$INVE
Identiv, Inc.

2020 Form 10-K Financial Statement

#000156459021012914 Filed on March 12, 2021

View on sec.gov

Income Statement

Concept 2020 2019 Q4 2019
Revenue $86.92M $18.97M $83.76M
YoY Change 3.78% -10.94% 7.18%
Cost Of Revenue $53.20M $11.43M $47.10M
YoY Change 12.95% 2.88% 5.11%
Gross Profit $33.68M $7.540M $36.70M
YoY Change -8.23% -26.01% 10.1%
Gross Profit Margin 38.75% 39.75% 43.82%
Selling, General & Admin $25.89M $5.980M $27.58M
YoY Change -6.13% -10.88% 1.35%
% of Gross Profit 76.88% 79.31% 75.16%
Research & Development $9.781M $2.390M $8.616M
YoY Change 13.52% 29.19% 19.09%
% of Gross Profit 29.04% 31.7% 23.48%
Depreciation & Amortization $3.313M $880.0K $3.583M
YoY Change -7.54% 8.64% 13.14%
% of Gross Profit 9.84% 11.67% 9.76%
Operating Expenses $37.13M $8.780M $36.76M
YoY Change 1.0% -1.79% 4.45%
Operating Profit -$3.448M -$1.240M -$109.0K
YoY Change 3063.3% -199.2% -94.16%
Interest Expense -$1.462M -$430.0K -$917.0K
YoY Change 59.43% 0.0% -39.59%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$5.032M -$1.780M -$825.0K
YoY Change 509.94% -369.7% -81.86%
Income Tax $73.00K $40.00K $300.0K
% Of Pretax Income
Net Earnings -$5.105M -$1.820M -$1.151M
YoY Change 343.53% -388.89% -75.55%
Net Earnings / Revenue -5.87% -9.59% -1.37%
Basic Earnings Per Share -$0.34 -$0.13
Diluted Earnings Per Share -$0.34 -$106.2K -$0.13
COMMON SHARES
Basic Shares Outstanding 17.98M 16.98M
Diluted Shares Outstanding 17.98M 16.98M

Balance Sheet

Concept 2020 2019 Q4 2019
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.40M $9.400M $9.400M
YoY Change 21.28% -13.76% -13.76%
Cash & Equivalents $11.40M $9.383M $9.400M
Short-Term Investments
Other Short-Term Assets $2.800M $2.300M $2.300M
YoY Change 21.74% -14.81% -14.81%
Inventory $20.30M $16.15M $16.10M
Prepaid Expenses
Receivables $18.90M $18.36M $18.40M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $53.40M $46.18M $46.20M
YoY Change 15.58% 9.46% 9.48%
LONG-TERM ASSETS
Property, Plant & Equipment $6.200M $2.042M $6.700M
YoY Change -7.46% -22.18% 157.69%
Goodwill $10.24M
YoY Change 10.25%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.200M $1.122M $1.100M
YoY Change 9.09% -8.33% -8.33%
Total Long-Term Assets $25.30M $28.14M $28.10M
YoY Change -9.96% 16.67% 16.6%
TOTAL ASSETS
Total Short-Term Assets $53.40M $46.18M $46.20M
Total Long-Term Assets $25.30M $28.14M $28.10M
Total Assets $78.70M $74.32M $74.30M
YoY Change 5.92% 12.08% 12.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.00M $8.799M $8.800M
YoY Change 25.0% 55.62% 54.39%
Accrued Expenses $7.400M $7.800M $7.800M
YoY Change -5.13% 39.29% 39.29%
Deferred Revenue $2.193M
YoY Change 0.87%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Long-Term Debt Due $21.10M $14.19M $15.50M
YoY Change 36.13% 12.61% 23.02%
Total Short-Term Liabilities $41.60M $34.48M $34.50M
YoY Change 20.58% 16.95% 16.95%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $400.0K $400.0K
YoY Change -100.0% -78.95% -78.95%
Other Long-Term Liabilities $2.900M $364.0K $4.000M
YoY Change -27.5% -42.41% 207.69%
Total Long-Term Liabilities $2.900M $364.0K $4.400M
YoY Change -34.09% -42.41% 37.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $41.60M $34.48M $34.50M
Total Long-Term Liabilities $2.900M $364.0K $4.400M
Total Liabilities $44.50M $38.85M $38.90M
YoY Change 14.4% 19.16% 20.06%
SHAREHOLDERS EQUITY
Retained Earnings -$405.5M
YoY Change 0.28%
Common Stock $18.00K
YoY Change 5.88%
Preferred Stock
YoY Change
Treasury Stock (at cost) $9.043M
YoY Change 10.92%
Treasury Stock Shares $1.223M
Shareholders Equity $34.20M $35.47M $35.50M
YoY Change
Total Liabilities & Shareholders Equity $78.70M $74.32M $74.30M
YoY Change 5.92% 12.08% 12.07%

