Intellicheck, Inc. (NASDAQ:IDN) Q2 2023 Earnings Call Transcript

Bryan Lewis: I don’t see deceleration. That’s for sure. We’ve always kind of said that given — with the sales team that was coming on new. Thankfully, very strong, that we were really expecting definitely kind of more end of the year growth and then more into 2024. I’ve got to say that the pipeline that this sales team is bringing in is — has me excited. But again, you get a great pipeline with a bank and they’re certainly developing a lot of large potential out there. But then it doesn’t matter how much the business people want it, you still have to go through all the stuff for the internal security controls. And that’s sort of at the whim of those people. So I think we’re kind of steady as she goes but with the caveat that — when you’re hunting whales, sometimes the whale comes in quicker, sometimes it comes in later.

So we could see surprises sooner. I like to, in my mind, forecast these whales as they take a lot longer than normal but then you get surprised when you land them much quicker.

Jeff Van Rhee: Yes. So maybe to follow that then, as you look at your pipeline, I love to hear more, I mean, the breadth and depth of the pipeline, maybe some comparison to the overall — I don’t know how you want to do it, 12-month ARR in the pipe versus 6 months ago. Just how has it — is there any way you can quantify how it’s changed? And then also within that question, is just the composition, is it more onesie, twosies? How is it biased? Big, small? Some color there might help build clarity on the guide.

Bryan Lewis: Yes. Look — I’ll answer it a couple of different ways here, I guess. One is what I’m very happy about is Chris doesn’t — his pipeline is real, he makes sure his team’s pipeline is real. So if I look at the pipeline a year ago, compare it to where the pipeline is today, on what was realistic then and what’s realistic now, I’d say it’s much larger. And the other thing is, since Chris has really divided the team up I think, in a really good format so that we’ve got people of different skill sets going after sort of different deals and then also dealing in verticals that they’re comfortable in — we have a very good mix of very, very large deals to — we’ve got some folks who can turn around an auto dealership or a bar in 2 days.

So it’s very — I like the fact that just in the same way that we signed a very diversified group of clients in the quarter. We continue to do that so that we’re not sitting here sort of praying that the whale comes in. We’ve got that, again, that $3,000 to $50,000 a year pipeline really building. And they’re doing a lot of that through brute force which is one of the reasons that I want to make sure that we get the branding, the marketing, the messaging out there, right, so more are coming to us than these guys having to go to them.

Jeff Van Rhee: Yes. Got it. Got it. And then just one clarification. I think you referenced in the call that the TTM scan price up 15%. Is there anything that complicates the math that taking a look at your TTM growth and backing that 15% out and the difference is — your scanned volumes?

Jeffrey Ishmael: No. I mean — so the scan volume is up, Jeff. And then on a price per scan effectively on a fully blinded basis. It was up 14% and then again, backing out that 1 customer that primarily — on par we’re seeing that we were up 17%.

Operator: [Operator Instructions] The next question we have comes from Mike Grondahl from Northland Securities.