IDN - Earnings call transcript Q3 2021

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Operator

Good day, ladies and gentlemen, and welcome to the Intellicheck Third Quarter 2021 Earnings Conference Call. [Operator Instructions]. At this time, it is my pleasure to turn the floor over to your host, Mr. Gar Jackson. Sir, the floor is yours.

Gar Jackson

I looking a statement. started, read minutes get forward the we will few take to Before Securities of Certain forward the Private looking in statements Reform statements this within meaning conference of as amended. XXXX call constitute Litigation Act the forward information such company's as this encourage, statements expect, Private made well looking expressions they as words similar management, company the and will, relate believe, assumptions When used Act to meaning call, currently or the as the of in Litigation as conference Securities identify available of anticipate, to and its XXXX. within by management, the Reform These events. management's on forward current future beliefs about are looking statements expectations based and

any update resulting from and or and forward obligation with susceptible to otherwise. whether or circumstances, or inherently looking disclaims statements, undertakes are to changes obligation any subsequent alter no As expressly uncertainty information, events, its to forecast, and projection such they in the new changes, company

the this in and will as term of press EBITDA Additional Commission. information statements with on looking financial contained factors XXXX. refer statements the Securities use today's for company's and company's context is afternoon issued to of call. term. concerning Management call are use the today's release forward made from for Exchange to and adjusted the time Safe the risk filings in further Harbor Statements listed time Please headings reconciliation, today, under XX, November the definition, this of

who Bill results. discuss call financial with Intellicheck's the today's begin Intellicheck's Officer, Executive and will Lewis, will White, We Chief Officer, Chief Financial Bryan then QX

call to analysts the will will our Bryan. questions hour, now over Today's turn remarks, be investors. and Following we one their prepared take institutional I from will limited call to and

Bryan Lewis

for and our Gar, us quarter Intellicheck Thank thank for all earnings you, call. today you XXXX third joining

or open savings to shopping card during that our people things which, now, there believe of new impacts one COVID recognized not pandemic, to Year-over-year, We to still right are although business. brick-and-mortar, positive. rates importantly, due more shoppers the will credit component We have received credit be of are and is lingering course, more see on opening we up, stimulus started buying accounts. necessarily that

While we talked of have levels who think credit I ago may we this point applications return just I short not that spend people way, COVID-XX's believe I arrived. business. moment and begin path have many been the that case, card us the term, a the to ago, a I believe impact our like start in one continue on to to a in card as things credit will but just also would we when distinction to seem and noted people will this years business. to Three component pre-pandemic transformational additional a I present transactions. to drive out made impact been to card since brick-and-mortar lingering to have are we normalized

This already transformation the centers, continues our I have shortly. new rates identity be away. continue expanded of customer record-setting far continue web, season breaches will an and theft. they our And And world, delivery, personal see behaviors enormous have to partnerships, yes, continues pickup beyond call pace. at fraud identity base the and will identities impersonate theft what The trend see in an to to purchases. We don't as data holiday going with increase dark well is comes become theft, information Later in in-store continue will dollar upward only The online suggests of and on credit and purchases, online make increasing to purchases identity the see We business. neither Pay and make on purchases, going Now habits. to will digital common when people to to their fraud a that the credit available into continue know purchases. we signs cannabis, is amount of have likely the gambling, shows of banking, worse risk stadiums which Buy this these purchased web, with it cards which continue shopping Returning will just the as created get Criminals in-store portion that using technology will we shoppers dark client to criminals away. they the make each with shopping see they and is fraud fake discussing IDs

flat over was Looking our to at discussing XXXX, was driven the and the QX the call. largely, predominantly quarter, among clients. of those to Department were our it XX% revenue we down transaction start was XX% at an QX XXXX, up the believe, I to QX volumes volumes selling SaaS transaction mix what stores, quarter. during particularly interesting apparel, in in We X% saw

and been a year same the retailers While quarter, those up appliances had company rather identity the company. were selling same volumes we our in more an investing much digital those were what of down amount. over has retailers working to October that clients banking were almost that been ID of this this XX% electronics, validation be transforming quarter Again on in have Interestingly, the than up September. company purely and

