Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 28, 2017 | Jun. 30, 2016 | |
Document Documentand Entity Information [Abstract] | |||
Entity Registrant Name | SAFEGUARD SCIENTIFICS INC | ||
Entity Central Index Key | 86,115 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 20,364,488 | ||
Trading Symbol | SFE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 249,387,693 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current Assets: | ||
Cash and cash equivalents | $ 22,058 | $ 32,838 |
Marketable securities | 8,384 | 31,020 |
Prepaid expenses and other current assets | 2,109 | 5,810 |
Total current assets | 32,551 | 69,668 |
Property and equipment, net | 1,873 | 2,145 |
Ownership interests in and advances to partner companies | 183,470 | 171,601 |
Loan participations receivable | 0 | 2,649 |
Long-term marketable securities | 7,302 | 9,743 |
Long-term restricted cash equivalents | 6,336 | 0 |
Other assets | 296 | 1,037 |
Total Assets | 231,828 | 256,843 |
Current Liabilities: | ||
Accounts payable | 140 | 290 |
Accrued compensation and benefits | 3,498 | 3,338 |
Accrued expenses and other current liabilities | 2,223 | 2,789 |
Total current liabilities | 5,861 | 6,417 |
Other long-term liabilities | 3,630 | 3,965 |
Convertible senior debentures—non-current | 52,560 | 50,956 |
Total Liabilities | 62,051 | 61,338 |
Commitments and contingencies | ||
Equity: | ||
Preferred stock, $0.10 par value; 1,000 shares authorized | 0 | 0 |
Common stock, $0.10 par value; 83,333 shares authorized; 21,573 issued at December 31, 2016 and 2015, respectively | 2,157 | 2,157 |
Additional paid-in capital | 816,016 | 817,434 |
Treasury stock, at cost; 1,209 and 993 shares at December 31, 2016 and 2015, respectively | (21,061) | (19,570) |
Accumulated deficit | (626,904) | (604,270) |
Accumulated other comprehensive loss | (431) | (246) |
Total Equity | 169,777 | 195,505 |
Total Liabilities and Equity | $ 231,828 | $ 256,843 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.10 | $ 0.10 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Common stock, par value | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 83,333,000 | 83,333,000 |
Common stock, shares issued | 21,573,000 | 21,573,000 |
Treasury Stock, Shares | 1,209,000 | 993,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||||||||
Income Statement [Abstract] | |||||||||||||||||||
General and administrative expense | $ 3,928 | $ 4,687 | $ 4,849 | $ 5,228 | $ 3,958 | $ 3,962 | $ 4,754 | $ 4,880 | $ 18,692 | $ 17,554 | $ 18,970 | ||||||||
Operating loss | (3,928) | (4,687) | (4,849) | (5,228) | (3,958) | (3,962) | (4,754) | (4,880) | (18,692) | (17,554) | (18,970) | ||||||||
Other income (loss), net | 64 | (2,405) | 659 | 0 | (84) | 704 | (15) | (388) | (1,682) | 217 | 31,657 | ||||||||
Interest income | 615 | 513 | 527 | 420 | 448 | 398 | 640 | 449 | 2,075 | 1,935 | 1,901 | ||||||||
Interest expense | (1,169) | (1,161) | (1,155) | (1,149) | (1,140) | (1,133) | (1,128) | (1,122) | (4,634) | (4,523) | (4,402) | ||||||||
Equity income (loss) | (17,283) | (16,345) | 43,794 | (9,495) | (9,537) | (7,635) | (13,765) | (8,662) | 671 | (39,599) | (15,335) | ||||||||
Net loss before income taxes | (21,701) | (24,085) | 38,976 | (15,452) | (14,271) | (11,628) | (19,022) | (14,603) | (22,262) | (59,524) | (5,149) | ||||||||
Income tax benefit (expense) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Net loss | $ (21,701) | $ (24,085) | $ 38,976 | $ (15,452) | $ (14,271) | $ (11,628) | $ (19,022) | $ (14,603) | $ (22,262) | $ (59,524) | $ (5,149) | ||||||||
Net loss per share: | |||||||||||||||||||
Basic (in dollars per share) | $ (1.07) | [1] | $ (1.18) | [1] | $ 1.92 | [1] | $ (0.76) | [1] | $ (0.69) | [1] | $ (0.56) | [1] | $ (0.91) | [1] | $ (0.70) | [1] | $ (1.09) | $ (2.85) | $ (0.25) |
Diluted (in dollars per share) | $ (1.07) | [1] | $ (1.18) | [1] | $ 1.70 | [1] | $ (0.76) | [1] | $ (0.69) | [1] | $ (0.56) | [1] | $ (0.91) | [1] | $ (0.70) | [1] | $ (1.09) | $ (2.85) | $ (0.25) |
Weighted average shares used in computing net loss per share: | |||||||||||||||||||
Basic (in shares) | 20,343 | 20,874 | 20,975 | ||||||||||||||||
Diluted (in shares) | 20,343 | 20,874 | 20,975 | ||||||||||||||||
[1] | Per share amounts for the quarters have each been calculated separately. Accordingly, quarterly amounts may not add to the annual amounts because of differences in the average common shares outstanding during each period. Additionally, in regard to diluted per share amounts only, quarterly amounts may not add to the annual amounts because of the inclusion of the effect of potentially dilutive securities only in the periods in which such effect would have been dilutive, and because of the adjustments to net income (loss) for the dilutive effect of partner company common stock equivalents and convertible securities. |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net loss | $ (22,262) | $ (59,524) | $ (5,149) |
Other comprehensive income (loss), before taxes: | |||
Share of other comprehensive loss of equity method investments | (185) | (246) | 0 |
Total comprehensive loss | $ (22,447) | $ (59,770) | $ (5,149) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Accumulated Deficit [Member] | AOCI Attributable to Parent [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Treasury Stock [Member] |
Beginning Balance at Dec. 31, 2013 | $ 284,661 | $ (539,597) | $ 0 | $ 2,155 | $ 822,103 | $ 0 |
Beginning Balance (in shares) at Dec. 31, 2013 | 21,553 | 4 | ||||
Net loss | (5,149) | (5,149) | ||||
Stock options exercised, net | 1,289 | $ 2 | (2,716) | $ 4,003 | ||
Stock options exercised, net (in shares) | 18 | 198 | ||||
Issuance of restricted stock, net | 98 | (1,594) | $ 1,692 | |||
Issuance of restricted stock, net (in shares) | (79) | |||||
Stock-based compensation expense | 1,935 | 1,935 | ||||
Repurchase of common stock | (25,036) | $ (25,036) | ||||
Repurchase of common stock (in shares) | 1,194 | |||||
Other comprehensive loss | 29 | 29 | ||||
Conversion of convertible senior debentures to common stock (in shares) | 2 | |||||
Share of other comprehensive loss of equity method investments | 0 | |||||
Ending Balance at Dec. 31, 2014 | 257,827 | (544,746) | 0 | $ 2,157 | 819,757 | $ (19,341) |
Ending Balance (in shares) at Dec. 31, 2014 | 21,573 | 921 | ||||
Net loss | (59,524) | (59,524) | ||||
Stock options exercised, net | 676 | (1,051) | $ 1,727 | |||
Stock options exercised, net (in shares) | 83 | |||||
Issuance of restricted stock, net | 158 | (2,883) | $ 3,041 | |||
Issuance of restricted stock, net (in shares) | 149 | |||||
Stock-based compensation expense | 1,611 | 1,611 | ||||
Repurchase of common stock | (4,997) | $ (4,997) | ||||
Repurchase of common stock (in shares) | 304 | |||||
Share of other comprehensive loss of equity method investments | (246) | (246) | ||||
Ending Balance at Dec. 31, 2015 | 195,505 | (604,270) | (246) | $ 2,157 | 817,434 | $ (19,570) |
Ending Balance (in shares) at Dec. 31, 2015 | 21,573 | 993 | ||||
Net loss | (22,262) | (22,262) | ||||
Stock options exercised, net | (318) | (1,117) | $ 799 | |||
Stock options exercised, net (in shares) | 46 | |||||
Issuance of restricted stock, net | 32 | (3,067) | $ 3,099 | |||
Issuance of restricted stock, net (in shares) | 162 | |||||
Stock-based compensation expense | 2,394 | 2,394 | ||||
Repurchase of common stock | (5,389) | $ (5,389) | ||||
Repurchase of common stock (in shares) | 424 | |||||
Share of other comprehensive loss of equity method investments | (185) | (185) | ||||
Ending Balance at Dec. 31, 2016 | $ 169,777 | $ (626,904) | $ (431) | $ 2,157 | $ 816,016 | $ (21,061) |
Ending Balance (in shares) at Dec. 31, 2016 | 21,573 | 1,209 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash Flows from Operating Activities: | |||
Net loss | $ (22,262) | $ (59,524) | $ (5,149) |
Adjustments to reconcile to net cash used in operating activities: | |||
Depreciation | 328 | 190 | 74 |
Amortization of debt discount | 1,604 | 1,472 | 1,349 |
Equity (income) loss | (671) | 39,599 | 15,335 |
Other (income) loss, net | 1,682 | (217) | (31,657) |
Stock-based compensation expense | 2,394 | 1,611 | 1,935 |
Changes in assets and liabilities: | |||
Accounts receivable, net | (1,521) | (923) | (369) |
Accounts payable, accrued expenses, and other | (215) | 43 | (1,707) |
Net cash used in operating activities | (18,661) | (17,749) | (20,189) |
Cash Flows from Investing Activities: | |||
Acquisitions of ownership interests in companies | (52,431) | (70,186) | (59,476) |
Proceeds from sales of and distributions from companies | 73,965 | 25,058 | 82,822 |
Advances and loans to companies | (27,967) | (15,208) | (10,968) |
Repayment of advances and loans to companies | 1,741 | 1,318 | 4,684 |
Increase in marketable securities | (21,194) | (29,755) | (55,594) |
Decrease in marketable securities | 46,315 | 33,640 | 55,410 |
Capital expenditures | (432) | (1,856) | (59) |
Other, net | 64 | 0 | 137 |
Net cash provided by (used in) investing activities | 20,061 | (56,989) | 16,956 |
Cash Flows from Financing Activities: | |||
Repurchase of convertible senior debentures | 0 | 0 | (441) |
Payments Related to Tax Withholding for Share-based Compensation | (460) | 0 | 0 |
Issuance of Company common stock, net | 5 | 676 | 1,289 |
Repurchase of Company common stock | (5,389) | (4,997) | (25,036) |
Net cash used in financing activities | (5,844) | (4,321) | (24,188) |
Net change in cash, cash equivalents and restricted cash equivalents | (4,444) | (79,059) | (27,421) |
Cash, cash equivalents and restricted cash equivalents at beginning of period | 32,838 | 111,897 | 139,318 |
Cash, cash equivalents and restricted cash equivalents at end of period | $ 28,394 | $ 32,838 | $ 111,897 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Principles of Consolidation The consolidated financial statements include the accounts of Safeguard (the "Company") and all of its subsidiaries in which a controlling financial interest is maintained. All intercompany accounts and transactions are eliminated in consolidation. Principles of Accounting for Ownership Interests in Companies The Company accounts for its interests in its partner companies using one of the following methods: consolidation, fair value, equity or cost. The accounting method applied is generally determined by the degree of the Company's influence over the entity, primarily determined by our voting interest in the entity. In addition to holding voting and non-voting equity and debt securities, the Company also periodically makes advances to its partner companies in the form of promissory notes which are included in the Ownership interests in and advances to partner companies line item in the Consolidated Balance Sheets. Consolidation Method. The Company generally accounts for partner companies in which it directly or indirectly owns more than 50% of the outstanding voting securities under the consolidation method of accounting. Under this method, the Company includes the partner companies’ financial statements within the Company’s Consolidated Financial Statements, and all significant intercompany accounts and transactions are eliminated. The Company reflects participation of other stockholders in the net assets and in the income or losses of these consolidated partner companies in Equity in the Consolidated Balance Sheets and in Net income (loss) attributable to non-controlling interest in the Statements of Operations. Net income (loss) attributable to non-controlling interest adjusts the Company’s consolidated operating results to reflect only the Company’s share of the earnings or losses of the consolidated partner company. The Company accounts for results of operations and cash flows of a consolidated partner company through the latest date in which it holds a controlling interest. If the Company subsequently relinquishes control but retains an interest in the partner company, the accounting method is adjusted to the equity, cost or fair value method of accounting, as appropriate. As of December 31, 2016 , the Company did not hold a controlling interest in any of its partner companies. Fair Value Method. Unrealized gains and losses on the mark-to-market of the Company's holdings in fair value method companies and realized gains and losses on the sale of any holdings in fair value method companies are recognized in Other income (loss), net in the Consolidated Statements of Operations. As of December 31, 2016 , the Company did not account for any of its partner companies under the fair value method. Equity Method. The Company accounts for partner companies whose results are not consolidated, but over which it exercises significant influence, under the equity method of accounting. Whether or not the Company exercises significant influence with respect to a partner company depends on an evaluation of several factors including, among others, representation of the Company on the partner company’s board of directors and the Company’s ownership level, which is generally a 20% to 50% interest in the voting securities of a partner company, including voting rights associated with the Company’s holdings in common, preferred and other convertible instruments in the company. Under the equity method of accounting, the Company does not reflect a partner company’s financial statements within the Company’s Consolidated Financial Statements; however, the Company’s share of the income or loss of such partner company is reflected in Equity income (loss) in the Consolidated Statements of Operations. The Company includes the carrying value of equity method partner companies in Ownership interests in and advances to partner companies on the Consolidated Balance Sheets. Any excess of the Company’s cost over its underlying interest in the net assets of equity method partner companies that is allocated to intangible assets is amortized over the estimated useful lives of the related intangible assets. The Company reflects its share of the income or loss of the equity method partner companies on a one quarter lag. This reporting lag could result in a delay in recognition of the impact of changes in the business or operations of these partner companies. When the Company’s carrying value in an equity method partner company is reduced to zero, the Company records no further losses in its Consolidated Statements of Operations unless the Company has an outstanding guarantee obligation or has committed additional funding to such equity method partner company. When such equity method partner company subsequently reports income, the Company will not record its share of such income until it exceeds the amount of the Company’s share of losses not previously recognized. Cost Method. The Company accounts for partner companies not consolidated or accounted for under the equity method or fair value method under the cost method of accounting. Under the cost method, the Company does not include its share of the income or losses of partner companies in the Company’s Consolidated Statements of Operations. The Company includes the carrying value of cost method partner companies in Ownership interests in and advances to partner companies on the Consolidated Balance Sheets. Accounting Estimates The preparation of the Consolidated Financial Statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and judgments that affect amounts reported in the financial statements and accompanying notes. Actual results may differ from these estimates. These estimates include the evaluation of the recoverability of the Company’s ownership interests in and advances to partner companies, income taxes, stock-based compensation and commitments and contingencies. Management evaluates its estimates on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. Certain amounts recorded to reflect the Company’s share of income or losses of partner companies accounted for under the equity method are based on unaudited results of operations of those companies and may require adjustments in the future when audits of these entities’ financial statements are completed. It is reasonably possible that the Company’s accounting estimates with respect to the ultimate recoverability of the carrying value of the Company’s ownership interests in and advances to partner companies could change in the near term and that the effect of such changes on the financial statements could be material. At December 31, 2016 , the Company believes the carrying value of the Company’s ownership interests in and advances to partner companies is not impaired, although there can be no assurance that the Company’s future results will confirm this assessment, that a significant write-down or write-off will not be required in the future or that a significant loss will not be recorded in the future upon the sale of a company. Cash and Cash Equivalents and Marketable Securities The Company considers all highly liquid instruments with an original maturity of 90 days or less at the time of purchase to be cash equivalents. Cash and cash equivalents consist of deposits that are readily convertible into cash. The Company determines the appropriate classification of marketable securities at the time of purchase and reevaluates such designation as of each balance sheet date. Held-to-maturity securities are carried at amortized cost, which approximates fair value. Marketable securities consist of held-to-maturity securities, primarily consisting of government agency bonds, commercial paper and certificates of deposits. Marketable securities with a maturity date greater than one year from the balance sheet date are considered long-term. The Company has not experienced any significant losses on cash equivalents and does not believe it is exposed to any significant credit risk on cash and cash equivalents. Restricted Cash Equivalents Restricted cash equivalents consist of certificates of deposit with various maturity dates. Amounts included in restricted cash equivalents represent those required to be set aside by a contractual agreement with a bank as collateral for a letter of credit. The restriction on the cash will lapse when the related letter of credit expires on March 19, 2019. The following table provides a reconciliation of cash, cash equivalents and restricted cash equivalents reported within the Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Consolidated Statements of Cash Flows: December 31, 2016 December 31, 2015 (In thousands) Cash and cash equivalents $ 22,058 $ 32,838 Long-term restricted cash equivalents 6,336 — Total cash, cash equivalents and restricted cash equivalents $ 28,394 $ 32,838 Financial Instruments The Company’s financial instruments (principally cash and cash equivalents, marketable securities, accounts receivable, notes receivable, accounts payable and accrued expenses) are carried at cost, which approximates fair value due to the short-term maturity of these instruments. The Company’s long-term debt is carried at cost. Impairment of Ownership Interests In and Advances to Partner Companies On a periodic basis, but no less frequently than quarterly, the Company evaluates the carrying value of its equity and cost method partner companies for possible impairment based on achievement of business plan objectives and milestones, the fair value of each partner company relative to its carrying value, the financial condition and prospects of the partner company and other relevant factors. The business plan objectives and milestones the Company considers include, among others, those related to financial performance, such as achievement of planned financial results or completion of capital raising activities, and those that are not primarily financial in nature, such as hiring of key employees or the establishment