Intellicheck, Inc. Net Income jumped on 122% and Revenue jumped on 40.1%
03/16/2021 • About Intellicheck, Inc. (
$IDN) • By InTwits
Intellicheck, Inc. reported FY2020 financial results today. Overall the company's long term financial model is characterised by the following facts:
- The company operates at negative EBITDA Margin: -0.7%
- Intellicheck, Inc. spends a lot for Stock Based Compensation (SBC): average SBC/Revenue for FY2016-FY2020 is 0.0%. Average EBITDA Margin for the same period was -57.2%
- Intellicheck, Inc. has low CAPEX intensity: 5 year average CAPEX/Revenue was 2.1%. At the same time it's a lot of higher than industry average of 3.0%.
- CAPEX is quite volatile: $0m in FY2020, $0m in FY2019, $0m in FY2018, $0m in FY2017, $0m in FY2016
- The company has unprofitable business model: ROIC is -1.5%
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
Intellicheck, Inc.'s Revenue jumped on 40.1%. Revenue growth showed slowdown in FY20Q4 - it was 6.3% YoY. Revenue decline was slowing down on average by 25.0 pp per annum in the last 5 years. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased on 8.1 pp from -2.3% to 5.9% in FY2020. EBITDA Margin followed a growing trend at 40.2 pp per annum in the last 5 years.
Gross Margin showed almost no change in FY2020. During the last 5 years Gross Margin topped in FY2018 at 91.3% and was declining since that time. SG&A as a % of Revenue dropped on 18.9 pp from 73.8% to 54.9% in FY2020. SG&A as a % of Revenue stuck to a declining trend at -31.4 pp per annum in the last 5 years.
Net Income margin surged on 38.5 pp from -33.3% to 5.2% in FY2020. Net Income margin followed a growing trend at 44.3 pp per annum in FY2016-FY2020.
Investments (CAPEX, working capital and M&A)
The company's CAPEX/Revenue was 4.1% in FY2020. Intellicheck, Inc. showed CAPEX/Revenue growth of 3.1 pp from 1.0% in FY2017 to 4.1% in FY2020. For the last three years the average CAPEX/Revenue was 2.5%.
Return on investment
The company operates at negative ROIC (-1.5%) and low but positive ROE (3.3%). ROIC jumped on 19.8 pp from -21.3% to -1.5% in FY2020. ROE surged on 24.0 pp from -20.7% to 3.3% in FY2020. ROIC followed a growing trend at 9.6 pp per annum in the last 5 years. ROE grew at 10.6 pp per annum in FY2016-FY2020.
Leverage (Debt)
Debt level is -13.8x Net Debt / EBITDA and Debt / EBITDA. Debt dropped on 79.4% while cash jumped on 292%.
Intellicheck, Inc. has no short term refinancing risk: cash is higher than short term debt (40,225.0%).
Management team
Intellicheck, Inc.'s CEO is Bryan Lewis. Bryan Lewis has 3 years tenure with the company. The company's CFO Bill J White has spent 3 years with the company.