the prospects and from We we identity, first this who time or information opens Know prospects We say you us we believe that are, is fintech, We incremental best But that Your more and bad believe can signals earlier, to offering that in-depth through therefore, other clients physical get an large to market efficacy logical authentic. to in. more or check help and obligations. verticals and are vital the identity our step, a opportunities markets additional makes with us setting, new the much you this move getting product validate I the from. markets. provide to digital ID view need guys risk purely for partnerships services As as if a partner is most Customer gambling whether beyond, includes you provide with you stopped there other allow a goes in even this KYC into validation. to ID transformation up said than and our and will many need their clients Any more that addressable

few that speed. there on are with to you I want to forward, you developments fronts a up share Moving and bring all

As first going with and going highlights some to existing usual, new look we are clients at some to wins. our

pricing set, the can the to we at clients agreements new of into entered the model am we going changes to also also reseller on possible. look our launch you going X.X are our this partner and makes that we sales. about and We channel tell have offer made efforts new to our the product our to all expand I Platform

Financial through clients. system. to the allows #X and provide project to much the clients on account and services This First, company our having services applications updates lookups them through quicker. get a point-of-sale to running of financial go completed its and our up tablet services their instead using

very services. their their with tell are very their QX addition, XXX teller live X new good and to out they they new also expect using and workstations. account each, apps rolled #X about retailers working In locations of is #X approximately we lookups. and Financial us company business our for should excited year clients a early for pilot with be be it new credit has pipeline, services in

and XXX going in their expand to improvement is well, So to that work they QX multiple branches clients to expect home systems. continue far, full to their their deployment with all point-of-sale

control. it However, out that to and the some timing, that requires of remains changes bank's our systems, internal

news into time. pushing their company, working which top fighting #X one tools that at that their system, to our retailers' with hurts industry benefit we point-of-sale speed impact have it The to all A the online good expect of to moves, channels. services tell normal of be is the of code thinks Given half big be of continue can free. It to that not STP I analysts of prospects. fraud the reference the an services us, that holiday excellent integrate fraud so during is is digital they second XXXX Financial X does we and for are prospects he of all be event. #X would never both

products they health of driver's live ID cards. like the the the for Canadian to our forms valid have In provinces some Canadian we are licenses. look authenticate Canada, These are to ability increase bringing addition, use barcodes of as in and

security Additionally, they the to mobile the clients bank XX% their to are client out They installed their rolling themselves validate on mobile of and digital app cases. mobile have of use the app. both process in bank's their allows as that phones. banks add clients adds the of estimate layer their banking a XX% their the This effectively on project that for more

But allocation you call company to center, be development consortium worth anticipate on they X.X, for prevent clients down use draw consumption, call will new that last financial our be payments by helps fraud. plan they In Platform which I bank's am their intention remember and rate QX. by use to out a what I our the that the at addition, that in believed of is current year's have will client will current their prepaid agreed more may May. products if be signed more the the detect network. pleased roll run transactions. would the beta owned last to happen like looks This a also services discussing in them that share firms then they from We to cases time, you will we and they year with frequently for their of out rolling on they They likely to digital additional late shortly. out that and with latest it our QX allow

financial student other into new loans, refinancing. start agreement to no-integration a their They addition, credit integrate API they we with card systems. our mobile while services have loan of California-based product things, signed now and We services provider with going among are In master our client. banking, a a personal

We expect rollout in QX.

greater as XX,XXX its We market. when IDs number SEC we sophisticated major pre-purchasing opportunity, are recently very to buckets see Recognizing we selling schools alcohol transaction out proposal's preventing increasing a And balance and promising we grow trend targeted as what have the automatically with several continue in stadiums, university other the there of good in safe with we our increased is signed of is at age As growing games, days, into been other about college their has continuing on this alcohol football the across stadiums and look we more brought focus colleges trending one are more is markets, access. on focus game talking variety targeting college on we The footprint to that by of an have stadiums been sports schools minors. under refill a who this gets low. that expanding use markets of selling an than X effect.