Cashflow Statement

Concept 2020 2019 Q4 2019
OPERATING ACTIVITIES
Net Income -$5.105M -$1.820M -$1.151M
YoY Change 343.53% -388.89% -75.55%
Depreciation, Depletion And Amortization $3.313M $880.0K $3.583M
YoY Change -7.54% 8.64% 13.14%
Cash From Operating Activities -$1.766M -$940.0K $427.0K
YoY Change -513.58% -57.08% -108.22%
INVESTING ACTIVITIES
Capital Expenditures -$1.560M -$90.00K -$290.0K
YoY Change 437.93% -87.5% -78.52%
Acquisitions $1.287M
YoY Change -36.51%
Other Investing Activities $90.00K -$1.200M
YoY Change -113.85% -40.89%
Cash From Investing Activities -$1.564M $10.00K -$1.484M
YoY Change 5.39% -100.74% -56.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $3.610M
YoY Change -87.2%
Cash From Financing Activities 4.853M -830.0K -227.0K
YoY Change -2237.89% -1285.71% -128.09%
NET CHANGE
Cash From Operating Activities -1.766M -940.0K 427.0K
Cash From Investing Activities -1.564M 10.00K -1.484M
Cash From Financing Activities 4.853M -830.0K -227.0K
Net Change In Cash 2.026M -1.760M -1.483M
YoY Change -236.61% -49.28% -81.88%
FREE CASH FLOW
Cash From Operating Activities -$1.766M -$940.0K $427.0K
Capital Expenditures -$1.560M -$90.00K -$290.0K
Free Cash Flow -$206.0K -$850.0K $717.0K
YoY Change -128.73% -42.18% -118.64%