of strategic relationships. Management then determines whether there has been an other than temporary decline in the value of its ownership interest in the company. Impairment is measured as the amount by which the carrying value of an asset exceeds its fair value. The fair value of privately held companies is generally determined based on the value at which independent third parties have invested or have committed to invest in these companies or based on other valuation methods, including discounted cash flows, valuation of comparable public companies and the valuation of acquisitions of similar companies. Impairment charges related to equity method partner companies are included in Equity income (loss) in the Consolidated Statements of Operations. Impairment charges related to cost method partner companies and funds are included in Other income (loss), net in the Consolidated Statements of Operations. The reduced cost basis of a previously impaired partner company is not written-up if circumstances suggest the value of the company has subsequently recovered. Income Taxes The Company accounts for income taxes under the asset and liability method whereby deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. The Company measures deferred tax assets and liabilities using enacted tax rates in effect for the year in which the temporary differences are expected to be recovered or settled. The Company recognizes the effect on deferred tax assets and liabilities of a change in tax rates in income in the period of the enactment date. The Company provides a valuation allowance against the net deferred tax asset for amounts which are not considered more likely than not to be realized. Net Income (Loss) Per Share The Company computes net income (loss) per share using the weighted average number of common shares outstanding during each year. The Company includes in diluted net income (loss) per share common stock equivalents (unless anti-dilutive) which would arise from the exercise of stock options and conversion of other convertible securities and adjusted, if applicable, for the effect on net income (loss) of such transactions. Diluted net income (loss) per share calculations adjust net income (loss) for the dilutive effect of common stock equivalents and convertible securities issued by the Company’s consolidated or equity method partner companies. Segment Information Previously, the Company presented its operating results in two reportable segments - Healthcare and Technology. Recently, the Company shifted its focus to providing capital to technology companies within the fields of healthcare, financial services and digital media. Beginning in the third quarter of 2016, the Company has determined it operates as one operating segment based upon the similar nature of its technology-driven partner companies, the functional alignment of the organizational structure, and the reports that are regularly reviewed by the chief operating decision maker for the purpose of assessing performance and allocating resources. Recent Accounting Pronouncements Adoption of Accounting Standards Update No. 2016-18 In November 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash ("ASU 2016-18"). While the effective date of ASU 2016-18 is for fiscal years beginning after December 15, 2017, earlier adoption is permitted and the Company adopted the amendments in ASU 2016-18 during the fourth quarter of 2016. This standard requires that the Consolidated Statements of Cash Flows explain the change during the period in the total cash, cash equivalents, and amounts generally described as restricted cash and restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the Consolidated Statements of Cash Flows. The amendments in this update were applied using a retrospective transition method to each period presented. There were no material impacts to the Company's results of operations or liquidity as a result of adopting ASU 2016-18. Adoption of Accounting Standards Update No. 2016-09 In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09"). While the effective date of ASU 2016-09 is for fiscal years beginning after December 15, 2016, earlier adoption is permitted and the Company adopted the amendments in ASU 2016-09 during the second quarter of 2016. This standard simplifies or clarifies several aspects of the accounting for equity-based payment awards, including the income tax consequences, classification of awards as either equity or liabilities, and classification in the Consolidated Statements of Cash Flows. Certain of these changes are required to be applied retrospectively, while other changes are required to be applied prospectively. The impact of early adoption resulted in the following: • The Company recognizes share-based payment forfeitures as they occur. Prior to adoption, forfeitures were estimated in order to arrive at current period expense. There was a cumulative effect adjustment of $0.4 million to Accumulated deficit on the Consolidated Balance Sheet as of January 1, 2016 as a result of the adoption of this amendment on a modified retrospective basis. • The Company, upon election by an employee, withholds award shares with a fair value up to the amount of tax owed upon vesting or exercise using the maximum statutory tax rate in the employee's applicable jurisdiction while still qualifying for equity classification. Prior to adoption, the Company was only able to withhold award shares with a fair value up to the minimum statutory tax rate. There was no cumulative effect adjustment as a result of the adoption of this amendment on a modified retrospective basis. • The Company presents employee taxes paid by the Company through the withholding of award shares as a financing activity in the Consolidated Statements of Cash Flows. The effect of this retrospective change on the Company's Consolidated Statements of Cash Flows was not significant. There were no other material impacts to the Company's results of operations or liquidity as a result of adopting ASU 2016-09. Retrospective Adoption of Accounting Guidance In the first quarter of 2016, the Company adopted accounting guidance that required retrospective adjustment to previously issued financial statements. All prior period data presented in the Company's Consolidated Financial Statements reflect the retrospective adoption of this guidance. In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs ("ASU 2015-03"). ASU 2015-03 specifies that debt issuance costs related to a note shall be reported in the balance sheet as a direct reduction from the face amount of the note. As a result of the adoption of ASU 2015-03, the Company reclassified its capitalized debt issuance costs previously recorded within Other assets to a contra-liability reducing Convertible senior debentures on the Consolidated Balance Sheets. The reclassification was $0.8 million as of December 31, 2015. ASU 2015-03 had no effect on the Company's results of operations or liquidity. Adoption of Accounting Standards Update No. 2014-15 In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern ("ASU 2014-15") . ASU 2014-15 requires management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern for a period of one year following the date its financial statements are issued. If such conditions or events exist, management should consider whether its plans that are intended to mitigate those relevant conditions or events will alleviate the substantial doubt. If conditions or events raise substantial doubt about an entity’s ability to continue as a going concern, and substantial doubt is not alleviated after consideration of management’s plans, an entity should disclose that there is substantial doubt about the entity’s ability to continue as a going concern for a period of one year following the date its financial statements are issued. Disclosure should include the principal conditions or events that raise substantial doubt, management’s evaluation of the significance of those conditions or events in relation to the entity’s ability to meet its obligations, and management’s plans that are intended to mitigate those conditions or events. The Company adopted ASU 2014-15 effective December 31, 2016. The adoption had no impact on the Company's Consolidated Financial Statements. Evaluation of Accounting Standards Update No. 2014-09 In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09"). ASU 2014-09 and related subsequent amendments outlines a single comprehensive model to use to account for revenue arising from contracts with customers and supersedes most current revenue recognition guidance. For public companies, the guidance is effective for annual periods beginning after December 15, 2017 and any interim periods that fall within that reporting period. For nonpublic companies, the guidance is effective for annual periods beginning after December 15, 2018 and interim periods within annual periods beginning after December 15, 2019 with early adoption permitted. As the new standard will supersede most existing revenue guidance, it could impact revenue and cost recognition for partner companies. Any change in revenue or cost recognition for partner companies could affect the Company's recognition of its share of the results of its equity method partner companies. The Company has been closely monitoring the FASB activity related to the new standard and has begun work to conclude on specific interpretative issues. |
Ownership Interests in and Adva
Ownership Interests in and Advances to Partner Companies and Funds | 12 Months Ended |
Dec. 31, 2016 | |
Ownership Interests in and Advances to Partner Companies and Funds [Abstract] | |
Ownership Interests in and Advances to Partner Companies | Ownership Interests in and Advances to Partner Companies The following summarizes the carrying value of the Company’s ownership interests in and advances to partner companies. December 31, 2016 December 31, 2015 (In thousands) Equity Method: Partner companies $ 154,219 $ 150,898 Private equity funds 447 942 154,666 151,840 Cost Method: Partner companies 2,112 5,024 Private equity funds 1,550 1,966 3,662 6,990 Advances to partner companies 25,142 12,771 $ 183,470 $ 171,601 In April 2016, Putney, Inc. was acquired by Dechra Pharmaceuticals Plc. The Company received $58.6 million in cash proceeds in connection with the transaction, excluding $0.6 million which will be held in escrow until April 2017. The Company recognized a gain of $55.6 million on the transaction, which was included in Equity income (loss) in the Consolidated Statements of Operations for the year ended December 31, 2016. The Company recognized an impairment charge of $3.6 million related to Aventura, Inc. which is reflected in Equity income (loss) in the Consolidated Statements of Operations for the year ended December 31, 2016. The impairment was based on the decision of the Company and other shareholders of Aventura not to continue to fund Aventura's operations. The adjusted carrying value of the Company's interest in Aventura was $0.0 million at December 31, 2016. The Company recognized an impairment charge of $2.4 million related to its Penn Mezzanine debt and equity participations which is reflected in Other income (loss), net in the Consolidated Statements of Operations for the year ended December 31, 2016. The amount of the impairment was determined based on the difference between the carrying value of the Company's debt and equity participations and their estimated fair values. The Company has no remaining Penn Mezzanine debt participations and the adjusted carrying value of the Company's remaining Penn Mezzanine equity participation was $0.2 million at December 31, 2016. The Company recognized an impairment charge of $1.7 million related to AppFirst, Inc. which is reflected in Equity income (loss) in the Consolidated Statements of Operations for the year ended December 31, 2016. The impairment was due to the shutdown of AppFirst's operations and the sale of its assets. The amount of the impairment was determined based on the difference between the carrying value of the Company's holdings in AppFirst and the proceeds received by the Company on the sale of AppFirst's assets in June 2016. The Company also recognized an impairment charge of $3.6 million related to AppFirst in the fourth quarter of 2015 which is reflected in Equity income (loss) in the Consolidated Statements of Operations for the year ended December 31, 2015. The impairment was due to lack of revenue growth. In June 2016, the Company sold its ownership interests in Bridgevine, Inc. The Company received cash proceeds of $5.0 million and recognized a gain of $0.4 million on the transaction which is included in Other income (loss), net in the Consolidated Statements of Operations for the year ended December 31, 2016. In April 2015, DriveFactor, Inc. was acquired by CCC Information Services, Inc. The Company received $9.1 million in initial cash proceeds in connection with the transaction. The Company recognized a gain of $6.1 million on the transaction, which is included in Equity income (loss) in the Consolidated Statements of Operations for the year ended December 31, 2015. In April 2016, the Company received an additional $1.1 million which was released from escrow resulting in a gain of $1.1 million which is included in Equity income (loss) in the Consolidated Statements of Operations for the year ended December 31, 2016. In April 2016, the Company received $3.3 million associated with the achievement of the final performance milestone related to the December 2013 sale of ThingWorx, Inc. to PTC, Inc., resulting in a gain of $3.3 million which is included in Equity income (loss) in the Consolidated Statements of Operations for the year ended December 31, 2016. In January 2016, the Company received $4.1 million which was released from escrow resulting in a gain of $4.1 million which is included in Equity income (loss), net in the Consolidated Statements of Operations for the year ended December 31, 2015. In July 2015, the Company received $3.3 million associated with the achievement of performance milestones, resulting in a gain of $3.3 million which is included in Equity income (loss), net in the Consolidated Statements of Operations for the year ended December 31, 2015. In July 2015, Quantia, Inc. was acquired by Physicians Interactive. The Company received $7.8 million in initial cash proceeds in connection with the transaction. In July 2016, the Company received an additional $0.6 million which was released from escrow resulting in a gain of $0.6 million which is included in Equity income (loss) in the Consolidated Statements of Operations for the year ended December 31, 2016. The Company also recognized an impairment charge of $2.9 million related to Quantia in the second quarter of 2015 which is reflected in Equity income (loss) in the Consolidated Statements of Operations for the year ended December 31, 2015. The impairment was based on the difference between the Company's carrying value in Quantia and the initial net proceeds received in July 2015. In July 2015, the Company received $1.7 million in connection with the expiration of the escrow period related to the January 2014 sale of Alverix, Inc. to Becton, Dickinson and Company, resulting in a gain of $1.7 million which is included in Equity income (loss), net in the Consolidated Statements of Operations for the year ended December 31, 2015. The Company received $15.7 million in initial cash proceeds in connection with the transaction resulting in a gain of $15.7 million , which is included in Equity income (loss) in the Consolidated Statements of Operations for the year ended December 31, 2014. In July and March 2015, the Company received an aggregate $2.9 million in connection with the expiration of the escrow period related to the February 2014 sale of Crescendo Bioscience, Inc. to Myriad Genetics, Inc., resulting in a gain of $2.9 million which is included in Other income (loss), net in the Consolidated Statements of Operations for the year ended December 31, 2015. The Company received $38.4 million in initial cash proceeds in connection with the transaction resulting in a gain of $27.4 million , which is included in Other income (loss), net in the Consolidated Statements of Operations for the year ended December 31, 2014. The Company recognized an impairment charge of $3.2 million related to InfoBionic, Inc. in the second quarter of 2015 which is reflected in Equity income (loss) in the Consolidated Statements of Operations for the year ended December 31, 2015. The impairment was due to discontinuation of InfoBionic's first-generation product. The amount of the impairment was determined based on the value at which InfoBionic raised additional equity financing in July 2015 from the Company and other existing capital providers. The Company recognized an impairment charge of $2.3 million related to Dabo Health, Inc. in the first quarter of 2015 which is reflected in Other income (loss), net in the Consolidated Statements of Operations for the year ended December 31, 2015. The impairment was based on the decision of the Company and other shareholders not to continue to fund Dabo Health's operations. In April 2014, the Company sold its ownership interests in Sotera Wireless, Inc. The Company received $4.2 million in cash proceeds in connection with the transaction and recognized a gain of $1.5 million , which is included in Other income (loss), net in the Consolidated Statements of Operations for the year ended December 31, 2014. In February 2014, NuPathe was acquired by Teva Pharmaceutical Industries Ltd. for $3.65 per share in cash. The Company received initial net cash proceeds of $23.1 million as a result of the transaction. The Company recognized a gain of $3.0 million , which is included in Other income (loss), net in the Consolidated Statements of Operations for the year ended December 31, 2014. Summarized Financial Information for Partner Companies The Company categorizes its partner companies into four stages based upon revenue generation—Development Stage, Initial Revenue Stage, Expansion Stage and, High Traction Stage. The Development Stage is made up of those companies that are pre-revenue businesses. The Company currently has no partner companies in the Development Stage. The Initial Revenue Stage is made up of businesses that have revenues of $5 million or less. The Expansion Stage is made up of companies that have revenue in the range of $5 million to $20 million . The High Traction Stage is made up of companies that have revenue in excess of $20 million per year. See Note 14 to the Consolidated Financial Statements for a listing of partner companies in which the Company held an ownership interest as of December 31, 2016 and their respective revenue stages. The following summarized financial information by revenue stage for partner companies accounted for under the equity method for the periods presented has been compiled from respective partner company financial statements, reflect certain historical adjustments, and are reported on a one quarter lag. Results of operations of the partner companies are excluded for periods prior to their acquisition and subsequent to their disposition. Historical results are not adjusted when the Company exits or writes-off a partner company. High Traction Stage As of December 31, 2016 2015 (In thousands) Balance Sheets: Current assets $ 229,756 $ 213,884 Non-current assets 106,555 89,987 Total assets $ 336,311 $ 303,871 Current liabilities $ 215,622 $ 192,025 Non-current liabilities 110,315 74,208 Shareholders’ equity 10,374 37,638 Total liabilities and shareholders’ equity $ 336,311 $ 303,871 Number of partner companies 5 6 Year Ended December 31, 2016 2015 2014 (In thousands) Results of Operations: Revenue $ 272,216 $ 301,132 $ 249,157 Gross profit $ 200,811 $ 208,883 $ 164,514 Net loss $ (40,815 ) $ (46,558 ) $ (55,394 ) Expansion Stage As of December 31, 2016 2015 (In thousands) Balance Sheets: Current assets $ 66,204 $ 84,041 Non-current assets 17,756 16,762 Total assets $ 83,960 $ 100,803 Current liabilities $ 40,660 $ 40,268 Non-current liabilities 14,851 27,449 Shareholders’ equity 28,449 33,086 Total liabilities and shareholders’ equity $ 83,960 $ 100,803 Number of partner companies 7 7 Year Ended December 31, 2016 2015 2014 (In thousands) Results of Operations: Revenue $ 61,293 $ 53,002 $ 39,391 Gross profit $ 34,682 $ 30,928 $ 26,158 Net loss $ (52,111 ) $ (34,064 ) $ (30,012 ) Initial Revenue Stage As of December 31, 2016 2015 (In thousands) Balance Sheets: Current assets $ 73,698 $ 59,738 Non-current assets 4,915 2,705 Total assets $ 78,613 $ 62,443 Current liabilities $ 29,431 $ 21,399 Non-current liabilities 33,385 9,172 Shareholders’ equity 15,797 31,872 Total liabilities and shareholders’ equity $ 78,613 $ 62,443 Number of partner companies 17 15 Year Ended December 31, 2016 2015 2014 (In thousands) Results of Operations: Revenue $ 31,172 $ 15,071 $ 9,661 Gross profit $ 18,777 $ 10,234 $ 6,008 Net loss $ (93,440 ) $ (57,762 ) $ (23,588 ) As of December 31, 2016 , the Company’s carrying value in equity method partner companies, in the aggregate, exceeded the Company’s share of the net assets of such companies by approximately $119.0 million . Of this excess, $98.2 million was allocated to goodwill and $20.8 million was allocated to intangible assets. |
