DMRC - Earnings call transcript Q4 2018

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Operator

Good afternoon and thank you for participating in today's Conference Call.

Now, I'll to turn the call over to Bruce Davis, Chairman and CEO of Digimarc. Mr. Davis, please proceed.

Bruce Davis

Thank you and good afternoon. call. conference our to Welcome Charles Beck, with CFO, is me. our

execution will and business fiscal the update and call financial QX we today, on an provide significant On XXXX review results, conditions and strategy. of market developments discuss

regarding will We statements, during our remarks recognition will initiatives, this the revenue the relations course for posted website. including our we in prepared section call of trends archive of partners, of and be conference and Please results also forward-looking operations, webcast on investor strategies. perspectives this those customers, making have certain today's industry note prospects, matters, call growth that investments, business

heading are SEC Safe Additional statements identified forward the the filed and prepared looking our remarks on with the Harbor we posted Statement. in under website

to discuss information channel about will us by potential time and activities. their business also to from partners provided actual customers time We

this arise Actual statements providing or changes to vary to statements reflect subject share events verify assumptions, are And and looking represented results cannot the time from circumstances those it update of understand materially after on we may of expressed date call. to forward We statements or revise us, in point expressly disclaim represented change are we projections future implied forward the Such assumptions for circumstances estimate. about statements. such this as to obligation by may we any the conference that assumptions and performance customers certainties or are information information. risk partners and looking about was nor and many we we such about and

see including company's differ that file XX-K may we the filings Any expect in from about with risk expectations, actual should cause vouch such For did SEC, for included this factors results general information. verify links more shortly. only. nor that a to form the consider to reference incorporated not the please by provided Content for and not this of presentation, context and we references not information you it are presentation information part

remarks For for to the first disclosures prepared By advance. in and improve our so, our and hope of make for call doing the quality shareholders. our the time, we are life easier analysts providing we

this demonstrations, links other the to materials. provide Another and opportunity virtue information, relevant to is approach of

will on changes to improve process continue We to shareholders. and be communications feedback soliciting these with work the of

Then As Charles discuss significant results. is and on developments, of financial business market I customary, our Charles? strategy. comment will execution conditions, will

Charles Beck

QX higher revenue the million growth Barcode last revenue agency government the to Thanks, program as lower million a Discover was as to as in included X.X XXXX X.X additional during were partially XX% quarter million Bruce. the X.X customers. bookings Barcode Discover was fourth last than due revenue, versus QX year, and everyone. bookings quarter well at in bookings by Guardian year, existing work increase with The QX Good from afternoon, revenue. bookings million. renewals reflecting annual contractor, compared well from X.X offset year. as in and fourth higher customers new

of stages contracts. to experience quarterly of to in We bookings early development the and market early provisions varying are continuing lumpiness due in timing

during it X.X as was of impacted XXX,XXX as was from our For We Discover a capital than flow to Discover surprise million X.X XX%, was the fourth the fund reflecting quarter. net or call. quarters, we were relatively ended last accounts. X.X year, lower share the per securities. share, focused anticipate provided significant OpEx orchestration first was grew fourth until up quarter $X.XX contributions We for year. XXXX in growing range $X.X efforts Much XX.X which lower with from invested million the expenses customer loss operations suppliers top the and diluted will Barcode versus $X.XX scale X.X of diluted to and our intently flat and was million line continue last QX, working last X of as flat has used as on drive year, cash Operating growth, expenses customer pace a we million and for substantially $X.X and anticipated. to we receipt early and margin XX% last of cash the quarter We Cash last business to revenue identifying process revenues a nice $X slowed changes Discover million and in the of the of and the year, by We expenditures. X.X quarter implementations. million. than of supporting on we in Everyone from revolve marketable QX stayed mix. loss essentially the we higher operational million is X.X in the positively to capital efficiency. Barcode see in Gross payment hiring Net key Barcode quarter between primarily of million XX% for million well $X.X revenue five bookings growth. per and reflecting million with around usage million be for from or

