美國
證券交易委員會
華盛頓特區 20549
表單
(標記一個)
截至季度期
或
從 ______ 到 ______ 的過渡期間
委員會檔案編號：
(註冊人準確名稱如其章程所示)
(州或其他管轄區的 公司註冊或組織) |
(美國國稅局僱主 識別號) |
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(主要執行辦公室地址) |
(Zip Code) |
註冊人的電話號碼，包括區號: (
根據法案第12(b)節註冊的證券：
每個類別的標題 |
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交易標的 |
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註冊所在交易所名稱 |
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請勾選是否註冊人（1）在過去12個月內（或在註冊人被要求提交此類報告的更短期限內）已提交根據1934年證券交易法第13節或第15(d)節要求提交的所有報告，以及（2）在過去90天內是否受到此類提交要求的約束。
請用勾選的方式指示註冊人是否在過去的12個月內（或在註冊人被要求提交此類文件的較短時間內）電子提交了根據規則405提交的所有互動數據文件。
請勾選標記以說明註冊人是大型快速申報人、加速申報人、非加速申報人、較小的報告公司還是新興成長型公司。請查看《交易所法》第120億.2條中「大型快速申報人」、「加速申報人」、「較小的報告公司」和「新興成長型公司」的定義。
大型加速報告人 |
☐ |
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☑ |
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非加速報告人 |
☐ |
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小型報告公司 |
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新興成長公司 |
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如果是新興成長型企業，請勾選複選標記，表明註冊者已選擇不使用延長過渡期來符合根據證券交易法第13(a)條規定提供的任何新財務會計準則。 ☐
請在檢查標記處說明申報人是否爲外殼公司 (見交易所法案 Rule 12b-2 定義)。 是☐ 否
截至2024年11月4日，登記人擁有
目錄
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頁 |
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項目1. |
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3 |
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3 |
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4 |
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5 |
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7 |
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8 |
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項目2. |
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22 |
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項目4。 |
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30 |
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項目1. |
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31 |
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項目1A。 |
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31 |
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項目2. |
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35 |
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第五項。 |
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35 |
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第六項。 |
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36 |
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37 |
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2
第一部分：財務信息
項目1. 財務報表
單片機微系統公司
合併資產負債表合併資產負債表
(未經審計，以千爲單位，除了面值)
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九月三十日 |
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12月31日 |
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資產 |
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流動資產： |
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現金及現金等價物 |
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$ |
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$ |
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受限制現金 |
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應收賬款，扣除$的準備金 |
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存貨 |
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預付款項及其他流動資產 |
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當前持有待售資產 |
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總流動資產 |
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物業及設備（淨額） |
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經營租賃使用權資產 |
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其他資產 |
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待售非流動資產 |
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總資產 |
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$ |
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$ |
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負債及股東權益 |
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流動負債： |
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應付賬款 |
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$ |
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$ |
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金融負債，扣除債務發行成本$ |
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經營租賃負債 |
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應計薪酬及相關福利 |
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應付所得稅 |
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其他應計費用和負債 |
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持有待售的流動負債 |
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總流動負債 |
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長期經營租賃負債 |
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其他長期負債 |
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持有待售的非流動負債 |
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總負債 |
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股東權益： |
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優先股，$ |
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普通股，$ |
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額外實收資本 |
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庫藏股， |
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( |
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( |
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累計虧損 |
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( |
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( |
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累計其他綜合收益 |
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股東權益總額 |
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總負債和股東權益 |
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$ |
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$ |
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附帶說明是這些合併基本報表不可或缺的一部分。
3
單片機微系統公司
簡化合並 S綜合收益（損失）表)
(未經審計，以千爲單位，除每股數據外)
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截至9月30日的三個月 |
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截至9月30日的九個月 |
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2024 |
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2023 |
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2024 |
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2023 |
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淨營業收入 |
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$ |
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$ |
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$ |
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$ |
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營收成本 |
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毛利潤 |
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營業費用： |
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研究和開發 |
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銷售和 marketing |
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一般管理費用 |
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重組和遣散 |
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— |
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— |
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— |
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總營業費用 |
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持續經營虧損 |
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( |
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( |
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( |
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( |
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非營業收入（費用）： |
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利息收入（費用），淨額 |
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( |
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( |
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投資收益 |
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— |
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— |
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外幣收益（損失），淨 |
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( |
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( |
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持續經營損失，稅前 |
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( |
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( |
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( |
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( |
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所得稅準備金 |
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( |
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( |
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( |
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( |
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持續經營的淨虧損 |
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( |
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( |
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( |
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( |
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終止經營的收益（損失），稅後淨額： |
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物理安防業務的收益（損失），稅後淨額 |
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( |
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( |
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物理安防業務出售的收益，稅後淨額 |
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— |
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— |
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終止經營的總收益，稅後淨額 |
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淨利潤（虧損） |
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( |
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( |
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其他全面收益（損失）： |
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外幣翻譯調整，稅後 |
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( |
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( |
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綜合收益（損失） |
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$ |
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$ |
( |
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$ |
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$ |
( |
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每普通股淨利潤（虧損）: |
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基本和攤薄 - 持續經營 |
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$ |
( |
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$ |
( |
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$ |
( |
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$ |
( |
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基本和攤薄 - 停止經營 |
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$ |
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$ |
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$ |
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$ |
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基本和攤薄 - 淨利潤（損失） |
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$ |
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$ |
( |
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$ |
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$ |
( |
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加權平均普通股流通股數： |
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基本和稀釋 |
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附帶說明是這些合併基本報表不可或缺的一部分。
4
單片機微系統公司
壓縮合並股東權益報表股東權益的情況
(未經審核，以千計)
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截至2024年9月30日的三個月 |
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B輪 |
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普通股 |
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額外 |
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財政部 |
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累計 |
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累計 |
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總計 |
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股份 |
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金額 |
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股份 |
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金額 |
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資本 |
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股票 |
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赤字 |
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收入 |
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股權 |
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餘額，2024年7月1日 |
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$ |
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$ |
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$ |
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$ |
( |
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$ |
( |
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$ |
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$ |
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淨利潤 |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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未實現的外幣轉換收益 |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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與市場交易相關的普通股發行 |
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— |
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— |
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— |
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— |
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— |
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— |
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基於股票的補償 |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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稅款支付中扣留的股份 |
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— |
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— |
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( |
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— |
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— |
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( |
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— |
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— |
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( |
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餘額，2024年9月30日 |