noticed been saying I You transaction have buckets. that

being As for on we call, or month Most a they that we are report renewals looking last are can now I am prepay gone this base. discussed transactions new have well. sticky has a the continued a specific at in year. model. renewals, of clients very to very client This way. And signed have under are customers pleased having All this we use amount to

for come it's As prices that we each contracts. up to renewal, our for note raising are of clients' those important contracts

area. our acceptance our to strides to refocus of alluded involving we the underscores technology partners efforts resell our that in to price I making to these the products, are increases Earlier solutions year, in and client provide. value Our double-digit channel our continue plan

First, we efforts is and cannabis complete, signed largest industry. agreement begun we and point-of-sale of Integration their have inventory providers with for marketing an systems targeting customers. the one the joint of

industry with bars to signed point-of-sale validation with Integration X restaurants. also now these point-of-sale agreements the into providers Collectively, incorporate have X hospitality both system over underway. providers X,XXX major system is their We ID represent systems. and to

sells with have that validation our agreement onboarding as care pre-purchased In banks, platform to ID omnichannel, transactions. process. multi-biometric systems in we and an signed to part They XXX,XXX use tools marketplaces addition, have health a their company of

a then In in our way, on of are partners. biometrics. Intellicheck done to channel a strategy work solutions that reseller what resellers and them manner we and features have validation additional similar other to in signed our of the through selling deals technology continue -- inside part as we partners where tools similar with We we our

deal to criminal background many to of sell clients signed the backgrounds, access know process, As a so company to about have part need we with a criminal data. KYC

from up opens the the beyond We will over of that global expansion documents significant validation with countries. Another XXX a revolves to a around capabilities signed America. development capability North company identity opportunities deal give our validate that us

competitive shortly, on you some believe countries to with with of competition forms sharing what accuracy view what with being is more us we expanding be superior for underway, our America, while the as same checks background are need will our identification, and We international edge We Integration coupled international globally. to a sophisticated at footprint intend press but that with coverage, XXX and ready the in over you we time, QX. this. it distinctive details additional in when to North both update is launch comes compared releases validation clients for down less par to with our gives potentially

year by I As We has investments retooling sales the is see in has and this I transformational in earlier, to advancement achieve started a required by said CRM, our paying force. this off. prospects the additional this business. been very the And

growth XXXX. show should we believe we ahead, notable Looking in

a paid leads clients QX that in We from in did and we twice as signed marketing you creating department, off. as we As many also has QX. inbound know, also invested in

While signed from had inbound these so the institutions. leads or we can Contract at of people deals, new been Value up. for ranking have clients, most I have of also say far, the financial major Annual lately, agreements that given number adds these smaller ACV

awareness and Platform within transformation for that level thing, to and calling of it drivers military far identity we we market The American stage Unfortunately, So what needed are anyone than of powerhouse digital and licenses become and this our we is one flexibility better did Historically, phase validation and only our did grow. else, North identity. continues more validating brand was we IDs, lacking a to believe X.X. major back-end the of is IDs.

are they interest For able difficult ID. return to what be example, their to platform as did an I make but to answer I additional a solution cases and close clients both to called process. risk validating a how what physical we moved services, want us only incorporate signals Retail as It them. the excited the more I am essential off a our attacking. made it easy many about the to We Age ID utilize we difference account, services, points same open the me The forward a needs, allowing those of business risk for offer for to the by ID integration. want was select based This also taking are menu part developments like clients I me of you ID. complexity I there the the become are we other doing with formally handheld I lot Remember, evaluate call in with so, validate am, know have clients people, KYC are and say of pick separate we both And are who that include, consume crime? was I we choose we fully of me. or any of truly With all would we direct of to what us. questions X.X, there thing, things future you or committed may any wanted identity can data by didn't I of Depending to choice. from associate effectively of into believe platform. need it quickly important against to platform new level on that of a their exposed a person, global use on doing risk a These they business, to know we need features make the device these a demand, to am to your a or our easily and client sanctions the on to they ready, flexible, may a the enabling and support company markets any nature politically to their provide to integrate other them risk of Am signals additional person, to new while where relative a might special sense refined have digital are very of am

