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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Qumu Corporation | NASDAQ:QUMU | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.8988 | 0.8881 | 0.9487 | 0 | 01:00:00 |
|
|
|
(Mark One)
|
|
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED
June 30, 2016
;
OR
|
|
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ________TO ________.
|
|
Minnesota
|
|
41-1577970
|
(State or other jurisdiction of incorporation or organization)
|
|
(I.R.S. Employer Identification No.)
|
|
|
|
Description
|
Page
|
|
|
|
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
|
June 30,
2016 |
|
December 31,
2015 |
||||
Assets
|
(unaudited)
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
8,032
|
|
|
$
|
7,072
|
|
Marketable securities
|
250
|
|
|
6,249
|
|
||
Receivables, net of allowance for doubtful accounts of $16 and $24, respectively
|
5,826
|
|
|
11,257
|
|
||
Income tax receivable
|
384
|
|
|
659
|
|
||
Prepaid expenses and other current assets
|
2,873
|
|
|
3,392
|
|
||
Total current assets
|
17,365
|
|
|
28,629
|
|
||
Property and equipment, net of accumulated depreciation of $3,206 and $2,615, respectively
|
2,360
|
|
|
2,942
|
|
||
Intangible assets, net
|
9,472
|
|
|
11,032
|
|
||
Goodwill
|
7,330
|
|
|
8,103
|
|
||
Deferred income taxes, non-current
|
60
|
|
|
57
|
|
||
Other assets, non-current
|
5,299
|
|
|
3,649
|
|
||
Total assets
|
$
|
41,886
|
|
|
$
|
54,412
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
|
|
||
Current liabilities:
|
|
|
|
|
|
||
Accounts payable and other accrued liabilities
|
$
|
4,154
|
|
|
$
|
3,864
|
|
Accrued compensation
|
2,881
|
|
|
4,014
|
|
||
Deferred revenue
|
10,130
|
|
|
10,413
|
|
||
Deferred rent
|
296
|
|
|
270
|
|
||
Financing obligations
|
407
|
|
|
502
|
|
||
Current liabilities from discontinued operations
|
50
|
|
|
50
|
|
||
Total current liabilities
|
17,918
|
|
|
19,113
|
|
||
Long-term liabilities:
|
|
|
|
|
|
||
Deferred revenue, non-current
|
503
|
|
|
2,215
|
|
||
Income taxes payable, non-current
|
6
|
|
|
9
|
|
||
Deferred tax liability, non-current
|
436
|
|
|
575
|
|
||
Financing obligations, non-current
|
347
|
|
|
519
|
|
||
Deferred rent - non-current
|
847
|
|
|
998
|
|
||
Other non-current liabilities
|
—
|
|
|
226
|
|
||
Total long-term liabilities
|
2,139
|
|
|
4,542
|
|
||
Total liabilities
|
20,057
|
|
|
23,655
|
|
||
Commitments and contingencies
|
|
|
|
|
|
||
Stockholders’ equity:
|
|
|
|
|
|
||
Preferred stock, $0.01 par value, authorized 250,000 shares, no shares issued and outstanding
|
—
|
|
|
—
|
|
||
Common stock, $0.01 par value, authorized 29,750,000 shares, issued and outstanding 9,246,803
and 9,188,682, respectively
|
92
|
|
|
92
|
|
||
Additional paid-in capital
|
66,206
|
|
|
65,484
|
|
||
Accumulated deficit
|
(41,721
|
)
|
|
(33,298
|
)
|
||
Accumulated other comprehensive loss
|
(2,748
|
)
|
|
(1,521
|
)
|
||
Total stockholders’ equity
|
21,829
|
|
|
30,757
|
|
||
Total liabilities and stockholders’ equity
|
$
|
41,886
|
|
|
$
|
54,412
