$DMRC
Digimarc CORP

2017 Q1 Form 10-Q Financial Statement

#000156459017007471 Filed on April 27, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q4 2016 Q1
Revenue $6.091M $5.180M $5.580M
YoY Change 9.16% 3.27% -6.83%
Cost Of Revenue $2.309M $2.051M $2.190M
YoY Change 5.43% 3.38% -9.35%
Gross Profit $3.782M $3.129M $3.390M
YoY Change 11.56% 3.2% -5.12%
Gross Profit Margin 62.09% 60.41% 60.75%
Selling, General & Admin $6.377M $5.245M $5.125M
YoY Change 24.43% 11.62% 19.3%
% of Gross Profit 168.61% 167.63% 151.18%
Research & Development $3.459M $3.419M $3.305M
YoY Change 4.66% 9.58% 7.17%
% of Gross Profit 91.46% 109.27% 97.49%
Depreciation & Amortization $560.0K $560.0K $630.0K
YoY Change -11.11% -22.22% 3.28%
% of Gross Profit 14.81% 17.9% 18.58%
Operating Expenses $10.23M $8.664M $8.864M
YoY Change 15.39% 10.81% 14.42%
Operating Profit -$6.446M -$5.881M -$5.474M
YoY Change 17.76% 11.24% 31.15%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $120.0K $100.0K $50.00K
YoY Change 140.0% 233.33% 150.0%
Pretax Income -$6.328M -$5.780M -$5.428M
YoY Change 16.58% 9.89% 30.76%
Income Tax -$110.0K -$20.00K $7.000K
% Of Pretax Income
Net Earnings -$6.218M -$5.756M -$5.435M
YoY Change 14.41% 8.54% 30.96%
Net Earnings / Revenue -102.09% -111.12% -97.4%
Basic Earnings Per Share -$0.61 -$0.57 -$0.64
Diluted Earnings Per Share -$0.61 -$0.57 -$0.64
COMMON SHARES
Basic Shares Outstanding 10.16M 10.11M 8.533M
Diluted Shares Outstanding 10.16M 10.11M 8.533M

Balance Sheet

Concept 2017 Q1 2016 Q4 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $56.19M $56.13M $33.85M
YoY Change 66.0% 55.1% -8.76%
Cash & Equivalents $13.14M $11.64M $8.066M
Short-Term Investments $43.05M $44.50M $25.78M
Other Short-Term Assets $1.625M $1.695M $1.396M
YoY Change 16.4% 13.99% -44.56%
Inventory
Prepaid Expenses
Receivables $3.804M $5.078M $2.296M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $61.61M $62.91M $37.54M
YoY Change 64.12% 48.75% -13.16%
LONG-TERM ASSETS
Property, Plant & Equipment $3.767M $3.570M $2.987M
YoY Change 26.11% 18.6% 3.18%
Goodwill $1.114M $1.114M $1.114M
YoY Change 0.0% 0.0% 0.0%
Intangibles $6.399M $6.422M $6.563M
YoY Change -2.5% -2.89% -1.93%
Long-Term Investments $0.00 $4.390M $2.050M
YoY Change -100.0% 46.33%
Other Assets $276.0K $331.0K $314.0K
YoY Change -12.1% -2.07% -6.82%
Total Long-Term Assets $11.56M $15.83M $13.02M
YoY Change -11.27% 12.47% 17.99%
TOTAL ASSETS
Total Short-Term Assets $61.61M $62.91M $37.54M
Total Long-Term Assets $11.56M $15.83M $13.02M
Total Assets $73.17M $78.74M $50.57M
YoY Change 44.7% 39.69% -6.83%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.400M $1.520M $780.0K
YoY Change 79.49% -8.43% -46.94%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.846M $4.446M $3.384M
YoY Change 13.65% -5.0% -24.07%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.070M $960.0K $220.0K
YoY Change 386.36% 317.39% 37.5%
Total Long-Term Liabilities $1.066M $956.0K $219.0K
YoY Change 386.76% 323.01% 38.61%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.846M $4.446M $3.384M
Total Long-Term Liabilities $1.066M $956.0K $219.0K
Total Liabilities $4.912M $5.402M $3.603M
YoY Change 36.33% 10.11% -21.93%
SHAREHOLDERS EQUITY
Retained Earnings -$53.96M -$47.71M -$31.48M
YoY Change 71.42% 83.23% 156.81%
Common Stock $11.00K $11.00K $9.000K
YoY Change 22.22% 22.22% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $68.26M $73.33M $46.96M
YoY Change
Total Liabilities & Shareholders Equity $73.17M $78.74M $50.57M
YoY Change 44.7% 39.69% -6.83%