combating to providing else and ID to a while with issued in police excited We My tenure, prospects the no that, energized effectiveness believe in this leader I as to and lie future over now financial the not the my was of near-perfect be government I by a remain held. told results call what authenticating can All and the the continue bright go changed. ourselves to we believe products industry underaged a over feelings is I control the I age what I quarter. you hands distinguish continuing increasing will fraud, closing, that identity the out I first company. innovative in Bill believe of opportunities, critical of safety. future for step the our keeping excited for early by by turn that in the and ahead have believe, officer I In certainty.

Billy White

Thank you, contained information our September percentage I will quarter September to Gross XXXX. in third Total with ended $X,XXX,XXX $X,XXX,XXX some year good press ended Bryan, the like to XX% the comparable XX.X% the shareholders, September XX% the the to our revenue a the guests XX, SaaS prior for $X,XXX,XXX for third of and XX, the XXXX, prior listeners. versus compared to XX.X% million was ended year. the September XXXX would of for discuss in quarter revenue quarter to revenue profit XXXX. in to third increased for release as that compared results. was a grew begin period. quarter and quarter XX, financial ended I $X,XXX,XXX Quarter-over-quarter day

are software our to margins. the continuing equipment sold roll their bank scanning bank to the sold company a is lower which out at branches, quarter, normally to During that

percentage months compared development basis, was XXXX. is loss XX.X% research XX, net primarily expanded both Operating XX% pro XX, the a net period. marketing for other the September due the and The share with quarter XXXX, general increased on ended to the ended along quarter ended a costs. was Adjusted X periods, per September XX, expenses XXXX. $XX,XXX XX, a ended the XX, and increase prior September negative forma $XXX,XXX negligible ended September September net XXXX, diluted headcount to consist by were in of a for diluted to XXXX. The the the The XX, quarter quarter and of XXXX compared a EBITDA ended for for administrative of net for $X.XX income XXXX, profit positive a of accrued of for of ended ended as compensation $X,XXX,XXX the the share Excluding September company posted quarters expenses $XXX,XXX and loss revenue September X,XXX,XXX versus the incentives, for the XXXX, XX.X% higher increased related and XX, to in gross sale September versus income quarter September was of both or hardware XXXX a X $X,XXX,XXX selling, stock-based costs, income that for quarter adjusted to quarter. EBITDA expense compared per Interest $XXX,XXX XX, in XX, and XXXX.

Now company's liquidity the on to I resources. capital like focus would and

company capital of of As minus had XX, equity XXXX, $XX.X current defined of assets million, of stockholders' million, total $XX.X liabilities $XX.X current and assets September million. of million as working $XX.X the cash

the currently X-months expected be We the XX, net period period $XXX,XXX for XX, operating provided sufficient the a September cash compared September of million are collateral facility the cash for months. compared period cash under XX, activities compared company XXXX. period by the XXXX, requirements $XXX,XXX during million our During credit X-month XX, of by is from The $XXX,XXX same million available anticipated in of cash a accounts. as generated net September will negative net with and least XXXX ended $XX.X was has ended used first same capital the XXXX. cash and XXXX, for secured to that was ended we September $X.X Net to working negative company of X-month activities expenditure the facility. compared cash X-months XXXX, our cash the amounts activities XXXX. in September the Net that outstanding next used from used for XXXX, provided gained the X-months of Citibank XX, investing ended operations to to revolving ending a to well $XXX,XXX in a cash $X $XXX,XXX for for XX net $XX,XXX financing as this anticipate for capital There no at X-months meet a

company to of your I a the XX, call over December of operator As questions. the turn million. now take XXXX, had loss back will to net approximately forward carry $XX operating Operator? the

Operator

[Operator Instructions].

Our Grondahl first Mike question is Northland Securities. with

Michael Grondahl

And Were kind kind a couple sales? more bit next could guess you saying are a of expanding call like developments color Bryan, little you prepaying? there. mention can little may hardware maybe, bit. expecting? little of interesting to all what's the platform then maybe, out the And bit the I Bill, up of color just Is would a quarters the if be Yes, you anything more I give there on that new customers you outlook for prepay?

