Digimarc Corporation · NASDAQ:DMRC
Digimarc — Investor Day (March 2019)
102 slides from Digimarc's investor day presentation, Mar 11, 2019
Slide 1: Capital Markets Day March 11, 2019
Capital Markets Day March 11, 2019 Bruce Davis Chairman & CEO Exhibit 99.1
Slide 2: Safe Harbor Statement
Safe Harbor Statement Please note that during the course of this event we will be making certain forward-looking statements, including those regarding: revenue, bookings, results of operations and operating leverage inherent in our platform; our investments and initiatives; our market opportunities;
Slide 3: Goals
Share our observations regarding current approaches to valuing our company Provide detailed information concerning the factors we believe are being considered, and those that we believe should be considered Discuss assets, TAMs, and progress that might not be well-understood Receive inputs to guide
Slide 4: Agenda
Agenda Digimarc Overview Established Business & Foundational Value Unrealized Value: The Barcode of Everything® & Intuitive Computing Platform (ICP™) Working Capital Strategy
Slide 5: Digimarc Overview
Digimarc Overview
Slide 6: Business Overview
Business Overview Twenty Years Developing Intuitive Computing Platform (ICP) R&D: digital watermarking; automatic ID of media Patent licensing funded early development Security for banknotes, movies, and digital images; audience measurement for radio and TV 1999 IPO raised $80MM 2001 acquired Polaro
Slide 7: Established Business & Foundational Value
Established Business & Foundational Value
Slide 8: TSR Trends
TSR Trends 5-Year Share Price 1-Year Share Price
Slide 9: Determining Fair Value of Digimarc
Determining Fair Value of Digimarc Current Market Capitalization: $350MM Analysts’ Models: $430MM target Projected free cash flow, or projected EPS, for years ranging from 2022 to 2027, for existing revenue streams + Barcode for packaging @$50/SKU 5% terminal growth rate Sum of Parts, Established Bu
Slide 10: Business Model for Government Security
Business Model for Government Security (66% 2018 revenues) $14.0MM 2018 Revenue 58% 2018 Gross Margin Value Proposition Globally-deployed banknote anti-counterfeiting system Deter fake government-issued IDs Customer Relationships 24-year relationship with consortium of leading central banks Services
Slide 11: Business Model for Guardian
Business Model for Guardian (17% 2018 revenues) $3.7MM 2018 Revenue 63% 2018 Gross Margin Value Proposition Protect e-publications and digital images from unlicensed use Provide anti-piracy and take down services Customer Relationships Long-term relationships with leading book, journals and Standard
Slide 12: Business Model for Patent Licensing
Business Model for Patent Licensing (6% 2018 revenues) $1.2MM 2018 Revenue 49% 2018 Gross Margin Value Proposition Freedom to operate in specified Fields of Use Customer Relationships & Key Activities Portfolio aligned with execution of general corporate strategy Patent licensing limited to companie
Slide 13: Business Model for Retail and CPG
Business Model for Retail and CPG (11% 2018 revenues) $2.3MM 2018 Revenue 76% 2018 Gross Margin Value Proposition Reliable, efficient auto ID of packaging, labels, tags, and commercial print Customer Relationships & Key Activities Top retailers and CPGs Seeding initial applications Training and supp
Slide 14: Foundational Value – Sum of the Parts
Foundational Value – Sum of the Parts Value of our established business should include operating business and value of our patents. Notes: (1) Internal valuation using combination of discounted cash flows and revenue and EBITDAS multiples to compute range of fair values. Patents
Slide 15: Patents: Income and Sustainable Competitive Advantage
Patents: Income and Sustainable Competitive Advantage
Slide 16: World-class, Focused, Comprehensive ICP Patent Portfolio
World-class, Focused, Comprehensive ICP Patent Portfolio Notes: Institute of Electrical and Electronics Engineers (IEEE) Pipeline Power Report 2017, Computer Software Segment Rankings. IEEE Pipeline Power score is calculated as the product of the Number of 2016 Patents, Pipeline Growth Index, Adjust
Slide 17: Value of Our Patents
Value of Our Patents Life to date license revenues >$150MM 2010 IV transaction: $40MM net to DMRC, plus 20% profit sharing thru remaining life of patents, with implied value of patents range from $260MM(1) to $580MM(2) 2014 patent valuation study by well-regarded boutique IP specialist investment ba
Slide 18: Foundational Value – Sum of the Parts, Including Patents