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Software licenses and appliances
|
$
|
836
|
|
|
$
|
2,719
|
|
|
$
|
2,798
|
|
|
$
|
3,703
|
|
Service
|
5,679
|
|
|
6,045
|
|
|
12,453
|
|
|
11,030
|
|
||||
Total revenues
|
6,515
|
|
|
8,764
|
|
|
15,251
|
|
|
14,733
|
|
||||
Cost of revenues:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Software licenses and appliances
|
412
|
|
|
706
|
|
|
1,369
|
|
|
939
|
|
||||
Service
|
2,542
|
|
|
3,786
|
|
|
5,403
|
|
|
7,328
|
|
||||
Total cost of revenues
|
2,954
|
|
|
4,492
|
|
|
6,772
|
|
|
8,267
|
|
||||
Gross profit
|
3,561
|
|
|
4,272
|
|
|
8,479
|
|
|
6,466
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Research and development
|
2,410
|
|
|
2,858
|
|
|
4,760
|
|
|
5,660
|
|
||||
Sales and marketing
|
2,978
|
|
|
4,740
|
|
|
6,510
|
|
|
9,568
|
|
||||
General and administrative
|
2,265
|
|
|
3,558
|
|
|
5,235
|
|
|
7,922
|
|
||||
Amortization of purchased intangibles
|
227
|
|
|
200
|
|
|
453
|
|
|
399
|
|
||||
Total operating expenses
|
7,880
|
|
|
11,356
|
|
|
16,958
|
|
|
23,549
|
|
||||
Operating loss
|
(4,319
|
)
|
|
(7,084
|
)
|
|
(8,479
|
)
|
|
(17,083
|
)
|
||||
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest income (expense), net
|
(15
|
)
|
|
15
|
|
|
(27
|
)
|
|
31
|
|
||||
Other, net
|
(47
|
)
|
|
(4
|
)
|
|
(11
|
)
|
|
(68
|
)
|
||||
Total other income (expense), net
|
(62
|
)
|
|
11
|
|
|
(38
|
)
|
|
(37
|
)
|
||||
Loss before income taxes
|
(4,381
|
)
|
|
(7,073
|
)
|
|
(8,517
|
)
|
|
(17,120
|
)
|
||||
Income tax benefit
|
(90
|
)
|
|
(146
|
)
|
|
(94
|
)
|
|
(319
|
)
|
||||
Net loss from continuing operations
|
(4,291
|
)
|
|
(6,927
|
)
|
|
(8,423
|
)
|
|
(16,801
|
)
|
||||
Net loss from discontinued operations, net of tax
|
—
|
|
|
(22
|
)
|
|
—
|
|
|
(89
|
)
|
||||
Net loss
|
$
|
(4,291
|
)
|
|
$
|
(6,949
|
)
|
|
$
|
(8,423
|
)
|
|
$
|
(16,890
|
)
|
Net loss per basic and diluted share:
|
|
|
|
|
|
|
|
||||||||
Net loss from continuing operations per share
|
$
|
(0.46
|
)
|
|
$
|
(0.75
|
)
|
|
$
|
(0.91
|
)
|
|
$
|
(1.83
|
)
|
Net income from discontinued operations per share
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Net loss per share
|
$
|
(0.46
|
)
|
|
$
|
(0.75
|
)
|
|
$
|
(0.91
|
)
|
|
$
|
(1.83
|
)
|
Basic and diluted weighted average shares outstanding
|
9,236
|
|
|
9,243
|
|
|
9,227
|
|
|
9,206
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Net loss
|
$
|
(4,291
|
)
|
|
$
|
(6,949
|
)
|
|
$
|
(8,423
|
)
|
|
$
|
(16,890
|
)
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
|
|||||
Net change in foreign currency translation adjustments
|
(878
|
)
|
|
934
|
|
|
(1,228
|
)
|
|
99
|
|
||||
Change in net unrealized gain (loss) on marketable securities, net of tax
|
—
|
|
|
7
|
|
|
1
|
|
|
17
|
|
||||
Total other comprehensive income (loss)
|
(878
|
)
|
|
941
|
|
|
(1,227
|
)
|
|
116
|
|
||||
Total comprehensive loss
|
$
|
(5,169
|
)
|
|
$
|
(6,008
|
)
|
|
$
|
(9,650
|
)
|
|
$
|
(16,774
|
)
|
|
Six Months Ended
June 30, |
||||||
|
2016
|
|
2015
|
||||
Cash flows used in operating activities:
|