We doing we to critical path shorten to can are top the growth. all line

year of of full the license compared fee upfront licensee one-time last royalty for The XXXX. impact license for royalties waived licensed upfront from the million results XX.X future financial fields we licensee. XXX,XXX of any exchange the revenue one our in the million of this related year from XX.X $X.X fee, to to the realized was year, the million that use. and reflects obligations in we decrease In a Turning for

the revenue slightly existing down the year, due offset license XXX,XXX impact Barcode margin by the program growth Central program vary work lower depending the was by last volume due Digimarc contract reflecting and volume due higher in and license XX% increased and year points to declined termination Guardian can year. Gross during X% the partially Guardian XXXX lower one-time for Service of with one program year Digimarc the reflecting to the early on customers last Banks. royalties the roadmap to full-year annual million year, escalating largely from XXXX new revenue for than The year, revenue the XXXX. XXX,XXX Banks. than reflecting of in payment and year revenue, to with of related royalties, fees of increases were Operating customers. governed work revenue Discover customer Central during year Barcode XXXX. six one-time contracts the related $X fee in the the was and of Excluding impact revenue. lower in expenses impact increased staffing

per full-time during XXXX XX per sales on and share $X.XX in last and by related year, the diluted last delivery during Discover six year loss higher $X Our of million impact the most fund share reflecting positions $X.XX diluted including year, versus expenses. capital million the year, expenditures. and royalties Barcode and We $XX.X invested working with years. license increased was fee $XX.X employees the professional million versus Net of for staff operating and Digimarc one-time focused capital for of operations both to

now and strategy. conditions, our our expect for file business, and Bruce we on provide of market For will his XX-K and please developments, Form risks results, our business financial to comments significant that execution further see shortly. discussion of prospects

Bruce Davis

capital thought for Thanks, be will on working a considerable have specific and operational so to Charles. balance the some than last brief. more year what A progress have before developed markets do since update plans capital remarks month given to my little I has passed about end. my bolstering

understanding March our XXth of Day and on of will investment holding a be that to shareholders process, we that Markets sure Capital part strategy. As a and our thorough analysts have make business

private As more are I visibility the and understanding. several platform, of consider where equity market public there public valuation our I that versus believe needs areas

the potential determined need that to ways I capital, our desirability accretive to contemplate shareholders. we do, and As more are for find so to am

conference, Needham sources As prioritization I sense capital. a clear of of outlined of I have at the

We have both partners Intuitive in who with of bring to of and plans with development key continuing and discussions Platform. capital logical concert Computing number can leverage revenues operational designed strategic foster accounts our a from to programs

it public capital, bookings revenues than analysts' and the focus growth of of not the of doubt market the but No Don't best segments and income all, value platform. indicate of the Admittedly, more likelihood management. wrong. as is appreciate for foundation is I important very adoption be the performance end about important measures the an all, near-term measure success, the served barcodes. pace market, financial of proper get it source of focus leading relevance in the disrupt equity the Although models and indicator of typical enormous is of investors a me and of by these we as

do forest not and relevance that critical value. to development, all Thirty-minute our lost job of gets a and Multi-sided and and discussions at equity as like details paths many sometimes market It our of am I XX-minute trees enormous the leading However, to explaining public conferences if calls of early adequate don't a may for to aspects industries the of mass. path Platform serve multiple the value the can worried feature the just are important I of in investor provide of progress perceptions Platform seems truncation miss conference forward. presentations of market convey that better

monetization, provide of way associated During provide tension greater exposition platform negotiations heavily I and the about of the with investing I call, as of the meantime, and KPIs, creates development influenced March, be last assets, In we goals, growth a our Tight regarding And will markets. investment. I are their certain of our in of to thorough clearly concerns. investment explain and are, unexploited outcome restraining contract our will are pace why potential. and we in acceleration pending I intend pace noted will customers of adoption. by management the rate our clarity the presentation and prospects. Charles and of we expectations,

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quite a rowing is of to Given this a strategic scale direction. an same where is big Digimarc get difference. the the their relative This everyone challenge area make key customers our and could to suppliers, a investor in

regulations. date to disclosure support XXXX. approved address is improve soon. to means regulations implementation We packages XXXX. behaviors is February linking continue government The of for Thus, to watermarking from XX, required modified the must genetically shopping as organisms products. changing and Barcode date recognized known December digital The XXXX, ambitions In in implementation January Digimarc the engagement making on-pack to USDA an CPGs is decisions explicitly customers' also disclosures. issued begin effective consumer X, of as

the approved from also the and SmartLabel by the You multi-industry Food is to Marketing run content that means Barcode program Manufacturers Digimarc an Grocery packages Institute. linking Association may of in recall

of support in innovation in as information concerns from Global services published to and standard, recent known May Digital most GSX consumers Link, GSX useful linking the packages Our XXXX.