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<p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1. <font style="color:#000000;">Description of Business</font></p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Description of Business<font style="font-style:normal;">&#160;&#8212; Identiv, Inc. and its wholly owned subsidiaries (the &#8220;Company&#8221;) is a global security technology company provider of secure identification and physical security solutions that secure things, data and physical places. Global organizations in the mobility, consumer, government, healthcare, education and other markets rely upon the Company&#8217;s solutions. The Company&#8217;s solutions allow its customers to create safe, secure, validated and convenient experiences in their interaction with physical things around them and physical places like schools, government offices, factories, transportation, hospitals and other types of facilities. The Company&#8217;s corporate headquarters are in Fremont, California. The Company maintains research and development facilities in California, and Chennai, India and local operations and sales facilities in Germany, Hong Kong, Japan, Singapore, Canada, and the United States. The Company was founded in 1990 in Munich, Germany and was incorporated in 1996 under the laws of the State of Delaware. </font></p>
CY2019 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2019 us-gaap Weighted Average Number Of Shares Outstanding Basic
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16984000
CY2020 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-style:italic;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Reclassifications<font style="font-style:normal;">&#160;&#8212;&#160;</font><font style="Background-color:#FFFFFF;font-style:normal;">Certain reclassifications&#160;have been made to the fiscal year 2019 financial statements to conform to the fiscal year 2020 presentation. The reclassifications had no impact on net loss, total assets, total liabilities, or stockholders&#8217; equity. </font></p>
CY2020 us-gaap Use Of Estimates
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<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Use of Estimates<font style="font-style:normal;">&#160;&#8212;&#160;</font><font style="color:#000000;font-style:normal;">The preparation of </font><font style="font-style:normal;">consolidated</font><font style="color:#000000;font-style:normal;"> financial statements in conformity with </font><font style="font-style:normal;">accounting principles generally accepted in the United States of America (&#8220;U.S. GAAP&#8221;)</font><font style="color:#000000;font-style:normal;"> requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities as of the date of the </font><font style="font-style:normal;">consolidated</font><font style="color:#000000;font-style:normal;"> financial statements and the reported amounts of revenue and expenses during the reporting period. The Company believes judgment is involved in determining revenue recognition; the acquisition-date fair value of intangible assets; the fair value of contingent consideration associated with acquisitions; the recoverability of long-lived assets; impairment of goodwill and intangible assets; stock-based compensation expense; and income tax uncertainties. The Company bases these estimates on historical and anticipated results, trends, and various other assumptions that the Company believes are reasonable under the circumstances, including assumptions as to future events. Actual results could differ materially from those estimates and assumptions.</font></p>
CY2020 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Concentration of Credit Risk<font style="font-style:normal;">&#160;&#8212; No customer accounted for 10% or more of net revenue for the years ended December 31, 2020 or 2019, respectively. No customer accounted for 10% or more of the Company&#8217;s accounts receivable balance as of December 31, 2020 or 2019. The Company does not require collateral or other security to support accounts receivable. To reduce risk, the Company&#8217;s management performs ongoing credit evaluations of its customers&#8217; financial condition. The Company maintains allowances for potential credit losses in its consolidated financial statements.</font></p>
CY2019 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
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CY2019 inve Number Of Customer Accounts For More Than Minimum Threshold Percentage Of Revenue
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CurrentStateAndLocalTaxExpenseBenefit
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CurrentForeignTaxExpenseBenefit
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CurrentForeignTaxExpenseBenefit
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CurrentIncomeTaxExpenseBenefit
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DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
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DeferredTaxAssetsGross
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GlobalIntangibleLowTaxIncome
0
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17978000
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AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7491
CY2019 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7799
CY2020 inve Gross Margin Percent
GrossMarginPercent
0.39
CY2019 inve Gross Margin Percent
GrossMarginPercent
0.44
CY2020 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
1500000
CY2019 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
1500000
CY2020 us-gaap Lessee Operating Lease Existence Of Option To Extend
LesseeOperatingLeaseExistenceOfOptionToExtend
true
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1565000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1496000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
532000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
230000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
232000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
42000
CY2020 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
141000
CY2019 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
18000
CY2020Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
321000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
4097000
CY2020Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
546000
CY2020Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
3551000
CY2020Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y
CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.063
CY2020Q4 us-gaap Operating Leases Future Minimum Payments Due Future Minimum Sublease Rentals
OperatingLeasesFutureMinimumPaymentsDueFutureMinimumSubleaseRentals
1600000
CY2020 us-gaap Operating Lease Payments
OperatingLeasePayments
2100000
CY2020 us-gaap Sublease Income
SubleaseIncome
200000
CY2020Q4 us-gaap Purchase Obligation Due In Next Twelve Months
PurchaseObligationDueInNextTwelveMonths
14063000
CY2020Q4 us-gaap Purchase Obligation Due In Second Year
PurchaseObligationDueInSecondYear
12000
CY2020Q4 us-gaap Purchase Obligation
PurchaseObligation
14075000
CY2020Q4 us-gaap Other Commitment Due In Next Twelve Months
OtherCommitmentDueInNextTwelveMonths
357000
CY2020Q4 us-gaap Other Commitment
OtherCommitment
357000
CY2020Q4 us-gaap Contractual Obligation Due In Next Twelve Months
ContractualObligationDueInNextTwelveMonths
14420000
CY2020Q4 us-gaap Contractual Obligation Due In Second Year
ContractualObligationDueInSecondYear
12000
CY2020Q4 us-gaap Contractual Obligation
ContractualObligation
14432000
CY2019Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
407000
CY2018Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
316000
CY2019 us-gaap Product Warranty Accrual Additions From Business Acquisition
ProductWarrantyAccrualAdditionsFromBusinessAcquisition
90000
CY2020 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
55000
CY2019 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
19000

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