Cashflow Statement

Concept 2017 Q1 2016 Q4 2016 Q1
OPERATING ACTIVITIES
Net Income -$6.218M -$5.756M -$5.435M
YoY Change 14.41% 8.54% 30.96%
Depreciation, Depletion And Amortization $560.0K $560.0K $630.0K
YoY Change -11.11% -22.22% 3.28%
Cash From Operating Activities -$3.130M -$4.870M -$2.210M
YoY Change 41.63% 79.7% 8.33%
INVESTING ACTIVITIES
Capital Expenditures $605.0K -$440.0K $490.0K
YoY Change 23.47% -38.89% 292.0%
Acquisitions
YoY Change
Other Investing Activities $5.840M -$7.220M $8.200M
YoY Change -28.78% 62.25% 791.3%
Cash From Investing Activities $5.030M -$7.670M $7.490M
YoY Change -32.84% 48.64% 1148.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $583.0K $520.0K
YoY Change 12.12% 4.84%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -410.0K -470.0K -380.0K
YoY Change 7.89% 14.63% -200.0%
NET CHANGE
Cash From Operating Activities -3.130M -4.870M -2.210M
Cash From Investing Activities 5.030M -7.670M 7.490M
Cash From Financing Activities -410.0K -470.0K -380.0K
Net Change In Cash 1.490M -13.01M 4.900M
YoY Change -69.59% 57.13% -562.26%
FREE CASH FLOW
Cash From Operating Activities -$3.130M -$4.870M -$2.210M
Capital Expenditures $605.0K -$440.0K $490.0K
Free Cash Flow -$3.735M -$4.430M -$2.700M
YoY Change 38.33% 122.61% 24.71%

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<div> <p style="margin-top:12pt;margin-bottom:0pt;margin-left:4.54%;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Reclassifications</p> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">Certain prior period amounts in the accompanying consolidated financial statements and notes thereto have been reclassified to conform to current period presentation. These reclassifications had no material effect on the results of operations or financial position for any period presented.</p></div>
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StockIssuedDuringPeriodSharesStockOptionsExercised
19000
CY2017Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1503000
CY2016Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1283000
CY2017Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
1548000
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
0
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
402000
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
402000
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
19.06
CY2017Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0
CY2017Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
9.64
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
0
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
19.49
CY2016Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
10881000
CY2017Q1 dmrc Period Of Revenue From Services
PeriodOfRevenueFromServices
P1M
CY2017Q1 dmrc Subscription Revenue Term Minimum
SubscriptionRevenueTermMinimum
P1Y
CY2017Q1 dmrc Subscription Revenue Term Maximum
SubscriptionRevenueTermMaximum
P3Y
CY2017Q1 dmrc License Revenue Recognized Normal Payment Terms Maximum
LicenseRevenueRecognizedNormalPaymentTermsMaximum
P60D
CY2017Q1 dmrc License Revenue Recognized Normal Payment Terms Minimum
LicenseRevenueRecognizedNormalPaymentTermsMinimum
P30D
CY2017Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
19.49
CY2016Q4 dmrc Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageGrantDateFairValue
9.01
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0
CY2017Q1 dmrc Share Based Compensation Arrangement By Share Based Payment Award Options Exercised In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisedInPeriodWeightedAverageGrantDateFairValue
6.30
CY2017Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedWeightedAverageGrantDateFairValue
0
CY2017Q1 dmrc Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageGrantDateFairValue
9.13
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
3307000
CY2017Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
3307000
CY2017Q1 dmrc Undistributed Earnings Loss Allocated To Common Shareholders
UndistributedEarningsLossAllocatedToCommonShareholders
-6218000
CY2016Q1 dmrc Undistributed Earnings Loss Allocated To Common Shareholders
UndistributedEarningsLossAllocatedToCommonShareholders
-5435000
CY2017Q1 us-gaap Undistributed Earnings
UndistributedEarnings
-6218000
CY2016Q1 us-gaap Undistributed Earnings
UndistributedEarnings
-5435000
CY2017Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-6218000
CY2016Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-5435000
CY2017Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-6218000
CY2016Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-5435000
CY2017Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
119000
CY2016Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
207000
CY2017Q1 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
3819000
CY2016Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
5093000
CY2017Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
15000
CY2016Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
15000
CY2017Q1 dmrc Unpaid Deferred Revenues Included In Accounts Receivable
UnpaidDeferredRevenuesIncludedInAccountsReceivable
507000
CY2016Q4 dmrc Unpaid Deferred Revenues Included In Accounts Receivable
UnpaidDeferredRevenuesIncludedInAccountsReceivable
2245000
CY2017Q1 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
1175000
CY2016Q4 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
1168000
CY2017Q1 us-gaap Capitalized Computer Software Gross
CapitalizedComputerSoftwareGross
2472000
CY2016Q4 us-gaap Capitalized Computer Software Gross
CapitalizedComputerSoftwareGross
2146000
CY2017Q1 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
4215000
CY2017Q1 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
1614000
CY2016Q4 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
1617000
CY2017Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
9476000
CY2016Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
9002000
CY2017Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
5709000
CY2016Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
5432000
CY2017Q1 us-gaap Finite Lived Patents Gross
FiniteLivedPatentsGross
7444000
CY2016Q4 us-gaap Finite Lived Patents Gross
FiniteLivedPatentsGross
7281000
CY2016Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
10551000
CY2017Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
4315000
CY2016Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
4129000
CY2012Q1 dmrc Number Of Joint Ventures
NumberOfJointVentures
2
CY2017Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
34142000
CY2016Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
24888000
CY2017Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.02
CY2016Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.00
CY2017Q1 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
9254000
CY2017Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
10714000

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