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$ |
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$ |
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$ |
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$ |
( |
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$ |
( |
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$ |
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$ |
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截至2024年9月的九個月 |
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B輪 |
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普通股 |
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額外 |
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財政部 |
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累計 |
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累計 |
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總計 |
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股份 |
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金額 |
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股份 |
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金額 |
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資本 |
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股票 |
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赤字 |
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收入 |
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股權 |
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2024年1月1日的餘額 |
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$ |
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$ |
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$ |
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$ |
( |
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$ |
( |
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$ |
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$ |
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凈利潤 |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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來自外匯的未實現收益 |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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與市場交易相關的普通股發行 |
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— |
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— |
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— |
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— |
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— |
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— |
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基於股票的補償 |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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因納稅而扣留的股份 |
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— |
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— |
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( |
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— |
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— |
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( |
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— |
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— |
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( |
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餘額，2024年9月30日 |
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$ |
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$ |
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$ |
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$ |
( |
) |
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$ |
( |
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$ |
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$ |
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5
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截至2023年9月30日的三個月 |
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B輪 |
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普通股 |
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額外 |
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財政部 |
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累計 |
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累計 |
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總計 |
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股份 |
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金額 |
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股份 |
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金額 |
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資本 |
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股票 |
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赤字 |
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收入 |
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股權 |
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2023年7月1日的餘額 |
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$ |
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$ |
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$ |
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$ |
( |
) |
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$ |
( |
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$ |
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$ |
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淨損失 |
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— |
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— |
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— |
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— |
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— |
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— |
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( |
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— |
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( |
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外幣翻譯調整的未實現損失 |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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( |
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( |
) |
與市場交易相關的普通股發行 |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
基於股票的補償 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
||
因稅款而扣留的股份 |
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
( |
) |
截至2023年9月30日的餘額 |
|
|
|
|
$ |
|
|
|
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
|
|
$ |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
截至2023年9月30日的九個月 |
|
|||||||||||||||||||||||||||||||||
|
|
B輪 |
|
|
普通股 |
|
|
額外 |
|
|
財政部 |
|
|
累計 |
|
|
累計 |
|
|
總計 |
|
|||||||||||||||
|
|
股份 |
|
|
金額 |
|
|
股份 |
|
|
金額 |
|
|
資本 |
|
|
股票 |
|
|
赤字 |
|
|
收入 |
|
|
股權 |
|
|||||||||
餘額，2023年1月1日 |
|
|
|
|
$ |
|
|
|
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
|
|
$ |
|
|||||||
淨損失 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
— |
|
|
|
( |
) |
未實現的外匯損失 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
( |
) |
與市場交易相關的普通股發行 |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
基於股票的補償 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
||
因稅款支付而扣留的股份 |
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
( |
) |
行使權利所獲收益 |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|||
截至2023年9月30日的餘額 |
|
|
|
|
$ |
|
|
|
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
|
|
$ |
|
|||||||
附帶說明是這些合併基本報表不可或缺的一部分。
6
單片機微系統公司
綜合財務報表現金流量表
(未經審核，以千計)
|
|
截至9月30日的九個月 |
|
|||||
|
|
2024 |
|
|
2023 |
|
||
經營活動產生的現金流量 |
|
|
|
|
|
|
||
淨利潤（虧損） |
|
$ |
|
|
$ |
( |
) |
|
調整淨利潤（虧損）與淨現金使用之間的關係 |
|
|
|
|
|
|
||
折舊和攤銷 |
|
|
|
|
|
|
||
出售被終止業務的收益，稅後淨額 |
|
|
( |
) |
|
|
— |
|
投資收益 |
|
|
— |
|
|
|
( |
) |
債務發行成本的攤銷 |
|
|
|
|
|
|
||
基於股票的補償費用 |
|
|
|
|
|
|
||
固定資產處置損失 |
|
|
|
|
|
— |
|
|
經營資產和負債的變動： |
|
|
|
|
|
|
||
應收賬款 |
|
|
|
|
|
( |
) |
|
存貨 |
|
|
|
|
|
( |
) |
|
預付費用和其他資產 |
|
|
( |
) |
|
|
( |
) |
應付賬款 |
|
|
( |
) |
|
|
( |
) |
遞延收入 |
|
|
|
|
|
|
||
應付所得稅 |
|
|
( |
) |
|
|
|
|
應計費用和其他負債 |
|
|
|
|
|
|
||
淨現金流出活動 |
|
|
( |
) |
|
|
( |
) |
投資活動的現金流： |
|
|
|
|
|
|
||
資本支出 |
|
|
( |
) |
|
|
( |
) |
出售終止運營的收益，扣除出售的現金 |
|
|
|
|
|
— |
|
|
投資收益 |
|
|
— |
|
|
|
|
|
投資活動提供的（使用的）淨現金 |
|
|
|
|
|
( |
) |
|
融資活動產生的現金流: |
|
|
|
|
|
|
||
循環貸款設施的借款，扣除發行成本 |
|
|
|
|
|
|
||
循環貸款設施下的還款 |
|
|
( |
) |
|
|
( |
) |
與限制性股票單位的淨股份結算相關的已支付稅款 |
|
|
( |
) |
|
|
( |
) |
Warrants的行使收入 |
|
|
— |
|
|
|
|
|
融資活動提供（使用）的淨現金 |
|
|
( |
) |
|
|
|
|
匯率對現金、現金等價物及受限現金的影響 |
|
|
|
|
|
( |
) |
|
現金、現金及現金等價物和受限現金的淨增加 |
|
|
|
|
|
|
||
期初的現金、現金等價物和受限現金 |
|
|
|
|
|
|
||
期末的現金、現金等價物和受限現金 |
|
$ |
|
|
$ |
|
||
|
|
|
|
|
|
|
||
現金流信息的補充披露： |
|
|
|
|
|
|
||
支付的利息 |
|
$ |
|
|
$ |
|
||
稅後支付的稅款 |
|
$ |
|
|
$ |
|
||
非現金投資和融資活動： |
|
|
|
|
|
|
||
以經營租賃負債交換獲得的經營租賃使用權資產 |
|
$ |
|
|
$ |
|
||
附帶說明是這些合併基本報表不可或缺的一部分。
7
單片機微系統公司
未經審計的簡明合併報表說明合併基本報表
2024年9月30日
1. 報告基礎
隨附的未經審計的簡明合併基本報表包括Identiv, Inc.及其全資子公司（「公司」）的帳戶。所有的公司間餘額和交易在合併中已被消除。
公司的隨附未經審計的簡明合併基本報表已根據美國通用會計原則（「U.S. GAAP」）針對臨時財務信息及美國證券交易委員會（「SEC」）的規則和規定進行編制。因此，它們不包括U.S. GAAP要求的完整財務報表所需的所有信息和腳註。管理層認爲，所有調整，包括正常的定期調整，經過考慮後被認爲對公正地展示公司的未經審計的簡明合併基本報表是必要的，均已納入。截止2024年9月30日的三個月和九個月的運營結果未必能指示截止2024年12月31日或任何未來期間的結果。截止2023年12月31日的未經審計的簡明合併資產負債表源於該日期的經審計合併財務報表，但未包含U.S. GAAP要求的完整財務報表所需的所有披露。應與「管理層對財務狀況和運營結果的討論與分析」、「風險因素」以及公司截至2023年12月31日的年度報告中包含的經審計合併財務報表及其註釋一起閱讀，在此報告的10-Q表中。
2024年9月6日，公司完成了對其物理安防、接入卡和身份讀取器的業務及資產的銷售，包括Identiv Private Limited的所有未償還股份，後者是它的全資子公司（「物理安防業務」），買方是Hawk Acquisition, Inc.，一家特拉華州公司，是Vitaprotech SAS的全資子公司，後者是一家法國簡化股份公司並提供安防解決方案。由於在2024年第三季度出售其物理安防業務，該公司已將物理安防業務的結果歸類爲所有報告期的合併收益（損失）報表中的終止業務。請參見注釋3, 中止業務 關於與終止運營相關的附加披露。這些簡明合併基本報表的附註中的討論，除非另有說明，僅與公司的持續業務相關。
2. 重要會計政策和近期會計公告
重要的會計政策
公司在附註2中披露的重大會計政策沒有重大變化， 重要會計政策和近期會計公告在公司截至2023年12月31日的10-k年報中，經過修訂。
近期會計公告
不時，由財務會計準則委員會（"FASB"）或其他標準制定機構發佈新的會計公告，公司會在指定的生效日期採用這些公告。除非另有討論，公司認爲最近發佈的尚未生效的標準在採納時不會對其財務狀況或經營結果產生重大影響。
在2023年11月，FASB發佈了會計準則更新（"ASU"）第2023-07號，分部報告（主題280）：可報告分部披露的改進，要求按年和中期披露增量分部信息。該ASU適用於2023年12月15日之後開始的財年及2024年12月15日之後開始的財年中的中期，並要求對財務報表中呈現的所有以前期間進行追溯應用。允許提前採用。公司目前正在評估新標準對合並基本報表及相關披露的影響。
在2023年12月，FASB發佈了ASU 2023-09，收入稅（主題740）：收入稅披露的改進。此ASU旨在通過要求（1）一致的類別和更詳細的信息在稅率調節表中，以及（2）按轄區分類的已支付的收入稅，來提高收入稅披露的透明度。它還包括某些其他修正，以提高收入稅披露的有效性。該ASU的修訂自2024年12月15日後開始的年度時期對公共業務實體生效。實體可以提前採用該標準，適用於「尚未發行或可供發行的年度財務報表。」採用方式可以是前瞻性或追溯性，公司將前瞻性地採納該ASU。目前，公司正在評估新標準對合並基本報表和相關披露的影響。
8
3. 停業業務
出售安防-半導體業務
2024年9月6日，公司完成了將其安防-半導體業務出售給買方的交易，並且買方承擔了與安防-半導體業務相關的某些公司的負債（統稱爲「資產出售」） 根據2024年4月2日公司與買方之間簽訂的某份股權和資產購買協議（「購買協議」）。作爲資產出售的對價，公司收到了大約$
在資產出售成交相關過程中，公司與買方簽署了一份過渡服務協議（「過渡服務協議」）。過渡服務協議概述了公司將在交易成交後的12個月到18個月內提供給買方的信息技術、人員和設施支持。這些服務的約定費用旨在使公司和買方分別能夠收回提供這些服務的所有成本和支出。2024年9月30日結束的三個月內，按照過渡服務協議所賺取和發生的費用是微不足道的。
以下是安防-半導體業務售出收益的組成部分，稅後淨額（以千爲單位）：
現金收益 |
|
$ |
|
|
出售的資產： |
|
|
|
|
現金 |
|
|
|
|
應收賬款 |
|
|
|
|
存貨 |
|
|
|
|
預付款項及其他流動資產 |
|
|
|
|
房地產和設備 |
|
|
|
|
其他資產 |
|
|
|
|
總資產出售 |
|
|
|
|
剝離的負債： |
|
|
|
|
應付賬款 |
|
|
|
|
遞延收入 |
|
|
|
|
其他應計費用和負債 |
|
|
|
|
其他負債 |
|
|
|
|
剝離的總負債 |
|
|
|
|
其他: |
|
|
|
|
與出售安防-半導體業務相關的商譽註銷 |
|
|
( |
) |
與銷售安防-半導體業務相關的無形資產註銷 |
|
|
( |
) |
交易及其他費用 |
|
|
( |
) |
其他總計 |
|
|
( |
) |
所得稅準備金 |
|
|
|
|
銷售安防-半導體業務的收益，扣除稅費 |
|
$ |
|
|
銷售安防-半導體業務的收益將根據公司對利用淨營業虧損和信用結轉以減少所得稅準備金的能力完成稅務分析後進行調整。與安防-半導體業務的出售相關的所得稅準備金的任何調整將在2024年12月31日之前完成.
中止業務
由於公司出售安防-半導體業務代表了一個重要的戰略轉變，對公司運營和財務結果產生了重大影響，公司已在所有呈現期間的壓縮合並綜合收益（損失）報表中單獨報告安防-半導體業務的結果爲已終止的業務。
9
以下是終止經營的財務結果（單位：千）:
|
|
截至9月30日的三個月 |
|
|
截至9月30日的九個月 |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
淨營業收入 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
營收成本 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
毛利潤 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
營業費用： |
|
|
|
|
|
|
|
|
|
|
|
|
||||
研究和開發 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
銷售和 marketing |
|
|
|
|
|
|
|
|
|
|
|
|
||||
一般管理費用 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
重組和遣散 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
總營業費用 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
來自業務的收入（損失） |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
|
|
||
非營業收入（費用）： |
|
|
|
|
|
|
|
|
|
|
|
|
||||
外幣收益（損失），淨 |
|
|
|
|
|
( |
) |
|
|
( |
) |
|
|
|
||
稅前收入（損失） |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
|
|
||
所得稅收益（準備） |
|
|
|
|
|
( |
) |
|
|
|
|
|
( |
) |
||
淨利潤（虧損） |
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
||
與已終止經營相關的現金流尚未分離，並已包含在簡明合併現金流量表中。
|
截至9月30日的三個月 |
|
|
截至9月30日的九個月 |
|
||||||||||
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
折舊和攤銷 |
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
資本支出 |
|
|
|
|
|
|
|
|
|
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|
||||
基於股票的補償 |
|
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|
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|
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|
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|
||||
10
截至2024年9月30日和2023年12月31日，已終止運營的資產和負債在簡明合併資產負債表上的賬面價值如下（以千計）：
|
|
九月三十日 |
|
|
12月31日 |
|
||
資產 |
|
|
|
|
|
|
||
應收賬款，淨額 |
|
$ |
|
|
$ |
|
||
存貨 |
|
|
|
|
|
|
||
預付款項及其他流動資產 |
|
|
|
|
|
|
||
總計待售流動資產 |
|
$ |
|
|
$ |
|
||
|
|
|
|
|
|
|
||
物業及設備（淨額） |
|
$ |
|
|
$ |
|
||
經營租賃使用權資產 |
|
|
|
|
|
|
||
無形資產，淨值 |
|
|
|
|
|
|
||
商譽 |
|
|
|
|
|
|
||
其他資產 |
|
|
|
|
|
|
||
持有待售的長期資產總計 |
|
$ |
|
|
$ |
|
||
|
|
|
|
|
|
|
||
負債 |
|
|
|
|
|
|
||
應付賬款 |
|
$ |
|
|
$ |
|
||
經營租賃負債 |
|
|
|
|
|
|
||
遞延收入 |
|
|
|
|
|
|
||
應計薪酬及相關福利 |
|
|
|
|
|
|
||
其他應計費用和負債 |
|
|
|
|
|
|
||
總計待售的流動負債 |
|
$ |
|
|
$ |
|
||
|
|
|
|
|
|
|
||
長期經營租賃負債 |
|
$ |
|
|
$ |
|
||
長期遞延收入 |
|
|
|
|
|
|
||
總計待售的長期負債 |
|
$ |
|
|
$ |
|
||
收入確認
The Physical Security Business recognized revenue upon transfer of control of promised products or services to customers in an amount that reflected the consideration expected to be received in exchange for those products or services. The contracts entered into could have included various combinations of its products, software licenses, and services, which were generally capable of being distinct and accounted for as separate performance obligations. For contracts with multiple performance obligations, the transaction price was allocated to each performance obligation, generally on a relative basis using its standalone selling price. The stated contract value was generally the transaction price to be allocated to the separate performance obligations. Revenue was recognized net of any taxes collected from customers that were subsequently remitted to governmental authorities.
Timing of Revenue Recognition
Revenues are derived from sales of hardware products, software licenses, subscriptions, professional services, software maintenance and support, and extended hardware warranties.