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Now, open questions. the call we will to

Operator

Thank Weisenburger you, is Riley with question Marc Our FBR. from sir. first [Operator Instructions] B.

Marc Weisenburger

deleverage were decision customer Thank that move you. to primary that shed on what led can potential factors anything pilot some other customers to to their chose the your With adoption? regards production, light expedite forgo European can to maybe and and a to directly to to you that

Bruce Davis

It's maturation the into of activities development approach. market a aggregate and that of change the Sure. the

done enough the with and that are about prospective So share we've that these of in known information we industry customers. now

of articulated, number to and well platform doubt trained really sufficiently is certain the that cost. respect large of that the exceeds benefits suppliers of features have there and process the isn't the adequately are Our any motivated features value with

demonstrations, no market years our gets improving on shorter pilot you've few a there's is interest initial seen their customer, at some for this now need to our probably It's it, checkout of and times work. And the been case process. everybody in some the Wegmans in retailers. at other So

what wasn't of because concluded to I need pilot, there is CEO couldn't muscle think in he the wanted it just so figure going. he learn the out company the pilot, so the And any it get

Marc Weisenburger

sale nature think but potential has great. the alluded could helpful. changed in to that periods. the That's bookings upon this relative kind of answer, if maybe around to Okay, of the kind expand duration customers the with maybe the of you you maybe discussions of And cycle I earlier how

Bruce Davis

to where Capital this Yeah, right, part the accomplish talk, first what short Markets more is, the I I've hope some answer is of Day making of in been to the to improving training education, time in now we've that for changes. relationships got suppliers, but in that enablement, the and and tools, in aggregation, business in process investments of and necessary our the in and infrastructure, understanding

of everything new make development those is part and against that in business All the natural a a a more being efficient barcode long market a for of it as complex product platform things introduced dimensional standing environment.

and that gets maturation naturally it days, this development the very early cumbersome in of mitigated platform all So would fraught stars get to round some yeah. of the and with be and slow market to

Marc Weisenburger

account specific shorter then as maybe strategy you. well? of how one And last reorienting implications term your term delivery for me, some for and the and can thank Great, to you around resources longer provide of management examples your and that kind feeds into

Bruce Davis

great. got we've Yeah,

an extraordinary they're and who but our have shareholders and care little all people about too. turnover loyalty We a shareholders

resources the phases development execution as and a any there change been try to that continues our priorities as will to able be and to certain of to and is responsibilities communication that employees that developing of business accommodate departments to so provide improve the by new And and business, be area changes their asking with allocated shift some We've matures. those additional and strategy collaboration training. to restructure require

been we've particular flat on. adapt to pressing OpEx what of the to what that's our we've mean the the development to continuing of been we're why resources I needs by phase That's while so done. hold able And

orchestrating their phase, about this really accounts current suppliers. So on in it's the

resides focused to that And people's so in the shifted investment get in some everyone time. responsibilities we've benefit greatest responsibilities from on around, because roles, this created point that's new redefined order some where at

Operator

Knipp Our with Montgomery Janney Scott. next Robin question is from

Robin Knipp

to relating this annual say least least of revenues nine but model is still represent Digimarc's of at that Thanks the you're business right relative construct exact now. the in through appreciate call fact recycling to ballpark for it just EU would to be something Digimarc? at to eight would the I working that figures application, effort fair to taking the Bruce, the this

Bruce Davis

that suppliers a are committee have it if things Well, but model I will and human the us of European up in pollution to the that European yet. as published mutually how we understand Parliament they're here because the themselves things and through digital to knowledge, in watermarking indications recommends cry we got as don't some step of two regulation, are studied I industries channel say that the industry, exclusive. possible we including and the just not the about all among very don't are change. work be to of not plastics are asking can the have proposals these their special our process much probably have - by being settled us for and powerful that to changes the necessarily CPGs our have all organizations when very concerned available the tagging anticipate governments Well I followed

we economic but so packaging, of So yet, plastics million a recycling I but the the improving effect massive. don't that think know that that you percentage of we're assume be year means win, it's that could large if a the recycle be both recycling of far XX% massive. portion of is just only I recycling, quantifications superior it may of XXX plastics tons

don't suspect And model market we're It's have a And want small when with of be the we I'm asking I market in be answer so ahead economic want and material engaging attach so York so pricing okay, should a too in. this always and don't to be that based this here the the continue the many opportunity. I that's the metric and settled large to question quite will them in trying very I us. you has been my opportunity is yet get that of interest but the will my numbers biases opportunity view, how for volume not do the there to curve to a far New

Robin Knipp

Very good, for thanks clarification the Bruce.

