authentication alerts retailers of fraud Intellicheck s Retail ID extracts information from authentic driver licenses and seamlessly populates credit card and customer loyalty applications o Significantly increases credit and loyalty applications * Javelin Strategy & Research Intellicheck, Inc. 11
12 12 Estimated Monthly Cost of Fraud for a Banking Client Intellicheck, Inc. Retail ID Return on Investment Calculator Input: Monthly Total Scans 3,775,000 Fraud Rate (based on historical client data) Department Stores 0.299% Furniture 0.150% Jewelery 0.530% Tools and Equipment 0.560% Retail Type Percentage of Business Average Fraudulent Transaction Amount (as reported by our clients) Monthly Cost of Fraud Department Store 57% $2,100 $13,510,838 Jewelry 12% $3,574 $2,428,533 Furniture 21% $2,908 $12,218,180 Tools and Equipment 9% $2,569 $4,887,779 Total Monthly Cost of Fraud: $33,045,330 Intellicheck, Inc. 12
13 Authentication Scans for a Representative Group of Clients 4,000,000 Total Scans Jan Sept ,500,000 3,000,000 2,500,000 2,000,000 1,500,000 1,000, ,000 0 Jan-17 Feb-17 Ma r-17 Apr-17 Ma y-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Ma r-18 Apr-18 Ma y-18 Jun-18 Jul-18 Aug-18 Sep-18 Intellicheck, Inc. 13
14 Market Opportunity Challenge Law Enforcement Officers (LEO) often do not have instant access to critical information on contacted individuals (wants, warrants, BOLOs, protective orders, etc.) Current processes require LEO to turn their backs on contacts, sit in vehicles and type information onto laptops Officers without a laptop must call dispatch via radio and wait in the queue Solution Law ID quickly authenticates contact s ID then retrieves, parses and displays threat analysis information from the FBI, State and DMV databases No laptop, no car, no problem Law Enforcement / Public Safety Intellicheck, Inc. 14
15 Value Proposition Complete Real-Time Solution Real time execution is key: Intellicheck s patented authentication solutions instantly let clients know the authenticity of a credential at the moment the engagement begins, before the fraud happens Competition may only read barcodes, or conduct an optical character recognition (OCR) scan of the front of the driver license resulting in fake ID s being used in fraudulent transactions Unmatched Accuracy and Ease of Use 99% accuracy rate, including driver licenses, state issued IDs and federal IDs such as military IDs, CAC and PIV Unique, patent-pending State Aware functionality ensures compliance with ID scanning state laws in all 50 states Flexible Technology Delivered Via SaaS Solution SaaS offering reduces the level of effort a client needs to install, and is fully online and mobile Works with Existing Hardware Easy integration with existing Point-of-Sale systems no new hardware required. Intellicheck, Inc. 15
16 Recent Developments Signed Master Services Agreement and Statement of Work for Development with a Top 5 credit card issuer Program is pay per scan model Intellicheck to provide Authentication for: Retail Clients Bank Branches First retailers anticipated to start authenticating ID s by the end of Q2, 2019 First bank branches anticipated to start authenticating ID s by the end of Q3, 2019 Re-engaged with a top private label credit card issuer and currently migrating them to pay per scan model Introductions have been made to seven of their retailers Anticipated to go live with authentications at new retailers in 2019 Signed Agreement with the Hospitality Insurance Group that will provide discounts when their merchants have age verification tools in place This discount can often cover the Age ID subscription costs Intellicheck, Inc. 16
17 Financial Highlights SaaS Revenue Growth $651,000 in SaaS revenue in Q3 18 (25% increase YoY) Approximately $2.4 million in trailing 12 month annual SaaS revenue through Q3 18 SaaS driven product mix resulted in 89.1% Q3 gross margin Balance Sheet (as of Sept. 30, 2018) Cash: $5.4 million Stockholder Equity: $13.6 million Debt free Well Positioned for Growth Consumer authentication - Large markets without clear market leaders Law ID Robust pipeline of pilots to be implemented with NLETS switch. Numerous partnership opportunities Intellicheck, Inc. 17
