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IMAGEWARE SYSTEMS, INC. FQ2 2017 EARNINGS CALL AUG 14, 2017
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Call Participants
EXECUTIVES
S.
James Miller
Chairman and Chief Executive
Officer
ANALYSTS
Harvey
R. Kohn
Robert
London
Robert
Warren Stone
Cowen and Company, LLC,
Research Division
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IMAGEWARE SYSTEMS, INC. FQ2 2017 EARNINGS CALL AUG 14, 2017
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Presentation
Operator
Good
afternoon, everyone, and thank you for participating in ImageWare
Systems' Corporate Update Call to highlight their progress since
it's last update on May 10, 2017.
Joining
us today are ImageWare Systems' Chairman and CEO, Mr. Jim
Miller;and the company's CFO, Mr. Wayne Wetherell. Following their
remarks, we'll open the call for your questions.
Any
statements contained in this document that are not historical facts
are forward-looking statements as definedin the
U.S. Private Securities Litigation Reform Act of 1995. Words such
as anticipates, believe, estimate, expect, forecast, intend, may,
plan, project, predict, if, should and will and similar expressions
as they relate to ImageWare Systems, Inc. are intended to identify
such forward-looking statements.
ImageWare may, from
time to time, update these publicly-announced projections, but it
is not obligated to do so. Any projections of future results of
operations should not be construed in any manner as a guarantee
that such results will, in fact, occur. These projections are
subject to change and could differ materially from final reported
results.
For a
discussion of such risks and uncertainties, see Risk Factors in
ImageWare's annual report on Form 10-K for the fiscal year ended
December 31, 2016, and its other reports filed with the Securities
and Exchange Commission under the Securities 3 Exchange Act of 1934
as amended.
Readers
are cautioned not to place any undue reliance on these
forward-looking statements, which speak only as of the dates on
which they are made.
I would
like to remind everyone that this call will be available for replay
through September 14, 2017, starting at 8:00 p.m. Eastern tonight.
A webcast replay will also be available via the link provided in
today's press release as well as available on the company's website
at www.iwsinc.com. Any
redistribution, retransmission or rebroadcast of this call in any
way without the expressed written consent of ImageWare Systems,
Inc. is strictly prohibited.
Now I
would like to turn the call over to the Chairman and Chief
Executive Officer of ImageWare Systems, Mr. Jim Miller. Sir, please go
ahead.
S.
James Miller
Chairman and Chief Executive Officer
Well,
thank you, Vicky, and good afternoon to everyone. As you saw at the
close of the market today, we reported financial results for the
second quarter ended June 30, 2017.
I'd
like to begin today's call by speaking first about some specific
financial results for the quarter, and afterwards walk you
through some recent developments. In the second quarterof 2017,
total revenues were up 6% to $1.1 million compared to $1 million in
the second quarter of the prior year. Gross margin in the second
quarter was up 400 basis points to 76.4% from 72.4% in the same
quarter a year ago, which the increase is primarily due to greater
high-margin software licensing revenue in the quarter.
Net
loss in the second quarterof 2017 was $2.5 million or negative
$0.03 per share compared to a loss of $2.1 millionor
negative $0.02 per share last year.
At June
30, 2017, cash and cash equivalents totaled $0.1 million compared
to $1.6 million at December 31, 2016. As of June 30, 2017, we
carried $6 million in debt compared to $2.5 million at December 31,
2016, and we had no additional borrowing capacity remaining on the
line of credit.
We
remain highly focused on expanding our business into nongovernment
sectorswhile continuing our mission to integrate our patented
Biometric Engine into the cloud and mobile markets, principally via
our GoVerifyID product. Our strategy continue to be straightforward
and correct. We rely heavily on long-term engagements with large
organizations that will partner with us as a small company and
bring our products to the
world. The strategy takes time to generate revenue,
however, we
believe that our successful partnership expansions during the
second and early in the third quarters are clear evidence that we
are trending in the right direction.