|
|
|
|
|
||
Net loss
|
$
|
(8,423
|
)
|
|
$
|
(16,890
|
)
|
Net loss from discontinued operations, net of tax
|
—
|
|
|
(89
|
)
|
||
Net loss from continuing operations
|
(8,423
|
)
|
|
(16,801
|
)
|
||
Adjustments to reconcile net loss to net cash used in continuing operating activities:
|
|
|
|
||||
Depreciation and amortization
|
1,700
|
|
|
1,503
|
|
||
Stock-based compensation
|
740
|
|
|
1,068
|
|
||
Loss on disposal of property and equipment
|
—
|
|
|
4
|
|
||
Deferred income taxes
|
(90
|
)
|
|
(170
|
)
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Receivables
|
5,192
|
|
|
3,393
|
|
||
Income taxes receivable / payable
|
241
|
|
|
(209
|
)
|
||
Prepaid expenses and other assets
|
(1,171
|
)
|
|
(2,293
|
)
|
||
Accounts payable and other accrued liabilities
|
330
|
|
|
(559
|
)
|
||
Accrued compensation
|
(1,113
|
)
|
|
(1,763
|
)
|
||
Deferred revenue
|
(1,749
|
)
|
|
1,073
|
|
||
Deferred rent
|
(120
|
)
|
|
—
|
|
||
Other non-current liabilities
|
(226
|
)
|
|
(69
|
)
|
||
Net cash used in continuing operating activities
|
(4,689
|
)
|
|
(14,823
|
)
|
||
Net cash used in discontinued operating activities
|
—
|
|
|
(397
|
)
|
||
Net cash used in operating activities
|
(4,689
|
)
|
|
(15,220
|
)
|
||
Cash flows provided by investing activities:
|
|
|
|
|
|
||
Purchases of marketable securities
|
—
|
|
|
(9,250
|
)
|
||
Sales and maturities of marketable securities
|
6,000
|
|
|
17,965
|
|
||
Purchases of property and equipment
|
(33
|
)
|
|
(425
|
)
|
||
Proceeds from sale of property and equipment
|
—
|
|
|
43
|
|
||
Net cash provided by investing activities
|
5,967
|
|
|
8,333
|
|
||
Cash flows used in financing activities:
|
|
|
|
|
|
||
Principal payments on financing obligations
|
(259
|
)
|
|
(168
|
)
|
||
Common stock repurchases to settle employee withholding liability
|
(18
|
)
|
|
(45
|
)
|
||
Proceeds from employee stock plans
|
—
|
|
|
142
|
|
||
Net cash used in financing activities
|
(277
|
)
|
|
(71
|
)
|
||
Effect of exchange rate changes on cash
|
(41
|
)
|
|
9
|
|
||
Net increase (decrease) in cash and cash equivalents
|
960
|
|
|
(6,949
|
)
|
||
Cash and cash equivalents, beginning of period
|
7,072
|
|
|
11,684
|
|
||
Cash and cash equivalents, end of period
|
$
|
8,032
|
|
|
$
|
4,735
|
|
Supplemental disclosures of net cash paid during the period:
|
|
|
|
|
|
||
Income taxes paid, net
|
$
|
23
|
|
|
$
|
95
|
|
Interest paid
|
$
|
35
|
|
|
$
|
2
|
|
(1)
|
Nature of Business and Basis of Presentation
|
(2)
|
Marketable Securities
|
|
June 30, 2016
|
||||||||||||||
|
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
||||||||
Certificates of deposit
|
$
|
250
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
250
|
|
Total marketable securities
|
$
|
250
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
250
|
|
|
December 31, 2015
|
||||||||||||||
|
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
||||||||
Certificates of deposit
|
$
|
6,250
|
|
|
$
|
—
|
|
|
$
|
(1
|
)
|
|
$
|
6,249
|
|
Total marketable securities
|
$
|
6,250
|
|
|
$
|
—
|
|
|
$
|
