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05.08.2021 22:05:00
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Digimarc Reports Second Quarter 2021 Financial Results
BEAVERTON, Ore., Aug. 5, 2021 /PRNewswire/ -- Digimarc Corporation (NASDAQ: DMRC) reported financial results for the second quarter ended June 30, 2021.
Second Quarter 2021 Financial Results
Revenue for the second quarter of 2021 decreased three percent to $6.3 million compared to $6.5 million in the second quarter of 2020, reflecting lower revenue from Government services and Commercial subscriptions, partially offset by higher Commercial services revenue.
Operating expenses for the second quarter of 2021 increased 65% to $19.7 million compared to $11.9 million in the same quarter a year ago, reflecting non-recurring costs of $7.5 million incurred during the three month period ended June 30, 2021. These costs were associated with the Separation Agreement and General Release we entered into on April 12, 2021 with our former chief executive officer, as well as severance costs incurred for organizational changes we made in June 2021. Excluding the $7.5 million of non-recurring costs, operating expenses increased 2% to $12.2 million, reflecting higher consulting and legal costs, partially offset by lower recurring compensation costs.
Operating loss for the second quarter of 2021 increased 105% to $15.4 million compared to $7.5 million in the second quarter of 2020, due primarily to higher operating expenses. Excluding the $7.5 million of non-recurring costs noted above, operating loss increased 5% to $7.9 million.
Net loss for the second quarter of 2021 increased 107% to $15.4 million or $(0.94) per diluted share compared to net loss of $7.5 million or $(0.62) per diluted share in the same quarter a year ago. Excluding the $7.5 million of non-recurring costs noted above, net loss increased 6% to $7.9 million, or $(0.48) per diluted share.
At quarter-end, cash, cash equivalents, short- and long-term marketable securities totaled $61.1 million compared to $77.7 million at December 31, 2020.
Conference call
Digimarc will hold a conference call today (Thursday, August 5, 2021) to discuss these results and provide an update on market conditions and execution of strategy. CEO Riley McCormack, CFO Charles Beck, CLO Robert Chamness and CRO Tim Price will host the call starting at 5:00 p.m. Eastern time (2:00 p.m. Pacific time). A question and answer session will follow management's presentation.
The conference call will be broadcast live and available for replay here and in the investor section of the company's website. The conference call script will also be posted to the company's website shortly before the call.
For those who wish to call in via telephone to ask a question, please dial the number below at least five minutes before the scheduled start time:
Toll-Free Number: 866-562-9934
International Number: 706-679-0638
Conference ID: 2188966
If you have any difficulty connecting with the conference call, please contact Digimarc investor relations team at +1 503-469-4826.
About Digimarc
Digimarc Corporation (NASDAQ: DMRC) is a pioneer and leader in digital watermarking solutions and the automatic identification of media, including packaging, commercial print, digital images, audio and video. Digimarc helps customers drive efficiency, accuracy and security across physical and digital supply chains. Visit us at digimarc.com on LinkedIn and follow us on Twitter @digimarc to learn more.
Forward-looking statements
Except for historical information contained in this release, the matters described in this release contain various "forward-looking statements." These forward-looking statements include statements identified by terminology such as "will," "should," "expects," "estimates," "predicts" and "continue" or other derivations of these or other comparable terms. These forward-looking statements are statements of management's opinion and are subject to various assumptions, risks, uncertainties and changes in circumstances. Actual results may vary materially from those expressed or implied from the statements in this release as a result of changes in economic, business and regulatory factors. More detailed information about risk factors that may affect actual results are outlined in the company's Form 10-K for the year ended December 31, 2020, and in subsequent periodic reports filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's opinions only as of the date of this release. Except as required by law, Digimarc undertakes no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that may arise after the date of this release.
Digimarc Corporation | ||||||||
Consolidated Income Statement Information | ||||||||
(in thousands, except per share amounts) | ||||||||
(Unaudited) | ||||||||
Three Month Information | Six Month Information | |||||||
June 30, | June 30, | June 30, | June 30, | |||||
2021 | 2020 | 2021 | 2020 | |||||
Revenue: | ||||||||
Service | $ 3,791 | $ 3,892 | $ 7,575 | $ 7,630 | ||||
Subscription | 2,487 | 2,605 | 5,403 | 5,056 | ||||
Total revenue | 6,278 | 6,497 | 12,978 | 12,686 | ||||
Cost of revenue: | ||||||||
Service | 1,515 | 1,601 | 3,085 | 3,285 | ||||
Subscription | 534 | 512 | 1,325 | 1,026 | ||||