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IMAGEWARE SYSTEMS, INC. FQ2 2017 EARNINGS CALL AUG 14, 2017
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First,
we transitioned our long-running partnership with Fujitsu via a
multiyear agreement for marketing and sales covering Europe, the
Middle East, Africa, India and the Americas. Our new agreement
enhances Fujitsu's biometric security solutions portfolio and
allows their customers to deploy the ImageWare Systems' GoVerifyID
family of products to quickly and easily upgrade their security
processes via the Fujitsu Biometrics-as-a-Service,
Identity-as-a-Service and smart originations solutions. We view
this partnership expansion as an extremely important development on
our path to profitability, as Fujitsu will now license and actively
market and sell the IWS suite of products under the Fujitsu
brand.
So
we've now transitioned from simply being a technology partner and
waiting for a rollout by Fujitsu to now actually supporting
Fujitsu's marketing and sales effortsin a rollout. It is a very
important milestone.
As we
have discussed before, the biometric market has been a little
slower than projected in its rollout to consumer adoption. Market
analysts, who predicted critical mass and time periods, such as
2015 to '16, had now moved their projections to a time period that
has now started in parts of the world and for the rest of the world
in late '17 and early '18. Now this kind of market evolution is not
new, should think literally of any
new technology that becomes a product from color TV to cable TV,
from the PC itself to the cell phone, they all took time to roll
out. There were no immediate hits. And while frustrating for
investors, and your management are also investors, please keep in
mind 2 things. One, take a breath. The slower- than-expected
projected rollout in the consumer market has impacted all players
in the space, IWS and all others without
exception. The good news is that the rollout is definitely underway
now. Second, many potential customers spent the time planning and
studying what is required to successfully deploy large- scale
systems. And now smarter and wiser about their own requirements and
how best to successfully navigate to get their employees or
customers using what is still new technology and evolving products,
are moving to the sales of those products.
At
ImageWare, we think this bodes well for us particularly. For now,
they understand that the infrastructure we have built are patented,
powerful, scalable, agnostic and secure Biometric Engine, coupled
with our GoVerifyID for enterprise and commercial
consumer,
integrate to provide the industry's only turnkey biometric
authentication system capable of scaling into the tens and hundreds
of millions.
As an
industry executive said last week, there are many, many options for
collecting biometric data at the front-end, but only 1 product that
provides the infrastructure in a timely fashion at the back-end,
and that is the IWS platform. We remain, not only optimistic, but
downright confident in our future. As many of you saw from the
press release Fujitsu put out on July 19, we have converted our
technology partnership to a full-blown sales and marketing
partnership in the Americas, Europe, Middle East, Africa and
India. We will shortly
sign similar agreement covering the Asia-Pacific region,where we
have already deployed our multitenant algorithm agnostic biometric
system in full support of Fujitsu's sales efforts ahead of the
formal partner --
paperwork partnership.
In the
EMEA region, Fujitsu is now fully trained and has aggressive sales
efforts in high gear with some very exciting opportunities and in
active sales discussions with customers. In the Americas, Fujitsu
and we announced the new phase of our partnership in the last 3
weeks. And in that time, we've conducted product training, and are
pleased to report that due to the potential in the market, Fujitsu
is already expanding its sales force in the Americas
region.
We're
particularly excited about Fujitsu's announcement of a federated
identity system to be delivered to several large corporations
scheduled for initial delivery late in this current
quarter. These
companies who are leaders in the telco and financial services space
will provide their customers with biometric authenticated
identity management using Fujitsu's Biometrics-as-a-Service
products, which is anchored by the IWS Biometric Engine and the
GoVerifyID products in a project that will involve millions of
users.
On
other fronts, our partners at IBM have advised us that our patented
Biometric Engine will be included in the next version of IBM's IAM,
one of the premier identity management products in the world and
one used by a number of Global 50 companies, such as
AT&T. This
means that when an IAM customer desires biometrics, they
can use the IWS Biometric Engine and GoVerifyID to become
biometrically-enabled using their choice of biometric modalities.