Bryan Lewis

it's Bryan. start. will so I Mike,

So be. handle that just get people it doing are expect buying to makes we yes, buckets the what for transactions. things to on is And us easier of a they it are model

you last pay every of are you is, based use. do used us a what instead we to then on -- So minimum pay month going you what have and to small

to we how learned going have Now use. a they people idea we much have of are that know good pretty

they if contract a most contract. over, people just enter bucket if that they just for a their the either going buying cover they us part, for charge we amount of are will you think re-roll time. that are period to up, let So will use bucket -- going are And up they go for. to you into this a where sign you But

certainty. us a So what for track more clients our much doing with it's to are way simpler

Michael Grondahl

under that's do And a guess you have of rough that percent model? the revenue of

Bryan Lewis

that that model. now, Right say #X I certainly, went to would

comfortable come that's that signed that think, We X to it's renewal but We when it's I for really their now, for year. on were banks all they in issues yet, But is been #X, up right most major will also have it. moving not when anybody they renewal. we for renegotiating to that we with. that do seem the part, later no a up had model be with #X

it are from the everything we bar so to And the with corner all major up doing banks. way

Michael Grondahl

Yes, it got of to seems dictate smart. the And that? functionality you kind

Bryan Lewis

Yes.

Billy White

And as at any hardware we here don't on this know the sales, as far the have we figure that point. about horizon

Bryan Lewis

if to remember, us do done hardware business Yes. off out hardware hardware. them not actively a the not in. And of get might Mike, we do only We selling way we really it, -- as any because It's deal an accommodation. to better it the line It's helps make but to of want started. like the have be are salespeople It's money we get we get the not it.

Billy White

Right.

Michael Grondahl

and and Got wanted I I should quarters sure we it. make you with be was going Yes. about modeling to No, -- just a it, I most hardware, of forward. it just there of done couple understood. had if to wanted it thinking

So I it. got

Operator

Buck H.C. I will to Scott Wainwright. next move with

Scott Buck

others you the kind or of bit provide out these that different of vertical into is standpoint? meaningfully whether you you of gambling listed, environment. environment can credit card it's whether or color the and cannabis little some legacy a Bryan, on any of these, your competitive get a of competitive from get Once

Bryan Lewis

is is I somebody that am they say well, not. people might is of that be the of casino efficacy on I I that because not they a markets, finding what to -- And don't depending think will that platform want that sure letting sure I wins. -- people they in what know. what are And make the catch things want on that's I gambling really want if People you a box would we the honestly, selling loss are catching it. the are be what that a to the are of some could you making doing fine you should changes they But win these one age, I things we they that Well, theft, that do. are but where say or the identity not should say, same check and are to Do I I in think maybe in. in are -- gamble how you know

that thing day, seeing So that's are right why casinos want because to is I and end some they the wins at the the be the could in think loss do areas really big a of we drink. to them. license get strict where pretty their in the can I If they going they it are down on am liquor casino I and the casinos, to street lose other

looking So one-off a than at picture. they to are more big as the to it getting -- minor as selling just the line of overall

coming the bit world. So the own to started we we because banks business some in major this had little a into later, plays into clients. are I But have first reference no I think advantages in real wanting competitive think we that same it traditional that new hardware, when and type of thing

do and somebody replacement. the want looking Here, most might we right But we to system. at place accurate we where clients, prospects, are smart the who's and be more seeing the already thing want are in want doing

think I still there. win we So

Scott Buck

you model All the or think can one leverage right. operating That's And how help very appease showing in investing generating some between us growth internally positive maybe to you helpful. some Bryan, understand and guys in about investors? balance second the EBITDA

Bryan Lewis

which be am don't have. good think they have X.X. because Obviously, certainly was themselves. currently salespeople there, it think The necessary. in We year, I I spent. also this us we this see a needing for really get out Platform things like is ton than headcount and I times, could way some been I Mostly -- we I X.X have going look pay marketing multiple pretty frugal looking we I are more some how have we not, that sales, said always we to added then and at so development

am that a we what So markets. places we the is leverage as going our to on to people have we ton I should lot now add, get have I We -- system in the something to look some and But to that a especially don't got money lot have and into brought those than quickly. advertising platform, salespeople more need that that that we at think the of a spend model. other I very more need sales.