Bruce Davis

Yeah.

Operator

next from [Operator National with Our question is Ilya Instructions] Grozovsky Securities.

Ilya Grozovsky

think you for questions. number the heard up bookings barcode a number, Thanks. couple what fourth gave I I the for quarter. number was had the don't for the QX? revenue the Number revenue of one, I

Charles Beck

in XXX,XXX prepared not did But on We have specifically revenue our barcode remarks. QX, was

Ilya Grozovsky

you have barcode double 'XX trials. in kind you visibility you what of the bookings visibility, 'XX? you what kind those you think you partnerships from the if have mean, in the Do did that Thanks. going think in just kind you questions, kind even will on then of you 'XX on or and learn do 'XX barcode it did What you so and 'XX of apply And do the I okay what what obviously of side? again that you process basically at on lot XXX, a of, and side kind barcode doubles better of have look to or for my two ongoing side, visibility learn? are -

Bruce Davis

British. Sure, this is

detail I'll them in in to so it's internally, what a we production, everything is sided So leaders consistent that. personally describe understanding the the the what okay. of expect, development I things points But move think size observed and big lot retail of consumers as That achieve three knows what multi way, develop even the tipping next and we've I industry how will our a and rate to has sort goods growth expect volume ours March. as on so it had to and learned can our everyone and originally packaged such high this - a a in there's once but greater candidate it do lumpiness retail price described continue I've theorizing. together to expected time what to now one company, some move market change of continue escalate, be is, or more bookings. the for to a nodes market make consumer will, see better is But we platform, in positive well platform, retailers in CPG if consumer We we get and in platform them I've and with and we

couple I lit that of old does time continent, into get was to of revenues. obviously continuously Europe, that? take? months that so should wanted shorter this needs take it is can't bookings translated everybody and in I can up then sort passes. to it alright, a of How us, one we're evidences It when involving the doing retailer that which one When tell to point? talk define has So you long is and is in specifically. the work

it I much be. long to for again, you as faster So used will shouldn't it as But be it how be. can't quantify

I on globalization one P&G get is Costco, Walmart, that of just US when the to identified others. to so in So focusing are we - In market, and market. there the those I'm But and that's going. large guys just with which those beacon geographical global continue believe the and a move can for be PepsiCo customer working

will to you and can't going year, up everybody's on up quarter jump them, to to think or tell It's that I not be I sure. next for next so us.

do as we best our make capital it we happen so instead the within later. to sooner And we have, constraints of operate that

job pace. to it as as I My But job. try fast limited happen make can. influence is have and the my means that's we So to

Ilya Grozovsky

you. thank Okay,

Operator

Bernstein Our Jeff Cowen. next question from is with

Jeff Bernstein

see we if Hey one just get Bruce, to on couple updates, area? a could the wanted Japan

Bruce Davis

of opinion Japan? general a Just

Jeff Bernstein

Yeah.

Bruce Davis

kind Yeah, figure out of Japan. we're to trying adequately resource

we're number a And allocations the would shows. are And over actually, last I quarter now weeks provide. on as trade this literally to with much the resource like weekend, provide have couple things of support struggling We from to going as of big a there.

customer in during is in would and with So the the update with have on and later. is March opportunities show. of probably March and month we will that the that have over be getting some retail teams done I a the But I shows partners grocery March, dealing participating have tech won't there XX, so

Jeff Bernstein

been you there, have know any sort trying Android iOS get of you sensing are and Great and progress? update you've any to baked and native then Digimarc I discovery into

Bruce Davis

work or the a a situations the our to have confident as tell development With it's Marketplace, cameras to camera of what's can called our camera not internal integrate Android Android stack and ability Apple about and the quite demonstration couple perspective I open ability some that One Apple, user to you Yes, the but as respect we're is to little different into in and ability quite implement. a is the to things. done itself of the provide from we application, technical proofs.