11
表現 |
|
履行義務何時 |
|
付款何時 |
|
如何估計獨立銷售價格 |
|
|
|
||||
|
|
|
||||
|
|
|
||||
|
|
|
||||
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|||
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|
|
重大判斷
與客戶的合同通常包括向客戶轉移多種產品和服務的承諾。對於這種安排，交易價格根據每項履約義務的相對單獨售價（「SSP」）進行分配。
在合同中判斷每項獨立履約義務的SSP時需要進行判斷。對於大多數項目，SSP是基於歷史交易數據估算得出的。在SSP不可直接觀察到的情況下，例如當產品或服務不單獨銷售時，SSP是使用可能包括市場條件和其他可觀察輸入的信息確定的。SSP的判斷是一個持續的過程，信息會定期審查以確保SSP反映當前的信息或趨勢。
4. 營業收入
收入確認
收入是在向客戶轉移承諾產品的控制權時確認的，確認金額反映了公司預計將爲這些產品收到的對價。對於具有多個履約義務的合同，公司通常基於其單獨銷售價格相對分配交易價格到每個履約義務。所述合同價值通常是分配給各個履約義務的交易價格。收入是在從客戶收取的稅款淨額中確認的，這些稅款隨後將支付給政府機構。
營業收入的分解
公司根據客戶的發貨地點對來自客戶的收入進行細分。追蹤的地理區域包括美洲、歐洲、中東和亞太地區。見第12條， 分Segment Reporting, 地理信息和信用風險集中， 根據上述細分標準的淨收入。來自持續運營的所有收入在將產品控制權轉移給客戶後的某一時點確認，通常發生在運輸或交付時，具體取決於基礎合同的條款。
12
5. 公允價值測量
公司根據公允價值層次結構確定其金融工具的公允價值，該層次結構要求實體在測量公允價值時最大化使用可觀察輸入，最小化使用不可觀察輸入。金融資產或負債在層次結構中的分類基於對公允價值測量重要的最低層級輸入。根據ASC 820， 公允價值計量和披露公允價值層次結構將用於測量公允價值的輸入優先分爲三個層級：
以公允價值計量的資產和負債的重複計量
截至2024年9月30日經常以公允價值計量和確認的唯一 資產 是現金等價物，其中包括在貨幣市場帳戶中持有的金額$
資產和負債按公允價值非遞歸基礎計量
如果出現減值跡象，公司的某些資產按非遞歸基礎以公允價值計量。截至2024年9月30日和2023年12月31日公司在2016年8月18日簽署的信貸協議下，分別擁有$
截至2024年9月30日和2023年12月31日，仍有
資產和負債未按公允價值計量
由於短期到期，公司的應收賬款、預付費用和其他流動資產、應付賬款及其他應計負債的賬面價值接近公允價值。公司的金融負債的賬面價值基於目前公司可獲得的類似貸款條款的借款利率，接近公允價值。
6. 資產負債表組成部分
公司的存貨按成本或可變現淨值中的較低者列示。存貨包括（單位：千）:
|
|
九月三十日 |
|
|
12月31日 |
|
||
原材料 |
|
$ |
|
|
$ |
|
||
進行中的工作 |
|
|
|
|
|
|
||
成品 |
|
|
|
|
|
|
||
總計 |
|
$ |
|
|
$ |
|
||
13
物業和設備，淨值包括（以千計）：
|
|
九月三十日 |
|
|
12月31日 |
|
||
建築物和租賃改良 |
|
$ |
|
|
$ |
|
||
傢具、裝置和辦公設備 |
|
|
|
|
|
|
||
工廠和機械 |
|
|
|
|
|
|
||
購買的軟體 |
|
|
|
|
|
|
||
總計 |
|
|
|
|
|
|
||
累計折舊 |
|
|
( |
) |
|
|
( |
) |
物業及設備（淨額） |
|
$ |
|
|
$ |
|
||
公司記錄的折舊費用爲$
其他應計費用和負債包括（以千爲單位）：
|
|
九月三十日 |
|
|
12月31日 |
|
||
累計專業費用 |
|
$ |
|
|
$ |
|
||
應計保修 |
|
|
|
|
|
|
||
根據過渡服務協議應付的金額 |
|
|
|
|
|
— |
|
|
其他應計費用 |
|
|
|
|
|
|
||
總計 |
|
$ |
|
|
$ |
|
||
7. 財務負債
公司的財務負債包括（以千計）：
|
|
九月三十日 |
|
|
12月31日 |
|
||
|
|
2024 |
|
|
2023 |
|
||
循環貸款便利 |
|
$ |
— |
|
|
$ |
|
|
減：未攤銷的債務發行費用 |
|
|
— |
|
|
|
( |
) |
財務負債，扣除債務發行費用 |
|
$ |
— |
|
|
$ |
|
|
2017年2月8日，公司與東西銀行（「EWB」）簽訂了一項貸款和安防-半導體協議（根據需要不時修訂或重述的「貸款協議」）。在隨後的修訂後，2022年4月14日，公司與EWB修改了貸款協議，替換原有的$
14
協議。 第四修正案修改了貸款協議，除了其他事項外，將到期日延長至
貸款協議包含慣常的陳述和保證，以及慣常的肯定和否定契約，包括限制或禁止公司承擔留置權、負債、進行某些限制支付（包括分紅派息）、合併或整合以及處置資產的能力，以及其他財務契約。公司的貸款協議義務由其幾乎所有的資產擔保。截至2024年9月30日，仍有
8. 所得稅
公司在全球進行業務，因此需要提交聯邦、州和外國的稅務申報表。公司努力在審計層面與每個稅務機關解決未決問題，並可能隨時與稅務機關達成協議。雖然公司已預提其認爲作爲可能結果的金額，但與稅務機關的最終結果可能會導致稅務負債的金額多於或少於在縮減合併基本報表中所反映的金額。此外，公司可能會在後續決定對任何評估提出異議（如果有），並可能行使其上訴權利。
公司根據ASC 740的條款處理不確定的稅務情況， 所得稅 （「ASC 740」）澄清了企業在其基本報表中確認的所得稅不確定性的會計處理。它規定了稅務申報中採取或預計採取的稅務位置的基本報表確認和計量的認可閾值和計量屬性。ASC 740還提供了關於去確認、分類、利息和罰款、臨時期間的會計、披露和過渡的指導。
公司一般不再接受2018年之前年份的稅務審查。然而，如果在美國利用了2017年之前的稅務年度的虧損結轉，則這些稅務年度可能會受到稅務機關的調查。雖然稅務審計的解決和/或最終確定的時間不確定，但公司並不認爲其未確認的稅務利益在未來12個月內會有實質性變化。
9. 股東權益
B系列可轉換優先股分紅派息增值
下表總結了B系列可轉換優先股及分紅派息活動的增值情況， 截至2024年和2023年9月30日的三個月和九個月（以千計）：
|
|
截至9月30日的三個月 |
|
|
截至9月30日的九個月 |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
B系列可轉換優先股： |
|
|
|
|
|
|
|
|
|
|
|
|
||||
期初餘額 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
系列B可轉換優先股的累計分紅派息 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
期末餘額 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
可轉換時可發行的普通股數量： |
|
|
|
|
|
|
|
|
|
|
|
|
||||
期初的股份數量 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
系列B可轉換優先股的累計分紅派息 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
期末的股份數量 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
截至2024年9月30日，根據當前的轉換價格，包括分紅派息的未償還股份，系列B可轉換優先股的 將可轉換爲
15
未來發行的普通股預留
截至2024年9月30日，預留用於未來發行的普通股如下：
行使未行使的股票期權、限制性股票單位（"RSUs"）的歸屬、績效股票單位（"PSUs"）的歸屬以及已歸屬但未釋放的RSUs的發行 |
|
|
|
|
員工股票購買計劃 |
|
|
|
|
2011計劃下可授予的普通股股份 |
|
|
|
|
可轉換爲B系列可轉換優先股的普通股股份 |
|
|
|
|
總計 |
|
|
|
10. 基於股票的薪酬
股票獎勵計劃
本公司維持一項基於股票的薪酬計劃，即2011激勵薪酬計劃（「2011計劃」），旨在通過向其董事會或董事會委員會提供權力來吸引、激勵、留住和獎勵員工、董事和顧問，從而授予這些人員股權激勵。
2011年6月6日，公司的股東批准了2011計劃，該計劃由董事會的薪酬委員會管理。2011計劃規定，可以向執行官、董事、顧問和其他關鍵員工授予股票期權、股票單位、限制性股票和股票增值權。截至2023年12月31日，
股票期權
以下是股票期權活動的摘要 截至2024年9月30日的九個月的情況如下：
|
|
數量 |
|
|
加權平均行使 |
|
|
加權平均 |
|
|
合計 |
|
||||
截至2024年1月1日的餘額 |
|
|
|
|
$ |
|
|
|
|
|
$ |
|
||||
授予 |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
||
已取消或過期 |
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|||
已行使 |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
||
截至2024年9月30日的餘額 |
|
|
|
|
$ |
|
|
|
|
|
$ |
|
||||
截至2024年9月30日已歸屬或預計將歸屬 |
|
|
|
|
$ |
|
|
|
|
|
$ |
|
||||
可行使日期爲2024年9月30日 |
|
|
|
|
$ |
|
|
|
|
|
$ |
|
||||
上述表格中的總內在價值代表截至2024年9月30日公司普通股的公允價值與價內期權的行使價格之間的差額，乘以該期權的數量。
16
下表總結了截至的信息關於期權的情況， 2024年9月30日：
|
|
未行使的股票期權 |
|
|
可行使的期權 |
|
||||||||||||||
行使價格區間 |
|
號碼 |
|
|
加權 |
|
|
加權 |
|
|
號碼 |
|
|
加權 |
|
|||||
$ |
|
|
|
|
|
|
|
$ |
|
|
|
|
|
$ |
|
|||||
2024年9月6日，因資產出售的完成和公司前首席執行官史蒂文·漢弗萊的離職，公司對漢弗萊先生完全歸屬的股票期權獎勵進行了修改，允許購買
限制性股票單位
以下是RSU活動的總結： 截至2024年9月30日的九個月：
|
|
號碼 |
|
|
加權平均 |
|
||
截至2024年1月1日未歸屬 |
|
|
|
|
$ |
|
||
授予 |
|
|
|
|
|
|
||
Vested |
|
|
( |
) |
|
|
|
|
被註銷 |
|
|
( |
) |
|
|
|
|
截至2024年9月30日未歸屬 |
|
|
|
|
$ |
|
||
已歸屬但未釋放的RSU |
|
|
|
|
$ |
|
||
公司的RSU的公允價值是根據授予日期公司普通股的公平市場價值計算的。截止到2024年9月30日，有$
在資產出售結束時，屬於購買方（或購買方的關聯公司）的員工持有的未歸屬RSUs全部歸屬，導致在2024年第三季度確認了$
績效股票單位
公司向特定關鍵員工授予受公司薪酬委員會設定的績效目標、績效測量期間及其他限制和條件約束的績效股票單位（PSU）。績效目標基於預先設定的目標，明確了在達到績效目標時確定將歸屬的PSU數量的方式。如果員工終止僱傭關係，未歸屬的PSU部分將不會歸屬，所有對未歸屬部分的權利將終止。
以下是截至2024年9月30日的九個月內績效股票單位（PSU）活動的彙總：
|
|
號碼 |
|
|
加權平均 |
|
||
截至2024年1月1日的未歸屬部分 |
|
|
— |
|
|
$ |
— |
|
授予 |
|
|
|
|
|
|
||
Vested |
|
|
— |
|
|
|
— |
|
被註銷 |
|
|
— |
|
|
|
— |
|
截至2024年9月30日尚未歸屬 |
|
|
|
|
$ |
|
||
17
截至2024年9月30日，還有$
基於股票的薪酬費用
下表總結了包括在綜合收益（損失）的簡約合併報表中的與期權和RSU相關的股權薪酬費用。 截至2024年和2023年9月30日的三個月和九個月（以千計）：
|
|
截至9月30日的三個月 |
|
|
截至9月30日的九個月 |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
營收成本 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
研究和開發 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
銷售和 marketing |
|
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|
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|
|
|
|
|
|
|
||||
一般管理費用 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
基於股票的補償費用 - 持續經營 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
基於股票的補償費用 - 停止經營 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
總計 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
限制性股票單位淨股份結算
在截至2024年和2023年9月30日的九個月期間，公司回購了