And they will also be able to change those biometrics at will as
their needs change going forward.
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At
HP, our partners
have advised that they're in the closing stages on the first sale
of our products. This, to a commercial customer in the Asia-Pacific
region, who will commence operations with 100,000 users and ramp up
to 1.5 million users total.
Also at
HP, there are
several other very exciting initiatives in the planning process
involving GoVerifyID products both with HP Aruba and with the HP
Enterprise.
With
our partners at SAP, we are working on
finalizing the marketing materials for a campaign geared to their
top customers that will kick off in the early fall.
At
FEMSA, we are now working to move enrollment to retail employees
that represent a larger portion of their corporate workforce. So as
you can see, there's a lot underway. And there's a lot underway
because the industry is now hitting inflection. It's been a long
journey but we're nearing the destination.
During
the quarter, we
partnered with Info X Distribution, a global distributor of storage
and networking solutions to market and resell our GoVerifyID
enterprise suite and SaaS solutions. This partner broadens our
reach to thousands of additional resellers as Info X will actively
market our GoVerifyID suite of products throughout North
Americawith special emphasis on small- and medium-sized
businesses.
During
the quarter, we
finished our final beta testing of our FDA-approved pillphone
product, an IWS application that combines medical adherence and
information while securedby biometrics. This very successful test,
conducted with a world-renowned asthma clinic, has cleared away for
launch later this month with the quality reference customer in
place.
We are
also proud to announce that we have finalized the integration of
our identity management in credentialing software into 5 Alaskan
airports. As you may recall from our last update, this was the
third agreement in which an airport has entrusted our multimodal
biometric authentication software to confirm the identity and
background of their employees. More importantly, this engagement
further validates the strong position of the ImageWare brand in the
biometric landscape.
Further, speaking to our position
during the quarter, we were honored to be
recognized by CIO Applications, a technology print magazine, as the
Top 25 Cyber Security Company for 2017, based on the GoVerifyID
Enterprise Suite offering. I'd like to remind our listeners that
the GoVerifyID Enterprise Suite is the first ever end-to-end
biometric platform that seamlessly integrates with an enterprise's
existing Microsoft authentication ecosystem. It offers businesses a
turnkey solution for quick deployment and provides organizations
with a wide choice of biometrics.
Our
successful implementation and partnership expansions these last few
months are a strong reflection of the momentum we're beginning to
see in the business. And as we've said many times on these calls,
the process we take with each partner is unique to that specific
partner. It's
thoughtful, deliberate, cautious and cannot
be short-cut. And as we've also said often, it's not a light switch
that you turn on with immediate results. Now seeing a global, a
regional sales campaign, is not a casual endeavor, and each of our partners
has their own process to navigate prior to going to
market.
We also
remind our listeners that all of the GoVerifyID and CloudID
transactions are done on a Software- as-a-Service basis. This means
that ImageWare will receive monthly revenues for each and every
identity under management of our products. We think our partner
strategy is the correct one, and that more than ever, we're in the right place at
the right time with the right products. We remain extremely
confident, based on our discussions with our partners and our
understanding of the companies our partners are speaking to,
regarding to the use of the products. And that these partnerships
are now on the very cusp of paying significant dividends. And with
that, we'll open the floor for questions.
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IMAGEWARE SYSTEMS, INC. FQ2 2017 EARNINGS CALL AUG 14, 2017
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Question and Answer
Operator
[Operator
Instructions] We'll go first to Rob Stone with Cowen and
Company.
Robert
Warren Stone
Cowen and Company, LLC, Research Division
I
wanted to ask first about when should we anticipate the time to
revenue might be for some of these early engagements that you just
described?
S.