Financial and operational results
Intellicheck, Inc. ($IDN) key annual financial indicators| mln. $ | 2016 | 2017 | 2018 | 2019 | 2020 | 2020/2019 |
|---|
P&L
|
|---|
| Revenue | 3.839 | 3.598 | 4.433 | 7.664 | 10.735 | 40.1% |
| Gross Profit | 3.070 | 3.076 | 4.047 | 6.668 | 9.309 | 39.6% |
| SG&A | 6.414 | 5.865 | 5.236 | 5.659 | 5.893 | 4.1% |
| EBITDA | -5.315 | -5.668 | -3.848 | -2.398 | -0.080 | |
| Net Income | -5.735 | -6.021 | -3.964 | -2.549 | 0.558 | |
Balance Sheet
|
|---|
| Cash | 3.092 | 8.010 | 4.376 | 3.351 | 13.121 | 291.6% |
| Short Term Debt | 0.000 | 0.000 | 0.000 | 0.126 | 0.033 | -74.1% |
| Long Term Debt | 0.000 | 0.000 | 0.000 | 0.033 | 0.000 | -100.0% |
Cash flow
|
|---|
| Capex | 0.064 | 0.038 | 0.142 | 0.020 | 0.445 | 2,114.8% |
Ratios
|
|---|
| Revenue growth | -45.3% | -6.3% | 23.2% | 72.9% | 40.1% | |
| EBITDA growth | 19.2% | 6.6% | -32.1% | -37.7% | -96.7% | |
|
|---|
| Gross Margin | 80.0% | 85.5% | 91.3% | 87.0% | 86.7% | -0.3% |
| EBITDA Margin | -138.5% | -157.5% | -86.8% | -31.3% | -0.7% | 30.5% |
| SG&A, % of revenue | 167.1% | 163.0% | 118.1% | 73.8% | 54.9% | -18.9% |
| Net Income Margin | -149.4% | -167.3% | -89.4% | -33.3% | 5.2% | 38.5% |
| CAPEX, % of revenue | 1.7% | 1.0% | 3.2% | 0.3% | 4.1% | 3.9% |
|
|---|
| ROIC | -39.2% | -41.9% | -28.3% | -21.3% | -1.5% | 19.8% |
| ROE | -39.2% | -41.6% | -27.4% | -20.7% | 3.3% | 24.0% |
Intellicheck, Inc. ($IDN) key quoterly financial indicators
| mln. $ | FY20Q1 | FY20Q2 | FY20Q3 | FY20Q4 | | YoY change |
|---|
P&L
|
|---|
| Revenue | 3 | 2 | 3 | 3 | | 143.6% | 18.2% | 39.8% | 6.3% |
| EBITDA | 0 | -1 | 0 | 1 | | - | - | - | 252.3% |
| Net Income | 0 | -1 | 0 | 1 | | - | - | - | 1,086.3% |
Balance Sheet
|
|---|
| Cash | 3 | 15 | 13 | 13 | | -21.6% | 376.6% | 364.7% | 291.6% |
| Short Term Debt | 0 | 1 | 0 | 0 | | 261.5% | 523.4% | -11.4% | -74.1% |
| Long Term Debt | 0 | 0 | 1 | 0 | | -100.0% | 364.9% | 1,074.7% | -100.0% |
Ratios
|
|---|
| Gross Margin | 77.8% | 88.6% | 89.1% | 92.6% | | -7.2% | 2.7% | 2.5% | 3.8% |
| EBITDA Margin | 1.9% | -39.2% | 2.7% | 16.6% | | 92.3% | 15.9% | 30.0% | 11.6% |
| Net Income Margin | 0.9% | -41.3% | 1.2% | 40.9% | | 95.7% | 14.8% | 30.6% | 37.3% |
Peers in Electronic Equipment & Instruments
Below we provide Intellicheck, Inc. benchmarking against other companies in Electronic Equipment & Instruments industry for the last 5 years. We show data for the top-5 companies by key financial metric together with the median value for all the companies in the industry.
Top companies by Revenue growth, %
| Top 5 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 |
|---|
| nLIGHT, Inc. ($LASR) | - | 36.8% | 38.1% | -7.7% | 26.1% |
| Luna Innovations Incorporated ($LUNA) | - | -21.0% | 29.7% | 64.3% | 17.3% |
| PAR Technology Corporation ($PAR) | - | 1.3% | -13.5% | -7.0% | 14.2% |
| Cognex Corporation ($CGNX) | - | 44.7% | 5.3% | -10.0% | 11.8% |
| Identiv, Inc. ($INVE) | - | 7.2% | 29.8% | 7.2% | 3.8% |
| |
|---|