11. 每普通股淨利潤（虧損）
基本每普通股淨利潤（虧損）是通過將期間可供普通股東的淨利潤（虧損）除以該期間的加權平均在外普通股數量計算得出的。稀釋後的每普通股淨利潤（虧損）受到被視爲潛在普通股的股權工具的影響，如果具有稀釋性，則根據庫藏股票法或轉換法計算。虧損期間稀釋潛在普通股等價物在每股淨利潤（虧損）的計算中被排除，因爲它們的影響將是反稀釋的。
|
|
截至9月30日的三個月 |
|
|
截至9月30日的九個月 |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
持續經營的淨虧損 |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
剔除稅後的來自終止經營的淨利潤 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
淨利潤（虧損） |
|
|
|
|
|
( |
) |
|
|
|
|
|
( |
) |
||
減：系列B可轉換優先股送轉的增值 |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
可供普通股股東的淨利潤（虧損） |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
基本加權平均流通普通股 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
潛在稀釋普通股的影響 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
攤薄加權平均流通普通股 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
每普通股的基本和稀釋淨利潤（虧損）： |
|
|
|
|
|
|
|
|
|
|
|
|
||||
持續運營 |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
終止運營，扣除稅費後 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
每普通股的淨利潤（虧損） |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
||
18
以下普通股等價物已從稀釋後每股淨利潤（虧損）中排除， 2024年和2023年截至9月30日的三個月和九個月中，因爲它們的包含會導致抗稀釋（單位：千元）：
|
|
截至9月30日的三個月 |
|
|
截至9月30日的九個月 |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
受限制股票單位（RSUs）對應的普通股 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
績效股票單位（PSUs）對應的普通股 |
|
|
|
|
|
|
|
|
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|
||||
期權對應的普通股 |
|
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|
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|
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|
||||
B系列可轉換的普通股 |
|
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|
|
|
|
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|
||||
總計 |
|
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|
|
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|
||||
12. 分段報告、地理信息和信用風險集中
分部報告
歷史上，公司的運營組織爲
如註釋1中披露的， 財務報表的基礎 和註釋3， 中止業務在2024年第三季度，公司完成了對其物理安防業務的出售，該業務歷史上主要代表公司的場所板塊。因此，公司只有一個可報告的業務板塊： 物聯網業務 板塊。
物聯網業務板塊開發、製造和提供針對醫療行業和其他高價值終端市場的專業物聯網解決方案。公司的專業RFID物聯網設備附加或嵌入到實體物品中，爲那些物品提供獨特的數字身份。公司在多個行業銷售其產品，重點關注藥品、醫療設備、消費電子-半導體、移動設備、紅酒和烈酒、奢侈品、圖書館和物流。
地理信息
地理淨營業收入基於客戶的發貨地點。關於2024年和2023年截至9月30日的三個月和九個月的地理區域淨營業收入信息如下（以千計）：
|
|
截至9月30日的三個月 |
|
|
截至9月30日的九個月 |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
美洲 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
歐洲和中東 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
亞洲-太平洋地區 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
總計 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
淨營業收入的百分比： |
|
|
|
|
|
|
|
|
|
|
|
|
||||
美洲 |
|
|
% |
|
|
% |
|
|
% |
|
|
% |
||||
歐洲和中東 |
|
|
% |
|
|
% |
|
|
% |
|
|
% |
||||
亞洲-太平洋地區 |
|
|
% |
|
|
% |
|
|
% |
|
|
% |
||||
總計 |
|
|
% |
|
|
% |
|
|
% |
|
|
% |
||||
信貸風險集中度
19
按地理位置分類的長期資產截至 2024年9月30日和2023年12月31日的情況如下（單位：千）:
|
|
九月三十日 |
|
|
12月31日 |
|
||
物業和設備，淨值: |
|
|
|
|
|
|
||
美洲 |
|
$ |
|
|
$ |
|
||
歐洲和中東 |
|
|
|
|
|
|
||
亞洲-太平洋地區 |
|
|
|
|
|
|
||
總物業及設備，淨值 |
|
$ |
|
|
$ |
|
||
|
|
|
|
|
|
|
||
經營租賃使用權資產： |
|
|
|
|
|
|
||
美洲 |
|
$ |
|
|
$ |
|
||
歐洲和中東 |
|
|
|
|
|
|
||
亞洲-太平洋地區 |
|
|
|
|
|
|
||
總經營租賃使用權資產 |
|
$ |
|
|
$ |
|
||
13. 重組與裁員
截至2023年9月30日的九個月期間，重組費用包括裁員相關成本$
14. 租賃
公司的租賃主要包括在全球各國的行政辦公空間、研究與開發設施、製造業-半導體設施和銷售辦公室的經營租賃。公司在開始時判斷一個安排是否爲租賃。一些租賃協議包含租賃和非租賃部分，這些部分作爲一個單一的租賃部分進行會計處理。總租金費用爲$
初始租賃條款在開始時判斷，可能包括選擇權以
下表將前五年的未折現現金流與截至 記錄在簡明合併資產負債表上的經營租賃負債的剩餘年份總額進行了調節。 截至2024年9月30日（以千爲單位）：
|
|
九月三十日 |
|
|
2024年（剩餘三個月） |
|
$ |
|
|
2025 |
|
|
|
|
2026 |
|
|
|
|
2027 |
|
|
|
|
2028 |
|
|
|
|
最低租賃支付總額 |
|
|
|
|
減：代表利息的租賃付款金額 |
|
|
( |
) |
未來最低租賃付款的現值 |
|
|
|
|
扣除：經營租賃的流動負債 |
|
|
( |
) |
長期經營租賃負債 |
|
$ |
|
|
截至2024年9月30日該公司的經營租賃的加權平均剩餘租期爲
爲包含在經營租賃負債計量中的金額支付的現金爲$
20
15. 承諾和或有事項
以下表格總結了截至目前公司主要的合同承諾，除經營租賃外。 截至2024年9月30日（以千爲單位）：
|
|
購買 |
|
|
其他 |
|
|
總計 |
|
|||
2024年（剩餘三個月） |
|
$ |
|
|
$ |
|
|
$ |
|
|||
2025 |
|
|
|
|
|
|
|
|
|
|||
2026 |
|
|
|
|
|
|
|
|
|
|||
2027 |
|
|
|
|
|
|
|
|
|
|||
總計 |
|
$ |
|
|
$ |
|
|
$ |
|
|||
庫存採購承諾高度依賴於客戶需求的預測。由於客戶需求的不確定性，公司可能需要更改、重新安排或取消來自供應商的採購或採購訂單。這些變化可能導致這些採購或合同承諾產生供應商取消費用。
下表總結了公司在 截至2024年和2023年9月30日的三個月和九個月：
|
|
截至9月30日的三個月 |
|
|
截至9月30日的九個月 |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
期初餘額 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
計入成本和費用 |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
|
|
||
保修索賠成本 |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
期末餘額 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
公司對某些產品銷售提供保修，保修期爲
16. 後續事件
2024年11月7日，公司宣佈其董事會授權一項股票回購計劃（「股票回購計劃」），根據該計劃，公司可以購買最多$
回購的時間和數量（如果有）將取決於多種因素，包括股票價格、成交量、一般市場和業務狀況、流動性和資本需求以及其他因素。股票回購計劃並不強制公司回購任何特定金額或購買任何特定數量的普通股。股票回購計劃沒有到期日期，並且可以在任何時候暫停或終止，無需另行通知。
21
IT在2。 管理層對財務控件和運營結果的討論與分析
本項2，管理層的討論與分析基本報表及運營結果，以及本季度10-Q表格（"季度報告"）的其他部分包含前瞻性聲明，根據1933年證券法第27A條以及1934年證券交易法第21E條的安全港條款的含義，這些聲明涉及風險和不確定性。前瞻性聲明反映了基於某些假設對未來事件的當前預期，幷包括任何不直接與任何歷史或當前事實相關的聲明。前瞻性聲明還可以通過諸如「將」、「相信」、「可能」、「應該」、「會」、「或許」、「期待」、「打算」、「計劃」、「估計」、「期望」、「預測」或這些術語的否定形式或其他類似表達來識別。前瞻性聲明並不保證未來業績，我們的實際結果可能與前瞻性聲明中討論的結果有顯著不同。導致此類差異的因素包括但不限於本季度報告的第二部分，第1A項及我們截至2023年12月31日的年度報告（Form 10-k）第一部分第1A項中的討論，標題爲「風險因素」。以下討論應與我們截至2023年12月31日的年度報告（Form 10-k）第二部分第8項中包含的經過審計的合併財務報表及其附註一起閱讀。除法律要求外，我們對修訂或更新任何前瞻性聲明不承擔任何義務。
這裏提到的「公司」、「單片機微系統」、「我們」、「我們」和「我們的」一詞均指代單片機微系統公司及其全資子公司，除非另有說明。
概述
從歷史上看，我們將業務運營分爲兩個可報告的業務部門：身份和場所。我們的身份部門包括使安全訪問信息成爲可能的產品和解決方案，服務於邏輯訪問和網絡安全市場，並通過嵌入式RFID安全保護連接的對象和信息。我們的場所部門包括公司爲政府和企業提供的場所安全市場解決方案，包括訪問控制、視頻監控、分析、音頻、訪問讀取器和身份識別。
如註釋1中披露的， 財務報表的基礎 和註釋3， 中止業務在2024年9月6日，我們完成了對我們物理安防業務的出售，該業務歷史上主要代表我們的場所部門。因此，我們目前只有一個可報告的部門： 物聯網業務 板塊。
物聯網業務部門開發、製造和供應針對醫療行業和其他高價值終端市場的專業物聯網解決方案。我們的專業射頻識別 (RFID) 物聯網設備，包括 NFC、高頻 (HF)、雙頻 (DF)、超高頻 (UHF) 和藍牙低能耗 (BLE)，這些設備被附加到或嵌入到物理物品中，如注射器、藥丸容器、紅酒瓶和體育球衣，爲這些物品提供了獨特的數字身份。這些設備使得與物理世界進行獨特和安全的數字交互成爲可能，同時捕獲相關數據，最終客戶可以對這些數據進行分析和管理。我們在多個行業銷售我們的產品，重點關注藥品和醫療設備、消費電子、移動設備、紅酒和烈酒、奢侈品、圖書館和物流。
最近的進展
資產出售的關閉
在2024年9月6日，公司完成了其物理安防、門禁卡和身份識別器業務及資產的銷售，包括其全資子公司Identiv Private Limited的所有未償股份（「物理安防業務」），出售給了位於特拉華州的Hawk Acquisition, Inc.（「買方」），買方是法國簡化股份公司Vitaprotech SAS的全資子公司，提供安防解決方案，買方承擔了與物理安防業務相關的公司某些負債（統稱爲「資產出售」），根據於2024年4月2日簽署的某份股票和資產購買協議（「購買協議」）執行，由公司與買方之間簽署。作爲資產出售的對價，公司收到了約14430萬美元現金，需根據購買協議中列出的進一步常規調整。
在資產出售結束的相關事宜中，公司與買方簽署了過渡服務協議（「過渡服務協議」）。過渡服務協議概述了公司將在交易關閉日期後12到18個月內向買方提供的信息科技、人員和設施支持。
另外，在資產出售結束時，被購買方（或購買方的關聯公司）僱傭的員工持有的未歸屬限制性股票單位（「RSUs」）將完全歸屬，而我們其他員工和非員工董事持有的RSUs將根據條款繼續歸屬。