Foundational Value – Sum of the Parts, Including Patents Value of our established business, with patents included, would account for most or all of our share price. Notes: (1) Internal valuation using combination of discounted cash flows and revenue and EBITDAS multiples to compute range of fair val
Slide 19: Determining Fair Value of Digimarc
Determining Fair Value of Digimarc Current Market Capitalization: $350MM; 11.7MM shares outstanding Analysts’ Models: $430MM target Projected free cash flow with 5% terminal growth, or projected EPS, for years ranging from 2022 to 2027, for existing revenue streams + Barcode for packaging @$50/SKU M
Slide 20: Digimarc Intuitive Computing Platform (ICP)
Digimarc Intuitive Computing Platform (ICP™)
Slide 21: Composition of Digimarc Barcode
Composition A Grid comprised of waveforms at specific frequencies A Message comprised of bits (0/1) of information spread across a broad range of frequencies How Digimarc Barcode Looks to Us vs. a Computer? Original Enhanced General Characteristics Low contrast two-dimensional data carrier Can be ap
Slide 22: Digimarc Barcode for Audio
Digimarc Barcode for Audio Frequency Time Frequency Time Audio File Audio File with Digimarc Barcode Open frequencies within audio files By using Psychoacoustic Processing and Perceptual Modeling to leverage frequencies that are inaudible to the human ear, Digimarc Barcode enables media to be insta
Slide 23: Intuitive Computing Platform (ICP)
Intuitive Computing Platform (ICP™) Built on foundational IP from prior decade 2008 program to capture critical IP in development of Digimarc Barcode and Digimarc Discover as multi-sided platform Initial focus on supporting Augmented Reality via sensor fusion Platform designed to optimize sensing ac
Slide 24: Digimarc ICP Technical Description
Digimarc ICP Technical Description Applications The ICP suite provides reliable, efficient identification that powers an ecosystem of applications. Identification Digimarc Barcodes are imperceptible codes for: Discovery Digimarc Discover® software for automatic identification: Consumer Goods Thermal
Slide 25: ICP is a Multi-sided Platform
ICP is a Multi-sided Platform (MSP): Meaning? Significance? “MSPs are technologies, products or services that create value primarily by enabling direct interactions between two or more customer or participant groups.”* Well-known MSPs include Amazon, eBay, AirBnB, Uber, Windows, iOS and Android, et
Slide 26: Current Investment Focus: Three-sided ICP Local Node
Current Investment Focus: Three-sided ICP Local Node – Consumers, CPGs, and Retailers
Slide 27: Why Should You Care About Understanding MSPs?
Why Should You Care About Understanding MSPs? Our platform modernizes the global supply chain Dovetails with changes in retail and consumer behavior Serves a critical function in IoT Digimarc: Mission Critical Platform for the Digital Age
Slide 28: Unrealized Value: The Barcode of Everything & ICP
Unrealized Value: The Barcode of Everything & Intuitive Computing Platform (ICP)
Slide 29: Enterprise Value – Sum of the Parts
Enterprise Value – Sum of the Parts The implied foundational value of the established business, with patents included, appears to account for, or potentially exceed, our current market value Using package license fee growth in next several years as sole measure of the value of our Platform does not
Slide 30: Growth Investment in Enormous Addressable Markets for ICP
Growth Investment in One of Many Enormous Addressable Markets for ICP Transformational Technology for Global Supply Chain Digimarc “The Barcode of Everything” generally imperceptible data carrier for all media Outperforms conventional barcodes in all significant measures of performance Enormous Addr
Slide 31: The Decision to Focus on Retail
The Decision to Focus on Retail Blockchain AI + ML Advertising Healthcare AR IoT Digital Search Recycling Supply Chain RETAIL
Slide 32: Business Model for Retail and CPG Applications
Business Model for Retail and CPG Applications VALUE PROPOSITION CUSTOMER RELATIONSHIPS CHANNELS KEY ACTIVITIES REVENUE STREAMS COST STRUCTURE CUSTOMER SEGMENTS KEY RESOURCES Successor to conventional barcodes More reliable, efficient data carrier with no noticeable visible artifacts Improve reliabi
Slide 33: The Barcode of Everything
The Barcode of Everything The Barcode of Everything can be applied to all media types enabling the efficient and reliable automatic identification, discovery, and interconnection of everything: Digimarc Barcode is a low contrast data carrier that is effectively invisible and inaudible to humans High
Slide 34: Digimarc ICP For Retail and CPG
Digimarc ICP For Retail and CPG