Total cost of revenue | 2,049 | 2,113 | 4,410 | 4,311 | ||||
Gross profit: | ||||||||
Service | 2,276 | 2,291 | 4,490 | 4,345 | ||||
Subscription | 1,953 | 2,093 | 4,078 | 4,030 | ||||
Total gross profit | 4,229 | 4,384 | 8,568 | 8,375 | ||||
Gross margin: | ||||||||
Service | 60% | 59% | 59% | 57% | ||||
Subscription | 79% | 80% | 75% | 80% | ||||
Percentage of gross profit to total revenue | 67% | 67% | 66% | 66% | ||||
Operating expenses: | ||||||||
Sales and marketing | 6,277 | 4,633 | 11,218 | 9,879 | ||||
Research, development and engineering | 4,213 | 4,208 | 8,344 | 8,641 | ||||
General and administrative | 9,175 | 3,081 | 12,668 | 6,448 | ||||
Total operating expenses | 19,665 | 11,922 | 32,230 | 24,968 | ||||
Operating loss | (15,436) | (7,538) | (23,662) | (16,593) | ||||
Other income, net | 18 | 79 | 28 | 221 | ||||
Loss before income taxes | (15,418) | (7,459) | (23,634) | (16,372) | ||||
Benefit (provision) for income taxes | (4) | (2) | (10) | 3 | ||||
Net loss | $ (15,422) | $ (7,461) | $ (23,644) | $ (16,369) | ||||
Earnings (loss) per common share: | ||||||||
Loss per common share - basic | $ (0.94) | $ (0.62) | $ (1.44) | $ (1.36) | ||||
Loss per common share - diluted | $ (0.94) | $ (0.62) | $ (1.44) | $ (1.36) | ||||
Weighted average common shares outstanding - basic | 16,430 | 12,108 | 16,382 | 12,073 | ||||
Weighted average common shares outstanding - diluted | 16,430 | 12,108 | 16,382 | 12,073 | ||||
Digimarc Corporation | ||||
Consolidated Balance Sheet Information | ||||
(in thousands) | ||||
(Unaudited) | ||||
June 30, | December 31, | |||
2021 | 2020 | |||
Assets | ||||
Current assets: | ||||
Cash and cash equivalents(1) | $ 21,358 | $ 19,696 | ||
Marketable securities(1) | 39,592 | 58,032 | ||
Trade accounts receivable, net | 4,590 | 3,907 | ||
Other current assets | 1,805 | 2,197 | ||
Total current assets | 67,345 | 83,832 | ||
Marketable securities(1) | 157 | — | ||
Property and equipment, net | 3,082 | 3,272 | ||
Intangibles, net | 6,606 | 6,612 | ||
Goodwill | 1,114 | 1,114 | ||
Other assets | 2,244 | 2,198 | ||
Total assets | $ 80,548 | $ 97,028 | ||
Liabilities and Shareholders' Equity | ||||
Current liabilities: | ||||
Accounts payable and other accrued liabilities | $ 4,428 | $ 2,827 | ||
Note payable, current | 5,091 | 3,947 | ||
Deferred revenue | 2,659 | 3,002 | ||
Total current liabilities | 12,178 | 9,776 | ||
Lease liability and other long-term liabilities | 3,128 | 2,295 | ||
Note payable, long-term | — | 1,118 | ||
Total liabilities | 15,306 | 13,189 | ||
Commitments and contingencies | ||||
Shareholders' equity: | ||||
Preferred stock | 50 | 50 | ||
Common stock | 17 | 17 | ||
Additional paid-in capital | 260,071 | 255,024 | ||
Accumulated deficit | (194,896) | (171,252) | ||
Total shareholders' equity | 65,242 | 83,839 | ||
Total liabilities and shareholders' equity | $ 80,548 | $ 97,028 | ||
(1) Aggregate cash, cash equivalents, short- and long-term marketable securities was $61,107 and $77,728 at June 30, 2021 and December 31, 2020, respectively. |
Digimarc Corporation | ||||
Consolidated Cash Flow Information | ||||
(in thousands) | ||||
(Unaudited) | ||||
Six Month Information | ||||
June 30, | June 30, | |||
2021 | 2020 | |||
Cash flows from operating activities: | ||||
Net loss | $ (23,644) | $ (16,369) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Depreciation, amortization and write-off of property and equipment | 717 | 745 | ||
Amortization and write-off of intangibles | 345 | 431 | ||
Amortization of right of use assets under operating leases | 240 | 233 | ||
Amortization of net premiums and (discounts) on marketable securities | (498) | 96 | ||
Stock-based compensation | 8,747 | 4,522 | ||
Changes in operating assets and liabilities: | ||||
Trade accounts receivable | (950) | 445 | ||
Other current assets | 392 | 361 | ||
Other assets | (19) | 85 | ||
Accounts payable and other accrued liabilities | 1,859 | (155) | ||
Deferred revenue | (331) | (500) | ||
Lease liability and other long-term liabilities | 656 | 24 | ||
Net cash used in operating activities | (12,486) | (10,082) | ||
Cash flows from investing activities: | ||||
Purchase of property and equipment | (569) | (456) | ||
Capitalized patent costs | (290) | (311) | ||
Maturity of marketable securities | 49,722 | 26,439 | ||
Purchase of marketable securities | (30,941) | (19,490) | ||
Net cash provided by investing activities | 17,922 | 6,182 | ||
Cash flows from financing activities: | ||||
Proceeds from note payable | — | 5,032 | ||
Issuance of preferred stock, net of issuance costs | — | 574 | ||
Exercise of stock options | — | 135 | ||
Purchase of common stock | (3,774) | (1,120) | ||
Net cash provided by (used in) financing activities | (3,774) | 4,621 | ||
Net increase in cash and cash equivalents(2) | $ 1,662 | $ 721 | ||
Cash, cash equivalents and marketable securities at beginning of period | 77,728 | 36,817 | ||
Cash, cash equivalents and marketable securities at end of period | 61,107 | 30,493 | ||
(2) Net decrease in cash, cash equivalents and marketable securities | $ (16,621) | $ (6,324) | ||
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SOURCE Digimarc Corporation
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