在資產出售完成後，我們繼續作爲一家公開公司，名爲單片機微系統，繼續擁有未出售給買方的業務資產和負債，這裏我們稱之爲「物聯網業務」。
22
本項討論在第2項中， 管理層的財務狀況和經營成果的討論與分析， 除非另有說明，否則僅與公司的持續經營相關。
影響我們績效的因素
市場採用
我們的財務表現取決於多個行業用戶對我們RFID產品的採用速度、範圍和深度。這種速度、範圍和深度導致了我們經營結果的巨大波動。例如，2023年加速採用的BLE設備在2024年明顯下降，因爲我們向一位正在進行技術轉型的客戶銷售的BLE應答器產品單位銷量降低。我們預計在接下來的幾個季度內不會恢復對該客戶的發貨。因此，我們在東南亞的生產設施利用率相應下降。
我們相信，芯片能力的顯著提升和成本的降低，加速了產品工程師將RFID集成到他們產品中的機會，以創造新的、更具吸引力的客戶體驗，減少假冒行爲，確保產品的正確使用和遵循。儘管我們認爲RFID解決方案的機會數量有所增加，但某些應用原本預計的評估週期和客戶採用時間卻比我們預期的要長。
我們相信，長期的基本趨勢是多個行業持續採用RFID，但像醫療保健等受監管的行業需要更長時間來優化科技並充分理解其好處。我們也相信，擴展的使用案例促進了各個行業和其他市場的採用。
如果RFID市場的採納率，以及我們產品的採納率未能達到我們的預期，那麼我們的增長前景和經營業績將受到不利影響。如果我們無法滿足最終用戶或客戶的成交量或性能預期，那麼我們的業務前景可能會受到不利影響。相反，如果我們的RFID銷售超出預期，那麼我們的營業收入和盈利能力可能會受到積極影響。
考慮到我們新客戶部署具體時間的不確定性，我們無法保證我們擁有適當的庫存和產能水平，或將來不會經歷庫存短缺或過剩，或以維持毛利率的成本獲取庫存。我們通過深入參與客戶的設計週期，與芯片合作伙伴合作長週期的元件，在短週期內管理我們有限的資本設備需求，併爲我們的設施做好未來多種增長潛力場景的準備來努力降低這些風險。
如果擁有大型項目的最終用戶更改或推遲項目，我們可能會在季度或年度基礎上經歷營業收入的重大波動，我們預計這種不確定性將在可預見的未來繼續影響我們的業務。
競爭格局
我們已經看到許多RFID競爭對手的全球生產能力出現大幅增長。這導致了競爭性定價壓力，因此我們開始退出一些利潤率最低的業務。這對我們的經營業績產生了負面影響，我們預計這種影響還將持續。我們還公開披露了對我們其中一家RFID競爭對手的反競爭業務行爲的指控。
宏觀經濟條件和其他因素對我們的業務的影響
我們在美洲、歐洲、中東和亞太地區開展國際業務。我們的製造業-半導體業務和第三方代工廠商位於中國、新加坡和泰國/東南亞。我們從有限的供應商那裏採購某些產品和關鍵元件，這些供應商依賴於供應鏈，包括運輸，以接收元件、運輸成品並將我們的產品交付到全球。鑑於快速變化的業務環境，我們經歷了客戶訂單的延遲和減少，供應鏈的可用性發生變化，元件短缺以及其他生產相關挑戰。目前，我們無法判斷是否會持續出現干擾，以及這可能在未來對我們的業務產生多大影響。我們繼續監控全球供應鏈挑戰及其對我們財務狀況、運營結果和現金流的影響。
最近，我們也受到其他不利的宏觀經濟條件的影響，包括但不限於通貨膨脹、外匯波動和全球經濟活動放緩。這些條件也影響了我們的供應商、代工廠商、物流供應商和分銷商，導致材料成本增加以及更高的運輸和運輸費用，因此影響了我們產品的定價。價格上漲可能無法成功彌補成本增加，或者可能導致我們失去市場份額，從而可能對我們的財務狀況、經營結果和現金流產生不利影響。
23
資產出售的預期效果
我們的業務受資產出售的影響，未來也將繼續受到影響。此次資產出售包括歷史上佔我們營業收入大部分的資產和運營，約佔我們2023年營業收入的63%，同時也包括我們資產的很大一部分，截至2023年12月31日，約佔43%。我們持續業務的毛利率情況一直低於歷史總毛利率，且在較低的營業收入基礎上將繼續保持較低水平。因此，我們的淨虧損已經在增加，並且我們預計其將繼續顯著增加。
有關我們持續業務相關風險的更多信息，請參見本季度10-Q報告第II部分，第1A項的「與公司物聯網業務相關的風險」中的「風險因素」。
營業結果
截至2024年和2023年9月30日的三個月和九個月的運營結果如下（單位：千元，百分比除外）。
|
|
截至9月30日的三個月 |
|
截至9月30日的九個月 |
||||||||
|
|
2024 |
|
2023 |
|
% |
|
2024 |
|
2023 |
|
% 變更 |
淨營業收入 |
|
$6,532 |
|
$11,732 |
|
(44%) |
|
$19,931 |
|
$32,097 |
|
(38%) |
毛利潤 |
|
238 |
|
1,319 |
|
(82%) |
|
1,335 |
|
4,169 |
|
(68%) |
毛利率 |
|
4% |
|
11% |
|
|
|
7% |
|
13% |
|
|
營業費用： |
|
|
|
|
|
|
|
|
|
|
|
|
研究和開發 |
|
1,102 |
|
1,019 |
|
8% |
|
2,965 |
|
3,150 |
|
(6%) |
銷售和 marketing |
|
1,657 |
|
1,404 |
|
18% |
|
4,654 |
|
4,525 |
|
3% |
一般管理費用 |
|
7,032 |
|
2,215 |
|
217% |
|
15,052 |
|
6,577 |
|
129% |
重組和遣散 |
|
— |
|
— |
|
0% |
|
— |
|
46 |
|
(100%) |
總營業費用 |
|
9,791 |
|
4,638 |
|
111% |
|
22,671 |
|
14,298 |
|
59% |
持續經營虧損 |
|
(9,553) |
|
(3,319) |
|
|
|
(21,336) |
|
(10,129) |
|
|
非營業收入（費用）： |
|
|
|
|
|
|
|
|
|
|
|
|
利息收入（費用），淨額 |
|
244 |
|
(211) |
|
(216%) |
|
8 |
|
(351) |
|
(102%) |
投資收益 |
|
— |
|
132 |
|
(100%) |
|
— |
|
132 |
|
(100%) |
外幣收益（損失），淨 |
|
340 |
|
(249) |
|
(237%) |
|
55 |
|
(187) |
|
(129%) |
持續經營損失，稅前 |
|
(8,969) |
|
(3,647) |
|
|
|
(21,273) |
|
(10,535) |
|
|
所得稅準備金 |
|
(360) |
|
(13) |
|
2,669% |
|
(361) |
|
(15) |
|
2,307% |
持續經營的淨虧損 |
|
(9,329) |
|
(3,660) |
|
|
|
(21,634) |
|
(10,550) |
|
|
終止運營後的淨利潤（虧損），扣除稅後： |
|
|
|
|
|
|
|
|
|
|
|
|
物理安防業務的收益（損失），稅後淨額 |
|
(4,268) |
|
3,638 |
|
(217%) |
|
(2,737) |
|
6,665 |
|
(141%) |
物理安防業務出售的收益，稅後淨額 |
|
99,546 |
|
— |
|
100% |
|
99,546 |
|
— |
|
100% |
終止經營的總收益，稅後淨額 |
|
95,278 |
|
3,638 |
|
|
|
96,809 |
|
6,665 |
|
|
淨利潤（虧損） |
|
$85,949 |
|
$(22) |
|
|
|
$75,175 |
|
$(3,885) |
|
|
24
根據每個客戶的船舶送貨地址，地理淨營業收入如下（單位：千）:
|
|
截至9月30日的三個月 |
|
截至9月30日的九個月 |
||||||||
|
|
2024 |
|
2023 |
|
% |
|
2024 |
|
2023 |
|
% 變更 |
美洲 |
|
$2,751 |
|
$4,151 |
|
(34%) |
|
$9,095 |
|
$18,487 |
|
(51%) |
歐洲和中東 |
|
1,641 |
|
4,110 |
|
(60%) |
|
6,247 |
|
6,351 |
|
(2%) |
亞洲-太平洋地區 |
|
2,140 |
|
3,471 |
|
(38%) |
|
4,589 |
|
7,259 |
|
(37%) |
總計 |
|
$6,532 |
|
$11,732 |
|
|
|
$19,931 |
|
$32,097 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
淨營業收入的百分比： |
|
|
|
|
|
|
|
|
|
|
|
|
美洲 |
|
42% |
|
35% |
|
|
|
46% |
|
58% |
|
|
歐洲和中東 |
|
25% |
|
35% |
|
|
|
31% |
|
20% |
|
|
亞洲-太平洋地區 |
|
33% |
|
30% |
|
|
|
23% |
|
22% |
|
|
總計 |
|
100% |
|
100% |
|
|
|
100% |
|
100% |
|
|
淨營業收入
截至2024年9月30日的三個月和九個月的營業收入分別爲650萬美元和1990萬美元，較2023年同期的1170萬美元和3210萬美元下降了44%和38%。
截至2024年9月30日的三個月和九個月，美洲的營業收入分別爲280萬和910萬，較2023年同期的420萬和1850萬分別下降了34%和51%。這些下降主要是由於我們的一位客戶在向下一代（第3代）芯片過渡過程中，RFID應答器產品的單位銷量大幅降低。我們預計在他們完成第3代芯片的生產之前，至少有幾個季度不會向該客戶發貨。
截至2024年9月30日的三個月和九個月，歐洲、中東和亞太地區的淨營業收入爲380萬美元和1080萬美元，分別比2023年的相應時期下降了50%和20%。下降的主要原因是歐洲和中東以及亞太地區的RFID轉發器產品銷售減少。
毛利潤和毛利率
截至2024年9月30日的三個月毛利潤爲20萬美元，而2023年同期爲130萬美元。 截至2024年9月30日的九個月毛利潤爲130萬美元，而2023年同期爲420萬美元。 毛利潤代表淨營業收入減去產品銷售的直接成本、製造業-半導體間接費用以及與準備銷售產品直接相關的其他成本，包括貨運、廢料和庫存調整（如適用）。
截至2024年9月30日的三個月和九個月毛利潤率分別降低至4%和7%，而2023年同期爲11%和13%。毛利潤率的下降主要歸因於向我們的一位客戶大幅降低的單位銷售，如上所述，導致我們在新加坡和泰國的製造生產設施未得到充分利用。
我們預計，因我們的毛利潤受產品組合變化的影響，毛利潤在不同期間會有所波動。在每個產品類別中，毛利率往往較爲穩定，但隨着時間的推移，可能會受到多種因素的影響，包括但不限於競爭、產品定價、某一季度的成交量、製造業的產量、產品配置與組合、新產品的可用性、產品改進、存貨減記風險以及元件的成本和可用性。
營業費用
以下是截至2024年和2023年9月30日的三個月和九個月的營業費用信息（單位：千美元）。
研發
|
|
截至9月30日的三個月 |
|
|
截至9月30日的九個月 |
|
||||||||||||||||||
|
|
2024 |
|
|
2023 |
|
|
% 變更 |
|
|
2024 |
|
|
2023 |
|
|
% 變更 |
|
||||||
研究和開發 |
|
$ |
1,102 |
|
|
$ |
1,019 |
|
|
|
8 |
% |
|
$ |
2,965 |
|
|
$ |
3,150 |
|
|
|
(6 |
%) |
作爲淨營業收入的百分比 |
|
|
17 |
% |
|
|
9 |
% |
|
|
|
|
|
15 |
% |
|
|
10 |
% |
|
|
|
||
25
研發費用主要包括員工薪酬以及硬件、軟體和固件產品開發的費用。我們將大部分研發活動集中在現有產品的持續開發以及爲新興市場機會開發新產品。
截至2024年9月30日的三個月內，研發費用相比於去年同期增加，主要是由於外部承包商成本上升以及相關旅行費用增加。截止2024年9月30日的九個月內，研發費用的減少歸因於員工人數和工資相關的成本下降。
銷售和市場營銷
|
|
截至9月30日的三個月 |
|
|
截至9月30日的九個月 |
|
||||||||||||||||||
|
|
2024 |
|
|
2023 |
|
|
% 變更 |
|
|
2024 |
|
|
2023 |
|
|
% 變更 |
|
||||||
銷售和 marketing |
|
$ |
1,657 |
|
|
$ |
1,404 |
|
|
|
18 |
% |
|
$ |
4,654 |
|
|
$ |
4,525 |
|
|
|
3 |
% |
作爲淨營業收入的百分比 |
|
|
25 |
% |
|
|
12 |
% |
|
|
|
|
|
23 |
% |
|
|
14 |
% |
|
|
|
||
銷售和市場費用主要包括員工薪酬以及客戶線索生成活動、展會參與、廣告和其他市場營銷與銷售成本。
截至2024年9月30日的三個月的銷售和營銷費用相比於去年同期有所增加，主要是由於廣告和交易相關費用的增加。截至2024年9月30日的九個月中，與上年相比，費用的上升與交易相關成本的增加有關，但被第三方承包商成本的降低所抵消。
一般和行政管理
|
|
截至9月30日的三個月 |
|
|
截至9月30日的九個月 |
|
||||||||||||||||||
|
|
2024 |
|
|
2023 |
|
|
% 變更 |
|
|
2024 |
|
|
2023 |
|
|
% 變更 |
|
||||||
一般管理費用 |
|
$ |
7,032 |
|
|
$ |
2,215 |
|
|
|
217 |
% |
|
$ |
15,052 |
|
|
$ |
6,577 |
|
|
|
129 |
% |
作爲淨營業收入的百分比 |
|
|
108 |
% |
|
|
19 |
% |
|
|
|
|
|
76 |
% |
|
|
20 |