Slide 35: Market Development Strategy – Core Elements
Market Development Strategy – Core Elements Target world’s largest retailers and CPGs Develop initial applications, while fostering application developer community Enable multiple sources of supply for key benefits of platform Garner industry and government support for our platform Begin in limited
Slide 36: Platform Development Model for Retail and CPG
Platform Development Model for Retail and CPG Seed ecosystem with influential subset of users: targeting the world’s largest retailers and CPGs, consistent with “tipping point” approach to market development Our MSP is unusual in that all participants receive multiple benefits from efficient and rel
Slide 37: Digimarc Intuitive Computing Platform
Digimarc Intuitive Computing Platform
Slide 38: Benchmarks: UPC (Conventional Barcode)
Benchmarks: UPC (Conventional Barcode) Key Development Highlights 1st patent issued October 7, 1952 First commercial use, 22 years later, in 1974, automating supermarket checkout systems Adoption started slow, then grew exponentially to become foundation of global supply chain Now, Industry is Looki
Slide 39: Benchmarks: Qualcomm as Model of Multi-sided Protocol Platform
Benchmarks: Qualcomm as Model of Multi-sided Protocol Platform Success Founded in 1985 to develop mobile communications technologies $68MM IPO in 1991 Developed cdmaOne spread spectrum multiple channel access method for cell phones cdmaOne adopted as standard by Telecommunications Industry Associati
Slide 40: Accelerating Technology Adoption Curves
Accelerating Technology Adoption Curves https://virtualrealitypop.com/why-consumer-adoption-of-vr-and-ar-will-be-slow-a63283820574
Slide 41: Consumer, Retail and CPG: Shoppers Journey
Consumer, Retail and CPG: Shoppers Journey
Slide 42: Shopper's Journey
Shopper’s Journey Interactive TV & Radio Signage Tabs & Circulars Loyalty Programs Shelf Labels Packaging Food Labels Coupon Delivery Demand Creation Magazines Free Standing Inserts Direct mail TV/radio Capture purchase intent Ability to gain consumer insights/data intelligence Pre-shop Prep Coupons
Slide 43: ICP Feature Development: Consumers and Brands
ICP Feature Development: Consumers and Brands
Slide 44: How to Reach Tipping Point in Mobile-centric Shopping
How to Reach Tipping Point in Mobile-centric Shopping Technology is not the issue CPGs don’t want disintermediation of brand relationship by trading partners or search providers Need in camera scene analysis and auto ID or broadly downloaded app Completed Android technical POC Discussing with leadin
Slide 45: Consumer, Retail, and CPG
Consumer, Retail, and CPG
Slide 46: Unified Commerce
Unified Commerce Design Incorporate barcode data into artwork Integrate codes and link to content Manufacturing Improve in-line inspection Distribution Center More reliable labels Print on corrugated packaging Scan readily from a distance Verify logistics and returns In-Aisle Price checks Manage pla
Slide 47: Execution of Strategy: Targeting Largest Retailers
Execution of Strategy: Targeting Largest Retailers 2 of Top 10 US Retailers “Top 100 Retailers: The Nation’s Retail Power Players 2017” – Stores NRF Magazine, June 2017 Early Adopters
Slide 48: Store Operations: Packages, Labels, Hangtags, POP, Shelf Edge
Store Operations: Packages, Labels, Hangtags, POP, Shelf Edge Front of Store and In-Aisle: Easier scan at self-checkout; better data Increased items per minute at checkout Less shrink, increased sales More efficient inventory audits by associates and robots More accurate data in stock, pricing, plan
Slide 49: Traditional Thermal Labels
Traditional Thermal Labels On-demand printing for fresh foods categories in retailers Fast, efficient printing with no dry time Low printing and maintenance costs Tracking of expiration at individual item level with DataBar implementations PERFORMS LIKE THIS Digimarc Barcode for Thermal Labels Digim
Slide 50: Digimarc Barcode for Thermal Labels Can Help Reduce Food Waste
Digimarc Barcode for Thermal Labels Can Help Reduce Food Waste Source: www.refed.com *Digimarc can help retailers reduce food waste by increasing sales of aged product
Slide 51: Entire Retail Scale Printer Ecosystem is Being Enabled
Entire Retail Scale Printer Ecosystem is Being Enabled
Slide 52: Key Retail Accounts – Walmart and Costco
Key Retail Accounts – Walmart and Costco Walmart Doug McMillon, in recent Walmart earnings call: “We strive to make every day easier for busy families as we increase convenience and save them money and time.” Announced Project Gigaton to reduce plastic waste Most in-counter POS scanners equipped wit