Acquisitions of Ownership Inter
Acquisitions of Ownership Interests in Partner Companies and Funds | 12 Months Ended |
Dec. 31, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Acquisitions of Ownership Interests in Partner Companies | Acquisitions of Ownership Interests in Partner Companies In December 2016, the Company funded $1.9 million of a convertible bridge loan to Trice Medical, Inc. The Company had previously deployed an aggregate of $6.1 million in Trice Medical. Trice Medical is a diagnostics company focused on micro invasive technologies. The Company accounts for its interest in Trice Medical under the equity method. In December 2016, the Company funded $1.5 million of a convertible bridge loan to meQuilibrium. The Company had previously deployed $6.5 million in meQuilibrium. meQuilibrium is a digital coaching platform that delivers clinically validated and highly personalized resilience solutions to employers, health plans, wellness providers, and consumers increasing engagement, productivity and performance, as well as improving outcomes in managing stress, health and well-being. The Company accounts for its interest in meQuilibrium under the equity method. In December, July and April 2016, the Company funded an aggregate of $5.2 million of convertible bridge loans to Good Start Genetics, Inc. The Company had previously deployed an aggregate of $12.0 million in Good Start Genetics. Good Start Genetics is an information solutions company delivering genetics offerings to growing families, including advanced clinical sequencing and individualized actionable information to promote successful pregnancies. The Company accounts for its interest in Good Start Genetics under the equity method. In December and January 2016, the Company deployed an aggregate of $5.4 million into WebLinc, Inc. The Company had previously deployed an aggregate of $6.6 million in WebLinc. WebLinc is a commerce platform provider for fast growing online retailers. The Company accounts for its interest in WebLinc under the equity method. In December, November, March and January 2016, the Company deployed an aggregate of $4.6 million into Full Measure Education, Inc. The Company had previously deployed $4.0 million in Full Measure. Full Measure designs next-generation, mobile-first technologies for community colleges throughout the United States. The Company accounts for its interest in Full Measure under the equity method. In December, September and June 2016, the Company funded an aggregate of $0.7 million of convertible loans to Lumesis, Inc. The Company had previously deployed an aggregate of $5.6 million in Lumesis. Lumesis is a financial technology company focused on providing business efficiency, regulatory and data solutions to the municipal bond marketplace. The Company accounts for its interest in Lumesis under the equity method. In November 2016, the Company acquired a 23.6% interest in T-REX Group, Inc. for $6.0 million . T-REX Group is a financial services software technology company that specializes in valuation, risk analysis, and structuring tools to unlock investment opportunities for various asset classes. The Company accounts for its interest in T-REX Group under the equity method. In November 2016, the Company funded $0.6 million of a convertible bridge loan to CloudMine, Inc. The Company had previously deployed an aggregate of $4.9 million in CloudMine. CloudMine empowers payers, providers, and pharmaceutical organizations to mobilize patient information by building robust applications and driving actionable insights. The Company accounts for its interest in CloudMine under the equity method. In November 2016, the Company funded $0.3 million of a convertible bridge loan to Aventura, Inc. The Company had previously deployed $6.0 million in Aventura. The Company impaired all of the carrying value of Aventura in the fourth quarter of 2016. The Company accounted for its interest in Aventura under the equity method. In October 2016, the Company acquired a 20.3% interest in Brickwork for $4.2 million . Brickwork helps retailers inform, target, convert, and prepare for store shoppers online as the first scalable software-as-a-service platform powering a seamless customer path between online and in-store shopping. The Company accounts for its interest in Brickwork under the equity method. In October 2016, the Company deployed an additional $5.0 million in Propeller Health, Inc. The Company had previously deployed $9.0 million in Propeller Health. Propeller Health provides digital solutions to measurably improve respiratory health. The Company accounts for its interest in Propeller Health under the equity method. In October 2016, the Company funded $2.8 million of a convertible bridge loan to QuanticMind, Inc. The Company had previously deployed $7.0 million in QuanticMind. QuanticMind is a software-as-a-service company that provides enterprise-level predictive advertising management software for paid search, social and mobile. The Company accounts for its interest in QuanticMind under the equity method. In October 2016, the Company deployed $2.7 million into Aktana, Inc. The Company had previously acquired a 23.4% interest in Aktana for $5.5 million in June 2016. Aktana leverages big data and machine learning to enable pharmaceutical brands to dynamically optimize their strategy and enhance sales execution. The Company accounts for its interest in Aktana under the equity method. In September 2016, the Company acquired a 32.6% interest in Moxe Health Corporation for $4.5 million . Moxe Health connects payers to their provider networks, facilitating real-time data exchange through its electronic integration platform. The Company accounts for its interest in Moxe Health under the equity method. In September, June and January 2016, the Company deployed an aggregate of $5.0 million into InfoBionic, Inc. The Company had previously deployed an aggregate of $9.5 million in InfoBionic. InfoBionic is an emerging digital health company focused on creating patient monitoring solutions for chronic disease management with an initial market focus on cardiac arrhythmias. The Company accounts for its interest in InfoBionic under the equity method. In July and January 2016, the Company deployed an aggregate of $4.0 million into Clutch Holdings, Inc. The Company had previously deployed an aggregate of $12.3 million in Clutch. Clutch provides customer intelligence and personalized engagements that empower consumer-focused businesses to identify, understand and motivate each segment of their customer base. The Company accounts for its interest in Clutch under the equity method. In July and January 2016, the Company funded an aggregate of $4.0 million of convertible loans to Spongecell, Inc. The Company had previously deployed an aggregate of $14.0 million in Spongecell. Spongecell helps advertisers enhance the power of digital brand creative by leveraging customer data and brand content to personalize ads for maximum relevance. The Company accounts for its interest in Spongecell under the equity method. In June and January 2016, the Company funded an aggregate of $1.2 million of convertible bridge loans to AppFirst, Inc. The Company had previously deployed an aggregate of $11.6 million in AppFirst. The Company impaired its ownership interest in AppFirst in June 2016 due to the shutdown of AppFirst's operations and sale of its assets in June 2016, which generated cash proceeds to the Company of $0.9 million . The Company accounted for its interest in AppFirst under the equity method. In April and March 2016, the Company funded an aggregate of $1.0 million of convertible loans to NovaSom, Inc. The Company had previously deployed an aggregate of $21.0 million in NovaSom. NovaSom is a medical device company focused on obstructive sleep apnea, specifically home testing with its FDA-cleared wireless device called AccuSom ® Home Sleep Test. The Company accounts for its interest in NovaSom under the equity method. In April 2016, the Company deployed an additional $5.0 million into Transactis, Inc. The Company had previously deployed $9.5 million in Transactis. Transactis provides electronic billing and payment solutions. The Company accounts for its interest in Transactis under the equity method. In March 2016, the Company funded $1.0 million of a convertible bridge loan to Hoopla Software, Inc. The Company had previously deployed an aggregate of $3.8 million in Hoopla. Hoopla provides cloud-based software that helps sales organizations inspire and motivate sales team performance. The Company accounts for its interest in Hoopla under the equity method. In January 2016, the Company deployed an additional $7.5 million into Syapse, Inc. The Company had previously deployed $5.8 million in Syapse. Syapse drives healthcare transformation through precision medicine, enabling provider systems to improve clinical outcomes, streamline operations, and shift to new payment models. The Company accounts for its interest in Syapse under the equity method. In December 2015, the Company acquired a 26.3% interest in Zipnosis, Inc. for $7.0 million . Zipnosis provides health systems with a white-labeled, fully integrated virtual care platform. The Company accounts for its interest in Zipnosis under the equity method. In October 2015, the Company acquired a 34.2% interest in Cask Data, Inc. for $11.0 million . Cask Data accelerates the development and deployment of production Hadoop applications. The Company accounts for its interest in Cask under the equity method. In July 2015, the Company deployed an additional $10.0 million into Apprenda, Inc. The Company had previously deployed $12.1 million in Apprenda. Apprenda is an enterprise platform-as-a-service company powering the next generation of enterprise software development in public, private and hybrid clouds. The Company accounts for its interest in Apprenda under the equity method. During the six months ended June 30, 2015, the Company funded an aggregate of $2.8 million of convertible bridge loans to Quantia, Inc. The Company had previously deployed an aggregate of $12.5 million in Quantia. The Company accounted for its interest in Quantia under the equity method. In July 2015, Quantia was acquired by Physicians Interactive. In May 2015, the Company deployed an additional $3.5 million into Pneuron Corporation. The Company had previously deployed $5.0 million in Pneuron. Pneuron enables organizations to rapidly solve business problems through a distributed approach that cuts across data, applications and processes. The Company accounts for its interest in Pneuron under the equity method. In May 2015, the Company acquired a 22.6% interest in Sonobi, Inc. for $5.4 million . Sonobi is an advertising technology developer that creates data-driven tools and solutions to meet the evolving needs of demand- and sell-side organizations within the digital media marketplace. The Company accounts for its interest in Sonobi under the equity method. In April and March 2015, the Company funded an aggregate $1.0 million convertible bridge loan to AdvantEdge Healthcare Solutions, Inc. The Company had previously deployed an aggregate of $15.3 million in AdvantEdge. AdvantEdge is a technology-enabled provider of healthcare revenue cycle and business management solutions that improve decision-making, maximize financial performance, streamline operations and mitigate compliance risks for healthcare providers. The Company accounts for its interest in AdvantEdge under the equity method. In March 2015, the Company deployed an additional $0.3 million into Dabo Health, Inc. The Company had previously deployed $2.0 million in Dabo Health. The Company impaired all of the carrying value of Dabo Health in the first quarter of 2015. The Company accounted for its interest in Dabo Health under the cost method. In June and April 2014, the Company deployed an aggregate of $5.0 million into Putney, Inc. The Company had previously deployed $10.0 million in Putney. The Company accounted for its interest in Putney under the equity method. In April 2016, Putney was acquired by Dechra Pharmaceuticals Plc. In May 2014, the Company deployed an additional $7.0 million into MediaMath, Inc. In connection with the May 2014 financing, the Company’s primary ownership interest decreased from 22.5% to 20.6% . As a result, the Company recognized an unrealized gain of $7.0 million which is reflected in Equity income (loss) in the Consolidated Statements of Operations for the year ended December 31, 2014. The Company had previously deployed an aggregate of $18.6 million in MediaMath. MediaMath is a global technology company that is leading the movement to revolutionize traditional marketing and drive transformative results for marketers through its TerminalOne Marketing Operating System™. The Company accounts for its interest in MediaMath under the equity method. In March 2014, the Company funded $0.2 million of a convertible bridge loan to Sotera Wireless, Inc. The Company previously deployed $1.3 million into Sotera Wireless and acquired additional shares from a previous investor for $1.2 million . In April 2014, the Company sold its equity and debt interests in Sotera Wireless for $4.2 million . The Company accounted for its interest in Sotera Wireless under the cost method. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The Company categorizes its financial instruments into a three-level fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the instrument. Financial assets recorded at fair value on the Company’s Consolidated Balance Sheets are categorized as follows: Level 1—Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2—Include other inputs that are directly or indirectly observable in the marketplace. Level 3—Unobservable inputs which are supported by little or no market activity. The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The following table provides the carrying value and fair value of certain financial assets of the Company measured at fair value on a recurring basis as of December 31, 2016 and 2015 : Carrying Value Fair Value Measurement at December 31, 2016 Level 1 Level 2 Level 3 (in thousands) Cash and cash equivalents $ 22,058 $ 22,058 $ — $ — Long-term restricted cash equivalents 6,336 6,336 — — Marketable securities—held-to-maturity: Certificates of deposit $ 15,686 $ 15,686 $ — $ — Total marketable securities $ 15,686 $ 15,686 $ — $ — Carrying Value Fair Value Measurement at December 31, 2015 Level 1 Level 2 Level 3 (In thousands) Cash and cash equivalents $ 32,838 $ 32,838 $ — $ — Marketable securities—held-to-maturity: Government agency bonds $ 1,329 $ 1,329 $ — $ — Certificates of deposit 39,434 39,434 — — Total marketable securities $ 40,763 $ 40,763 $ — $ — As of December 31, 2016 , $8.4 million of marketable securities had contractual maturities which were less than one year and $7.3 million of marketable securities had contractual maturities greater than one year. Held-to-maturity securities are carried at amortized cost, which, due to the short-term maturity of these instruments, approximates fair value using quoted prices in active markets for identical assets or liabilities defined as Level 1 inputs under the fair value hierarchy. |
Convertible Debentures and Cred