18 Q Summary Operating Results Description Q Q $ Change 2018 vs 2017 % Change 2018 vs 2017 Revenue $ 966,690 $ 1,039,581 72,891 8% Operating Expenses $ 1,944,204 $ 2,081, ,309 7% EBITDA $ (888,444) $ (1,048,466) (160,022) (18)% SaaS $ 521,000 $ 651, ,000 25% Margin 89.1% 89.1% Flat Intellicheck, Inc. 18
19 Appendix Intellicheck, Inc. 19
20 INTELLICHECK, INC. UNAUDITED CONSOLIDATED BALANCE SHEET ASSETS September 30, 2018 December 31, CURRENT ASSETS: Cash $ 5,388,544 $ 8,010,161 Accounts receivable, net of allowance of $24,675 and $18,750 at September 30, 2018 and December 31, 2017, respectively 634, ,627 Inventory 83,828 85,321 Other current assets 406, ,835 Total current assets 6,514,041 8,966,944 NOTE RECEIVABLE, net of current portion 39,705 71,138 PROPERTY AND EQUIPMENT, net 278, ,602 GOODWILL 8,101,661 8,101,661 INTANGIBLE ASSETS, net 345, ,578 OTHER ASSETS 9,742 67,181 Total assets $ 15,289,294 $ 17,882,104 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 105,019 $ 71,578 Accrued expenses 817, ,350 Deferred revenue, current portion 752, ,980 Total current liabilities 1,675,670 1,626,908 OTHER LIABILITIES: Deferred revenue, long-term portion 41,108 87,736 Other long-term liabilities 7, ,407 Total liabilities 1,724,111 1,873,051 COMMITMENTS AND CONTINGENCIES (Note 11) STOCKHOLDERS EQUITY: Common stock - $.001 par value; 40,000,000 shares authorized; 15,632,196 and 15,009,246 shares issued and outstanding at September 30, 2018 and December 31, 2017, respectively 15,632 15,009 Additional paid-in capital 127,271, ,416,869 Accumulated deficit (113,722,376) (110,422,825) Total stockholders' equity 13,565,183 16,009,053 Total liabilities and stockholders' equity $ 15,289,294 $ 17,882,104 Intellicheck, Inc. 20
21 Adjusted EBITDA Reconciliation A reconciliation of GAAP net loss to Non-GAAP Adjusted EBITDA follows: (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, Net loss $ (1,131,219) $ (1,074,845) $ (3,299,551) $ (3,110,155) Reconciling items: Interest and other income (23,165) (7,682) (80,256) (13,337) Depreciation and amortization 62, , , ,871 Stock-based compensation expense 43,459 90, , ,330 Adjusted EBITDA $ (1,048,466) $ (888,444) $ (3,028,570) $ (2,529,291) We use Adjusted EBITDA as a non-gaap financial performance measurement. Adjusted EBITDA is calculated by adding back to net loss, interest and other income, income taxes, impairments of long-lived assets and goodwill, depreciation, amortization and stock-based compensation expense. Adjusted EBITDA is provided to investors to supplement the results of operations reported in accordance with GAAP. Management believes that Adjusted EBITDA provides an additional tool for investors to use in comparing our financial results with other companies that also use Adjusted EBITDA in their communications to investors. By excluding non-cash charges such as impairments of long-lived assets and goodwill, amortization, depreciation and stockbased compensation, as well as non-operating charges for interest and income taxes, investors can evaluate our operations and can compare the results on a more consistent basis to the results of other companies. In addition, Adjusted EBITDA is one of the primary measures management uses to monitor and evaluate financial and operating results. We consider Adjusted EBITDA to be an important indicator of our operational strength and performance of our business and a useful measure of our historical operating trends. However, there are significant limitations to the use of Adjusted EBITDA since it excludes interest and other income and expense, impairments of long-lived assets and goodwill, stock-based compensation expense, all of which impact our profitability, as well as depreciation and amortization related to the use of long-term assets which benefit multiple periods. We believe that these limitations are compensated by providing Adjusted EBITDA only with GAAP net loss and clearly identifying the difference between the two measures. Consequently, Adjusted EBITDA should not be considered in isolation or as a substitute for net loss presented in accordance with GAAP. Adjusted EBITDA as defined by us may not be comparable with similarly named measures provided by other entities. Intellicheck, Inc. 21
22 Contact Information PROVIDING DIRECTION PRODUCING RESULTS Bryan Lewis Bill White Gar Jackson Global IR Group
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