(1
|
)
|
|
$
|
6,249
|
|
(3)
|
Intangible Assets and Goodwill
|
|
June 30, 2016
|
||||||||||||||||||
|
Customer Relationships
|
|
Developed Technology
|
|
Trademarks / Trade-Names
|
|
Covenants Not to Compete
|
|
Total
|
||||||||||
Original cost
|
$
|
4,912
|
|
|
$
|
8,195
|
|
|
$
|
2,183
|
|
|
$
|
34
|
|
|
$
|
15,324
|
|
Accumulated amortization
|
(1,333
|
)
|
|
(3,903
|
)
|
|
(593
|
)
|
|
(23
|
)
|
|
(5,852
|
)
|
|||||
Net identifiable intangible assets
|
$
|
3,579
|
|
|
$
|
4,292
|
|
|
$
|
1,590
|
|
|
$
|
11
|
|
|
$
|
9,472
|
|
Weighted-average useful lives (years)
|
10
|
|
|
6
|
|
|
15
|
|
|
2
|
|
|
9
|
|
|
December 31, 2015
|
||||||||||||||||||
|
Customer Relationships
|
|
Developed Technology
|
|
Trademarks / Trade-Names
|
|
Covenants Not to Compete
|
|
Total
|
||||||||||
Original cost
|
$
|
5,115
|
|
|
$
|
8,567
|
|
|
$
|
2,190
|
|
|
$
|
38
|
|
|
$
|
15,910
|
|
Accumulated amortization
|
(1,075
|
)
|
|
(3,261
|
)
|
|
(528
|
)
|
|
(14
|
)
|
|
(4,878
|
)
|
|||||
Net identifiable intangible assets
|
$
|
4,040
|
|
|
$
|
5,306
|
|
|
$
|
1,662
|
|
|
$
|
24
|
|
|
$
|
11,032
|
|
Weighted-average useful lives (years)
|
10
|
|
|
6
|
|
|
15
|
|
|
2
|
|
|
9
|
|
|
Six Months Ended
June 30, |
||
Balance, beginning of period
|
$
|
11,032
|
|
Amortization expense
|
(1,098
|
)
|
|
Currency translation
|
(462
|
)
|
|
Balance, end of period
|
$
|
9,472
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Amortization expense associated with the developed technology included in cost of revenues
|
$
|
323
|
|
|
$
|
317
|
|
|
$
|
645
|
|
|
$
|
633
|
|
Amortization expense associated with other acquired intangible assets included in operating expenses
|
227
|
|
|
200
|
|
|
453
|
|
|
399
|
|
||||
Total amortization expense
|
$
|
550
|
|
|
$
|
517
|
|
|
$
|
1,098
|
|
|
$
|
1,032
|
|
|
Six Months Ended
June 30, |
||
Balance, beginning of year
|
$
|
8,103
|
|
Currency translation
|
(773
|
)
|
|
Balance, end of period
|
$
|
7,330
|
|
(4)
|
Commitments and Contingencies
|
|
June 30,
2016 |
|
December 31,
2015 |
||||
Computer and network equipment
|
$
|
511
|
|
|
$
|
511
|
|
Furniture
|
287
|
|
|
287
|
|
||
Assets acquired under capital lease obligations
|
798
|
|
|
798
|
|
||
Accumulated depreciation
|
(246
|
)
|
|
(123
|
)
|
||
Assets acquired under capital lease obligations, net
|
$
|
552
|
|
|
$
|
675
|
|
|
June 30,
2016 |
|
December 31,
2015 |
||||
Capital leases and other financing obligations, current
|
$
|
407
|
|
|
$
|
502
|
|
Capital leases and other financing obligations, noncurrent
|
347
|
|
|
519
|
|
||
Total capital leases and other financing obligations
|
$
|
754
|
|
|
$
|
1,021
|
|
Periods ending December 31,
|
Capital leases and other financing obligations
|
|
Operating leases
|
|
Total
|
||||||
Remainder of 2016
|
$
|
268
|
|
|
$
|
710
|
|
|
$
|
978
|
|
2017
|
373
|
|
|
1,226
|
|
|
1,599
|
|
|||
2018
|
175
|
|
|
1,020
|
|
|
1,195
|
|
|||
2019
|
3
|
|
|
550
|
|
|
553
|
|
|||
2020
|
—
|
|
|
309
|
|
|
309
|
|
|||
Thereafter
|
—
|
|
|
658
|
|
|
658
|
|
|||
Total minimum lease payments
|
819
|
|
|
$
|
4,473
|