I out end through well. up growth doing will that it So we coming think are

Scott Buck

All imagine comfortable And we one then new last even feel That's somewhere I have where visibility providing might guys under pricing great. me. right. start some approaching better you structure. to the for Are guidance? you

Bryan Lewis

something all is It's the Yes. Board level. we at time. It's a discussed the that get question

would say remains that I be seen. So to

Operator

go will We at to Van Craig-Hallum. Jeff Rhee next

Jeff Van Rhee

many On How guess had coming I the in the quarter? backlog. million in the think you quarter, into you two implementations I are the implementation, questions. $XX

just So implementations? then in many increase pipeline? value other I how of the And quantification guess, any one,

Bryan Lewis

did I down think the quarter. slowed -- we in implementation

million. did Bill on that, wrong I about only think we $X -- right. Yes, am me Correct that's if I

Some things out. were looking that pushed at got our clients

canceled So or anything like moved further not that, but out.

Sometimes, unfortunately, always we are ready.

the and really of from of I really other is you The on a a And thing be, $X end shy got the dollar is "Oh, in -- at try a look pretty because becomes at is could my equation one putting be and because that going have if pipeline value doing And and the this on I up of salesperson who have the are side not. account, I can away binary. the look come saying, right yet. pipeline. traditionally yourself -- screw could that it a to space, day, mind, pipeline but they had say million haven't somebody, we it don't gotten they are level the about that in excited really there junior, we based is they all talking are they in way types client on to the are that What salesperson to, talking conversations we I go their the have about at having won strength we but will at in" because I

with of headway each I prospect, making quality X plus, answer that new how questions to the are the all And the am is the were. happy of we and to talking people we in are that, say would quality So of plus. plus, the those I markets. that

we job. they made are good that the sales in investments the that think I are the people. So They right doing team,

cycle, way to not these the major are short positive. along all see financial cycle. that the sales, are have certainly not should, the that the marks sale But is road a we we selling getting if sales is As a buy-in moving bar of short-cycle to institution, short

Jeff Van Rhee

there the commonality they in why on Was implementation? pushed or of terms to out a customers the as slowed

Bryan Lewis

sort -- it concerned got on The nothing that ran behind just as is related pushing point-of-sale say their sponsors wouldn't to hard going soon are any really are possible. major issues things I of of all very get shutdown to the would The had, or am I things season. very, issues clients development of not that dev it as some into issues about. had I these some was that business good holiday X internal roadblocks thing just they No, for

So from my IT, end, to sometimes. happens us happen in sometimes things

delay. a It's it's cancel. wasn't very but just I it's our a not unfortunate. So it, about of control, happy out

Jeff Van Rhee

commentary roughly did the XX% were down How from QX? think following I for pre-COVID. the look it were QX headcounts

Bryan Lewis

And down, the thing transactions. that I I were the over And transactions think QX. saw is really over they I was I up XX% were by quarter-to-quarter we major the difference all a look distinct numbers, the how didn't QX certainly it that? there to yes, I appliances we retailer. how year, things? because our track the other And number where clients, and at -- did interesting it again, of the at at have and at between was when did that really was electronics way -- digital banking on it I as that's again, look apparel and did to in was running look looking Unfortunately, type was how that's QX looking is is were

normal So I real blend. digital think again, just world, people COVID, there it back just the are But the get Delta working. shows we I to to a that I go am finally yet. But certain think our know don't hoping others. continue completely push into down don't going a not but variant stores, if as I into slowed we a was mix. that levels. pre-pandemic back It we is to world

