Welcome to the Q4 and Fiscal Year 2015 Identiv Earnings Call. My name is Adriane and I will be your operator for today’s call. At this time, all participants are in a listen-only mode. Later, we’ll conduct a question-and-answer session. Please note this conference is being recorded. With the call me today are Steven Humphreys, CEO of Identiv and Steven Finney, CFO. In a moment, you’ll hear remarks from both of them, and then we’ll take questions from sell-side and analysts. Before we begin, please note that during this call, we will be making references to non-GAAP measures or projections, including non-GAAP gross margins, operating expenses, and adjusted EBITDA. A complete reconciliation between each of these non-GAAP measures and the most directly comparable financial measures can be found in today’s press release, which is available on identiv.com. In addition, during our call today, we will be making forward-looking statements. Any statement that refers to expectations, projections, or other characteristics of future events, including financial projections and future market conditions is a forward-looking statement. Actual results may differ materially from those expressed in these forward-looking statements. For more information, please refer to the Risk Factors discussed in documents filed from time-to-time with the SEC, including the Annual Report on Form 10-K for fiscal year 2014. Identiv assumes no obligation to update these forward-looking statements, which speaks as of today. I now turn the call over to Steven Humphreys for his comments. Steven?

Thank you, Adriane, and thank you all for joining us today. About six weeks ago, on February 2nd, we announced the set of expense reduction and organizational actions that we took in January to realign the business and to focus on our core strengths. Today’s detailed results are [ph] a couple of percent consistent with what we indicated at that time. And as we saw then, we had a very hard 2015. Our actions in the first month of the year indicated the urgency we feel but also the confidence of the team about what needs to be done and how to reestablish the strong business with that our core. We’ve taken decisive steps and are already seeing positive progress. Today, we’d like to take you through the results, discuss the root causes, and lay out the path forward. Despite last year’s challenges, we’re confident in the great business opportunity and think we’ve taken the very hard steps needed to have a strong future from here forward. So looking at our agenda, today, we’ll go through some opening remarks, putting the year in context and looking at some of the root causes; then, we’ll move to Steve Finney, our CFO, to go through the financial review; and then back to the business status, why we think we’ve now built a very strong platform for sustained profitable growth and shareholder value creation; and then guidance for the business going forward. So with that, let’s look at 2015 in context. They were very difficult results for a number of reasons, but we do know the causes. First, we experienced the late adoption of our new technology. The early adopters that we had brought on board were slow to deploy and the wider market hasn’t followed. This is a business situation we’ve all…

Thank you, Steve for providing the context for our financial results for the fourth quarter and full financial year. Revenues in the fourth quarter were $13.1 million, as compared with $17.2 million in the prior quarter, an approximate 24% sequential decrease and compared to revenues of $19.4 million in the comparable quarter of 2014, a decrease of 32%. For the full year, we recorded revenue of $60.8 million as compared to $81.2 million in 2014, a 25% decrease. I’ll talk to these movements by segment. Our premises segment provided $4.8 million of revenue in the fourth quarter of 2015, down 21% sequentially from $6 million in the third quarter 2015 and also down 21% to approximately $1.2 million from the $6 million recorded in the comparable quarter of 2014. The decline sequentially and year-over-year is primarily a result of the timing of orders from customers in the key U.S. federal government sector, which business has generally remained strong for us, as Steve noted. Indeed on a full year basis, we saw revenue growth from $19.0 million in 2014 to $20 million in 2015. And we’re continuing to focus on our strong Hirsch customer base and branded products to grow revenue in this segment in 2016. Revenue from our identity products including smartcard readers, reader modules and tokens, was $3 million in the fourth quarter of 2015, a sequential decrease of 4% from the $3.1 million revenue in the third quarter of 2015 and a decrease of 34% over the fourth quarter 2014 revenues of $4.5 million. For the full year, our identity segment revenues amounted to $12 million, down 30% from the $17 million achieved in 2014. These changes continue to reflect the weaker demand for these products, primarily in our international markets. As Steve said, we haven’t lost any…