|
|
$
|
5,292
|
|
|
Less amount representing interest
|
(65
|
)
|
|
|
|
|
|||||
Present value of net minimum lease payments
|
$
|
754
|
|
|
|
|
|
(5)
|
Stock-Based Compensation
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||
Stock options
|
30,000
|
|
|
130,000
|
|
|
30,000
|
|
|
140,000
|
|
Restricted stock awards and restricted stock units
|
120,000
|
|
|
143,468
|
|
|
120,000
|
|
|
150,218
|
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Stock-based compensation cost, before income tax benefit:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Stock options
|
|
$
|
156
|
|
|
$
|
158
|
|
|
$
|
304
|
|
|
$
|
373
|
|
Restricted stock awards and restricted stock units
|
|
233
|
|
|
342
|
|
|
436
|
|
|
695
|
|
||||
Total stock-based compensation
|
|
$
|
389
|
|
|
$
|
500
|
|
|
$
|
740
|
|
|
$
|
1,068
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Stock-based compensation cost included in:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cost of revenues
|
|
$
|
25
|
|
|
$
|
38
|
|
|
$
|
18
|
|
|
$
|
74
|
|
Operating expenses
|
|
364
|
|
|
462
|
|
|
722
|
|
|
994
|
|
||||
Total stock-based compensation
|
|
$
|
389
|
|
|
$
|
500
|
|
|
$
|
740
|
|
|
$
|
1,068
|
|
(6)
|
Income Taxes
|
(7)
|
Computation of Net Loss From Continuing Operations Per Share of Common Stock
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Shares outstanding at end of period
|
9,247
|
|
|
9,254
|
|
|
9,247
|
|
|
9,254
|
|
||||
Basic weighted average shares outstanding
|
9,236
|
|
|
9,243
|
|
|
9,227
|
|
|
9,206
|
|
||||
Dilutive effect of stock options and restricted stock units
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total diluted weighted average shares outstanding
|
9,236
|
|
|
9,243
|
|
|
9,227
|
|
|
9,206
|
|
||||
Net loss from continuing operations
|
$
|
(4,291
|
)
|
|
$
|
(6,927
|
)
|
|
$
|
(8,423
|
)
|
|
$
|
(16,801
|
)
|
Net loss from continuing operations per basic and diluted share
|
$
|
(0.46
|
)
|
|
$
|
(0.75
|
)
|
|
$
|
(0.91
|
)
|
|
$
|
(1.83
|
)
|
(8)
|
Investment in Software Company
|
(9)
|
Recently Issued Accounting Standards
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||||
|
Percentage of Revenues
|
|
Percent Increase (Decrease)
|
|
Percentage of Revenues
|
|
Percent Increase (Decrease)
|
||||||||||
|
2016
|
|
2015
|
|
2015 to 2016
|
|
2016
|
|
2015
|
|
2015 to 2016
|
||||||
Revenues
|
100.0
|
%
|
|
100.0
|
%
|
|
(26
|
)%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
4
|
%
|
Cost of revenues
|
(45.3
|
)
|
|
(51.3
|
)
|
|
(34
|
)
|
|
(44.4
|
)
|
|
(56.1
|
)
|
|
(18
|
)
|
Gross profit
|
54.7
|
|
|
48.7
|
|
|
(17
|
)
|
|
55.6
|
|
|
43.9
|
|
|
31
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Research and development
|
37.0
|
|
|
32.6
|
|
|
(16
|
)
|
|
31.2
|
|
|
38.4
|
|
|
(16
|
)
|
Sales and marketing
|
45.7
|
|
|
54.0
|
|
|
(37
|
)
|
|
42.7
|
|
|
65.0
|
|
|
(32
|
)
|
General and administrative
|
34.8
|
|
|
40.6
|
|
|
(36
|
)
|
|
34.3
|
|
|
53.8
|
|
|
(34
|
)
|
Amortization of purchased intangibles
|
3.5
|
|
|
2.3
|
|
|
14
|
|
|
3.0
|
|
|
2.7
|
|
|
14