Convertible Debentures and Credit Arrangements | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Convertible Debentures and Credit Arrangements | Convertible Debentures and Credit Arrangements Convertible Senior Debentures In November 2012, the Company issued $55.0 million principal amount of its 5.25% convertible senior debentures due on May 15, 2018 (the “2018 Debentures”). Interest on the 2018 Debentures is payable semi-annually on May 15 and November 15. Holders of the 2018 Debentures may convert their notes prior to November 15, 2017 at their option only under the following circumstances: • during any calendar quarter commencing after the calendar quarter ending on December 31, 2012, if the last reported sale price of the common stock for at least 20 trading days during the period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; • during the five business day period after any five consecutive trading day period in which the trading price per $1,000 principal amount of notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our common stock and the conversion rate on such trading day; • if the notes have been called for redemption; or • upon the occurrence of specified corporate events. On or after November 15, 2017 until the close of business on the second business day immediately preceding the maturity date, holders may convert their notes at any time, regardless of whether any of the foregoing conditions have been met. Upon conversion, the Company will satisfy its conversion obligation by paying or delivering, as the case may be, cash, shares of our common stock or a combination of cash and shares of our common stock, at the Company’s election. The conversion rate of the 2018 Debentures is 55.17 shares of common stock per $1,000 principal amount of debentures, equivalent to a conversion price of approximately $18.13 per share of common stock. The closing price of the Company’s common stock at December 31, 2016 was $13.45 . On or after November 15, 2016, the Company may redeem for cash any of the 2018 Debentures if the last reported sale price of the Company’s common stock exceeds 140% of the conversion price for at least 20 trading days during the period of 30 consecutive trading days ending on the trading day before the date that notice of redemption is given, including the last trading day of such period. Upon any redemption of the 2018 Debentures, the Company will pay a redemption price of 100% of their principal amount, plus accrued and unpaid interest to, but excluding, the date of redemption, and additional interest, if any. The 2018 Debentures holders have the right to require the Company to repurchase the 2018 Debentures if the Company undergoes a fundamental change, which includes the sale of all or substantially all of the Company’s common stock or assets; liquidation; dissolution; a greater than 50% change in control; the delisting of the Company’s common stock from the New York Stock Exchange or the NASDAQ Global Market (or any of their respective successors); or a substantial change in the composition of the Company’s board of directors as defined in the governing agreement. Holders may require that the Company repurchase for cash all or part of their debentures at a fundamental change repurchase price equal to 100% of the principal amount of the debentures to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. Because the 2018 Debentures may be settled in cash or partially in cash upon conversion, the Company separately accounts for the liability and equity components of the 2018 Debentures. The carrying amount of the liability component was determined at the transaction date by measuring the fair value of a similar liability that does not have an associated equity component. The carrying amount of the equity component represented by the embedded conversion option was determined by deducting the fair value of the liability component from the initial proceeds of the 2018 Debentures as a whole. At December 31, 2016 , the fair value of the $55.0 million outstanding 2018 Debentures was approximately $57.7 million , based on the midpoint of the bid and ask prices as of such date. At December 31, 2016 , the carrying amount of the equity component was $6.4 million , the principal amount of the liability component was $55.0 million , the unamortized discount was $2.0 million , unamortized debt issuance costs were $0.5 million , and the net carrying value of the liability component was $52.6 million . The Company is amortizing the excess of the face value of the 2018 Debentures over their carrying value over their term as additional interest expense using the effective interest method and recorded $1.6 million , $1.5 million and $1.3 million of such expense for the years ended December 31, 2016 , 2015 and 2014 , respectively. The effective interest rate on the 2018 Debentures is 8.7% . The Company anticipates refinancing all or a portion of the outstanding 2018 Debentures before the maturity date of May 15, 2018. Credit Arrangements The Company was party to a loan agreement with a commercial bank which provided it with a revolving credit facility in the maximum aggregate amount of $25.0 million in the form of borrowings, guarantees and issuances of letters of credit. The credit facility, as amended December 29, 2015, expired by its terms on December 19, 2016 . Under the credit facility, the Company had provided a $6.3 million letter of credit expiring on March 19, 2019 to the landlord of CompuCom Systems, Inc.’s Dallas headquarters which has been required in connection with the sale of CompuCom Systems in 2004. Pursuant to the terms of the credit facility, upon its expiration, the letter of credit is now secured by cash which is classified as Long-term restricted cash equivalents on the Consolidated Balance Sheet. The restriction on the cash will lapse when the related letter of credit expires on March 19, 2019 . |
Equity
Equity | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Equity | Equity In July 2015, the Company's Board of Directors authorized the Company, from time to time and depending on market conditions, to repurchase up to $25.0 million of the Company's outstanding common stock. During the year ended December 31, 2016, the Company repurchased 0.4 million shares at an aggregate cost of $5.4 million with $14.6 million remaining for repurchase under the existing authorization. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Equity Compensation Plans The 2014 Equity Compensation Plan has 4.1 million shares authorized for issuance. During 2016, the Company issued 46 thousand stock-based awards outside of existing plans as inducement awards in accordance with New York Stock Exchange rules. To the extent allowable, service-based options are incentive stock options. Options granted under the plans are at prices equal to or greater than the fair market value at the date of grant. Upon exercise of stock options, the Company issues shares first from treasury stock, if available, then from authorized but unissued shares. At December 31, 2016 , the Company had reserved 3.7 million shares of common stock for possible future issuance under its 2014 Equity Compensation Plan, and other previously expired equity compensation plans. Classification of Stock-Based Compensation Expense Stock-based compensation expense was recognized in the Consolidated Statements of Operations as follows: Year Ended December 31, 2016 2015 2014 (In thousands) General and administrative expense $ 2,394 $ 1,611 $ 1,935 $ 2,394 $ 1,611 $ 1,935 At December 31, 2016 , the Company had outstanding options that vest based on two different types of vesting schedules: 1) performance-based; and 2) service-based. Performance-based awards entitle participants to vest in a number of awards determined by achievement by the Company of target capital returns based on net cash proceeds received by the Company upon the sale, merger or other exit transaction of certain identified partner companies. Vesting may occur, if at all, once per year. The requisite service periods for the performance-based awards are based on the Company’s estimate of when the performance conditions will be met. Compensation expense is recognized for performance-based awards for which the performance condition is considered probable of achievement. Compensation expense is recognized over the requisite service periods using the straight-line method but is accelerated if capital return targets are achieved earlier than estimated. During the year ended December 31, 2014 , the Company issued 8 thousand performance-based options to employees. No performance-based options were issued during the years ended December 31, 2016 or 2015. During the years ended December 31, 2016 and 2014, respectively, 4 thousand and 7 thousand performance-based options vested. No performance-based options vested during the year ended December 31, 2015. During the years ended December 31, 2016 , 2015 and 2014 , respectively, 106 thousand , 9 thousand and 16 thousand performance-based options were canceled or forfeited. The Company recorded compensation expense related to performance-based options of $0.2 million , $0.0 million and $0.1 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. The maximum number of unvested options at December 31, 2016 attainable under these grants was 344 thousand shares. Service-based awards generally vest over four years after the date of grant and expire eight years after the date of grant. Compensation expense is recognized over the requisite service period using the straight-line method. The requisite service period for service-based awards is the period over which the award vests. During the years ended December 31, 2016 , 2015 and 2014 , respectively, the Company issued 27 thousand , 31 thousand and 23 thousand service-based options to employees. During the years ended December 31, 2016 , 2015 and 2014 , respectively, 22 thousand , 8 thousand and 8 thousand service-based options were canceled or forfeited. The Company recorded compensation expense related to these options of $0.2 million , $0.3 million and $0.3 million during the years ended December 31, 2016 , 2015 and 2014 , respectively. Market-based awards entitled participants to vest in a number of options determined by achievement by the Company of certain target market capitalization increases (measured by reference to stock price increases on a specified number of outstanding shares) over an eight-year period. During the years ended December 31, 2016 , 2015 and 2014 , the Company did not issue any market-based awards to employees. During the year ended December 31, 2014 , 22 thousand market-based options vested. No market-based options vested during the years ended December 31, 2016 or 2015 . During the years ended December 31, 2016 , 2015 and 2014 , respectively, 136 thousand , 91 thousand and 155 thousand market-based options were canceled or forfeited. The Company recorded compensation expense related to market-based options of $0.0 million during the years ended December 31, 2016 , 2015 and 2014 . There is no further expense to be recognized related to market-based options and there are no further unvested options attainable under these grants at December 31, 2016. The fair value of the Company’s option awards to employees was estimated at the date of grant using the Black-Scholes option-pricing model. The risk-free rate is based on the U.S. Treasury yield curve in effect at the end of the quarter in which the grant occurred. The expected term of stock options granted was estimated using the historical exercise behavior of employees. Expected volatility was based on historical volatility measured using weekly price observations of the Company’s common stock for a period equal to the stock option’s expected term. Assumptions used in the valuation of options granted in each period were as follows: Year Ended December 31, 2016 2015 2014 Service-Based Options Dividend yield 0 % 0 % 0 % Expected volatility 25 % 26 % 32 % Average expected option life 5 years 5 years 5 years Risk-free interest rate 1.5 % 1.5 % 1.7 % Year Ended December 31, 2014 Performance-Based Options Dividend yield 0 % Expected volatility 32 % Average expected option life 4.8 years Risk-free interest rate 1.7 % The weighted-average grant date fair value of options issued by the Company during the years ended December 31, 2016 , 2015 and 2014 was $3.29 , $4.25 and $7.02 per share, respectively. Option activity of the Company is summarized below: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value (In thousands) (In years) (In thousands) Outstanding at December 31, 2013 1,828 $ 12.51 Options granted 31 19.38 Options exercised (365 ) 11.48 Options canceled/forfeited (178 ) 13.58 Outstanding at December 31, 2014 1,316 12.81 Options granted 31 17.26 Options exercised (155 ) 13.12 Options canceled/forfeited (107 ) 13.06 Outstanding at December 31, 2015 1,085 12.86 Options granted 27 13.03 Options exercised (170 ) 7.56 Options canceled/forfeited (264 ) 11.06 Outstanding at December 31, 2016 678 14.90 4.37 $ 314 Options exercisable at December 31, 2016 279 15.37 3.01 122 Options vested and expected to vest at December 31, 2016 678 14.90 4.37 314 Shares available for future grant 2,077 The total intrinsic value of options exercised for the years ended December 31, 2016 , 2015 and 2014 was $0.9 million , $0.9 million and $2.4 million , respectively. At December 31, 2016 , total unrecognized compensation cost related to non-vested service-based options was $0.2 million . That cost is expected to be recognized over a weighted-average period of 2.7 years. At December 31, 2016 , total unrecognized compensation cost related to non-vested performance-based options was $0.7 million . That cost is expected to be recognized over a weighted-average period of 1.9 years but would be accelerated if performance targets are achieved earlier than estimated. Performance-based stock units vest based on achievement by the Company of target capital returns based on net cash proceeds received by the Company on the sale, merger or other exit transaction of certain identified partner companies, as described above related to performance-based awards. Performance-based stock units represent the right to receive shares of the Company’s common stock, on a one-for-one basis. During the years ended December 31, 2016 , 2015 and 2014 , respectively, the Company issued 226 thousand , 153 thousand and 119 thousand performance-based stock units to employees. Under the terms of the 2016, 2015 and 2014 performance-based awards, once performance-based stock units are fully vested, participants are entitled to receive cash payments based on their initial performance grant values as target capital returns described above are exceeded. At December 31, 2016 , the liability associated with such potential cash payments was $0.0 million . During the years ended December 31, 2016 , 2015 and 2014 , respectively, the Company issued 130 thousand , 81 thousand and 59 thousand restricted shares to employees. Restricted shares generally vest over a period of approximately four years. During the years ended December 31, 2016 , 2015 , and 2014 , respectively, the Company issued 47 thousand , 44 thousand and 46 thousand deferred stock units to non-employee directors for annual service grants or fees earned during the preceding quarter. Deferred stock units issued to directors in lieu of directors fees are 100% vested at the grant date; matching deferred stock units equal to 25% of directors’ fees deferred vest one year following the grant date or, if earlier, upon reaching age 65. Deferred stock units are payable in stock on a one-for-one basis. Payments related to the deferred stock units are generally distributable following termination of employment or service, death or permanent disability. During the years ended December 31, 2016 , 2015 and 2014 , the Company granted 10 thousand , 9 thousand and 8 thousand shares, respectively, to members of its advisory board, now referred to as Safeguard's Advisor and Global Expert Network, and recorded compensation expense of $0.1 million in each year related to these awards. Total compensation expense for deferred stock units, performance-based stock units and restricted stock was $1.9 million , $1.3 million and $1.5 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. Unrecognized compensation expense related to deferred stock units, performance stock units and restricted stock at December 31, 2016 was $7.8 million . The total fair value of deferred stock units, performance stock units and restricted stock vested during the years ended December 31, 2016 , 2015 and 2014 was $1.2 million , $1.1 million and $1.4 million , respectively. Deferred stock unit, performance-based stock unit and restricted stock activity are summarized below: Shares Weighted Average Grant Date Fair Value (In thousands) Unvested at December 31, 2014 455 $ 17.09 Granted 286 15.02 Vested (64 ) 17.42 Forfeited (7 ) 18.76 Unvested at December 31, 2015 670 16.16 Granted 413 13.27 Vested (89 ) 16.46 Forfeited (61 ) 17.08 Unvested at December 31, 2016 933 14.79 |
Other Income (Loss), Net
Other Income (Loss), Net | 12 Months Ended |
Dec. 31, 2016 | |
Other Income and Expenses [Abstract] | |
Other Income (Loss), Net | Other Income (Loss), Net Year ended December 31, 2016: Loss on impairment of Penn Mezzanine debt and equity participations $ (2,360 ) Gain on sale of Bridgevine 424 Other 254 $ (1,682 ) Year ended December 31, 2015: Gain on proceeds received from escrow related to sale of Crescendo $ 2,914 Loss on impairment of Dabo Health (2,356 ) Loss on impairment of legacy private equity fund (398 ) Other 57 $ 217 Year ended December 31, 2014: Gain on sale of Crescendo Bioscience $ 27,365 Gain on sale of NuPathe 3,017 Gain on sale of Sotera Wireless 1,453 Loss on sale of Penn Mezzanine equity participation (255 ) Other 77 $ 31,657 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The federal and state provision (benefit) for income taxes was $0.0 million for the years ended December 31, 2016 , 2015 and 2014 . The total income tax provision (benefit) differed from the amounts computed by applying the U.S. federal income tax rate of 35.0% to net income (loss) before income taxes as a result of the following: Year Ended December 31, 2016 2015 2014 Statutory tax (benefit) expense (35.0 )% (35.0 )% (35.0 )% Increase in taxes resulting from: Stock-based compensation 0.2 0.1 1.5 Nondeductible expenses 0.4 0.2 2.9 Valuation allowance 34.4 34.7 30.6 0.0 % 0.0 % 0.0 % The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets were as follows: As of December 31, 2016 2015 (In thousands) Deferred tax asset: Carrying values of partner companies and other holdings $ 95,134 $ 83,042 Tax loss and credit carryforwards 82,775 84,493 Accrued expenses 1,183 1,391 Stock-based compensation 1,763 1,655 Other 1,310 1,369 182,165 171,950 Valuation allowance (182,165 ) (171,950 ) Net deferred tax asset $ — $ — As of December 31, 2016 , the Company and its subsidiaries consolidated for tax purposes had federal net operating loss carryforwards of approximately $225.4 million . These carryforwards expire as follows: Total (In thousands) 2017 $ — 2018 — 2019 — 2020 — 2021 and thereafter 225,369 $ 225,369 In assessing the recoverability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company has determined that it is more likely than not that certain future tax benefits may not be realized as a result of current and future income. Accordingly, a valuation allowance has been recorded against substantially all of the Company’s deferred tax assets. The Company recognizes in its Consolidated Financial Statements the impact of a tax position if that position is more likely than not to be sustained upon examination, based on the technical merits of the position. All uncertain tax positions relate to unrecognized tax benefits that would impact the effective tax rate when recognized. The Company does not expect any material increase or decrease in its income tax expense, in the next twelve months, related to examinations or changes in uncertain tax positions. There were no changes in the Company’s uncertain tax positions for the years ended December 31, 2016 , 2015 and 2014 . The Company files income tax returns in the U.S. federal jurisdiction, and various state jurisdictions. Tax years 2013 and forward remain open for examination for federal tax purposes and the Company’s more significant state tax jurisdictions. To the extent utilized in future years’ tax returns, net operating loss carryforwards at December 31, 2016 will remain subject to examination until the respective tax year is closed. The Company recognizes penalties and interest accrued related to income tax liabilities in income tax benefit (expense) in the Consolidated Statements of Operations. |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | Net Loss Per Share The calculations of net loss per share were: Year Ended December 31, 2016 2015 2014 (In thousands, except per share data) Basic: Net loss $ (22,262 ) $ (59,524 ) $ (5,149 ) Weighted average common shares outstanding 20,343 20,874 20,975 Net loss per share $ (1.09 ) $ (2.85 ) $ (0.25 ) Diluted: Net loss $ (22,262 ) $ (59,524 ) $ (5,149 ) Weighted average common shares outstanding 20,343 20,874 20,975 Net loss per share $ (1.09 ) $ (2.85 ) $ (0.25 ) Basic and diluted average common shares outstanding for purposes of computing net income (loss) per share includes outstanding common shares and vested deferred stock units (DSUs). If a consolidated or equity method partner company has dilutive stock options, unvested restricted stock, DSUs, or warrants, diluted net income (loss) per share is computed by first deducting from net income (loss) the income attributable to the potential exercise of the dilutive securities of the partner company from net income (loss). Any impact is shown as an adjustment to net income (loss) for purposes of calculating diluted net income (loss) per share. Diluted loss per share for the years ended December 31, 2016 , 2015 and 2014 do not reflect the following potential shares of common stock that would have an anti-dilutive effect or have unsatisfied performance or market conditions: • At December 31, 2016 , 2015 and 2014 , options to purchase 0.7 million , 1.1 million and 1.3 million shares of common stock, respectively, at prices ranging from $9.83 to $19.95 per share, $7.14 to $19.95 per share and $7.14 to $19.95 per share, respectively, were excluded from the calculation. • At December 31, 2016 , 2015 and 2014 unvested restricted stock, performance-based stock units and DSUs convertible into 0.9 million , 0.7 million and 0.5 million shares of stock, respectively, were excluded from the calculations. • For the years ended December 31, 2016 , 2015 , and 2014 , 3.0 million shares of common stock representing the effect of assumed conversion of the 2018 Debentures were excluded from the calculations. