IDENTIV, INC. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (form 10-Q) – Marketscreener.com

Identiv is a global provider of secure identification and physical security.
Segments
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Factors Affecting Our Performance
Market Adoption
We believe the underlying, long-term trend is continued RFID adoption by multiple verticals. We also believe that expanding use cases fosters adoption across verticals and into other markets. In addition, we do not have any significant concentration of customers so we believe that our demand will continue to be resilient to the loss of any individual customer or application.
If end users with sizable projects change or delay them, we may experience significant fluctuation in revenue on a quarterly or annual basis, and we anticipate that uncertainty to continue to characterize our business for the foreseeable future.
Seasonality and Other Factors
Purchasing of our Products and Services for U.S. Federal Government Security Programs
Impacts of Macroeconomic Conditions and Other Factors on our Business
Results of Operations
Geographic net revenue based on each customer’s ship-to location is as follows (in thousands):
Identity Segment
Premises Segment
Net revenue in this segment in the Americas for the three and nine months ended September 30, 2022 increased 15% and 20%, respectively, compared with the comparable periods of 2021 due to higher sales of Hirsch Velocity hardware, software, support services, and video product offerings across both federal government and commercial businesses.
Gross Profit and Gross Margin
Identity Segment
Premises Segment
Operating Expenses
Information about our operating expenses for the three and nine months ended September 30, 2022 and 2021 is set forth below (dollars in thousands).
Research and Development
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Selling and Marketing
General and Administrative
General and administrative expenses consist primarily of compensation expenses for employees performing administrative functions, and professional fees incurred for legal, auditing and other consulting services.
Restructuring and Severance Charges
Non-operating Income (Expense)
Information about our non-operating income (expense) for the three and nine months ended September 30, 2022 and 2021 is set forth below (dollars in thousands).
Nine Months Ended September 30,
Income Tax Benefit (Provision)
Liquidity and Capital Resources
The following summarizes our cash flows for the nine months ended September 30, 2022 and 2021 (in thousands):
Ended September 30,
2021
Net cash provided by (used in) operating activities $ (3,014 )
Effect of exchange rates on cash, cash equivalents, and restricted cash
Net increase (decrease) in cash, cash equivalents, and restricted cash
Cash, cash equivalents, and restricted cash at end of period
$ 29,218
Cash flows from operating activities
Cash flows from investing activities
Cash flows from financing activities
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Off-Balance Sheet Arrangements
We have not entered into off-balance sheet arrangements, or issued guarantees to third parties.
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 Policies and Estimates
Recent Accounting Pronouncements
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