James Miller
Chairman and Chief Executive Officer
Sure,
Rob. It's a really good question. It's going to vary depending on
the region. Let's just start with Fujitsu. The EMEA region, so
Europe, Middle East, India, Africa is out a bit in front of the
Americas, just timing-wise. We did the marketing and sales deal
with the European groups earlier, so they got off to
a
faster start, trained quicker in the market faster. Certain things in Europe
requiring some accelerated implementation of security measures,
particularly in banking and health care situations, so I
-- we would
expect that of things like Fujitsu, you will see revenues start
first in Europe. We believe, based on our conversations with our
partner, they
will start this year, in the fourth
quarter. The
Americas, just behind it but no less
powerful in the potential. In fact, the Americas, of course, are
referred to the federated identity system, which is the original
vision of this company and why we built a product such as the
Biometric Engine. The idea that 1 identity could be used across
multiple different companies for security and ease-of-use by a
customer is now coming to reality. And as Fujitsu said, not
ImageWare, Fujitsu said in their press release, delivery is
scheduled for the initial product in this current
quarter. So I
think what that means is, realistically, revenue in Q4 or beyond.
So we expect Fujitsu to start up here this year with the revenues.
Other partners like, as I referred to in the remarks just now, HP
is closing in on their first deal in Asia. We believe we'll see
that this quarter actually based on, again, advice from our
partners. IBM, a little tougher to predict revenue at this point
because the product is just finishing certification, is
going to go out to the
market later in the -- late August, early
September time frame. There are a number of other initiatives that
are out there, from the pillphone to just our own sales efforts
with GoVerifyID that are in various stages of finishing things up.
But we have a number of things that are right on the edge of going
to a contract and, therefore, to revenue. So we're expecting to see
revenue from that over the next couple of months and in this year
as well.
Robert
Warren Stone
Cowen and Company, LLC, Research Division
Good.
So in the meantime, you noted that the level of cash on the balance
sheet is quite low and you've tapped out your current borrowing
facility. So what are your plans to manage liquidity and operating
funds in the meantime?
S.
James Miller
Chairman and Chief Executive Officer
Yes. A
couple of different things that we're pursuing. We are taking a
look at doing what I will refer to as a tactical financing. By
that, I mean a smaller financing that we believe will get us from
here to the place where revenue
generates in a positive way inside the company and we can fund our
requirements through the sales of products. In the meantime, we
have also been in discussions with strategic partners about
investments. And we have had several existing shareholders that
have stepped up to fund the company in the short term as it needs
capital.
Robert
Warren Stone
Cowen and Company, LLC, Research Division
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IMAGEWARE SYSTEMS, INC. FQ2 2017 EARNINGS CALL AUG 14, 2017
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So do
you feel that the -- based on your dialogue
with customers at this point, is the state of the balance sheet
something that's -- may complicate closing
these pending deals? Or are they comfortable with the situation,
your cash needs in the short term?
S.
James Miller
Chairman and Chief Executive Officer
Yes. So
far, comfortable,
and will not complicate closing the deals that I just spoke
of,
no.
Operator
[Operator
Instructions] We'll go next to Harvey Kohn with HRK Strategic
Advisory.
Harvey
R. Kohn
This is
going to be short because I had 4 questions and you answered,
really, well, 4 of them answered. I just -- I know this is going to be
a little repetitive but I have to say, it seems to me to be the
obvious if you think you've answered it well that's okay. But we've
heard things like -- this before from our
friends at Fujitsu,and yet have not resulted in any revenues. And
I'm just curious why you're so comfortable at this stage? Or what
you think the difference is?
S.
James Miller
Chairman and Chief Executive Officer
Well,
thank you. It's a fair question. But I would respectfully disagree.
We have never heard this from Fujitsu before. That seems to be a
misimpression in the investor group at ImageWare. What you've seen
before from Fujitsu is agreement to be technological partners, to
work with the products to see if there's some situational ability
to move them into market, but to learn whether or not we are going
to be good partners going forward. That processis now fully
completed, products are fully integrated. And for the first time
ever, Fujitsu is
going to market in a big, broad, consistent way with a
product,Biometric-as-a- Service, and another product,
Identity-as-a-Service, that at the very core of which is netted
into -- is the
Biometric Engine and the GoVerifyID products. So we have never
before had a company that is willingto put their brand name, and I
want to stress that, I think that's a very, very, very key point.