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions In May 2001, the Company entered into a $26.5 million loan agreement with Warren V. Musser, a former Chairman and Chief Executive Officer of the Company. Through December 31, 2016 , the Company recognized impairment charges against the loan of $15.7 million . Since 2001 and through December 31, 2016 , the Company has received a total of $17.1 million in payments on the loan. The carrying value of the loan at December 31, 2016 was zero . The Company received payments of $0.1 million on this loan agreement in the years ended December 31, 2016 and 2014 and did not receive any payments on this loan agreement in the year ended December 31, 2015. In the normal course of business, the Company’s officers and employees hold board positions with partner and other companies in which the Company has a direct or indirect ownership interest. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The Company and its partner companies are involved in various claims and legal actions arising in the ordinary course of business. In the current opinion of the Company, the ultimate disposition of these matters will not have a material adverse effect on the Company’s consolidated financial position or results of operations, however, no assurance can be given as to the outcome of these actions, and one or more adverse rulings could have a material adverse effect on the Company’s consolidated financial position and results of operations or that of its partner companies. The Company records costs associated with legal fees as such services are rendered. The Company leases its corporate headquarters under a lease expiring in 2026 and office equipment under leases expiring at various dates to 2020. Total rental expense under operating leases was $0.5 million , $0.5 million and $0.6 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. At December 31, 2016 , future minimum lease payments under non-cancelable operating leases with initial or remaining terms of one year or more are as follows: Total (In thousands) 2017 $ 584 2018 591 2019 602 2020 601 2021 and thereafter 3,242 $ 5,620 The Company had outstanding guarantees of $3.8 million at December 31, 2016 which related to one of the Company's private equity holdings. The Company is required to return a portion or all the distributions it received as a general partner of a private equity fund for further distribution to such fund's limited partners (“clawback”). The maximum clawback the Company could be required to return related to its general partner interest is $1.3 million , of which $1.0 million was reflected in Accrued expenses and other current liabilities and $0.3 million was reflected in Other long-term liabilities on the Consolidated Balance Sheets at December 31, 2016 . The Company’s ownership in the fund is 19% . The clawback liability is joint and several, such that the Company may be required to fund the clawback for other general partners should they default. The Company believes its potential liability due to the possibility of default by other general partners is remote. The Company has been notified by the fund's manager that the fund is being dissolved and $1.0 million of the Company's clawback liability is due in the first quarter of 2017. In October 2001, the Company entered into an agreement with a former Chairman and Chief Executive Officer of the Company, to provide for annual payments of $0.65 million per year and certain health care and other benefits for life. The related current liability of $0.8 million was included in Accrued expenses and other current liabilities and the long-term portion of $1.9 million was included in Other long-term liabilities on the Consolidated Balance Sheet at December 31, 2016 . The Company provided a $6.3 million letter of credit expiring on March 19, 2019 to the landlord of CompuCom Systems, Inc.’s Dallas headquarters as required in connection with the sale of CompuCom Systems in 2004. The letter of credit is now secured by cash which is classified as Long-term restricted cash equivalents on the Consolidated Balance Sheet. The Company has agreements with certain employees that provide for severance payments to the employee in the event the employee is terminated without cause or an employee terminates his employment for “good reason.” The maximum aggregate exposure under the agreements was approximately $3.0 million at December 31, 2016 . In June 2011, the Company's former partner company, Advanced BioHealing, Inc. (“ABH”) was acquired by Shire plc (“Shire”). Prior to the expiration of the escrow period in March 2012, Shire filed a claim against all amounts held in escrow related to the sale based principally upon a United States Department of Justice (“DOJ”) false claims act investigation relating to ABH (the “Investigation”). In connection with the above-referenced investigation, in July 2015 the Company received a Civil Investigation Demand-Documentary Material (“CID”) from the DOJ regarding ABH and Safeguard’s relationship with ABH. Pursuant to the CID, the Company provided the requested materials and information. To the Company’s knowledge, the CID was related to multiple qui tam (“whistleblower”) actions, one of which was filed in 2014 by an ex-employee of ABH that named the Company and one of the Company’s employees along with other entities and individuals as defendants. At this time, the DOJ has declined to pursue the qui tam action as it relates to the Company and such Company employee. In addition, in connection with the above matters, the Company and other former equity holders in ABH recently entered into a settlement and release with Shire, which resulted in the release to Shire of all amounts held in escrow related to the sale of ABH. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information During the years ended December 31, 2016 and 2015 , the Company converted $3.9 million and $1.0 million , respectively, of advances to partner companies into ownership interests in partner companies. Cash paid for interest in each of the years ended December 31, 2016 , 2015 and 2014 was $2.9 million . Cash paid for taxes in each of the years ended December 31, 2016 , 2015 and 2014 was $0.0 million . |
Operating Segments
Operating Segments | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Operating Segments | Previously, the Company presented its operating results in two reportable segments - Healthcare and Technology. Recently, the Company shifted its focus to providing capital to technology companies within the fields of healthcare, financial services and digital media. Beginning in the third quarter of 2016, the Company has determined it operates as one operating segment based upon the similar nature of its technology-driven partner companies, the functional alignment of the organizational structure, and the reports that are regularly reviewed by the chief operating decision maker for the purpose of assessing performance and allocating resources. As of December 31, 2016 , the Company held interests in 29 non-consolidated partner companies. The Company’s active partner companies as of December 31, 2016 were as follows for the years ended December 31, 2016 , 2015 and 2014 : Safeguard Primary Ownership Partner Company Revenue Stage 2016 2015 2014 Accounting Method AdvantEdge Healthcare Solutions, Inc. High Traction 40.1% 40.1% 40.1% Equity Aktana, Inc. Initial Revenue 31.2% NA NA Equity Apprenda, Inc. Expansion 29.4% 29.5% 21.6% Equity Beyond.com, Inc. High Traction 38.2% 38.2% 38.2% Equity Brickwork Initial Revenue 20.3% NA NA Equity Cask Data, Inc. Initial Revenue 31.3% 34.2% NA Equity CloudMine, Inc. Initial Revenue 30.1% 30.1% NA Equity Clutch Holdings, Inc. Expansion 42.8% 39.3% 29.6% Equity Full Measure Education, Inc. Initial Revenue 35.2% 25.4% NA Equity Good Start Genetics, Inc. High Traction 29.6% 29.6% 29.9% Equity Hoopla Software, Inc. Initial Revenue 25.5% 25.6% 25.6% Equity InfoBionic, Inc. Initial Revenue 39.7% 38.5% 27.8% Equity Lumesis, Inc. Initial Revenue 44.1% 44.7% 45.7% Equity MediaMath, Inc. High Traction 20.5% 20.6% 20.7% Equity meQuilibrium Initial Revenue 31.5% 31.5% NA Equity Moxe Health Corporation Initial Revenue 32.4% NA NA Equity NovaSom, Inc. High Traction 31.7% 31.7% 31.7% Equity Pneuron Corporation Initial Revenue 35.4% 35.4% 27.6% Equity Prognos (formerly Medivo) Expansion 35.2% 34.5% 34.5% Equity Propeller Health, Inc. Initial Revenue 24.0% 24.6% 24.6% Equity QuanticMind, Inc. Initial Revenue 23.2% 23.6% NA Equity Sonobi, Inc. Expansion 21.6% 22.6% NA Equity Spongecell, Inc. Expansion 23.0% 23.0% 23.0% Equity Syapse, Inc. Initial Revenue 26.2% 24.4% 27.0% Equity T-REX Group, Inc. Initial Revenue 23.6% NA NA Equity Transactis, Inc. Expansion 24.2% 24.5% 24.8% Equity Trice Medical, Inc. Initial Revenue 27.6% 27.7% 31.9% Equity WebLinc, Inc. Expansion 38.0% 29.2% 29.2% Equity Zipnosis, Inc Initial Revenue 25.4% 26.3% NA Equity As of December 31, 2016 and 2015 , all of the Company’s assets were located in the United States. |
Selected Quarterly Financial In
Selected Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Information (Unaudited) | Selected Quarterly Financial Information (Unaudited) Three Months Ended March 31 June 30 September 30 December 31 (In thousands, except per share data) 2016: General and administrative expense $ 5,228 $ 4,849 $ 4,687 $ 3,928 Operating loss (5,228 ) (4,849 ) (4,687 ) (3,928 ) Other income (loss), net — 659 (2,405 ) 64 Interest income 420 527 513 615 Interest expense (1,149 ) (1,155 ) (1,161 ) (1,169 ) Equity income (loss) (9,495 ) 43,794 (16,345 ) (17,283 ) Net income (loss) before income taxes (15,452 ) 38,976 (24,085 ) (21,701 ) Income tax benefit (expense) — — — — Net income (loss) $ (15,452 ) $ 38,976 $ (24,085 ) $ (21,701 ) Net income (loss) per share (a) Basic $ (0.76 ) $ 1.92 $ (1.18 ) $ (1.07 ) Diluted $ (0.76 ) $ 1.70 $ (1.18 ) $ (1.07 ) 2015: General and administrative expense $ 4,880 $ 4,754 $ 3,962 $ 3,958 Operating loss (4,880 ) (4,754 ) (3,962 ) (3,958 ) Other income (loss), net (388 ) (15 ) 704 (84 ) Interest income 449 640 398 448 Interest expense (1,122 ) (1,128 ) (1,133 ) (1,140 ) Equity loss (8,662 ) (13,765 ) (7,635 ) (9,537 ) Net loss before income taxes (14,603 ) (19,022 ) (11,628 ) (14,271 ) Income tax benefit (expense) — — — — Net loss $ (14,603 ) $ (19,022 ) $ (11,628 ) $ (14,271 ) Net loss per share (a) Basic $ (0.70 ) $ (0.91 ) $ (0.56 ) $ (0.69 ) Diluted $ (0.70 ) $ (0.91 ) $ (0.56 ) $ (0.69 ) (a) Per share amounts for the quarters have each been calculated separately. Accordingly, quarterly amounts may not add to the annual amounts because of differences in the average common shares outstanding during each period. Additionally, in regard to diluted per share amounts only, quarterly amounts may not add to the annual amounts because of the inclusion of the effect of potentially dilutive securities only in the periods in which such effect would have been dilutive, and because of the adjustments to net income (loss) for the dilutive effect of partner company common stock equivalents and convertible securities. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events In March 2017, the Company sold its interest in partner company Beyond.com back to Beyond.com for $26.0 million . The Company received $15.5 million in cash and a three -year, $10.5 million note for the balance due, which will accrue interest at a rate of 9.5% per annum. |
Significant Accounting Polici24
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of Safeguard (the "Company") and all of its subsidiaries in which a controlling financial interest is maintained. All intercompany accounts and transactions are eliminated in consolidation. |
Principles of Accounting for Ownership Interests in Companies | Impairment of Ownership Interests In and Advances to Partner Companies On a periodic basis, but no less frequently than quarterly, the Company evaluates the carrying value of its equity and cost method partner companies for possible impairment based on achievement of business plan objectives and milestones, the fair value of each partner company relative to its carrying value, the financial condition and prospects of the partner company and other relevant factors. The business plan objectives and milestones the Company considers include, among others, those related to financial performance, such as achievement of planned financial results or completion of capital raising activities, and those that are not primarily financial in nature, such as hiring of key employees or the establishment of strategic relationships. Management then determines whether there has been an other than temporary decline in the value of its ownership interest in the company. Impairment is measured as the amount by which the carrying value of an asset exceeds its fair value. The fair value of privately held companies is generally determined based on the value at which independent third parties have invested or have committed to invest in these companies or based on other valuation methods, including discounted cash flows, valuation of comparable public companies and the valuation of acquisitions of similar companies. Impairment charges related to equity method partner companies are included in Equity income (loss) in the Consolidated Statements of Operations. Impairment charges related to cost method partner companies and funds are included in Other income (loss), net in the Consolidated Statements of Operations. The reduced cost basis of a previously impaired partner company is not written-up if circumstances suggest the value of the company has subsequently recovered. Principles of Accounting for Ownership Interests in Companies The Company accounts for its interests in its partner companies using one of the following methods: consolidation, fair value, equity or cost. The accounting method applied is generally determined by the degree of the Company's influence over the entity, primarily determined by our voting interest in the entity. In addition to holding voting and non-voting equity and debt securities, the Company also periodically makes advances to its partner companies in the form of promissory notes which are included in the Ownership interests in and advances to partner companies line item in the Consolidated Balance Sheets. Consolidation Method. The Company generally accounts for partner companies in which it directly or indirectly owns more than 50% of the outstanding voting securities under the consolidation method of accounting. Under this method, the Company includes the partner companies’ financial statements within the Company’s Consolidated Financial Statements, and all significant intercompany accounts and transactions are eliminated. The Company reflects participation of other stockholders in the net assets and in the income or losses of these consolidated partner companies in Equity in the Consolidated Balance Sheets and in Net income (loss) attributable to non-controlling interest in the Statements of Operations. Net income (loss) attributable to non-controlling interest adjusts the Company’s consolidated operating results to reflect only the Company’s share of the earnings or losses of the consolidated partner company. The Company accounts for results of operations and cash flows of a consolidated partner company through the latest date in which it holds a controlling interest. If the Company subsequently relinquishes control but retains an interest in the partner company, the accounting method is adjusted to the equity, cost or fair value method of accounting, as appropriate. As of December 31, 2016 , the Company did not hold a controlling interest in any of its partner companies. Fair Value Method. Unrealized gains and losses on the mark-to-market of the Company's holdings in fair value method companies and realized gains and losses on the sale of any holdings in fair value method companies are recognized in Other income (loss), net in the Consolidated Statements of Operations. As of December 31, 2016 , the Company did not account for any of its partner companies under the fair value method. Equity Method. The Company accounts for partner companies whose results are not consolidated, but over which it exercises significant influence, under the equity method of accounting. Whether or not the Company exercises significant influence with respect to a partner company depends on an evaluation of several factors including, among others, representation of the Company on the partner company’s board of directors and the Company’s ownership level, which is generally a 20% to 50% interest in the voting securities of a partner company, including voting rights associated with the Company’s holdings in common, preferred and other convertible instruments in the company. Under the equity method of accounting, the Company does not reflect a partner company’s financial statements within the Company’s Consolidated Financial Statements; however, the Company’s share of the income or loss of such partner company is reflected in Equity income (loss) in the Consolidated Statements of Operations. The Company includes the carrying value of equity method partner companies in Ownership interests in and advances to partner companies on the Consolidated Balance Sheets. Any excess of the Company’s cost over its underlying interest in the net assets of equity method partner companies that is allocated to intangible assets is amortized over the estimated useful lives of the related intangible assets. The Company reflects its share of the income or loss of the equity method partner companies on a one quarter lag. This reporting lag could result in a delay in recognition of the impact of changes in the business or operations of these partner companies. When the Company’s carrying value in an equity method partner company is reduced to zero, the Company records no further losses in its Consolidated Statements of Operations unless the Company has an outstanding guarantee obligation or has committed additional funding to such equity method partner company. When such equity method partner company subsequently reports income, the Company will not record its share of such income until it exceeds the amount of the Company’s share of losses not previously recognized. Cost Method. The Company accounts for partner companies not consolidated or accounted for under the equity method or fair value method under the cost method of accounting. Under the cost method, the Company does not include its share of the income or losses of partner companies in the Company’s Consolidated Statements of Operations. The Company includes the carrying value of cost method partner companies in Ownership interests in and advances to partner companies on the Consolidated Balance Sheets. |