|
|
Total operating expenses
|
121.0
|
|
|
129.5
|
|
|
(31
|
)
|
|
111.2
|
|
|
159.9
|
|
|
(28
|
)
|
Operating loss
|
(66.3
|
)
|
|
(80.8
|
)
|
|
(39
|
)
|
|
(55.6
|
)
|
|
(116.0
|
)
|
|
(50
|
)
|
Other income (expense)
|
(0.9
|
)
|
|
0.1
|
|
|
(664
|
)
|
|
(0.2
|
)
|
|
(0.2
|
)
|
|
3
|
|
Loss before income taxes
|
(67.2
|
)
|
|
(80.7
|
)
|
|
(38
|
)
|
|
(55.8
|
)
|
|
(116.2
|
)
|
|
(50
|
)
|
Income tax benefit
|
(1.3
|
)
|
|
(1.7
|
)
|
|
(38
|
)
|
|
(0.6
|
)
|
|
(2.2
|
)
|
|
(71
|
)
|
Net loss from continuing operations
|
(65.9
|
)%
|
|
(79.0
|
)%
|
|
(38
|
)%
|
|
(55.2
|
)%
|
|
(114.0
|
)%
|
|
(50
|
)%
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||||||||||||
|
|
|
Increase (Decrease)
|
|
Percent Increase (Decrease)
|
|
|
|
Increase (Decrease)
|
|
Percent Increase (Decrease)
|
||||||||||||||||||
|
2016
|
|
2015
|
|
2015 to 2016
|
|
2015 to 2016
|
|
2016
|
|
2015
|
|
2015 to 2016
|
|
2015 to 2016
|
||||||||||||||
Software licenses and appliances
|
$
|
836
|
|
|
$
|
2,719
|
|
|
$
|
(1,883
|
)
|
|
(69
|
)%
|
|
$
|
2,798
|
|
|
$
|
3,703
|
|
|
$
|
(905
|
)
|
|
(24
|
)%
|
Service
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Subscription, maintenance and support
|
4,712
|
|
|
4,592
|
|
|
120
|
|
|
3
|
|
|
10,237
|
|
|
8,704
|
|
|
1,533
|
|
|
18
|
|
||||||
Professional services and other
|
967
|
|
|
1,453
|
|
|
(486
|
)
|
|
(33
|
)
|
|
2,216
|
|
|
2,326
|
|
|
(110
|
)
|
|
(5
|
)
|
||||||
Total service
|
5,679
|
|
|
6,045
|
|
|
(366
|
)
|
|
(6
|
)
|
|
12,453
|
|
|
11,030
|
|
|
1,423
|
|
|
13
|
|
||||||
Total revenues
|
$
|
6,515
|
|
|
$
|
8,764
|
|
|
$
|
(2,249
|
)
|
|
(26
|
)%
|
|
$
|
15,251
|
|
|
$
|
14,733
|
|
|
$
|
518
|
|
|
4
|
%
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||||||||||||
|
|
|
Increase (Decrease)
|
|
Percent Increase (Decrease)
|
|
|
|
Increase (Decrease)
|
|
Percent Increase (Decrease)
|
||||||||||||||||||
|
2016
|
|
2015
|
|
2015 to 2016
|
|
2015 to 2016
|
|
2016
|
|
2015
|
|
2015 to 2016
|
|
2015 to 2016
|
||||||||||||||
Gross profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Software licenses and appliances
|
$
|
424
|
|
|
$
|
2,013
|
|
|
$
|
(1,589
|
)
|
|
(79
|
)%
|
|
$
|
1,429
|
|
|
$
|
2,764
|
|
|
$
|
(1,335
|
)
|
|
(48
|
)%
|
Service
|
3,137
|
|
|
2,259
|
|
|
878
|
|
|
39
|
|
|
7,050
|
|
|
3,702
|
|
|
3,348
|
|
|
90
|
|
||||||
Total gross profit
|
$
|
3,561
|
|
|
$
|
4,272
|
|
|
$
|
(711
|
)
|
|
(17
|
)%
|
|
$
|
8,479
|
|
|
$
|
6,466
|
|
|
$
|
2,013
|
|
|
31
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Gross margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Software licenses and appliances
|
50.7
|
%
|
|
74.0
|
%
|
|
(23.3
|
)%
|
|
|
|
51.1
|
%
|
|
74.6
|
%
|
|
(23.5
|
)%
|
|
|
||||||||
Service
|
55.2
|
%
|
|
37.4
|
%
|
|
17.8
|
%
|
|
|
|
56.6
|
%
|
|
33.6
|
%
|
|
23.0
|
%
|
|
|
||||||||
Total gross margin
|
54.7
|
%
|
|
48.7
|
%
|
|
6.0
|
%
|
|
|
|
55.6
|
%
|
|
43.9
|
%
|
|
11.7
|
%
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||||||||||||
|
|
|
Increase (Decrease)
|
|
Percent Increase (Decrease)
|
|
|
|
Increase (Decrease)