Alright. Thanks, Steve; thanks for powering through with the voice there. We all know how that can be. That’s probably indicative of how hard the team here is working. So, I’ll try to go through this quickly. And the presentation will be up on the website, so you can refer to it then as well, because we’re long into the call, as I said we wanted to go into a fair amount of detail with all the activities in the company; it’s only appropriate to try to give as much transparency to it. So, as mentioned previously, we’re on track to regain our compliance status, as the NASDAQ comment here reiterates. We went through the root causes of the business and compliance issues and status of legal issues for the company and discussed a little bit of that in the introduction. So, now, I’d like to go through a little bit more over the strategy and execution, and why we have confidence in the growth that we think will be delivered in the business and especially the profitable growth. The components of it are very straightforward; we’ve reduced our OpEx levels, so we’re control of our own destiny. Rather than running at an expense rate that we had to grow into, we are at expense rate that now we can sustain and with the business that we have we could be profitable and we can then grow and throw that growth to the bottom line. We also have confidence about this because we’re focused on our core areas, physical access systems, government and transponders. And from that base, we know the specific programs that some of which I mentioned, FICAM, some of the mobile credentials, transponder verticals and then ultimately the Internet of Things which should drive our growth. So,…

Thank you. We’ll now begin the question-and-answer session. [Operator Instructions]. Our first question comes from Saliq Khan from Imperial Capital. Please go ahead.

In regards to NASDAQ, you’ve until the end of March to get all filings in. What could prevent you from getting the filings in? And what happens, if that doesn’t happen?

In terms of preventing us, we’re -- as you expect at this point, close to having it all done, so we don’t expect anything to get in the way of that. We do have to finish all of the actions and all of the compliance steps properly, but obviously at this point, we’re pretty close to line of sight on that. And then, should it not happen, we’d have another discussion with the NASDAQ, if it’s a matter of couple of days, I certainly don’t want to second guess NASDAQ but they’ve been very supportive, as we presented the business to them. And I think, they we’re the kind of company that belongs on NASDAQ. So, they’ve been very helpful in working with us on that. But we’re working hard and we expect not to have any of those contingencies to hit. We expect to get on file before the 30th.

And then my follow-up is, if I take a look at Identiv, you guys have been in May, and this is even before you -- transformation process over the last couple of years, however, as I take a look at your 2016 guidance, that’s a little bit below the consensus estimates. How do you intend to expand your customer base, increased your overall sales, so by the time 2017 rolls around, you guys are able to go ahead and outpace whatever the revised estimate come out to before 2017?

Yes, so, I’ve talked about some of the customers which I am out visiting personally a lot. It’s a question of how quickly we’re going to turn and turn the growth and what we set as a commitment because as far as we’re concerned, when we put information out there, it needs to be a commitment to execute unless something unexpected happens. But, in terms of the opportunity, when I was last CEO of this company, we closed out $185 million a year. The business can clearly sustain the scale and the growth that we’re projecting. But we’ll just keep you posted, month by month and quarter by quarter as we establish more customers and as we grow. And as I said, the organization might be stabilized and solid faster than any one of us expect. But we want to build the company solidly and build the customer base solidly. And then you’ll see accelerating growth. And that’s why we indicated, in 2017, we certainly see accelerating growth coming in there. The timing of the growth in 2016, we want to make sure, we can achieve.

[Operator Instructions] We have no further questions at this time. I’ll turn it back for final comments.

Okay, thanks very much Adriane. There were some questions that we had that came into the IR site, that we have had asked some questions. I believe we’ve tried to address them. They were around the status of the special committee, which I think we’ve addressed; the lawsuits, we’ve addressed as much as we can in terms of where they are in the arbitration and in insurance coverage and other things. There was one question around how much more in terms of non-core expense we should expect. We do have some deductibles from insurance perspective that are of the order of a few hundred thousand dollars but that should be the extent of that. And then I think the rest of the questions that we had in site, we’ve already addressed as well. So, with that I’d like to thank you all for joining us. Again, apologies, it was slightly lengthy. But I think we had a lot we wanted to cover and hopefully it was worthwhile. Recording of this and the presentation itself will be available up on the website as we mentioned. So, thank you all for joining us and we look forward to continuing to build the business together. Thanks.

Thank you, ladies and gentlemen. This concludes today’s conference. Thank you for participating. You may now disconnect.