Accounting Estimates | Accounting Estimates The preparation of the Consolidated Financial Statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and judgments that affect amounts reported in the financial statements and accompanying notes. Actual results may differ from these estimates. These estimates include the evaluation of the recoverability of the Company’s ownership interests in and advances to partner companies, income taxes, stock-based compensation and commitments and contingencies. Management evaluates its estimates on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. Certain amounts recorded to reflect the Company’s share of income or losses of partner companies accounted for under the equity method are based on unaudited results of operations of those companies and may require adjustments in the future when audits of these entities’ financial statements are completed. It is reasonably possible that the Company’s accounting estimates with respect to the ultimate recoverability of the carrying value of the Company’s ownership interests in and advances to partner companies could change in the near term and that the effect of such changes on the financial statements could be material. At December 31, 2016 , the Company believes the carrying value of the Company’s ownership interests in and advances to partner companies is not impaired, although there can be no assurance that the Company’s future results will confirm this assessment, that a significant write-down or write-off will not be required in the future or that a significant loss will not be recorded in the future upon the sale of a company. |
Cash and Cash Equivalents and Marketable Securities | Cash and Cash Equivalents and Marketable Securities The Company considers all highly liquid instruments with an original maturity of 90 days or less at the time of purchase to be cash equivalents. Cash and cash equivalents consist of deposits that are readily convertible into cash. The Company determines the appropriate classification of marketable securities at the time of purchase and reevaluates such designation as of each balance sheet date. Held-to-maturity securities are carried at amortized cost, which approximates fair value. Marketable securities consist of held-to-maturity securities, primarily consisting of government agency bonds, commercial paper and certificates of deposits. Marketable securities with a maturity date greater than one year from the balance sheet date are considered long-term. The Company has not experienced any significant losses on cash equivalents and does not believe it is exposed to any significant credit risk on cash and cash equivalents. |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted Cash Equivalents Restricted cash equivalents consist of certificates of deposit with various maturity dates. Amounts included in restricted cash equivalents represent those required to be set aside by a contractual agreement with a bank as collateral for a letter of credit. The restriction on the cash will lapse when the related letter of credit expires on March 19, 2019. The following table provides a reconciliation of cash, cash equivalents and restricted cash equivalents reported within the Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Consolidated Statements of Cash Flows: December 31, 2016 December 31, 2015 (In thousands) Cash and cash equivalents $ 22,058 $ 32,838 Long-term restricted cash equivalents 6,336 — Total cash, cash equivalents and restricted cash equivalents $ 28,394 $ 32,838 |
Financial Instruments | Financial Instruments The Company’s financial instruments (principally cash and cash equivalents, marketable securities, accounts receivable, notes receivable, accounts payable and accrued expenses) are carried at cost, which approximates fair value due to the short-term maturity of these instruments. The Company’s long-term debt is carried at cost. |
Income Taxes | Income Taxes The Company accounts for income taxes under the asset and liability method whereby deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. The Company measures deferred tax assets and liabilities using enacted tax rates in effect for the year in which the temporary differences are expected to be recovered or settled. The Company recognizes the effect on deferred tax assets and liabilities of a change in tax rates in income in the period of the enactment date. The Company provides a valuation allowance against the net deferred tax asset for amounts which are not considered more likely than not to be realized. |
Net Income (Loss) Per Share | Net Income (Loss) Per Share The Company computes net income (loss) per share using the weighted average number of common shares outstanding during each year. The Company includes in diluted net income (loss) per share common stock equivalents (unless anti-dilutive) which would arise from the exercise of stock options and conversion of other convertible securities and adjusted, if applicable, for the effect on net income (loss) of such transactions. Diluted net income (loss) per share calculations adjust net income (loss) for the dilutive effect of common stock equivalents and convertible securities issued by the Company’s consolidated or equity method partner companies. |
Segment Information | Segment Information Previously, the Company presented its operating results in two reportable segments - Healthcare and Technology. Recently, the Company shifted its focus to providing capital to technology companies within the fields of healthcare, financial services and digital media. Beginning in the third quarter of 2016, the Company has determined it operates as one operating segment based upon the similar nature of its technology-driven partner companies, the functional alignment of the organizational structure, and the reports that are regularly reviewed by the chief operating decision maker for the purpose of assessing performance and allocating resources. |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Recent Accounting Pronouncements Adoption of Accounting Standards Update No. 2016-18 In November 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash ("ASU 2016-18"). While the effective date of ASU 2016-18 is for fiscal years beginning after December 15, 2017, earlier adoption is permitted and the Company adopted the amendments in ASU 2016-18 during the fourth quarter of 2016. This standard requires that the Consolidated Statements of Cash Flows explain the change during the period in the total cash, cash equivalents, and amounts generally described as restricted cash and restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the Consolidated Statements of Cash Flows. The amendments in this update were applied using a retrospective transition method to each period presented. There were no material impacts to the Company's results of operations or liquidity as a result of adopting ASU 2016-18. Adoption of Accounting Standards Update No. 2016-09 In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09"). While the effective date of ASU 2016-09 is for fiscal years beginning after December 15, 2016, earlier adoption is permitted and the Company adopted the amendments in ASU 2016-09 during the second quarter of 2016. This standard simplifies or clarifies several aspects of the accounting for equity-based payment awards, including the income tax consequences, classification of awards as either equity or liabilities, and classification in the Consolidated Statements of Cash Flows. Certain of these changes are required to be applied retrospectively, while other changes are required to be applied prospectively. The impact of early adoption resulted in the following: • The Company recognizes share-based payment forfeitures as they occur. Prior to adoption, forfeitures were estimated in order to arrive at current period expense. There was a cumulative effect adjustment of $0.4 million to Accumulated deficit on the Consolidated Balance Sheet as of January 1, 2016 as a result of the adoption of this amendment on a modified retrospective basis. • The Company, upon election by an employee, withholds award shares with a fair value up to the amount of tax owed upon vesting or exercise using the maximum statutory tax rate in the employee's applicable jurisdiction while still qualifying for equity classification. Prior to adoption, the Company was only able to withhold award shares with a fair value up to the minimum statutory tax rate. There was no cumulative effect adjustment as a result of the adoption of this amendment on a modified retrospective basis. • The Company presents employee taxes paid by the Company through the withholding of award shares as a financing activity in the Consolidated Statements of Cash Flows. The effect of this retrospective change on the Company's Consolidated Statements of Cash Flows was not significant. There were no other material impacts to the Company's results of operations or liquidity as a result of adopting ASU 2016-09. Retrospective Adoption of Accounting Guidance In the first quarter of 2016, the Company adopted accounting guidance that required retrospective adjustment to previously issued financial statements. All prior period data presented in the Company's Consolidated Financial Statements reflect the retrospective adoption of this guidance. In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs ("ASU 2015-03"). ASU 2015-03 specifies that debt issuance costs related to a note shall be reported in the balance sheet as a direct reduction from the face amount of the note. As a result of the adoption of ASU 2015-03, the Company reclassified its capitalized debt issuance costs previously recorded within Other assets to a contra-liability reducing Convertible senior debentures on the Consolidated Balance Sheets. The reclassification was $0.8 million as of December 31, 2015. ASU 2015-03 had no effect on the Company's results of operations or liquidity. Adoption of Accounting Standards Update No. 2014-15 In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern ("ASU 2014-15") . ASU 2014-15 requires management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern for a period of one year following the date its financial statements are issued. If such conditions or events exist, management should consider whether its plans that are intended to mitigate those relevant conditions or events will alleviate the substantial doubt. If conditions or events raise substantial doubt about an entity’s ability to continue as a going concern, and substantial doubt is not alleviated after consideration of management’s plans, an entity should disclose that there is substantial doubt about the entity’s ability to continue as a going concern for a period of one year following the date its financial statements are issued. Disclosure should include the principal conditions or events that raise substantial doubt, management’s evaluation of the significance of those conditions or events in relation to the entity’s ability to meet its obligations, and management’s plans that are intended to mitigate those conditions or events. The Company adopted ASU 2014-15 effective December 31, 2016. The adoption had no impact on the Company's Consolidated Financial Statements. Evaluation of Accounting Standards Update No. 2014-09 In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09"). ASU 2014-09 and related subsequent amendments outlines a single comprehensive model to use to account for revenue arising from contracts with customers and supersedes most current revenue recognition guidance. For public companies, the guidance is effective for annual periods beginning after December 15, 2017 and any interim periods that fall within that reporting period. For nonpublic companies, the guidance is effective for annual periods beginning after December 15, 2018 and interim periods within annual periods beginning after December 15, 2019 with early adoption permitted. As the new standard will supersede most existing revenue guidance, it could impact revenue and cost recognition for partner companies. Any change in revenue or cost recognition for partner companies could affect the Company's recognition of its share of the results of its equity method partner companies. The Company has been closely monitoring the FASB activity related to the new standard and has begun work to conclude on specific interpretative issues. |
Ownership Interests in and Ad25
Ownership Interests in and Advances to Partner Companies and Funds (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Schedule of Equity Method Investments [Line Items] | |
Summary of the carrying value of the Company's ownership interests in and advances to partner companies and private equity funds | The following summarizes the carrying value of the Company’s ownership interests in and advances to partner companies. December 31, 2016 December 31, 2015 (In thousands) Equity Method: Partner companies $ 154,219 $ 150,898 Private equity funds 447 942 154,666 151,840 Cost Method: Partner companies 2,112 5,024 Private equity funds 1,550 1,966 3,662 6,990 Advances to partner companies 25,142 12,771 $ 183,470 $ 171,601 |
Results of Operation | High Traction Stage As of December 31, 2016 2015 (In thousands) Balance Sheets: Current assets $ 229,756 $ 213,884 Non-current assets 106,555 89,987 Total assets $ 336,311 $ 303,871 Current liabilities $ 215,622 $ 192,025 Non-current liabilities 110,315 74,208 Shareholders’ equity 10,374 37,638 Total liabilities and shareholders’ equity $ 336,311 $ 303,871 Number of partner companies 5 6 Year Ended December 31, 2016 2015 2014 (In thousands) Results of Operations: Revenue $ 272,216 $ 301,132 $ 249,157 Gross profit $ 200,811 $ 208,883 $ 164,514 Net loss $ (40,815 ) $ (46,558 ) $ (55,394 ) Expansion Stage As of December 31, 2016 2015 (In thousands) Balance Sheets: Current assets $ 66,204 $ 84,041 Non-current assets 17,756 16,762 Total assets $ 83,960 $ 100,803 Current liabilities $ 40,660 $ 40,268 Non-current liabilities 14,851 27,449 Shareholders’ equity 28,449 33,086 Total liabilities and shareholders’ equity $ 83,960 $ 100,803 Number of partner companies 7 7 Year Ended December 31, 2016 2015 2014 (In thousands) Results of Operations: Revenue $ 61,293 $ 53,002 $ 39,391 Gross profit $ 34,682 $ 30,928 $ 26,158 Net loss $ (52,111 ) $ (34,064 ) $ (30,012 ) Initial Revenue Stage As of December 31, 2016 2015 (In thousands) Balance Sheets: Current assets $ 73,698 $ 59,738 Non-current assets 4,915 2,705 Total assets $ 78,613 $ 62,443 Current liabilities $ 29,431 $ 21,399 Non-current liabilities 33,385 9,172 Shareholders’ equity 15,797 31,872 Total liabilities and shareholders’ equity $ 78,613 $ 62,443 Number of partner companies 17 15 Year Ended December 31, 2016 2015 2014 (In thousands) Results of Operations: Revenue $ 31,172 $ 15,071 $ 9,661 Gross profit $ 18,777 $ 10,234 $ 6,008 Net loss $ (93,440 ) $ (57,762 ) $ (23,588 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Carrying Value and Fair Value of Certain Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table provides the carrying value and fair value of certain financial assets of the Company measured at fair value on a recurring basis as of December 31, 2016 and 2015 : Carrying Value Fair Value Measurement at December 31, 2016 Level 1 Level 2 Level 3 (in thousands) Cash and cash equivalents $ 22,058 $ 22,058 $ — $ — Long-term restricted cash equivalents 6,336 6,336 — — Marketable securities—held-to-maturity: Certificates of deposit $ 15,686 $ 15,686 $ — $ — Total marketable securities $ 15,686 $ 15,686 $ — $ — Carrying Value Fair Value Measurement at December 31, 2015 Level 1 Level 2 Level 3 (In thousands) Cash and cash equivalents $ 32,838 $ 32,838 $ — $ — Marketable securities—held-to-maturity: Government agency bonds $ 1,329 $ 1,329 $ — $ — Certificates of deposit 39,434 39,434 — — Total marketable securities $ 40,763 $ 40,763 $ — $ — |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation Expense | Stock-based compensation expense was recognized in the Consolidated Statements of Operations as follows: Year Ended December 31, 2016 2015 2014 (In thousands) General and administrative expense $ 2,394 $ 1,611 $ 1,935 $ 2,394 $ 1,611 $ 1,935 |
Assumptions Used in Valuation of Option Granted | Assumptions used in the valuation of options granted in each period were as follows: Year Ended December 31, 2016 2015 2014 Service-Based Options Dividend yield 0 % 0 % 0 % Expected volatility 25 % 26 % 32 % Average expected option life 5 years 5 years 5 years Risk-free interest rate 1.5 % 1.5 % 1.7 % Year Ended December 31, 2014 Performance-Based Options Dividend yield 0 % Expected volatility 32 % Average expected option life 4.8 years Risk-free interest rate 1.7 % |
Option Activity | Option activity of the Company is summarized below: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value (In thousands) (In years) (In thousands) Outstanding at December 31, 2013 1,828 $ 12.51 Options granted 31 19.38 Options exercised (365 ) 11.48 Options canceled/forfeited (178 ) 13.58 Outstanding at December 31, 2014 1,316 12.81 Options granted 31 17.26 Options exercised (155 ) 13.12 Options canceled/forfeited (107 ) 13.06 Outstanding at December 31, 2015 1,085 12.86 Options granted 27 13.03 Options exercised (170 ) 7.56 Options canceled/forfeited (264 ) 11.06 Outstanding at December 31, 2016 678 14.90 4.37 $ 314 Options exercisable at December 31, 2016 279 15.37 3.01 122 Options vested and expected to vest at December 31, 2016 678 14.90 4.37 314 Shares available for future grant 2,077 |
Deferred Stock Unit, Performance-Based Stock Unit and Restricted Stock Activity | Deferred stock unit, performance-based stock unit and restricted stock activity are summarized below: Shares Weighted Average Grant Date Fair Value (In thousands) Unvested at December 31, 2014 455 $ 17.09 Granted 286 15.02 Vested (64 ) 17.42 Forfeited (7 ) 18.76 Unvested at December 31, 2015 670 16.16 Granted 413 13.27 Vested (89 ) 16.46 Forfeited (61 ) 17.08 Unvested at December 31, 2016 933 14.79 |
Other Income (Loss), Net (Table
Other Income (Loss), Net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other Income and Expenses [Abstract] | |
Other Income (Loss), Net | Year ended December 31, 2016: Loss on impairment of Penn Mezzanine debt and equity participations $ (2,360 ) Gain on sale of Bridgevine 424 Other 254 $ (1,682 ) Year ended December 31, 2015: Gain on proceeds received from escrow related to sale of Crescendo $ 2,914 Loss on impairment of Dabo Health (2,356 ) Loss on impairment of legacy private equity fund (398 ) Other 57 $ 217 Year ended December 31, 2014: Gain on sale of Crescendo Bioscience $ 27,365 Gain on sale of NuPathe 3,017 Gain on sale of Sotera Wireless 1,453 Loss on sale of Penn Mezzanine equity participation (255 ) Other 77 $ 31,657 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Differences Between United States Federal Income Tax Rate and Effective Income Tax Rate | The total income tax provision (benefit) differed from the amounts computed by applying the U.S. federal income tax rate of 35.0% to net income (loss) before income taxes as a result of the following: Year Ended December 31, 2016 2015 2014 Statutory tax (benefit) expense (35.0 )% (35.0 )% (35.0 )% Increase in taxes resulting from: Stock-based compensation 0.2 0.1 1.5 Nondeductible expenses 0.4 0.2 2.9 Valuation allowance 34.4 34.7 30.6 0.0 % 0.0 % 0.0 % |
Deferred Tax Assets and Deferred Tax Liabilities | The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets were as follows: As of December 31, 2016 2015 (In thousands) Deferred tax asset: Carrying values of partner companies and other holdings $ 95,134 $ 83,042 Tax loss and credit carryforwards 82,775 84,493 Accrued expenses 1,183 1,391 Stock-based compensation 1,763 1,655 Other 1,310 1,369 182,165 171,950 Valuation allowance (182,165 ) (171,950 ) Net deferred tax asset $ — $ — |