|
|
Percent Increase (Decrease)
|
||||||||||||||||||
|
2016
|
|
2015
|
|
2015 to 2016
|
|
2015 to 2016
|
|
2016
|
|
2015
|
|
2015 to 2016
|
|
2015 to 2016
|
||||||||||||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Research and development
|
$
|
2,410
|
|
|
$
|
2,858
|
|
|
$
|
(448
|
)
|
|
(16
|
)%
|
|
$
|
4,760
|
|
|
$
|
5,660
|
|
|
$
|
(900
|
)
|
|
(16
|
)%
|
Sales and marketing
|
2,978
|
|
|
4,740
|
|
|
(1,762
|
)
|
|
(37
|
)
|
|
6,510
|
|
|
9,568
|
|
|
(3,058
|
)
|
|
(32
|
)
|
||||||
General and administrative
|
2,265
|
|
|
3,558
|
|
|
(1,293
|
)
|
|
(36
|
)
|
|
5,235
|
|
|
7,922
|
|
|
(2,687
|
)
|
|
(34
|
)
|
||||||
Amortization of purchased intangibles
|
227
|
|
|
200
|
|
|
27
|
|
|
14
|
|
|
453
|
|
|
399
|
|
|
54
|
|
|
14
|
|
||||||
Total operating expenses
|
$
|
7,880
|
|
|
$
|
11,356
|
|
|
$
|
(3,476
|
)
|
|
(31
|
)%
|
|
$
|
16,958
|
|
|
$
|
23,549
|
|
|
$
|
(6,591
|
)
|
|
(28
|
)%
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||||||||||||
|
|
|
Increase (Decrease)
|
|
Percent Increase (Decrease)
|
|
|
|
Increase (Decrease)
|
|
Percent Increase (Decrease)
|
||||||||||||||||||
|
2016
|
|
2015
|
|
2015 to 2016
|
|
2015 to 2016
|
|
2016
|
|
2015
|
|
2015 to 2016
|
|
2015 to 2016
|
||||||||||||||
Compensation and employee-related
|
$
|
1,646
|
|
|
$
|
1,685
|
|
|
$
|
(39
|
)
|
|
(2
|
)%
|
|
$
|
3,292
|
|
|
$
|
3,395
|
|
|
$
|
(103
|
)
|
|
(3
|
)%
|
Overhead and other expenses
|
374
|
|
|
301
|
|
|
73
|
|
|
24
|
|
|
710
|
|
|
550
|
|
|
160
|
|
|
29
|
|
||||||
Outside services and consulting
|
285
|
|
|
722
|
|
|
(437
|
)
|
|
(61
|
)
|
|
542
|
|
|
1,416
|
|
|
(874
|
)
|
|
(62
|
)
|
||||||
Depreciation and amortization
|
54
|
|
|
69
|
|
|
(15
|
)
|
|
(22
|
)
|
|
114
|
|
|
137
|
|
|
(23
|
)
|
|
(17
|
)
|
||||||
Equity-based compensation
|
51
|
|
|
81
|
|
|
(30
|
)
|
|
(37
|
)
|
|
102
|
|
|
162
|
|
|
(60
|
)
|
|
(37
|
)
|
||||||
Total research and development expenses
|
$
|
2,410
|
|
|
$
|
2,858
|
|
|
$
|
(448
|
)
|
|
(16
|
)%
|
|
$
|
4,760
|
|
|
$
|
5,660
|
|
|
$
|
(900
|
)
|
|
(16
|
)%
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||||||||||||
|
|
|
Increase (Decrease)
|
|
Percent Increase (Decrease)
|
|
|
|
Increase (Decrease)
|
|
Percent Increase (Decrease)
|
||||||||||||||||||
|
2016
|
|
2015
|
|
2015 to 2016
|
|
2015 to 2016
|
|
2016
|
|
2015
|
|
2015 to 2016
|
|
2015 to 2016
|
||||||||||||||
Compensation and employee-related
|
$
|
2,430
|
|
|
$
|
3,588
|
|
|
$
|
(1,158
|
)
|
|
(32
|
)%
|
|
$
|
5,231
|
|
|
$
|
7,584
|
|
|
$
|
(2,353
|
)
|
|
(31
|
)%
|
Overhead and other expenses
|
261
|
|
|
532
|
|
|
(271
|
)
|
|
(51
|
)
|
|
660
|
|
|
870
|
|
|
(210
|
)
|
|
(24
|
)
|
||||||
Outside services and consulting
|
179
|
|
|
519
|
|
|
(340
|
)
|
|
(66
|
)
|
|
390
|
|
|
841
|
|
|
(451
|
)
|
|
(54
|
)
|
||||||
Depreciation and amortization
|
34
|
|
|
31
|
|
|
3
|
|
|
10
|
|
|
66
|
|
|
65
|
|
|
1
|
|
|
2
|
|
||||||
Equity-based compensation
|
74
|
|
|
70
|
|
|
4
|
|
|
6
|
|
|
163
|
|
|
208
|
|
|
(45
|
)
|
|
(22
|
)
|
||||||
Total sales and marketing expenses
|
$
|
2,978
|
|
|
$
|
4,740