Slide 53: Consumer, Retail, and CPG
Consumer, Retail, and CPG
Slide 54: Doing Business with Six of Eleven Companies That Own Most FMCG Brands
Doing Business with Six of Eleven Companies That Own Most of the FMCG Brands "Here they are, 100 years plus, tons of advertising, built into people's habits and everything else," Buffett said of Kraft Heinz's brands. "And now, Kirkland, a private-label brand, comes along and with only 750 or so outl
Slide 55: Full Consumer Product Lifecycle Support
Full Consumer Product Lifecycle Support Design Incorporate barcode data into artwork Integrate codes and link to content Manufacturing Improve in-line inspection Distribution Center More reliable labels Print on corrugated packaging Scan readily from a distance Verify logistics and returns In-Aisle
Slide 56: Digimarc Barcode for SmartLabel and GMO Disclosure
Digimarc Barcode removes the need for visually intrusive QR codes, which compete with precious packaging real estate. Functionally, consumers can scan ‘anywhere’ there is Digimarc Barcode across the package artwork and are not limited to a single visual symbology or ‘target.’ The single code can del
Slide 57: Manufacturing Quality Management
Manufacturing Quality Management Product and label mismatches huge impact on all aspects of CPG business: Consumer health and safety Damage to brand Recall costs Labor and product costs for mitigation – internal and external Five pilots Settling delivery and support with Cognex Digimarc Barcode: > 9
Slide 58: Example with Rice using GTIN+ with Material Code
Example with Rice using GTIN+ with Material Code
Slide 59: Brand Protection
Brand Protection Digimarc Barcode: Confidential Engagements Digimarc Guardian: Digital Images HP Link: Serialization; Track and Trace AlpVision: Counterfeit Deterrence Platform
Slide 60: Digimarc Barcode for Fabric and Flooring
Digimarc Barcode for Fabric and Flooring Examples of Printed Watermarks by Filigrade in Holland; and Stealthcode by BeeGraphics in Italy Digimarc Barcode integrated into flooring and fabric to educate users, and deter counterfeiting and channel diversion Fabric sample shown at NRF in January and Eur
Slide 61: Modernizing the Supply Chain for Live Plants
Modernizing the Supply Chain for Live Plants $19 billion paper and packaging supplier Over 70% market share in category Manufactures over 3 billion plant stakes annually Supports major retailers such as Home Depot, Walmart, Kroger, Tractor Supply and many others Small form factor is ideal for Digima
Slide 62: Improving Recycling of Plastic Packaging
Improving Recycling of Plastic Packaging If current pollution rates continue, there will be more plastic in the sea than fish by 2050, as 8 million tonnes of bottles and waste swamp the oceans each year. – UN Environment Program CPGs represent 20% of all plastic produced globally; P&G heads Holy Gra
Slide 63: Key CPG Accounts - Highlights
Key CPG Accounts - Highlights P&G 1st product shipments to multiple channels Continuing cooperation on global scaling strategies PepsiCo Major retailer in store-pilot Several PepsiCo brands participating Other Global Leaders Multiple suppliers participating in major retailer in-store pilot First enh
Slide 64: Consumer, Retail, and CPG: Geographical Expansion
Consumer, Retail, and CPG: Geographical Expansion
Slide 65: Europe
Europe Focused sales & partner related activities have started to pay off 1st European retail customer roll out. Value proposition Easy Check Out. Three full-time employees, focused on nurturing successful rollout with large retailer. Leading retailers are watching. Many suppliers engaged. Key Pre-P
Slide 66: Japan
Japan Study group has generated substantial awareness Single local employee, our country manager, with ad hoc support from US, limits progress Advances in ecosystem integration, alliance building and business development, despite minimal staffing Significant progress has been made on integration wit
Slide 67: Consumer, Retail, and CPG: Global Supplier Alliances
Consumer, Retail, and CPG: Global Supplier Alliances
Slide 68: $150 Million Platform Investment in Early Stages of Major Platform Expansion
$150 Million Platform Investment in Early Stages of Major Platform Expansion Digimarc has a robust track record of achieving significant, global scale in multiple market verticals: Key Alliances & Partners Engaged with a broad range of strategic partners across Identification, Discovery, and Applica
Slide 69: Mobile Discovery Evolving with Partners