Carryforwards Expiration | As of December 31, 2016 , the Company and its subsidiaries consolidated for tax purposes had federal net operating loss carryforwards of approximately $225.4 million . These carryforwards expire as follows: Total (In thousands) 2017 $ — 2018 — 2019 — 2020 — 2021 and thereafter 225,369 $ 225,369 |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Calculations of Net Income (Loss) Per Share | The calculations of net loss per share were: Year Ended December 31, 2016 2015 2014 (In thousands, except per share data) Basic: Net loss $ (22,262 ) $ (59,524 ) $ (5,149 ) Weighted average common shares outstanding 20,343 20,874 20,975 Net loss per share $ (1.09 ) $ (2.85 ) $ (0.25 ) Diluted: Net loss $ (22,262 ) $ (59,524 ) $ (5,149 ) Weighted average common shares outstanding 20,343 20,874 20,975 Net loss per share $ (1.09 ) $ (2.85 ) $ (0.25 ) |
Operating Segments (Tables)
Operating Segments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Active Partner Companies by Segment | The Company’s active partner companies as of December 31, 2016 were as follows for the years ended December 31, 2016 , 2015 and 2014 : Safeguard Primary Ownership Partner Company Revenue Stage 2016 2015 2014 Accounting Method AdvantEdge Healthcare Solutions, Inc. High Traction 40.1% 40.1% 40.1% Equity Aktana, Inc. Initial Revenue 31.2% NA NA Equity Apprenda, Inc. Expansion 29.4% 29.5% 21.6% Equity Beyond.com, Inc. High Traction 38.2% 38.2% 38.2% Equity Brickwork Initial Revenue 20.3% NA NA Equity Cask Data, Inc. Initial Revenue 31.3% 34.2% NA Equity CloudMine, Inc. Initial Revenue 30.1% 30.1% NA Equity Clutch Holdings, Inc. Expansion 42.8% 39.3% 29.6% Equity Full Measure Education, Inc. Initial Revenue 35.2% 25.4% NA Equity Good Start Genetics, Inc. High Traction 29.6% 29.6% 29.9% Equity Hoopla Software, Inc. Initial Revenue 25.5% 25.6% 25.6% Equity InfoBionic, Inc. Initial Revenue 39.7% 38.5% 27.8% Equity Lumesis, Inc. Initial Revenue 44.1% 44.7% 45.7% Equity MediaMath, Inc. High Traction 20.5% 20.6% 20.7% Equity meQuilibrium Initial Revenue 31.5% 31.5% NA Equity Moxe Health Corporation Initial Revenue 32.4% NA NA Equity NovaSom, Inc. High Traction 31.7% 31.7% 31.7% Equity Pneuron Corporation Initial Revenue 35.4% 35.4% 27.6% Equity Prognos (formerly Medivo) Expansion 35.2% 34.5% 34.5% Equity Propeller Health, Inc. Initial Revenue 24.0% 24.6% 24.6% Equity QuanticMind, Inc. Initial Revenue 23.2% 23.6% NA Equity Sonobi, Inc. Expansion 21.6% 22.6% NA Equity Spongecell, Inc. Expansion 23.0% 23.0% 23.0% Equity Syapse, Inc. Initial Revenue 26.2% 24.4% 27.0% Equity T-REX Group, Inc. Initial Revenue 23.6% NA NA Equity Transactis, Inc. Expansion 24.2% 24.5% 24.8% Equity Trice Medical, Inc. Initial Revenue 27.6% 27.7% 31.9% Equity WebLinc, Inc. Expansion 38.0% 29.2% 29.2% Equity Zipnosis, Inc Initial Revenue 25.4% 26.3% NA Equity |
Selected Quarterly Financial 32
Selected Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Information | Three Months Ended March 31 June 30 September 30 December 31 (In thousands, except per share data) 2016: General and administrative expense $ 5,228 $ 4,849 $ 4,687 $ 3,928 Operating loss (5,228 ) (4,849 ) (4,687 ) (3,928 ) Other income (loss), net — 659 (2,405 ) 64 Interest income 420 527 513 615 Interest expense (1,149 ) (1,155 ) (1,161 ) (1,169 ) Equity income (loss) (9,495 ) 43,794 (16,345 ) (17,283 ) Net income (loss) before income taxes (15,452 ) 38,976 (24,085 ) (21,701 ) Income tax benefit (expense) — — — — Net income (loss) $ (15,452 ) $ 38,976 $ (24,085 ) $ (21,701 ) Net income (loss) per share (a) Basic $ (0.76 ) $ 1.92 $ (1.18 ) $ (1.07 ) Diluted $ (0.76 ) $ 1.70 $ (1.18 ) $ (1.07 ) 2015: General and administrative expense $ 4,880 $ 4,754 $ 3,962 $ 3,958 Operating loss (4,880 ) (4,754 ) (3,962 ) (3,958 ) Other income (loss), net (388 ) (15 ) 704 (84 ) Interest income 449 640 398 448 Interest expense (1,122 ) (1,128 ) (1,133 ) (1,140 ) Equity loss (8,662 ) (13,765 ) (7,635 ) (9,537 ) Net loss before income taxes (14,603 ) (19,022 ) (11,628 ) (14,271 ) Income tax benefit (expense) — — — — Net loss $ (14,603 ) $ (19,022 ) $ (11,628 ) $ (14,271 ) Net loss per share (a) Basic $ (0.70 ) $ (0.91 ) $ (0.56 ) $ (0.69 ) Diluted $ (0.70 ) $ (0.91 ) $ (0.56 ) $ (0.69 ) (a) Per share amounts for the quarters have each been calculated separately. Accordingly, quarterly amounts may not add to the annual amounts because of differences in the average common shares outstanding during each period. Additionally, in regard to diluted per share amounts only, quarterly amounts may not add to the annual amounts because of the inclusion of the effect of potentially dilutive securities only in the periods in which such effect would have been dilutive, and because of the adjustments to net income (loss) for the dilutive effect of partner company common stock equivalents and convertible securities. |
Significant Accounting Polici33
Significant Accounting Policies Cash Reconciliation (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Cash Reconciliation [Abstract] | ||||
Cash and cash equivalents | $ 22,058 | $ 32,838 | ||
Long-term restricted cash equivalents | 6,336 | 0 | ||
Total cash, cash equivalents and restricted cash equivalents | $ 28,394 | $ 32,838 | $ 111,897 | $ 139,318 |
Significant Accounting Polici34
Significant Accounting Policies New Accounting Pronouncements (Details) - USD ($) $ in Thousands | Jan. 01, 2016 | Dec. 31, 2015 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | [1] | $ 0 | |
Debt Issuance Costs, Noncurrent, Net | $ 800 | ||
Retained Earnings [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | [1] | $ 372 | |
[1] | (1) Cumulative effect adjustment reflects adoption of ASU 2016-09 as of January 1, 2016. |
Ownership Interests in and Ad35
Ownership Interests in and Advances to Partner Companies and Funds - Summary of the carrying value of the Company's ownership interests in and advances to partner companies and private equity funds (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Investments in and Advances to Affiliates [Line Items] | ||
Equity method investments | $ 154,666 | $ 151,840 |
Cost method investments | 3,662 | 6,990 |
Advances to partner companies | 25,142 | 12,771 |
Total | 183,470 | 171,601 |
Partner companies [Member] | ||
Investments in and Advances to Affiliates [Line Items] | ||
Equity method investments | 154,219 | 150,898 |
Cost method investments | 2,112 | 5,024 |
Private equity funds [Member] | ||
Investments in and Advances to Affiliates [Line Items] | ||
Equity method investments | 447 | 942 |
Cost method investments | $ 1,550 | $ 1,966 |
Ownership Interests in and Ad36
Ownership Interests in and Advances to Partner Companies and Funds - Narrative (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 5 Months Ended | 12 Months Ended | |||||||||||||
Jul. 31, 2016 | Jun. 30, 2016 | Apr. 30, 2016 | Jan. 31, 2016 | Jul. 31, 2015 | Apr. 30, 2015 | May 31, 2014 | Apr. 30, 2014 | Feb. 28, 2014 | Jan. 31, 2014 | Dec. 31, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Jul. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Investment [Line Items] | |||||||||||||||||
Proceeds from sale of business | $ 73,965 | $ 25,058 | $ 82,822 | ||||||||||||||
Adjusted carrying value of capital | $ 151,840 | 154,666 | 151,840 | ||||||||||||||
Equity method investment assets exceed carrying value of investment | 119,000 | ||||||||||||||||
Initial Revenue Stage [Member] | Maximum [Member] | |||||||||||||||||
Investment [Line Items] | |||||||||||||||||
Revenue stage threshold | 5,000 | ||||||||||||||||
Expansion Stage [Member] | Maximum [Member] | |||||||||||||||||
Investment [Line Items] | |||||||||||||||||
Revenue stage threshold | 20,000 | ||||||||||||||||
Expansion Stage [Member] | Minimum [Member] | |||||||||||||||||
Investment [Line Items] | |||||||||||||||||
Revenue stage threshold | 5,000 | ||||||||||||||||
High Traction Stage [Member] | Minimum [Member] | |||||||||||||||||
Investment [Line Items] | |||||||||||||||||
Revenue stage threshold | 20,000 | ||||||||||||||||
Goodwill [Member] | |||||||||||||||||
Investment [Line Items] | |||||||||||||||||
Equity method investment allocation of excess fair value | 20,800 | ||||||||||||||||
Intangible Assets [Member] | |||||||||||||||||
Investment [Line Items] | |||||||||||||||||
Equity method investment allocation of excess fair value | 98,200 | ||||||||||||||||
Putney, Inc. [Member] | |||||||||||||||||
Investment [Line Items] | |||||||||||||||||
Proceeds from sale of business | $ 58,600 | ||||||||||||||||
Gain on sale of business | 55,600 | ||||||||||||||||
Amount held in escrow | 600 | ||||||||||||||||
Thing Worx Inc [Member] | |||||||||||||||||
Investment [Line Items] | |||||||||||||||||
Proceeds from sale of business | 3,300 | $ 4,100 | $ 3,300 | ||||||||||||||
Gain on sale of business | 3,300 | $ 4,100 | 3,300 | ||||||||||||||
Alverix Inc [Member] | |||||||||||||||||
Investment [Line Items] | |||||||||||||||||
Proceeds from sale of business | 1,700 | $ 15,700 | |||||||||||||||
Gain on sale of business | 1,700 | $ 15,700 | |||||||||||||||
Crescendo [Member] | |||||||||||||||||
Investment [Line Items] | |||||||||||||||||
Proceeds from sale of business | $ 38,400 | $ 2,900 | |||||||||||||||
Gain on sale of business | $ 2,900 | 2,914 | |||||||||||||||
Cost-method Investments, realized gains | 27,400 | 27,365 | |||||||||||||||
Quantia [Member] | |||||||||||||||||
Investment [Line Items] | |||||||||||||||||
Proceeds from sale of business | $ 7,800 | ||||||||||||||||
Asset impairment charges | $ 2,900 | ||||||||||||||||
Quantia Inc. [Member] | |||||||||||||||||
Investment [Line Items] | |||||||||||||||||
Proceeds from sale of business | $ 600 | ||||||||||||||||
Gain on sale of business | $ 600 | ||||||||||||||||
DriveFactor Inc. [Member] | |||||||||||||||||
Investment [Line Items] | |||||||||||||||||
Proceeds from sale of business | 1,100 | $ 9,100 | |||||||||||||||
Gain on sale of business | $ 1,100 | $ 6,100 | |||||||||||||||
InfoBionic [Member] | |||||||||||||||||
Investment [Line Items] | |||||||||||||||||
Asset impairment charges | $ 3,200 | ||||||||||||||||
Dabo [Member] | |||||||||||||||||
Investment [Line Items] | |||||||||||||||||
Asset impairment charges | $ 2,300 | $ 2,356 | |||||||||||||||
Sotera [Member] | |||||||||||||||||
Investment [Line Items] | |||||||||||||||||
Proceeds from sale of business | $ 4,200 | $ 4,200 | |||||||||||||||
Cost-method Investments, realized gains | $ 1,500 | 1,453 | |||||||||||||||
Nupathe [Member] | |||||||||||||||||
Investment [Line Items] | |||||||||||||||||
Proceeds from sale of business | 23,100 | ||||||||||||||||
Gain on sale of business | $ 3,000 | 3,017 | |||||||||||||||
Proceeds from divestiture of businesses and interests in affiliates (in dollars per share) | $ 3.65 | ||||||||||||||||
Appfirst [Member] | |||||||||||||||||
Investment [Line Items] | |||||||||||||||||
Proceeds from sale of business | $ 900 | ||||||||||||||||
Asset impairment charges | $ 3,600 | 1,700 | |||||||||||||||
Bridgevine Inc [Member] | |||||||||||||||||
Investment [Line Items] | |||||||||||||||||
Proceeds from sale of business | 5,000 | ||||||||||||||||
Gain on sale of business | $ 400 | 424 | |||||||||||||||
Aventura [Member] | |||||||||||||||||
Investment [Line Items] | |||||||||||||||||
Asset impairment charges | 3,600 | ||||||||||||||||
Adjusted carrying value of capital | 0 | ||||||||||||||||
Penn Mezzanine Assets [Member] | |||||||||||||||||
Investment [Line Items] | |||||||||||||||||
Asset impairment charges | 2,360 | $ 255 | |||||||||||||||
Other Assets | $ 200 |
Ownership Interests in and Ad37
Ownership Interests in and Advances to Partner Companies and Funds - Summarized Balance Sheets for Equity Method Investments (Details) $ in Thousands | Dec. 31, 2016USD ($)partner_company | Dec. 31, 2015USD ($)partner_company |
High Traction Stage [Member] | ||
Summarized Equity Method Investee Disclosures [Line Items] | ||
Current assets | $ 229,756 | $ 213,884 |
Non-current assets | 106,555 | 89,987 |
Total assets | 336,311 | 303,871 |
Current liabilities | 215,622 | 192,025 |
Non-current liabilities | 110,315 | 74,208 |
Shareholders’ equity | 10,374 | 37,638 |
Total liabilities and shareholders’ equity | $ 336,311 | $ 303,871 |
Number of partner companies | partner_company | 5 | 6 |
Expansion Stage [Member] | ||
Summarized Equity Method Investee Disclosures [Line Items] | ||
Current assets | $ 66,204 | $ 84,041 |
Non-current assets | 17,756 | 16,762 |
Total assets | 83,960 | 100,803 |
Current liabilities | 40,660 | 40,268 |
Non-current liabilities | 14,851 | 27,449 |
Shareholders’ equity | 28,449 | 33,086 |
Total liabilities and shareholders’ equity | $ 83,960 | $ 100,803 |
Number of partner companies | partner_company | 7 | 7 |
Initial Revenue Stage [Member] | ||
Summarized Equity Method Investee Disclosures [Line Items] | ||
Current assets | $ 73,698 | $ 59,738 |
Non-current assets | 4,915 | 2,705 |
Total assets | 78,613 | 62,443 |
Current liabilities | 29,431 | 21,399 |
Non-current liabilities | 33,385 | 9,172 |
Shareholders’ equity | 15,797 | 31,872 |
Total liabilities and shareholders’ equity | $ 78,613 | $ 62,443 |
Number of partner companies | partner_company | 17 | 15 |
Ownership Interests in and Ad38
Ownership Interests in and Advances to Partner Companies and Funds - Results of Operations for Equity Method Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Initial Revenue Stage [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Revenue | $ 31,172 | $ 15,071 | $ 9,661 |
Gross profit | 18,777 | 10,234 | 6,008 |
Net loss | (93,440) | (57,762) | (23,588) |
Expansion Stage [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Revenue | 61,293 | 53,002 | 39,391 |
Gross profit | 34,682 | 30,928 | 26,158 |
Net loss | (52,111) | (34,064) | (30,012) |
High Traction Stage [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Revenue | 272,216 | 301,132 | 249,157 |
Gross profit | 200,811 | 208,883 | 164,514 |
Net loss | $ (40,815) | $ (46,558) | $ (55,394) |
Acquisitions of Ownership Int39
Acquisitions of Ownership Interests in Partner Companies and Funds (Detail) - USD ($) $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 6 Months Ended | 7 Months Ended | 9 Months Ended | 10 Months Ended | 11 Months Ended | 12 Months Ended | 14 Months Ended | 16 Months Ended | 17 Months Ended | 18 Months Ended | 21 Months Ended | 22 Months Ended | 27 Months Ended | 34 Months Ended | 37 Months Ended | 47 Months Ended | 48 Months Ended | 53 Months Ended | 54 Months Ended | 64 Months Ended | 98 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2016 | Nov. 30, 2016 | Oct. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Apr. 30, 2016 | Mar. 31, 2016 | Jan. 31, 2016 | Dec. 31, 2015 | Oct. 31, 2015 | Jul. 31, 2015 | May 31, 2015 | Mar. 31, 2015 | May 31, 2014 | Apr. 30, 2014 | Apr. 30, 2016 | Jun. 30, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2016 | Jul. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2013 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions of ownership interests in companies and funds, net of cash acquired | $ 52,431 | $ 70,186 | $ 59,476 | |||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from sale of business | $ 73,965 | $ 25,058 | $ 82,822 | |||||||||||||||||||||||||||||||||||||||||||||||
CloudMine [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible bridge loan | $ 600 | |||||||||||||||||||||||||||||||||||||||||||||||||
Ownership interest under equity method, percentage | 30.10% | 30.10% | 30.10% | 30.10% | 30.10% | 30.10% | 30.10% | 30.10% | 30.10% | 30.10% | 30.10% | 30.10% | 30.10% | 30.10% | 30.10% | 30.10% | 30.10% | 30.10% | 30.10% | 30.10% | 30.10% | 30.10% | ||||||||||||||||||||||||||||
Acquisitions of ownership interests in companies and funds, net of cash acquired | $ 4,900 | |||||||||||||||||||||||||||||||||||||||||||||||||
Hoopla Software, Inc. [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible bridge loan | $ 1,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Ownership interest under equity method, percentage | 25.50% | 25.60% | 25.50% | 25.60% | 25.50% | 25.60% | 25.60% | 25.60% | 25.50% | 25.60% | 25.60% | 25.60% | 25.60% | 25.60% | 25.60% | 25.60% | 25.60% | 25.60% | 25.60% | 25.60% | 25.60% | 25.60% | 25.60% | 25.60% | 25.60% | 25.60% | 25.60% | 25.60% | ||||||||||||||||||||||
Acquisitions of ownership interests in companies and funds, net of cash acquired | $ 3,800 | |||||||||||||||||||||||||||||||||||||||||||||||||
Zipnosis [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Ownership interest under equity method, percentage | 25.40% | 26.30% | 25.40% | 26.30% | 25.40% | 26.30% | 26.30% | 26.30% | 25.40% | 26.30% | 26.30% | 26.30% | 26.30% | 26.30% | 26.30% | 26.30% | 26.30% | 26.30% | 26.30% | 26.30% | 26.30% | 26.30% | ||||||||||||||||||||||||||||
Acquisitions of ownership interests in companies and funds, net of cash acquired | $ 7,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
WebLinc [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Ownership interest under equity method, percentage | 38.00% | 29.20% | 38.00% | 29.20% | 38.00% | 29.20% | 29.20% | 29.20% | 38.00% | 29.20% | 29.20% | 29.20% | 29.20% | 29.20% | 29.20% | 29.20% | 29.20% | 29.20% | 29.20% | 29.20% | 29.20% | 29.20% | 29.20% | 29.20% | 29.20% | 29.20% | 29.20% | 29.20% | ||||||||||||||||||||||
Acquisitions of ownership interests in companies and funds, net of cash acquired | $ 5,400 | $ 6,600 | ||||||||||||||||||||||||||||||||||||||||||||||||
Cask Data [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Ownership interest under equity method, percentage | 31.30% | 34.20% | 34.20% | 31.30% | 34.20% | 31.30% | 34.20% | 34.20% | 34.20% | 31.30% | 34.20% | 34.20% | 34.20% | 34.20% | 34.20% | 34.20% | 34.20% | 34.20% | 34.20% | 34.20% | 34.20% | 34.20% | 34.20% | |||||||||||||||||||||||||||
Acquisitions of ownership interests in companies and funds, net of cash acquired | $ 11,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Appfirst [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible bridge loan | $ 1,200 | |||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions of ownership interests in companies and funds, net of cash acquired | $ 11,600 | |||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from sale of business | $ 900 | |||||||||||||||||||||||||||||||||||||||||||||||||
Apprenda [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Ownership interest under equity method, percentage | 29.40% | 29.50% | 29.40% | 29.50% | 29.40% | 29.50% | 29.50% | 29.50% | 29.40% | 29.50% | 21.60% | 21.60% | 21.60% | 29.50% | 29.50% | 21.60% | 29.50% | 29.50% | 29.50% | 21.60% | 29.50% | 29.50% | 29.50% | 29.50% | 29.50% | 29.50% | 29.50% | 21.60% | ||||||||||||||||||||||
Acquisitions of ownership interests in companies and funds, net of cash acquired | $ 10,000 | $ 12,100 | ||||||||||||||||||||||||||||||||||||||||||||||||
InfoBionic [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Ownership interest under equity method, percentage | 39.70% | 38.50% | 39.70% | 38.50% | 39.70% | 38.50% | 38.50% | 38.50% | 39.70% | 38.50% | 27.80% | 27.80% | 27.80% | 38.50% | 38.50% | 27.80% | 38.50% | 38.50% | 38.50% | 27.80% | 38.50% | 38.50% | 38.50% | 38.50% | 38.50% | 38.50% | 38.50% | 27.80% | ||||||||||||||||||||||
Acquisitions of ownership interests in companies and funds, net of cash acquired | $ 5,000 | $ 9,500 | ||||||||||||||||||||||||||||||||||||||||||||||||
Quantia [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible bridge loan | $ 2,800 | |||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions of ownership interests in companies and funds, net of cash acquired | $ 12,500 | |||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from sale of business | $ 7,800 | |||||||||||||||||||||||||||||||||||||||||||||||||
Pneuron [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Ownership interest under equity method, percentage | 35.40% | 35.40% | 35.40% | 35.40% | 35.40% | 35.40% | 35.40% | 35.40% | 35.40% | 35.40% | 27.60% | 27.60% | 27.60% | 35.40% | 35.40% | 27.60% | 35.40% | 35.40% | 35.40% | 27.60% | 35.40% | 35.40% | 35.40% | 35.40% | 35.40% | 35.40% | 35.40% | 27.60% | ||||||||||||||||||||||