% |
|
|
|
||
一般和行政費用主要包括從事行政職能員工的薪酬費用以及爲法律、審計和其他諮詢服務所產生的專業費用。
截至2024年9月30日的三個月和九個月內，一般及行政費用與去年同期相比增加，主要是由於員工人數和相關薪資成本增加、股票薪酬費用增加、外部承包商成本增加以及法律費用增加，以及與2024年戰略評審相關活動產生的專業服務費用分別爲360萬和610萬。
重組和裁員費用
|
|
截至9月30日的三個月 |
|
|
截至9月30日的九個月 |
|
||||||||||||||||||
|
|
2024 |
|
|
2023 |
|
|
% 變更 |
|
|
2024 |
|
|
2023 |
|
|
% 變更 |
|
||||||
重組和遣散 |
|
$ |
— |
|
|
$ |
— |
|
|
|
0 |
% |
|
$ |
— |
|
|
$ |
46 |
|
|
|
(100 |
%) |
截至2023年9月30日的九個月期間，重組費用包括與離職相關的成本。
非經營收入（支出）
截至2024年和2023年9月30日的三個月和九個月的非經營收入（費用）信息如下（以千美元計）。
|
|
截至9月30日的三個月 |
|
|
截至9月30日的九個月 |
|
||||||||||||||||||
|
|
2024 |
|
|
2023 |
|
|
% 變更 |
|
|
2024 |
|
|
2023 |
|
|
% 變更 |
|
||||||
利息收入（費用），淨額 |
|
$ |
244 |
|
|
$ |
(211 |
) |
|
|
216 |
% |
|
$ |
8 |
|
|
$ |
(351 |
) |
|
|
102 |
% |
投資收益 |
|
$ |
— |
|
|
$ |
132 |
|
|
|
(100 |
%) |
|
$ |
— |
|
|
$ |
132 |
|
|
|
(100 |
%) |
外幣收益（損失），淨 |
|
$ |
340 |
|
|
$ |
(249 |
) |
|
|
(237 |
%) |
|
$ |
55 |
|
|
$ |
(187 |
) |
|
|
(129 |
%) |
26
利息收入（費用），淨額包括我們現金等價物產生的利息收入，抵消我們的金融負債上的利息成本和債務發行成本的攤銷。2024年第三季度及九個月的利息收入（費用），淨額較2023年同期的增加主要歸因於我們貨幣市場帳戶和國庫券所賺取的利息。
投資收益與我們之前投資的一傢俬人公司的收購相關，之前該公司已完全減值且沒有賬面價值。
在主要時期貨幣估值的變化主要是由於美元萬億、歐元指數和泰銖之間的匯率波動所致。我們的外匯收益和損失主要源於以非各自實體的功能貨幣計價的流動資產和負債的估值。
所得稅準備
|
|
截至9月30日的三個月 |
|
|
截至9月30日的九個月 |
|
||||||||||||||||||
|
|
2024 |
|
|
2023 |
|
|
% 變更 |
|
|
2024 |
|
|
2023 |
|
|
% 變更 |
|
||||||
所得稅準備金 |
|
$ |
(360 |
) |
|
$ |
(13 |
) |
|
|
2,669 |
% |
|
$ |
(361 |
) |
|
$ |
(15 |
) |
|
|
2,307 |
% |
有效稅率 |
|
|
(6 |
%) |
|
0% |
|
|
|
|
|
|
(2 |
%) |
|
|
(0 |
%) |
|
|
|
|||
截至2024年9月30日，我們的遞延稅資產已全部被估值準備抵消。ASC 740， 所得稅提供了在實現這些資產可能性超過50%的情況下確認遞延稅資產的條件。根據可用證據的權重，包括歷史運營表現、成立以來報告的累計淨虧損以及準確預測我們未來業績的困難，我們對我們所有的美國和外國遞延稅資產提供了完整的估值準備。我們每季度重新評估估值準備的必要性。如果後來確定部分或全部估值準備不再需要，通常將在作出該確定的期間對所得稅準備帶來利益。
我們在截至2024年9月30日的三個月和九個月內錄得了與我們的一家國外子公司的應稅收入相關的所得稅準備。2024年和2023年截至9月30日的三個月和九個月的有效稅率與21%的聯邦法定稅率有所不同，主要是由於估值備抵的變動，以及某些外國司法管轄區的準備或利益，這些地方的稅率較高。
已終止經營業務的收入（損失），稅後
|
|
截至9月30日的三個月 |
|
|
截至9月30日的九個月 |
|
||||||||||||||||||
|
|
2024 |
|
|
2023 |
|
|
% 變更 |
|
|
2024 |
|
|
2023 |
|
|
% 變更 |
|
||||||
停業收入（損失），扣除稅費 |
|
$ |
(4,268 |
) |
|
$ |
3,638 |
|
|
|
(217 |
%) |
|
$ |
(2,737 |
) |
|
$ |
6,665 |
|
|
|
(141 |
%) |
物理安防業務出售的收益，稅後淨額 |
|
$ |
99,546 |
|
|
$ |
— |
|
|
|
100 |
% |
|
$ |
99,546 |
|
|
$ |
— |
|
|
|
100 |
% |
來自停業業務的收入包括我們披露爲停業業務的物理安防業務的運營結果，扣除稅收。物理安防業務的出售收益將在我們完成關於利用淨營業虧損和信用結轉以減少所得稅負擔的稅務分析時進行調整。與物理安防業務的出售相關的所得稅負擔的任何調整將在2024年12月31日之前完成。
流動性和資本資源
截至2024年9月30日，我們的營運資本（定義爲流動資產減去流動負債）爲14700萬元，比2023年12月31日的4870萬元增加了9830萬元。截至2024年9月30日，我們的現金及現金等價物餘額爲14540萬元。
在2017年2月8日，我們與東西銀行（「EWB」）簽署了貸款和安防協議（不時進行修訂或重述，簡稱"貸款協議"）。隨後經過多次修訂，2022年4月14日，我們通過將原本與借款基礎相關的2000萬美元的循環貸款設施更換爲不需要借款基礎的非公式循環貸款設施，且到期日爲2023年2月8日，對貸款協議進行了修訂和重述。此外，利率從基本利率降低到基本利率減去0.25%，並對某些財務契約進行了修訂。2023年2月8日，我們對貸款協議進行了修訂（"第四次修訂"）。第四次修訂對貸款協議進行了修訂，包括將到期日延長至2025年2月8日，並修改了某些財務契約。截至2024年9月30日，貸款協議項下沒有未償還金額。
27
As our previously unremitted earnings have been subjected to U.S. federal income tax, we expect any repatriation of these earnings to the U.S. would not incur significant additional taxes related to such amounts. However, our estimates are provisional and subject to further analysis. Generally, most of our foreign subsidiaries have accumulated deficits and cash and cash equivalents that are held outside the United States are typically not cash generated from earnings that would be subject to tax upon repatriation if transferred to the United States. We have access to the cash held outside the United States to fund domestic operations and obligations without any material income tax consequences. As of September 30, 2024, the amount of cash included at such subsidiaries was $3.3 million. We have not, nor do we anticipate the need to, repatriate funds to the United States to satisfy domestic liquidity needs arising in the ordinary course of business, including liquidity needs associated with our domestic debt service requirements.
We have historically incurred operating losses and negative cash flows from operating activities, and we expect to continue to incur losses in the future. As of September 30, 2024, we had an accumulated deficit of $339.7 million. During the nine months ended September 30, 2024, we had a loss from continuing operations of $21.6 million which included strategic review-related costs of $6.1 million.
We believe our existing cash and cash equivalents, together with cash generated from operations and available credit under our Loan Agreement will be sufficient to satisfy our working capital needs to fund operations for the next 12 months. We may also use cash to acquire or invest in complementary businesses, technologies, services or products that would change our cash requirements. We may also choose to finance our business through public or private equity offerings, debt financings or other arrangements. However, there can be no assurance that additional capital will be available to us or that such capital will be available to us on acceptable terms. If we raise funds by issuing equity securities, dilution to stockholders could result. Debt or any equity securities issued also may provide for rights, preferences or privileges senior to those of holders of our common stock. The terms of debt securities issued or loans could impose significant restrictions on our operations. The incurrence of additional indebtedness or the issuance of certain debt or equity securities could result in increased fixed payment obligations and could also result in restrictive covenants, such as limitations on our ability to incur additional debt or issue additional equity, limitations on our ability to acquire or license intellectual property rights and other operating restrictions that could adversely affect our ability to conduct our business. Our Loan Agreement imposes restrictions on our operations, increases our fixed payment obligations and has restrictive covenants. In addition, the issuance of additional equity securities by us, or the possibility of such issuance, may cause the market price of our common stock to decline. If we are not able to secure additional funding when needed, we may have to curtail or reduce the scope of our business or forgo potential business opportunities.
