Inside Secure announces strong 2016 results following completion of strategic transformation

Aix-en-Provence, France - February 20, 2017 – Inside Secure (Euronext Paris: INSD), at the heart of security solutions for mobile and connected devices, is today reporting its consolidated results [1] prepared in accordance with IFRS, for the year ended December 31, 2016.

  • Strategic transformation completed: sale of the semiconductor business and focus on security software and silicon IP
  • Consolidated revenue [2]: $49.9 million for FY2016, up 86% vs. 2015:
  • Revenue from the core software and silicon IP business [3] of $35.8 million for FY2016, up 35% vs. 2015, driven by exceptionally high royalties,
  • NFC patent license revenue of $14.2 million in 2016 (compare to nil in 2015)
    • Adjusted [4] operating income from continuing operations [5]: $10.9 million in FY2016, vs. a loss of $7.4 million in 2015
    • EBITDA from continuing operations: $12.3 million in FY2016, vs. a loss of $6.1 million in 2015
    • Net consolidated income (IFRS): $12.3 million in FY2016, vs. a loss of $44.6 million in 2015, explained by the operating income from continuing business, the profit on the sale of the semiconductor business, and despite restructuring expenses
    • Strengthened liquidity and solid financial position: $27.1 million in cash at December 31, 2016, due to improved operating performance
    • 2017 objective: continued profitability while investing in sustainable long-term growth on software and silicon IP

[1] The consolidated financial statements were prepared by the management board and reviewed by the supervisory board on February 17, 2017; the audit procedure has been completed by the statutory auditors.

[2] Prepared in accordance with IFRS, thus excluding the discontinued semiconductor business

[3] Excluding the semiconductor business and the NFC patent licensing program

[4] Some financial measures and performance indicators are presented on an adjusted basis as defined in Appendix 2 hereof. They should be considered additional information, which cannot replace any other strictly accounting-based operating or financial performance measure as presented in the consolidated financial statements prepared in accordance with IFRS in Appendix 1. The reconciliation of adjusted financial measures with IFRS is presented in Appendix 2.

[5] Pursuant to Inside Secure’s decision to exit from the semiconductor business and in accordance with IFRS 5, income and expense items for this discontinued operation are recognized directly in “net income from discontinued operations” and thus excluded from revenue, adjusted operating income, and EBITDA. Figures for 2015 have been restated in a similar manner to allow comparisons with the corresponding 2016 figures.

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