Mobile Discovery Evolving with Partners AILA has integrated the ability detect Digimarc Barcodes using the Digimarc Mobile SDK into its retail scanning offerings for both tablets & handheld devices. FutureProof Retail offers several mobile solutions for retailers; their core offering is mobile check
Slide 70: HP Link: End-to-end Solutions Through Entire Product Lifecycle
HP Link: End-to-end Solutions Through Entire Product Lifecycle Licensed by Digimarc
Slide 71: Consumer, Retail, and CPG: Competition
Consumer, Retail, and CPG: Competition
Slide 72: Competition
Competition UPC (1974) – ubiquitous 1D (horizontal stripes) data carrier Adoption started slow, then grew exponentially, to become foundation of global supply chain QR Code (1994) – 2D (squares) originally designed for automotive industry; now popular for consumer applications Greater data capacity
Slide 73: Examples of Common Image Recognition Misreads
Examples of Common Image Recognition Misreads Common Graphics Common Logos Most image recognition techniques leverage shapes as opposed to all image characteristics. Brands that rely colors to differentiate packages are more likely to encounter misreads. Templates that have common logos or other gra
Slide 74: Digimarc "Customer First" Compared with Amazon Go
Digimarc “Customer First” Compared with Amazon Go Amazon Go studies people; we identify media DMB has broader application, and greater convenience, choice and control than Amazon Go Maintain familiar friendly process Serve all customers More checkout options: self, associate, POS Translation and pro
Slide 75: Next Steps in Execution of Strategy
Next Steps in Execution of Strategy
Slide 76: 2019 Strategic Plan
Financial: Bookings/revenue growth Bookings growth in Digimarc Barcode; Rev growth in Payments and Guardian Close contracts with top accounts Grow share of wallet with accounts Renew key customer contracts Optimize spending/investments Deliver comprehensive product marketing Cash flow Improve Shareh
Slide 77: Path to Scale in Retail
Path to Scale in Retail Thermal Labels Move from pilot to production Add customers Facilitate business process re-engineering: support sell by date, provenance, dynamic pricing Integrate firmware into more printers: in-store and food services – Bizerba, Hobart, Mettler-Toledo, DIGI, Ishida Packaging
Slide 78: Working Capital Management
Working Capital Management
Slide 79: Valuation and Digimarc Liquidity Event Precedents
Valuation and Digimarc Liquidity Event Precedents IPO 1999: 12x $240MM market price vs. pre-public valuation $22MM ID Systems Sale 2008 3x $390MM vs. pre-transaction value $140MM Public market value prior to sale: $140MM Enterprise value prior to sale: $100MM ID Systems, 80% of revenues Digital wate
Slide 80: Determining Fair Value of Digimarc
Determining Fair Value of Digimarc Current Market Capitalization: $350MM Analysts’ Models: $430MM Target Projected free cash flow, or projected EPS, for years ranging from 2022 to 2027, for existing revenue streams + Barcode for packaging @$50/SKU 5% terminal growth rate? Sum of Parts, Established B
Slide 81: Digimarc at Inflection Point
Digimarc at Inflection Point Twenty years as a publicly-traded company TSR (1-year and 5-year) has been average in relation to peers but has underperformed market Analysts appear to be valuing operating businesses plus nominal optionality of Retail and CPG early market development for limited number
Slide 82: 2019 Approach to Working Capital Management
2019 Approach to Working Capital Management Income Enhancement Programs: Increase revenue growth rate by rewarding early adopters with special terms Industry leaders encourage adoption by others (tipping point theory) Payments for product or geographical exclusives Grow share of wallet in major acco
Slide 83: Income Enhancement Programs
Income Enhancement Programs
Slide 84: Income Enhancement Programs
Income Enhancement Programs Early adopter CPGs, retailers and suppliers who help develop and market features of ICP Must invest in feature development, including paying for our participation Help establish technical and commercial viability Cooperate in marketing to rest of industry, including help
Slide 85: Shared Vision, Joint Enablement
SHARED VISION JOINT ENABLEMENT Pre-Media Activation: Optimized Artwork Approval Process QA/QC process and tools Serialization Strategy Define requirements and implementation strategy Test and prove use case on track and trace Deliver a superior digital package identity to create value throughout eac
Slide 86: Shared Vision, Joint Enablement
SHARED VISION JOINT ENABLEMENT Pre-Media Activation: Enhance artwork Approval Process QA/QC process and tools Data Management Collect T-log data or other data sources to track performance Analyze results; test and refine Integrate with other retail & ERP systems Supplier Activation: Printer QM QA/QC