The following summarizes our cash flows for the nine months ended September 30, 2024 and 2023 (in thousands):
|
|
Nine Months Ended September 30, |
|
|||||
|
|
2024 |
|
|
2023 |
|
||
Net cash used in operating activities |
|
$ |
(9,510 |
) |
|
$ |
(3,614 |
) |
Net cash provided by (used in) investing activities |
|
|
142,521 |
|
|
|
(3,007 |
) |
Net cash provided by (used in) financing activities |
|
|
(11,712 |
) |
|
|
10,459 |
|
Effect of exchange rates on cash, cash equivalents, and restricted cash |
|
|
62 |
|
|
|
(47 |
) |
Net increase in cash, cash equivalents, and restricted cash |
|
|
121,361 |
|
|
|
3,791 |
|
Cash, cash equivalents, and restricted cash at beginning of period |
|
|
24,384 |
|
|
|
17,137 |
|
Cash, cash equivalents, and restricted cash at end of period |
|
$ |
145,745 |
|
|
$ |
20,928 |
|
Cash flows from operating activities
Cash used in operating activities for the nine months ended September 30, 2024 of $9.5 million, was primarily due to adjustments to net income for certain non-cash items of $89.3 million, consisting primarily of the gain on sale of our Physical Security Business of $99.5 million, as well as depreciation, amortization and stock-based compensation, offset by net income of $75.2 million and an increase in cash from net changes in operating assets and liabilities of $4.6 million.
Cash used in operating activities for the nine months ended September 30, 2023 of $3.6 million, was primarily due to net loss of $3.9 million, a decrease in cash from net changes in operating assets and liabilities of $4.6 million, partially offset by adjustments for certain non-cash items of $4.9 million, consisting primarily of depreciation, amortization and stock-based compensation.
Cash flows from investing activities
Cash provided by investing activities for the nine months ended September 30, 2024 was $142.5 million which related primarily to proceeds received in connection with the sale of our Physical Security Business in the third quarter of 2024, partially offset by capital expenditures for our manufacturing facility in Thailand.
28
Cash used in investing activities for the nine months ended September 30, 2023 was $3.0 million related primarily to capital expenditures for our manufacturing facility in Thailand.
Cash flows from financing activities
Cash used in financing activities during the nine months ended September 30, 2024 was $11.7 million, which consisted of net repayments of $10.1 million under our revolving loan facility with our lender, and net share settlements of RSUs of $1.6 million.
Cash provided by financing activities during the nine months ended September 30, 2023 was $10.5 million, which consisted of net borrowings of $9.9 million under our revolving loan facility with our lender, proceeds received from the exercise of warrants by 21 April Fund, LP and 21 April Fund, Ltd. of approximately $1.0 million, partially offset by net share settlements of RSUs of $0.4 million.
Contractual Obligations
We lease facilities, certain equipment, and automobiles under non-cancelable operating lease agreements. See Note 14, Leases, in the accompanying notes to our condensed consolidated financial statements.
Purchases for inventories are highly dependent upon forecasts of customer demand. Due to the uncertainty in demand from our customers, we may have to change, reschedule, or cancel purchases or purchase orders from our suppliers. These changes may lead to vendor cancellation charges on these orders or contractual commitments. See Note 15, Commitments and Contingencies, in the accompanying notes to our condensed consolidated financial statements.
Our other long-term liabilities include gross unrecognized tax benefits, and related interest and penalties. At this time, we are unable to make a reasonably reliable estimate of the timing of payments in individual years in connection with these tax liabilities.
Off-Balance Sheet Arrangements
We have not entered into off-balance sheet arrangements, or issued guarantees to third parties.
Climate Change
We believe that neither climate change, nor governmental regulations related to climate change, have had a material effect on our business, financial condition or results of operations.
Critical Accounting Estimates
Our condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these condensed consolidated financial statements requires management to establish accounting policies that contain estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. These policies relate to revenue recognition, inventory, income taxes, goodwill, intangible and long-lived assets and stock-based compensation. We have other important accounting policies and practices; however, once adopted, these other policies either generally do not require us to make significant estimates or assumptions or otherwise only require implementation of the adopted policy and not a judgment as to the policy itself. Management bases its estimates and judgments on historical experience and on various other factors that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Despite our intention to establish accurate estimates and assumptions, actual results may differ from these estimates under different assumptions or conditions.
During the three months ended September 30, 2024, management believes there have been no significant changes to the items that we disclosed within our critical accounting policies and estimates in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2023, as amended.
Recent Accounting Pronouncements
See Note 2, Significant Accounting Policies and Recent Accounting Pronouncements, in the accompanying notes to our unaudited condensed consolidated financial statements in Item 1 of Part I of this Quarterly Report for a description of recent accounting pronouncements, which is incorporated herein by reference.
29
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
We maintain “disclosure controls and procedures,” as such term is defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, or Exchange Act, that are designed to ensure that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating our disclosure controls and procedures, management recognized that disclosure controls and procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the disclosure controls and procedures are met. Our disclosure controls and procedures have been designed to meet reasonable assurance standards. Additionally, in designing disclosure controls and procedures, our management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible disclosure controls and procedures. The design of any disclosure controls and procedures also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.
Based on their evaluation as of the end of the period covered by this Quarterly Report on Form 10-Q, our Chief Executive Officer and Chief Financial Officer have concluded that, as of such date, our disclosure controls and procedures were effective at the reasonable assurance level.
Changes in Internal Controls over Financial Reporting
We have made no changes to our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) during the three months ended September 30, 2024, that have materially affected, or that are reasonably likely to materially affect, our internal control over financial reporting.
30
PART II: OTHER INFORMATION
Item 1. Legal Proceedings
We are and from time to time, may become subject to various legal proceedings and claims arising in the ordinary course of business or could be named a defendant in other lawsuits. Legal proceedings could result in material costs, occupy significant management resources and entail penalties, even if we prevail. The outcome of such claims or other proceedings cannot be predicted with certainty and may have a material effect on our financial condition, results of operations or cash flows.
Item 1A. Risk Factors
Our business and results of operations are subject to numerous risks, uncertainties, and other factors that you should be aware of. You should carefully review and consider the information regarding certain factors that could materially affect our business, financial condition or future results set forth in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as amended, under the heading “Risk Factors.” There have been no material changes from the risk factors disclosed in our 2023 Annual Report on Form 10-K, as amended, other than as set forth below. The risks, uncertainties and other factors described in the risk factors are not the only ones facing our company. Additional risks, uncertainties and other factors not presently known to us or that we currently deem immaterial may also impair our business operations. Any of the risks, uncertainties and other factors could have a materially adverse effect on our business, financial condition, results of operations, cash flows or product market share and could cause the trading price of our common stock to decline substantially.
Risks Related to Our Intellectual Property, and Litigation
We may not be able to protect our intellectual property rights, which could make us less competitive and cause us to lose market share.
Our future success will depend, in part, upon our intellectual property rights and our ability to protect these rights. We rely on a combination of patent, copyright, trademark and trade secret laws, nondisclosure agreements and other contractual provisions to establish, maintain and protect our proprietary rights. From time to time, we may be required to use litigation to protect our proprietary technology. As a result, we may incur substantial costs and we may not be successful in any such litigation. Despite our efforts to protect our proprietary rights, unauthorized third parties may copy aspects of our products, obtain and use information that we regard as proprietary, or infringe upon our patents. In addition, the laws of some foreign countries do not protect proprietary and intellectual property rights to the same extent as do the laws in the U.S. Because many of our products are sold and a significant portion of our business is conducted outside the U.S., our exposure to intellectual property risks may be higher. Our efforts to protect our proprietary and intellectual property rights may not be adequate. Additionally, there is a risk that our competitors will independently develop similar technology or duplicate our products or design around patents or other intellectual property rights. If we are unsuccessful in protecting our intellectual property or our products or technologies are duplicated by others, our competitive position could be harmed and we could lose market share.
As an example, the complexity and uncertainty of European patent laws have increased in recent years. In Europe, a new unitary patent system took effect June 1, 2023 which will significantly impact European patents, including those granted before the introduction of such a system. Under the unitary patent system, European applications have the option, upon grant of a patent, of becoming a Unitary Patent which will be subject to the jurisdiction of the Unitary Patent Court (UPC). As the UPC is a new court system, there is no precedent for the court, increasing the uncertainty of any litigation. Patents granted before the implementation of the UPC will have the option of opting out of the jurisdiction of the UPC and remaining as national patents in the UPC countries. Patents that remain under the jurisdiction of the UPC will be potentially vulnerable to a single UPC-based revocation challenge that, if successful, could invalidate the patent in all countries who are signatories to the UPC. We cannot predict with certainty the long-term effects of the unitary patent system and any potential changes.
Risks Related to the Company’s IoT Business
The growing number of competitors in the RFID industry is posing additional risks to our business.
As the RFID industry continues to grow, there has been an increase in the number of companies entering the market, including from China. Competitors have and may continue to sell products or solutions at low prices in order to gain market share, because they have lower costs than other competitors, or for other reasons. The number of contract manufacturers and the amount of manufacturing capacity has also increased significantly. If the growth of the RFID industry does not keep pace with the increased manufacturing capacity, this may result in downward pressure on pricing and reduced margins, each of which could have a serious adverse impact on our business, financial condition and results of operations.
31
Our success depends largely on the continued service and availability of key personnel.
Our future success depends on our ability to continue to attract, retain, and motivate our senior management as well as qualified technical personnel in the RFID industry. Competition for these employees is intense and many of our competitors may have greater name recognition and significantly greater financial resources to better compete for these employees. We have in the past, and may in the future, experience the loss of employees to our competitors. If we are unable to retain our existing personnel, or attract and retain additional qualified personnel, specifically following the completion of the Asset Sale, our growth may be limited. Our key employees are employed on an “at will” basis, meaning either we or the employee may terminate their employment with us at any time. The loss of or inability to hire or replace key employees could slow our product development processes and sales efforts or harm our reputation. Also, if our stock price declines, as it has recently, it may result in difficulty attracting and retaining personnel as equity incentives generally comprise a significant portion of our employee compensation.
The separation of the Physical Security Business following the closing of the Asset Sale may significantly disrupt our operations.
The separation of the Physical Security Business from our operations and financial reporting and corporate functions has required us to reconfigure our system processes, transactions, data and controls. This transition has required significant management attention, capital and personnel resources, and the coordination of our system providers and internal business teams. We may experience difficulties, including delays and higher than anticipated costs related to capital and personnel resources, as we continue to manage these changes, including loss or corruption of data, delays in finalizing our financial records for each accounting period and related delays in completion of our financial reporting, unanticipated expenses, and lost revenue. In addition, any delays in finalizing our records could result in our failure to timely file our periodic reports with the SEC, which could limit our access to the public markets to raise debt or equity capital, restrict our ability to issue equity securities, and result in the delisting of our common stock and/or regulatory sanctions from the SEC or The Nasdaq Stock Market, any of which could have a material adverse impact on our operations. Difficulties in continuing to implement the separation of the Physical Security Business could disrupt our operations, divert management’s attention from key strategic initiatives and have an adverse effect on our results of operations, financial condition and cash flows.
32
Failure to expand our IoT Business to penetrate new markets and scale successfully within those markets may negatively impact our revenues and financial condition.