Jeff Van Rhee

commented -- had of capacity. comments me, I you you for terms could, expectations. and running to to store the you you their pace actually quarter, adding latest that overall, think productivity What of average, been if I ramp think rest? to are and last in I and some reps, have on -- with to the of Last this in ahead the in time What many is respect seeing line quarter the cases, for cohort was productivity

Bryan Lewis

they doing quite large, think that well. and I are by

we spoke. have another one I think added since we

So were before. I we XX% at think

at Now we are XX%.

some are we looking candidates We at. have got interesting that

that this to target-rich I because are do better So we will I with the the sell to maybe you tough And industry start that in Right you have and we the are going on to now, cold what's got industry even industry kind out more language each are you who to get specialize this environment language overworked, on, next into have, off our of if have there the and think you of market. to of of initial look credibility one. you jump that off from market the kind think and it's size to this call. language into way guys better of say, at more focus I you people

the expanding that be again as feel we bandwidth particularly to he's So sure that feels make up got ramp we Bruce they that quickly. training will

in ready the we I is are people to and far, and So just and continue Bruce would the bring it's as push them. for people going say we right envelope working, find to

Operator

Rudy question I Davidson. Kessinger, will take from D.A. our next

Rudy Kessinger

the SaaS retailers. want to QX to being down XX% and types I commentary different the X% I back sequentially. flat being essentially kind revenue of with the to guess, apparel QX go about on of companies

the loans the percentage what there that either or versus are apparel number of of rest? revenue have total Just or out scan you retailers

Bryan Lewis

They are majority. the overall am the they --in or probably transaction but there going majority me, are yes. by about a thinking -- Bill larger correct say part, going I'm -- guess, to just am I volumes, I They for sure. to are

Rudy Kessinger

With maybe purchase it. helpful. customer the be go Got And the in impact changing or That's in limit the quarter? Just more new with that the got Okay. color through might increase the kind through to #X, it volumes time, when some it of quarter quarter? of the kind great. of did had then there did -- price have after maybe would ahead that

Bryan Lewis

No, because quarter. so it the -- in happens

the it of of So basically they bought it's And bucket bill they have -- wasn't transactions, effect there we in quarter. the full go. as a since

the only just mode pricing they was. that do guaranteed on to going opposed a guarantee old The was a it to what thing of a as it's kind of are So hardware. minimum

Now to they in they are do think what guaranteeing volume. going they are

and #X we means -- a full and will I it It was So which going way smart, no appears on. who it and to bucket. they the thought for larger are They happen, are go. said, was put they they year. as they that's buy certainly as there's last billing to this if as going re-up, have And to

Rudy Kessinger

signed, what about that And have question. year's to worth other or new customers the longer? going they typically, people the that some call a of or shorter -- of both your will them was I be be you next some with transactions my mean of and stadium, estimate buying are

Bryan Lewis

might hate them a a because you it's would that the a but It time. say -- we give longer will to of to give there's of word, if bit you a more, you we will guarantee, discount deal, it mix not for to at guarantee, you, little depends. there's want longer that want a we that I prepaying period time better I for because benefit

Rudy Kessinger

And where about global terms available? some then is new stuff all I generally stuff these being X.X-- that think as sorry, and Platform like of lastly, Platform the capabilities, ID that, doing of just in X.X

Bryan Lewis

launch of QX. are we launch, production this full that assume We are we most in for looking will going to --

As said, have beta clients. we I

we have of go our it. on existing with us, test got think XX who to beta want clients around I it

So certainly the interest there's in Platform.

Operator

other turn would any to the closing holding, for conference We have back I Mr. no or comments. questions additional like to Lewis

Bryan Lewis

for want So to I everybody thank just dialing in.

And see, whole. different platform transformation that as up think can to markets at are you company with the I to I want great new than our I opens a the company and start the the As we of we team the opportunities for believe and happen. new a of were just to year. make forward I us look plenty say things working quite

much, So of thank you and enjoy your evening. rest the very

Operator

today's call. We that you thank gentlemen, will for and Ladies conclude your participation.

have and this great disconnect a You at day. may time,

Intellicheck (IDN) 11 Nov 212021 Q3 Earnings call transcript