| Median (26 companies) | -3.8% | 5.0% | 10.4% | 4.4% | -3.5% |
|---|
| Intellicheck, Inc. ($IDN) | - | -6.3% | 23.2% | 72.9% | 40.1% |
Top companies by Gross margin, %
| Top 5 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 |
|---|
| Cognex Corporation ($CGNX) | 75.2% | 75.6% | 74.4% | 73.8% | 74.5% |
| National Instruments Corporation ($NATI) | 74.5% | 74.5% | 75.4% | 75.1% | 71.2% |
| Coda Octopus Group, Inc. ($CODA) | - | 66.4% | - | 65.6% | 63.5% |
| Applied DNA Sciences Inc ($APDN) | 82.2% | 77.3% | 69.1% | 83.7% | 62.7% |
| Keysight Technologies Inc. ($KEYS) | 55.7% | 53.4% | 54.7% | 58.9% | 60.0% |
| |
|---|
| Median (26 companies) | 39.4% | 41.0% | 40.4% | 42.2% | 42.9% |
|---|
| Intellicheck, Inc. ($IDN) | 80.0% | 85.5% | 91.3% | 87.0% | 86.7% |
Top companies by EBITDA margin, %
| Top 5 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 |
|---|
| Keysight Technologies Inc. ($KEYS) | 18.5% | 14.6% | -0.9% | 23.7% | 27.0% |
| Cognex Corporation ($CGNX) | 31.9% | 36.0% | 30.1% | 24.0% | 25.3% |
| National Instruments Corporation ($NATI) | 15.7% | 16.9% | 17.9% | 20.0% | 22.3% |
| FLIR Systems, Inc. ($FLIR) | 21.3% | 20.0% | 21.7% | 20.6% | 22.0% |
| Badger Meter, Inc. ($BMI) | 18.6% | 20.1% | 18.7% | 21.1% | 21.2% |
| |
|---|
| Median (26 companies) | 3.2% | 5.2% | 4.2% | 13.6% | 12.0% |
|---|
| Intellicheck, Inc. ($IDN) | -138.5% | -157.5% | -86.8% | -31.3% | -0.7% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 |
|---|
| Know Labs Inc ($KNWN) | 0.4% | 0.0% | 2.3% | 4.4% | 57.5% |
| Applied DNA Sciences Inc ($APDN) | 16.1% | 3.1% | 6.8% | 1.3% | 55.1% |
| nLIGHT, Inc. ($LASR) | 4.0% | 4.0% | 6.1% | 7.7% | 10.9% |
| Vishay Precision Group, Inc. ($VPG) | 4.6% | 2.7% | 4.8% | 3.9% | 8.5% |
| LightPath Technologies, Inc. ($LPTH) | 6.5% | 7.8% | 7.7% | 5.7% | 7.0% |
| |
|---|
| Median (25 companies) | 2.1% | 1.6% | 2.2% | 2.0% | 2.1% |
|---|
| Intellicheck, Inc. ($IDN) | 1.7% | 1.0% | 3.2% | 0.3% | 4.1% |
Top companies by ROIC, %
| Top 5 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 |
|---|
| Zebra Technologies Corporation ($ZBRA) | 2.2% | 10.2% | 20.8% | 23.2% | 20.0% |
| Badger Meter, Inc. ($BMI) | 16.9% | 18.2% | 17.6% | 18.7% | 18.5% |
| Keysight Technologies Inc. ($KEYS) | 16.9% | 6.8% | -8.0% | 15.6% | 15.1% |
| National Instruments Corporation ($NATI) | 10.3% | 12.5% | 14.2% | 13.9% | 14.8% |
| Cognex Corporation ($CGNX) | 17.7% | 25.6% | 20.1% | 11.9% | 13.9% |
| |
|---|
| Median (26 companies) | 2.2% | 3.7% | 1.3% | 7.9% | 5.7% |
|---|
| Intellicheck, Inc. ($IDN) | -39.2% | -41.9% | -28.3% | -21.3% | -1.5% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 |
|---|
| Identiv, Inc. ($INVE) | - | - | 2.1x | 1.9x | 9.0x |
| Itron, Inc. ($ITRI) | 1.0x | 2.0x | 12.3x | 3.2x | 7.3x |
| Track Group Inc ($TRCK) | - | - | 12.2x | 5.2x | 3.5x |
| Trimble Inc. ($TRMB) | 1.1x | 1.3x | 3.4x | 2.9x | 2.2x |
| Luna Innovations Incorporated ($LUNA) | -6.9x | -108.1x | -19.9x | -2.9x | 1.8x |
| |
|---|
| Median (17 companies) | -0.9x | -0.8x | -0.9x | 0.3x | 0.4x |
|---|