|
|
|
$
|
(1,762
|
)
|
|
(37
|
)%
|
|
$
|
6,510
|
|
|
$
|
9,568
|
|
|
$
|
(3,058
|
)
|
|
(32
|
)%
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||||||||||||
|
|
|
Increase (Decrease)
|
|
Percent Increase (Decrease)
|
|
|
|
Increase (Decrease)
|
|
Percent Increase (Decrease)
|
||||||||||||||||||
|
2016
|
|
2015
|
|
2015 to 2016
|
|
2015 to 2016
|
|
2016
|
|
2015
|
|
2015 to 2016
|
|
2015 to 2016
|
||||||||||||||
Compensation and employee-related
|
$
|
915
|
|
|
$
|
1,900
|
|
|
$
|
(985
|
)
|
|
(52
|
)%
|
|
$
|
2,109
|
|
|
$
|
3,904
|
|
|
$
|
(1,795
|
)
|
|
(46
|
)%
|
Overhead and other expenses
|
363
|
|
|
237
|
|
|
126
|
|
|
53
|
|
|
786
|
|
|
496
|
|
|
290
|
|
|
58
|
|
||||||
Outside services and consulting
|
556
|
|
|
998
|
|
|
(442
|
)
|
|
(44
|
)
|
|
1,501
|
|
|
2,677
|
|
|
(1,176
|
)
|
|
(44
|
)
|
||||||
Depreciation and amortization
|
192
|
|
|
112
|
|
|
80
|
|
|
71
|
|
|
382
|
|
|
221
|
|
|
161
|
|
|
73
|
|
||||||
Equity-based compensation
|
239
|
|
|
311
|
|
|
(72
|
)
|
|
(23
|
)
|
|
457
|
|
|
624
|
|
|
(167
|
)
|
|
(27
|
)
|
||||||
Total general and administrative expenses
|
$
|
2,265
|
|
|
$
|
3,558
|
|
|
$
|
(1,293
|
)
|
|
(36
|
)%
|
|
$
|
5,235
|
|
|
$
|
7,922
|
|
|
$
|
(2,687
|
)
|
|
(34
|
)%
|
|
June 30,
2016 |
|
December 31,
2015 |
||||
Cash and cash equivalents
|
$
|
8,032
|
|
|
$
|
7,072
|
|
Marketable securities
|
250
|
|
|
6,249
|
|
||
Cash, cash equivalents and marketable securities
|
$
|
8,282
|
|
|
$
|
13,321
|
|
Working capital
|
$
|
(553
|
)
|
|
$
|
9,516
|
|
Financing obligations
|
$
|
754
|
|
|
$
|
1,021
|
|
|
Six Months Ended
June 30, |
||||||
|
2016
|
|
2015
|
||||
Cash flows provided by (used in):
|
|
|
|
|
|
||
Operating activities
|
$
|
(4,689
|
)
|
|
$
|
(15,220
|
)
|
Investing activities
|
5,967
|
|
|
8,333
|
|
||
Financing activities
|
(277
|
)
|
|
(71
|
)
|
||
Effect of exchange rate changes on cash
|
(41
|
)
|
|
9
|
|
||
Net change in cash and cash equivalents
|
$
|
960
|
|
|
$
|
(6,949
|
)
|
Net change in marketable securities and restricted cash
|
$
|
(5,999
|
)
|
|
$
|
(8,732
|
)
|
Monthly Period
|
|
Total Number of
Shares Purchased
|
|
Average Price
Paid per Share
|
|
Total Number of Shares Purchased as part of Publicly Announced Plans or Programs
|
|
Maximum Number of Shares that may yet be Purchased under the Plans or Programs (at end of period)
|
April 2016
|
|
—
|
|
$—
|
|
—
|
|
778,365
|
May 2016
|
|
4,211
|
|
$3.87
|
|
—
|
|
778,365
|
June 2016
|
|
—
|
|
$—
|
|
—
|
|
778,365
|
(a)
|
The following exhibits are included herein:
|
|
|
|
|
QUMU CORPORATION
|
|
|
|
|
Registrant
|
|
|
|
|
|
Date:
|
August 8, 2016
|
|
By:
|
/s/ Vern Hanzlik
|
|
|
|
|
Vern Hanzlik
|
|
|
|
|
President and Chief Executive Officer
|
|
|
|
|
(Principal Executive Officer)
|
|
|
|
|
|
Date:
|
August 8, 2016
|
|
By:
|
/s/ Peter J. Goepfrich
|
|
|
|
|
Peter J. Goepfrich
|
|
|
|
|
Chief Financial Officer
|
|
|
|
|
(Principal Financial Officer)
|
|
|
|
|
(Principal Accounting Officer)
|
1 Year Qumu Chart |
1 Month Qumu Chart |
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