Identiv, Inc. (NASDAQ:INVE) Q1 2024 Earnings Conference Call May 8, 2024 5:00 PM ET

Company Participants

Steven Humphreys - President & CEO
Justin Scarpulla - CFO
Kirsten Newquist - President, IoT Solutions

Conference Call Participants

Craig Ellis - B. Riley Securities
Michael Piccolo - Imperial Capital
Jaeson Schmidt - Lake Street Capital Markets

Operator

Good afternoon. Welcome to Identiv's presentation of its First Quarter 2024 Earnings Call. My name is Matthew, and I'll be your operator this afternoon.

Joining us for today's presentation are the company's CEO, Steven Humphreys; CFO, Justin Scarpulla; and President, IoT solutions, Kirsten Newquist. [Operator Instructions].

Before we begin, please note that during this call, management may be making references to non-GAAP financial measures or guidance, including non-GAAP adjusted EBITDA, non-GAAP gross margin, and non-GAAP operating expenses.

In addition, during the call, management will be making forward-looking statements. Any statement that refers to expectations, projections or other characteristics of future events, including the pending asset sale transaction, future business, and market conditions and opportunities, and future plans and prospects, including with respect to the transaction and Identiv's post-closing business, is a forward-looking statement. Actual results may differ materially from those expressed in the forward-looking statements. For more information, please refer to the risk factors discussed in documents filed from time to time with the SEC, including the company's latest annual report on Form 10-K and quarterly reports on Form 10-Q.

In addition, risks related to the asset sale are included in the preliminary proxy statement filed with the SEC on April 30, 2024 and our first-quarter 10-Q once filed and will be included in the definitive proxy statement once filed. Identiv assumes no obligation to update these forward-looking statements, which speak as of today.

I'll now turn the call over to CEO, Steven Humphreys, for his comments. Sir, please proceed.

Steven Humphreys

Thanks, operator, and thank you all for joining us. The first quarter of 2024 was one of the most important in our company's history. We completed an extensive year-long strategic review and took actions that we think will serve all of our stakeholders very well. We're divesting assets relating to our security and logical reader products for a cash price of $145 million, generating capital to invest in our IoT business.

We also completed a thorough search for a new leader for our IoT business, who will take over as CEO of the remaining Identiv business when the transaction closes. We believe we put Identiv on a path to realize its opportunity to create major value by investing in the growth of a key business that's increasingly central to the digital transformation of some of the world's largest industries.