By the way, I don't think you
can find another company out there, either, that's had that happened to
them, that is an OEM or the
ability of a product to be taken by a company and sold them through
its brand name. That's different than just a casual reseller
agreement or even a technological partner agreement. This is a
company that has plenty of optionsin the world. They considered
them. They built a marketing and sales plan, they assessed the
situation and felt the market was right. They assessed the return
on investment and felt it was handsome and profitable enough to
proceed spending their money to market, essentially, our product.
And they're in the process of doing that. So I, again, respectfully
dissent. I just -- this is
a first
for this company, and it's an enormously big and powerful
milestone. This is why we targeted a partner like Fujitsu. They are
big. They are reputable. They are formidable. They know how to do
these things and they are now throwing the entire weight of their
corporation, in a number of regions around
the
world, behind our products. So we believe that good things will
occur here in the very short term from that.
Operator
We'll
go next to Robert London with London Family Trust.
Robert
London
[Audio
Gap] What they think sort of with their budgeting, what the
forecast are for EMEA and for the Americas. And as I understand it,
they'll also be launching in Japan next month?
S.
James Miller
Chairman and Chief Executive Officer
There's
different regions, Asia Pacific is broken up into different
regions. So it's more of a serial -- it's a serial move through
a number of regions that end in the Japan market. There are a
number of factors, most of which
actually don't involve ImageWare, that is the rolloutof the K5
Cloud and some other products that they're selling along with this
effort. So those things have to all fall into place in the regions,
and that triggers the rollout of the products.
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IMAGEWARE SYSTEMS, INC. FQ2 2017 EARNINGS CALL AUG 14, 2017
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Robert
London
But
you'll be in all 5 regions so, is that what you're
saying?
S.
James Miller
Chairman and Chief Executive Officer
It is.
The company has advisedus that they are proceeding to a global
launch, yes.
Robert
London
As I
understand that in [indiscernible] twice the size of the U.S. and
Japan is like 6x the size of the U.S.
S.
James Miller
Chairman and Chief Executive Officer
Well,
yes. That's -- I
think that sounds more or less correct, Bob. But keep in mind,
that's a market with a lot of different products and not Biometrics
solely. So I think you'll still see -- I think Japan is an
amazingly high potential market, of course,but the Americas is a
huge opportunity. And the Europe, Middle East, India,
Africa market, again, for reasons that are unique to those areas,
there are some security regulations and rules that are causing
people to accelerate their adoption, which we and Fujitsu will
accelerate sales.
Robert
London
Great.
And has Fujitsu shared with you what date they'll be giving you
some budgets or some ideas? Or any kind of indication of what they
think they can do?
S.
James Miller
Chairman and Chief Executive Officer
Yes.
They've - they
are -- they
believe the market is extremely high, high sales, highly profitable
market. Other than that specific numbers, they have not released to
the public. So I'm not in a position to release them. They, too,
are a public company so we have to respect that. But look, they're
pretty fired up about this marketplace, so we're pretty fired up
about this marketplace. And they're putting their money where their
mouth is, by the way. And any of our listeners, who have operated
the business know that starting and prosecuting a global sales
effort is not an inexpensive endeavor.
Robert
London
All
right. Have they told you how many salesman do they have that
they're -- that
will be selling Biometrics-as-a-Service?
S.
James Miller
Chairman and Chief Executive Officer
Well, I
believe in the Americas they now have 24, and they're going to
increase to 30. And Bob I'm not certain it's that number or
-- the bigger
number in the Europe, Middle East, India, Africa market, that large
geographical region, so that just makes sense there. But there's a
lot of folks. And then of course, those folks will support it,
those are just the sales people. There's a marketing effort,there's
a -- there's
customer support effort, there'sa sales and marketing support
effort. It's a big effort, really big.