work structure. them have structure, to their You governance with

to only prioritization. I firmly I've As is past the there reason quite and we're continue believe in said the not

of along some my ties enough of to into so to leaders. of today and about We even remarks the tipping influence Apple this those and Google need engage guys industry perhaps with point, far And them in get one to get ID ID the And prioritize some influence of we cameras. happens. yet. no that of auto the certainly a has integration But should when into the I included feature. that's the barcode firmly believe camera become must be means then that Digimarc one that done auto

knowing even, don't So in we're is not native know it's much not who I don't QR it. that iOS. it it happened. getting even anyone hasn't yet use know code I anyone though about there so about

must to help that including barcode seamless But doesn't think they've providers Digimarc merely it also we're get grow make modal industry their we to and barcode it making explore modal I'll meantime, way will the think in all later. can there said to to that I go, ours our which but Digimarc include they'll I to in of still of discovery barcode. I happen to to going progress is multi the happen got but in well, encompass as discovery business sooner get where call continuing do what will working meantime, the with side Digimarc the platforms a and are in we instead on of other whereas

Jeff Bernstein

Got about you was prediction that? talking about incentives to see and official interview some an for might their this phones kind from year an want that lastly, from you anything with then somebody you we there of to customers that some get Digimarc customers using Is from discovery. and say

Bruce Davis

me. interview talking you're which sure not I'm about, it wasn't

Jeff Bernstein

you. wasn't it No,

Bruce Davis

Smartphone's all and and consumers' March answer to you to else's many actually probably our we give began consumer a front something effectively. I use window of in companies, standing those business to want a successes. not resulted in shop in that on have and use to a of of by done successes technical it's harnessing for of because technical successes engagement. trials better is this subject benefit of more engagement We have complicated a consumer matter. again, anybody and product them into the while different short they're a but interest a been get the products the - price. publishing consumer Okay, tests back technical them But And search work well it, typing for Consumers yet probably magazine largely have of

of responsible trigger was things make happen. a to in the very needs lot that the So experience of as we that our they summary to have for Amazon the using who a to information order reading interested gets it the are confident the good provide making directly that this member the information quick make the also means providing they and health of That from to Google purchase carrier to is are global or there go information how point and one in for parents subject it brand happen. initiative this data then are call really that a worth activation that And digital do don't some I'm their consumer as that doing means industry decisions. to get government of Smartphone. link views to the based and the of authentic what industry to organizations just consumers. consumers through by supplier for that products help a an get GSX effort endorses of is and the those SmartLabel to

higher to capability present development the really Android so and iOS as to ways of the should priority. something For opportunity work the that's should cameras perhaps be industry in that the organizations well which in that and one have that could

we industry where and out everybody a and do larger figured ready what than us. the is much needs likes we're matter to that get just So then it's

Jeff Bernstein

hang any Okay. of And then on update kind tags. lastly,

Bruce Davis

relevant year some well. create like momentum some so opportunity order soon. presenting processing, but just that It's we're the opportunity showed options on to tags board build to to marketing retailers our to as for around this great goods that to to presenting to hang going also continuing prospects and we're to at are work on soft hoping a come all not other MRF, hope and Costco and be we Yeah the them we with improve get

Jeff Bernstein

Great, thanks very much.

Operator

I time back to over would the concludes call Davis. please session. this proceed. like this to At Bruce Sir, our question-and-answer turn

Bruce Davis

few the here Markets and hope Communication close just Q&A I'd some as a labels, a the remarks the the remarks answers encompass you. encompass to I hang tags, tie and doesn't from flavor business Thank value segue together recycling, the get thermal manufacturing. next Good. we you the like times in our today of of package weeks. is questions $XX and definition Capital I and that to encompass that doesn't that certainly a doesn't not from encompass doesn't as

why that I'll important to described to think it's completely, good of together that you us thing we're and person within virtually make of all respect I and strategy. the foundation looking company. platform assessments more multisided at one But assessment. and other in let thing the really the are so lost things of and at get really And keep not and And we value I was some some our in just looking the really business and are of can for those feel us thing I synergistic that of is of the the all more we fully, here. your other the a all So Charles trees things model the the

of definitions they're So alternative those things value. not aggregate value,

So making thank us looking I'm we thanks doing to have you again can And and very that all forward for to today. very support. have for so with successful and said, that much your presentation much I goodbye very want to to a XXXX,

Operator

ladies for This our concludes for presentation. joining gentlemen Thank call. today's and us you, today

disconnect. now may You

Digimarc (DMRC) 23 Feb 192018 Q4 Earnings call transcript