Slide 87: Financing Geographic Expansion
Financing Geographic Expansion There is evidence of significant opportunity in Europe and Japan Capital constraints are making it difficult to properly support foreign markets May make sense to secure large, capable partners in foreign markets who can provide capital as well as operational leverage
Slide 88: Potential Sources of Strategic Investment and Operating Leverage
Potential Sources of Strategic Investment and Operating Leverage
Slide 89: Strategic Investment: Sources of Capital and Operational Leverage
Strategic Investment: Sources of Capital and Operational Leverage Our situation: Clearly articulated strategy, with objective measures of progress Constrained product market focus: consumer products and retail Strategy targets world leaders in these markets; and they are engaged Their scale and scal
Slide 90: Potential Sources of Operational Leverage and Capital
Potential Sources of Operational Leverage and Capital Sample of Prospects Business Mkt Cap Identification Discovery Applications Value to Partner Examples Adobe Media creation and marketing $125B x x add auto ID to design and prepress; link to marketing cloud Microsoft Operating system and cloud $78
Slide 91: Adobe
Adobe Foundational underpinning of our entire platform / ecosystem – inherent digital identities for all media objects Long-term relationship with Adobe: pre-public investor, plug-ins, government security Digimarc’s enhancement tools are all built on Adobe’s Creative Cloud Adobe could become world’s
Slide 92: Microsoft
Microsoft Digimarc Barcode detection integrated into Windows 10 core, resident in 800MM devices Digimarc Barcode improves retail store operations Retail with Digimarc Barcode improves consumers choice, convenience, control; and facilitates low prices through efficiency gains Microsoft established ma
Slide 93: Open Data Initiative – Consortia as Potential Investors?
Open Data Initiative – Consortia as Potential Investors? From announcement in September 24, 2018: “…many businesses struggle to attain a complete view of their customer interactions and operations, because they are unable to connect information trapped in internal silos. At the same time, important
Slide 94: Google: Digimarc Discover – From Search to Discovery
Google: Digimarc Discover – From Search to Discovery Google keyword search changed the world when desktop computing was dominant Mobile search is overtaking desktop search Text-typing does not work well for mobile devices Voice is helping Camera as discovery interface seems a natural evolution in th
Slide 95: Maximizing Shareholder Value
Maximizing Shareholder Value
Slide 96: Three-sided ICP Local Node – Consumers, CPGs, and Retailers
Three-sided ICP Local Node – Consumers, CPGs, and Retailers
Slide 97: ICP: Future of Search is Discovery in the Internet of Everything
ICP: Future of Search is Discovery in the Internet of Everything Virtually everything will be connected to the Internet and other networks Mobile devices and network coverage are pervasive Accurate identification of media objects is critical to many business models of IT leaders Device sensor config
Slide 98: Track Record of Relevant Expertise, Quality, and Delivery
Track Record of Relevant Expertise, Quality, and Delivery Capable and focused management Trusted platform developer for world’s leading Central Banks for 20 years Demonstrated ability to navigate chicken and egg problem in MSP development Foundation of numerous piracy and anti-counterfeiting standar
Slide 99: Goals
Share our observations regarding current approaches to valuing our company Provide detailed information concerning the factors we believe are being considered, and those that we believe should be considered Discuss assets, TAMs, and progress that might not be well-understood Receive inputs to guide
Slide 100: Enterprise Value of Digimarc
Enterprise Value of Digimarc Validated Mission Critical Proprietary Technology High-security digital watermarking pioneer 20 years in counterfeit deterrence with Central Banks Broad adoption of licensed solutions in multiple industries High quality initial suppliers and customers Vote of confidence
Slide 101: Inquiries & Contact Information
Inquiries & Contact Information Matt Glover Investor Relations Phone: 949.574.3860 Liolios Group Matt@liolios.com Charles Beck EVP, CFO Digimarc Corporation Phone: 503.469.4721 Charles.Beck@digimarc.com
Slide 102: Digimarc – The Barcode of Everything
DIGIMARC | @) The Barcode of Everything’