Robert
London
Right.
Yes. And then just one more question. Jim, could you talk a little
bit more about this federated identity project? It sounds like they
-- and as said in
the press release, several major players. Could you give us any,
kind of, color on that, and any kind of idea of numbers or pricing
or -- what can
you tell us about that?
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S.
James Miller
Chairman and Chief Executive Officer
Well,
it's -- the
federated identity system, as simply put, is the concept of taking
1 vetted enrolled biometric entity and using it across a variety of
other tenants or other companies. So if I have your biometric
identity enrolled, I can, as a company you are doing business with,
with your permission, of course, use it to -- for other partners, who
might also want to use biometric authentication for your ease of
use and security. So in that way, you get a tremendous acceleration
of identities managed, and of course, you are paid for each of
those by each of those companies. So it's also a pretty big
expansion of the sales pool as well. It was, as I said earlier
today, the original vision of this company. So we are really
excited
and proud that it's being rolled out, pretty much in a fashion that
we imagine that it would be. And of course, the Biometric Engine
platform being built for this use is the perfect choice to anchor
it, which it is going to. Beyond that, Fujitsu and we have agreed
to just characterize it as a major telco at this point, along with
a major financial services company. Those folks might be joined by
other people as this goes along. But all this is -- we are scheduledto make an
initial delivery this quarter as Fujitsu said in their release, and
we are on track to do that. So all these identities of these folks
will be revealed. As -- I don't think Bob that
anybody has published the pricing on this that we're anticipating
yet. So again, I'm not going to go somewhere that our agreements
with all the parties here prohibit us from going to. But we
-- it is a 50-50 revenue
split with our partners at Fujitsu. And folks should think in the
-- in that $0.40
to $0.50 range that
we've talked about often before.
Robert
London
A
month, $0.40 to $0.50 a month?
S.
James Miller
Chairman and Chief Executive Officer
That is
correct. And then that's a...
Robert
London
How
about the number of identities, will they share -- can we share that? Or is
that still...
S.
James Miller
Chairman and Chief Executive Officer
No.
Right now, our partners are comfortable with saying it's millions
of identities that are projected. That's it. It's a big
number.
Operator
At this
time this concludes our question-and-answer session. I would now
like to turn the call back over to Mr. Miller for
closingremarks.
S.
James Miller
Chairman and Chief Executive Officer
Thank
you, Vicky. We've often talked about the process of technology
adoption and how it cannot be short-cut. And
while we all think it should somehow go faster, replacing a 50-year
protocol known as PINs and passwords, which in turn, represents 50
years of behavior and systems design, is a process that's just not
easy. Whether it's our personalized or our efforts at buildinga
business change is stubborn. But the unmistakable signs of it are
always there for the astute observer. They can see it, and they
realize it's afoot.
Our
partner companies see it, too. And that's why they have selected
the IWS products and solutions to go to market now. They've
selected our products because they're the best-in-class and they
respond to the reason for change. They're going to market
becausethey see that the market is ready for adoption of this new,
more secure and easier to use method of security. And make no
mistake, at the end of the day, they go to market with the IWS for
only 1 real reason, they believe it's an enormous
opportunity, and the time to go
after its revenue is now, more than ever in our history. We
emphatically agree. And we encourage all investors, current and
prospective, to think about that as they consider the options in
this industry and with respect to IWS. As everyday it becomes clear
that biometric authentication of our identity is a big,
visible market whose time has come and is here to stay. And that
our products will play a foundational role as it
proceeds.
As
always, we'd like to thank everyone for joining and appreciate your
time and ongoing support. We're looking forward to speaking to you
along the way and in our next quarterly call. Thank you, and we bid
a good afternoon to all of you.
Operator
That
does conclude today's conference call. Thank you for your
participation. You may now disconnect.
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IMAGEWARE SYSTEMS, INC. FQ2 2017 EARNINGS CALL AUG 14, 2017
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