Following the closing of the Asset Sale, our growth strategy for the IoT Business depends in part on our ability to penetrate emerging markets, such as the medical device market, and scale successfully within those markets. The medical device market and other new markets present distinct and substantial challenges and risks and will likely require us to develop new customized solutions to address the particular requirements of that market. Additionally, these new market opportunities may be outside the scope of our proven expertise or in areas which have unproven market demand, and the utility and value of new products developed by us may not be accepted in the markets served by the new products. Our inability to gain market acceptance of new products could prevent us from scaling successfully within new markets and may harm our future operating results. Our future success also depends on our ability to manufacture new products to meet customer demand in a timely and cost-effective manner. Difficulties or delays in replacing existing products with new products we introduce or in manufacturing improved or new products in sufficient quantities to meet customer demand could diminish future demand for our products and harm our future operating results. In addition, if the medical device market and other new market opportunities for our current and future products are smaller than estimated or do not develop as we expect, our growth may be limited and our business, financial condition and results of operations could be adversely affected. Even if the medical device market and other emerging markets develop as expected, we may not be able to achieve the high gross margins associated with such markets, or, if we do achieve such gross margins, we may not be able to sustain them.
We continue to incur significant expenses and administrative burdens as a public company despite our revenue being significantly lower following the Asset Sale, which could have an adverse effect on our business, financial condition and results of operations.
Following the closing of the Asset Sale, we continue to incur significant legal, accounting, administrative and other costs and expenses as a public company. Because our revenue has and will continue to be significantly reduced as a result of the divestiture of the Physical Security Business, these expenses will represent a larger percentage of our revenue and will have a negative effect on our gross margins. If we are unable to generate sufficient revenue through our IoT Business, these increased expenses as a percentage of our revenue may have an adverse effect on our business, financial condition and results of operations.
Uncertainty regarding the use of proceeds from the Asset Sale and our future operations may negatively impact the value and liquidity of our common stock.
As consideration for the Asset Sale, we received approximately $144.3 million in cash, subject to further customary adjustments as set forth in the Purchase Agreement. Our board of directors will have discretion regarding the use of proceeds from the Asset Sale and plans to use a portion of the net proceeds to pursue growth opportunities for the IoT Business. It may also use the funds to pay dividends and distributions on or redeem or repurchase our capital stock pursuant to our stock repurchase program; for working capital and other general corporate purposes, which may include sales and marketing activities, research and development, general and administrative matters and capital expenditures; to invest in or acquire complementary businesses, products, services, technologies or assets; or to otherwise execute our growth strategy. Although our board of directors continues to evaluate various alternatives regarding use of the proceeds from the Asset Sale, it has not yet identified any specific plans, investments or acquisitions or committed to making any such decision by a particular date. This uncertainty may negatively impact the value and liquidity of our common stock. While our board of directors has approved a stock repurchase program following the Asset Sale, we cannot guarantee that the program will be fully completed. The program does not obligate us to repurchase any specific dollar amount or number of shares of our common stock. Additionally, it has no expiration date and may be suspended or terminated at any time at our discretion.
We may use the net proceeds for purposes that do not yield a significant return or any return at all for our stockholders. In addition, pending their use, we may invest the net proceeds from the Asset Sale in a manner that does not produce income or that loses value, or in a manner that stockholders do not agree with. For example, repurchases pursuant to our stock repurchase program could affect the trading price of our stock, increase volatility and reduce the market liquidity for our common stock. If we do not invest or apply the net proceeds from the Asset Sale in ways that enhance stockholder value, we may fail to achieve expected financial results, which could cause our stock price to decline.
The amount of net proceeds that we receive from the Asset Sale is subject to decrease.
We received approximately $144.3 million in cash as consideration for the Asset Sale, which amount is subject to further customary adjustments as set forth in the Purchase Agreement. Such post-closing adjustment process, including any disputes between us and the Buyer regarding the final purchase price and any adjustments thereof, could result in a significant reduction to the amount of net proceeds that we receive from the Asset Sale.
33
Our business prospects may diminish following completion of the Asset Sale and our stock price has and may continue to decline.
We continue to operate our IoT Business despite the sale of assets that have historically generated a significant portion of our revenue. For example, the Physical Security Business generated approximately 63% of the Company’s revenue for the fiscal year ended December 31, 2023. The divestiture of the Physical Security Business resulted in material cash proceeds to the Company and a reduction in operating expenses and liabilities; however, our revenue following the closing of the Asset Sale is now limited to our IoT Business. A failure by us to grow our IoT Business could result in our business prospects diminishing, and the value and liquidity of our common stock could be negatively impacted.
We cannot provide any assurances that we will realize the intended benefits of the Asset Sale.
We cannot provide any assurances that we will realize the intended benefits of the Asset Sale. We expect to continue to focus our resources, capital, and management attention towards expanding our IoT Business. However, we may not be able to realize our goals for the IoT Business. In addition, we have and will continue to experience a significant decrease in revenue as a result of the sale of the Physical Security Business. Any failure to realize the intended benefits of the Asset Sale could have a material adverse impact on our future operating results and financial condition and could materially and adversely affect our stock price or trading volume.
To the extent we pursue acquisitions, strategic alliances, or investments in other businesses, products, services, technologies or assets, we could experience operating difficulties and other consequences that may harm our business, financial condition, and operating results, and we may not be able to successfully consummate favorable transactions or successfully integrate such acquisitions.
We expect to apply a portion of the net proceeds from the Asset Sale to pursue growth opportunities for the IoT Business, including potentially investing in opportunities such as acquisitions of complementary businesses, products, services, technologies or assets. We may also pursue strategic alliances that leverage our core technology and industry experience to expand our IoT offerings or make investments in other companies or technologies.
The identification of suitable acquisition candidates is difficult, and we may not be able to complete acquisitions on favorable terms, if at all. With respect to any future acquisitions, we may not be able to integrate such acquisitions successfully into our existing business, and we could assume unknown or contingent liabilities. Any acquisitions by us also could result in significant write-offs or the incurrence of debt and contingent liabilities, any of which could harm our operating results. Furthermore, the loss of customers, partners or suppliers following the completion of any acquisition could harm our business. Changes in services, sources of revenue, and branding or rebranding initiatives may involve substantial costs and may not be favorably received by customers, resulting in an adverse impact on our financial results, financial condition and stock price. Integration of an acquired company or business also may require management’s time and resources that otherwise would be available for ongoing development of our existing business. We may also need to divert cash from other uses, or issue equity securities in order to fund these integration activities and these new businesses. If the stock price of our common stock is low or volatile, we may not be able to acquire other companies for stock. In addition, our stockholders may experience substantial dilution as a result of additional securities we may issue for acquisitions. Open market sales of substantial amounts of our common stock issued to stockholders of companies we acquire could also depress our stock price.
Ultimately, we may not realize the anticipated benefits of any acquisition, strategic alliance, or investment, or these benefits may take longer to realize than we expected. The occurrence of any of these risks could harm our business, results of operations, and financial condition.
Changes in management following the closing of the Asset Sale may adversely affect the future performance of our IoT Business.
In connection with the closing of the Asset Sale, our former Chief Executive Officer, Steven Humphreys, and certain other members of our senior management joined Buyer. The senior management of the Company currently includes Kirsten Newquist, Chief Executive Officer, Justin Scarpulla, Chief Financial Officer, Edward Kirnbauer, Vice President, Global Corporate Controller, Dr. Manfred Mueller, Chief Strategy Officer, Amir Khoshniyati, Executive Vice President and General Manager, IoT Solutions, and Boon Yong (BY) Koh, Executive Vice President, Operations. In connection with these changes in management and the sale of our Physical Security Business, there have been and will continue to be changes to the Company’s operations and our key strategies and tactical initiatives related to our IoT Business over time. If we do not successfully implement and adapt to these changes, we may be unable to successfully execute our long-term business development plans for our IoT Business, which could adversely affect our financial condition and results of operations. Further, the future performance of our IoT Business will depend, in part, on the successful transition of our workforce to our new operating and organizational structure, and our inability to successfully manage these transitions could be viewed negatively by our customers, employees, investors and other third-party partners, and could have an adverse impact on our business and results of operations.
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We are subject to five-year non-competition and non-solicitation covenants under the Purchase Agreement, which will prevent us from reentering the Physical Security Business.
We are subject to five-year non-competition and non-solicitation covenants in the Purchase Agreement. During such five-year period, the Company and its controlled affiliates are restricted from directly or indirectly engaging with, managing or operating, or having any ownership interest in any person that engages with, manages, or operates, a business that is competitive with the Physical Security Business or competes for customers of the Physical Security Business, in each case, with respect to geographies that the Physical Security Business participated in as of the closing of the Asset Sale. In addition, during this five-year period, the Company has agreed, not to directly or indirectly hire, engage, recruit, employ, solicit or otherwise attempt to employ or engage or enter into any business relationship with any Business Employee or Acquired Entity Employee (each as defined in the Purchase Agreement), or induce or attempt to induce any such employee to leave his or her employment with Buyer or Buyer’s affiliates, subject to certain customary limitations. These limitations will prevent us from reentering the Physical Security Business.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
During the three months ended September 30, 2024, we repurchased 325,781 shares of our common stock. The table below sets forth information regarding the Company’s purchases of its common stock during the three months ended September 30, 2024:
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|
Issuer Purchases of Equity Securities |
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|||||||||||||
Period |
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Total number of shares purchased(1) |
|
|
Average price paid per share |
|
|
Total number of shares purchased as part of publicly announced plans or programs |
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Maximum number (or approximate dollar value) of shares that may yet be purchased under the plans or programs |
|
||||
July 1, 2024 – July 31, 2024 |
|
|
9,561 |
|
|
$ |
4.04 |
|
|
|
— |
|
|
|
— |
|
August 1, 2024 – August 31, 2024 |
|
|
8,114 |
|
|
|
3.58 |
|
|
|
— |
|
|
|
— |
|
September 1, 2024 – September 30, 2024 |
|
|
308,106 |
|
|
|
3.22 |
|
|
|
— |
|
|
|
— |
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Total |
|
|
325,781 |
|
|
$ |
3.25 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
(1) Consists of shares surrendered to the Company to satisfy tax withholding obligations in connection with the vesting of restricted stock units issued to employees. |
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Item 5. Other Information
Rule 10b5-1 and Non-Rule 10b5-1 Trading Arrangements
During the quarter ended September 30, 2024, no director or officer
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Item 6. Exhibits
Exhibit Number |
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Description |
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|
|
2.1* |
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|
|
|
|
10.1^ |
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|
|
|
31.1^ |
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|
|
|
31.2^ |
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|
32# |
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|
|
|
|
101.INS |
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Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document. |
|
|
|
101.SCH |
|
Inline XBRL Taxonomy Extension Schema Document with embedded Linkbase Documents. |
|
|
|
104 |
|
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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|
|
* Schedules have been omitted pursuant to Item 601(a)(5) of Regulation S-K promulgated by the SEC. The Company agrees to furnish supplementally a copy of any omitted schedule or exhibit to the SEC upon request.
^ Filed herewith.
# Furnished herewith and not “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Such certifications will not be deemed to be incorporated by reference into any filings under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates them by reference.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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IDENTIV, INC. |
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November 12, 2024 |
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By: |
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/S/ Kirsten Newquist |
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|
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Kirsten Newquist |
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Chief Executive Officer |
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|
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(Principal Executive Officer) |
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November 12, 2024 |
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By: |
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/S/ Justin Scarpulla |
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Justin Scarpulla |
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|
|
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Chief Financial Officer |
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|
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(Principal Financial and Accounting Officer) |
37