Acquisitions of ownership interests in companies and funds, net of cash acquired | $ 3,500 | $ 5,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Clutch [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Ownership interest under equity method, percentage | 42.80% | 39.30% | 42.80% | 39.30% | 42.80% | 39.30% | 39.30% | 39.30% | 42.80% | 39.30% | 29.60% | 29.60% | 29.60% | 39.30% | 39.30% | 29.60% | 39.30% | 39.30% | 39.30% | 29.60% | 39.30% | 39.30% | 39.30% | 39.30% | 39.30% | 39.30% | 39.30% | 29.60% | ||||||||||||||||||||||
Acquisitions of ownership interests in companies and funds, net of cash acquired | $ 4,000 | $ 12,300 | ||||||||||||||||||||||||||||||||||||||||||||||||
Sonobi [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Ownership interest under equity method, percentage | 21.60% | 22.60% | 22.60% | 21.60% | 22.60% | 21.60% | 22.60% | 22.60% | 22.60% | 21.60% | 22.60% | 22.60% | 22.60% | 22.60% | 22.60% | 22.60% | 22.60% | 22.60% | 22.60% | 22.60% | 22.60% | 22.60% | 22.60% | |||||||||||||||||||||||||||
Acquisitions of ownership interests in companies and funds, net of cash acquired | $ 5,400 | |||||||||||||||||||||||||||||||||||||||||||||||||
Advantedge [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible bridge loan | $ 1,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions of ownership interests in companies and funds, net of cash acquired | $ 15,300 | |||||||||||||||||||||||||||||||||||||||||||||||||
meQuilibrium [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible bridge loan | $ 1,500 | |||||||||||||||||||||||||||||||||||||||||||||||||
Ownership interest under equity method, percentage | 31.50% | 31.50% | 31.50% | 31.50% | 31.50% | 31.50% | 31.50% | 31.50% | 31.50% | 31.50% | 31.50% | 31.50% | 31.50% | 31.50% | 31.50% | 31.50% | 31.50% | 31.50% | 31.50% | 31.50% | 31.50% | 31.50% | ||||||||||||||||||||||||||||
Acquisitions of ownership interests in companies and funds, net of cash acquired | $ 6,500 | |||||||||||||||||||||||||||||||||||||||||||||||||
Spongecell [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible bridge loan | $ 4,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Ownership interest under equity method, percentage | 23.00% | 23.00% | 23.00% | 23.00% | 23.00% | 23.00% | 23.00% | 23.00% | 23.00% | 23.00% | 23.00% | 23.00% | 23.00% | 23.00% | 23.00% | 23.00% | 23.00% | 23.00% | 23.00% | 23.00% | 23.00% | 23.00% | 23.00% | 23.00% | 23.00% | 23.00% | 23.00% | 23.00% | ||||||||||||||||||||||
Acquisitions of ownership interests in companies and funds, net of cash acquired | $ 14,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Dabo [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible bridge loan | $ 300 | |||||||||||||||||||||||||||||||||||||||||||||||||
Payments to Acquire Other Investments | $ 2,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Aventura [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible bridge loan | $ 300 | |||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions of ownership interests in companies and funds, net of cash acquired | $ 6,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
BrickWork [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Ownership interest under equity method, percentage | 20.30% | 20.30% | 20.30% | 20.30% | 20.30% | |||||||||||||||||||||||||||||||||||||||||||||
Acquisitions of ownership interests in companies and funds, net of cash acquired | $ 4,200 | |||||||||||||||||||||||||||||||||||||||||||||||||
QuanticMind, Inc. [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible bridge loan | 2,800 | |||||||||||||||||||||||||||||||||||||||||||||||||
Ownership interest under equity method, percentage | 23.20% | 23.60% | 23.20% | 23.60% | 23.20% | 23.60% | 23.60% | 23.60% | 23.20% | 23.60% | 23.60% | 23.60% | 23.60% | 23.60% | 23.60% | 23.60% | 23.60% | 23.60% | 23.60% | 23.60% | 23.60% | 23.60% | ||||||||||||||||||||||||||||
Acquisitions of ownership interests in companies and funds, net of cash acquired | $ 7,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Aktana, Inc. [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Ownership interest under equity method, percentage | 31.20% | 23.40% | 23.40% | 31.20% | 31.20% | 31.20% | ||||||||||||||||||||||||||||||||||||||||||||
Acquisitions of ownership interests in companies and funds, net of cash acquired | 2,700 | $ 5,500 | ||||||||||||||||||||||||||||||||||||||||||||||||
Moxe Health [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Ownership interest under equity method, percentage | 32.40% | 32.60% | 32.40% | 32.40% | 32.60% | 32.40% | ||||||||||||||||||||||||||||||||||||||||||||
Acquisitions of ownership interests in companies and funds, net of cash acquired | $ 4,500 | |||||||||||||||||||||||||||||||||||||||||||||||||
Full Measure [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Ownership interest under equity method, percentage | 35.20% | 25.40% | 35.20% | 25.40% | 35.20% | 25.40% | 25.40% | 25.40% | 35.20% | 25.40% | 25.40% | 25.40% | 25.40% | 25.40% | 25.40% | 25.40% | 25.40% | 25.40% | 25.40% | 25.40% | 25.40% | 25.40% | ||||||||||||||||||||||||||||
Acquisitions of ownership interests in companies and funds, net of cash acquired | $ 4,600 | $ 4,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Trice [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible bridge loan | $ 1,900 | |||||||||||||||||||||||||||||||||||||||||||||||||
Ownership interest under equity method, percentage | 27.60% | 27.70% | 27.60% | 27.70% | 27.60% | 27.70% | 27.70% | 27.70% | 27.60% | 27.70% | 31.90% | 31.90% | 31.90% | 27.70% | 27.70% | 31.90% | 27.70% | 27.70% | 27.70% | 31.90% | 27.70% | 27.70% | 27.70% | 27.70% | 27.70% | 27.70% | 27.70% | 31.90% | ||||||||||||||||||||||
Acquisitions of ownership interests in companies and funds, net of cash acquired | $ 6,100 | |||||||||||||||||||||||||||||||||||||||||||||||||
Propeller [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Ownership interest under equity method, percentage | 24.00% | 24.60% | 24.00% | 24.60% | 24.00% | 24.60% | 24.60% | 24.60% | 24.00% | 24.60% | 24.60% | 24.60% | 24.60% | 24.60% | 24.60% | 24.60% | 24.60% | 24.60% | 24.60% | 24.60% | 24.60% | 24.60% | 24.60% | 24.60% | 24.60% | 24.60% | 24.60% | 24.60% | ||||||||||||||||||||||
Acquisitions of ownership interests in companies and funds, net of cash acquired | $ 5,000 | $ 9,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Transactis [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Ownership interest under equity method, percentage | 24.20% | 24.50% | 24.20% | 24.50% | 24.20% | 24.50% | 24.50% | 24.50% | 24.20% | 24.50% | 24.80% | 24.80% | 24.80% | 24.50% | 24.50% | 24.80% | 24.50% | 24.50% | 24.50% | 24.80% | 24.50% | 24.50% | 24.50% | 24.50% | 24.50% | 24.50% | 24.50% | 24.80% | ||||||||||||||||||||||
Acquisitions of ownership interests in companies and funds, net of cash acquired | $ 5,000 | $ 9,500 | ||||||||||||||||||||||||||||||||||||||||||||||||
Syapse, Inc. [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Ownership interest under equity method, percentage | 26.20% | 24.40% | 26.20% | 24.40% | 26.20% | 24.40% | 24.40% | 24.40% | 26.20% | 24.40% | 27.00% | 27.00% | 27.00% | 24.40% | 24.40% | 27.00% | 24.40% | 24.40% | 24.40% | 27.00% | 24.40% | 24.40% | 24.40% | 24.40% | 24.40% | 24.40% | 24.40% | 27.00% | ||||||||||||||||||||||
Acquisitions of ownership interests in companies and funds, net of cash acquired | $ 7,500 | $ 5,800 | ||||||||||||||||||||||||||||||||||||||||||||||||
Putney, Inc. [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions of ownership interests in companies and funds, net of cash acquired | $ 5,000 | $ 10,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from sale of business | $ 58,600 | |||||||||||||||||||||||||||||||||||||||||||||||||
Lumesis, Inc. [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible bridge loan | $ 700 | |||||||||||||||||||||||||||||||||||||||||||||||||
Ownership interest under equity method, percentage | 44.10% | 44.70% | 44.10% | 44.70% | 44.10% | 44.70% | 44.70% | 44.70% | 44.10% | 44.70% | 45.70% | 45.70% | 45.70% | 44.70% | 44.70% | 45.70% | 44.70% | 44.70% | 44.70% | 45.70% | 44.70% | 44.70% | 44.70% | 44.70% | 44.70% | 44.70% | 44.70% | 45.70% | ||||||||||||||||||||||
Acquisitions of ownership interests in companies and funds, net of cash acquired | $ 5,600 | |||||||||||||||||||||||||||||||||||||||||||||||||
T-REX Group, Inc. [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Ownership interest under equity method, percentage | 23.60% | 23.60% | 23.60% | 23.60% | 23.60% | |||||||||||||||||||||||||||||||||||||||||||||
Acquisitions of ownership interests in companies and funds, net of cash acquired | $ 6,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
NovaSom, Inc. [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible bridge loan | $ 1,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Ownership interest under equity method, percentage | 31.70% | 31.70% | 31.70% | 31.70% | 31.70% | 31.70% | 31.70% | 31.70% | 31.70% | 31.70% | 31.70% | 31.70% | 31.70% | 31.70% | 31.70% | 31.70% | 31.70% | 31.70% | 31.70% | 31.70% | 31.70% | 31.70% | 31.70% | 31.70% | 31.70% | 31.70% | 31.70% | 31.70% | ||||||||||||||||||||||
Acquisitions of ownership interests in companies and funds, net of cash acquired | $ 21,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
MediaMath, Inc. [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Ownership interest under equity method, percentage | 20.50% | 20.60% | 20.60% | 22.50% | 20.50% | 20.60% | 20.50% | 20.60% | 20.60% | 20.60% | 20.50% | 20.60% | 20.70% | 20.70% | 20.70% | 20.60% | 20.60% | 20.70% | 20.60% | 20.60% | 20.60% | 20.70% | 20.60% | 20.60% | 20.60% | 20.60% | 20.60% | 20.60% | 20.60% | 20.70% | ||||||||||||||||||||
Acquisitions of ownership interests in companies and funds, net of cash acquired | $ 7,000 | $ 18,600 | ||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain (loss) from change in ownership | 7,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Sotera [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible bridge loan | 200 | |||||||||||||||||||||||||||||||||||||||||||||||||
Payments to Acquire Other Investments | $ 1,300 | |||||||||||||||||||||||||||||||||||||||||||||||||
Cost of shares acquired from previous investor | $ 1,200 | |||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from sale of business | $ 4,200 | $ 4,200 | ||||||||||||||||||||||||||||||||||||||||||||||||
Good Start Genetics, Inc. [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible bridge loan | $ 5,200 | |||||||||||||||||||||||||||||||||||||||||||||||||
Ownership interest under equity method, percentage | 29.60% | 29.60% | 29.60% | 29.60% | 29.60% | 29.60% | 29.60% | 29.60% | 29.60% | 29.60% | 29.90% | 29.90% | 29.90% | 29.60% | 29.60% | 29.90% | 29.60% | 29.60% | 29.60% | 29.90% | 29.60% | 29.60% | 29.60% | 29.60% | 29.60% | 29.60% | 29.60% | 29.90% | ||||||||||||||||||||||
Acquisitions of ownership interests in companies and funds, net of cash acquired | $ 12,000 |
Fair Value Measurements - Carr
Fair Value Measurements - Carrying Value and Fair Value of Certain Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term restricted cash equivalents | $ 6,336 | $ 0 |
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 22,058 | 32,838 |
Long-term restricted cash equivalents | 6,336 | |
Marketable securities - held-to-maturity | 15,686 | 40,763 |
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | US Government Agencies Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities - held-to-maturity | 1,329 | |
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | Certificates of deposit [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities - held-to-maturity | 15,686 | 39,434 |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 22,058 | 32,838 |
Long-term restricted cash equivalents | 6,336 | |
Marketable securities - held-to-maturity | 15,686 | 40,763 |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Long-term restricted cash equivalents | 0 | |
Marketable securities - held-to-maturity | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Long-term restricted cash equivalents | 0 | |
Marketable securities - held-to-maturity | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | US Government Agencies Debt Securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities - held-to-maturity | 1,329 | |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | US Government Agencies Debt Securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities - held-to-maturity | 0 | |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | US Government Agencies Debt Securities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities - held-to-maturity | 0 | |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Certificates of deposit [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities - held-to-maturity | 15,686 | 39,434 |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Certificates of deposit [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities - held-to-maturity | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Certificates of deposit [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities - held-to-maturity | $ 0 | $ 0 |
Fair Value Measurements - Narr
Fair Value Measurements - Narrative (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value Disclosures [Abstract] | ||
Marketable securities, current | $ 8,384 | $ 31,020 |
Marketable securities, non current | $ 7,302 | $ 9,743 |
Convertible Debentures and Cr42
Convertible Debentures and Credit Arrangements - Convertible Senior Debentures due 2018 Narrative (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Nov. 30, 2012 | |
Debt Instrument [Line Items] | ||||
Debt Issuance Costs, Noncurrent, Net | $ 800,000 | |||
Amortization of debt discount | $ 1,604,000 | 1,472,000 | $ 1,349,000 | |
Convertible Senior Debentures due 2018 [Member] | ||||
Debt Instrument [Line Items] | ||||
Aggregate principal amount of convertible senior debentures | $ 55,000,000 | $ 55,000,000 | ||
Interest rate on debentures | 5.25% | |||
Number of days within 30 consecutive trading days in which the closing price of the entity's common stock exceeded the conversion price giving the holders of the debentures an option (in days) | 20 days | |||
Number of consecutive trading days during which the closing price of the entity's common stock exceeded the conversion price for at least 20 days giving the holders of the debentures an option (in days) | 30 days | |||
Number of days after five consecutive trading days in which the trading price per $1,000 principal amount was less than 98% of the product of the closing sale price per share of Company common stock multiplied by the conversion rate on each such trading day (in days) | 5 days | |||
Number of consecutive trading days during which the trading price per $1,000 principal amount for at least five days was less than 98% of the product of the closing sale price per share of Company common stock multiplied by the conversion rate on each such trading day (in days) | 5 days | |||
Principal amount of convertible debentures | $ 1,000 | |||
Closing price is percentage of conversion price | 98.00% | |||
Conversion rate of common stock | 55.17 | |||
Conversion price (in dollars per share) | $ 18.13 | |||
Closing price for common stock | $ 13.45 | |||
Sales price of common stock to conversion price | 140.00% | |||
Debentures redemption price | 100.00% | |||
Change in control due to debentures redemption | 50.00% | |||
Percentage of principal amount and accrued and unpaid interest for repurchase of debt | 100.00% | |||
Outstanding debentures | $ 55,000,000 | |||
Fair value of Debentures outstanding | 57,700,000 | |||
Gross carrying amount of equity component | 6,400,000 | |||
Unamortized discount | 2,000,000 | |||
Debt Issuance Costs, Noncurrent, Net | 500,000 | |||
Carrying value of liability component | 52,600,000 | |||
Amortization of debt discount | $ 1,600,000 | $ 1,500,000 | $ 1,300,000 | |
Debt instrument effective rate | 8.70% | |||
Convertible Senior Debentures due 2018 [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Percentage of the closing sales price of the entity's common stock that the conversion price exceeded giving the holders of the debentures an option (as a percent) | 130.00% |
Convertible Debentures and Cr43
Convertible Debentures and Credit Arrangements - Credit Arrangements Narrative (Details) - Credit Arrangements [Member] | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Line of Credit Facility [Line Items] | |
Maximum borrowing capacity | $ 25,000,000 |
After Amendment [Member] | |
Line of Credit Facility [Line Items] | |
Maturity date | Dec. 19, 2016 |
Landlord Of Compu Com Systems Incs Dallas Headquarters [Member] | |
Line of Credit Facility [Line Items] | |
Letters of credit outstanding | $ 6,300,000 |
Letter of credit expiration date | Mar. 19, 2019 |
Equity (Detail)
Equity (Detail) - USD ($) shares in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jul. 01, 2015 | |
Stock Repurchase [Line Items] | ||||
Repurchase of common stock | $ 5,389,000 | $ 4,997,000 | $ 25,036,000 | |
Common Stock [Member] | ||||
Stock Repurchase [Line Items] | ||||
Stock repurchase program, authorized amount (in shares) | $ 25,000,000 | |||
Repurchase of common stock (in shares) | 0.4 | |||
Repurchase of common stock | $ 5,400,000 | |||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 14,600,000 |
Stock-Based Compensation - Equ
Stock-Based Compensation - Equity Compensation Plans Narrative (Details) - shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Reserved shares of common stock for possible future issuance | 3,700 | |
Employee stock options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options issued (in shares) | 46 | |
2004 Equity Compensation Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares authorized for issuance | 4,100 |
Stock-Based Compensation - Sto
Stock-Based Compensation - Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | $ 2,394 | $ 1,611 | $ 1,935 |
General and Administrative Expense [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | $ 2,394 | $ 1,611 | $ 1,935 |
Stock-Based Compensation - Cla
Stock-Based Compensation - Classification of Stock-Based Compensation Expense Narrative (Detail) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2016USD ($)vesting_type$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of award vesting types | vesting_type | 2 | ||
Weighted-average grant date fair value of options issued (in dollars per share) | $ / shares | $ 3.29 | $ 4.25 | $ 7.02 |
Total intrinsic value of options exercised | $ | $ 0.9 | $ 0.9 | $ 2.4 |
Cash liability for performance-based units | $ | $ 0 | ||
Performance-based awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options granted (in shares) | 8 | ||
Options vested (in shares) | 4 | 7 | |
Options forfeited in period (in shares) | 106 | 9 | 16 |
Stock-based compensation expense | $ | $ 0.2 | $ 0 | $ 0.1 |
Options, nonvested, number of shares (in shares) | 344 | ||
Total unrecognized compensation cost related to non-vested stock options granted | $ | $ 0.7 | ||
Weighted-average period for recognition (in years) | 1 year 10 months 24 days | ||
Market-based awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options vested (in shares) | 22 | ||
Options forfeited in period (in shares) | 136 | 91 | 155 |
Stock-based compensation expense | $ | $ 0 | $ 0 | $ 0 |
Service-based awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options granted (in shares) | 27 | 31 | 23 |
Options forfeited in period (in shares) | 22 | 8 | 8 |
Stock-based compensation expense | $ | $ 0.2 | $ 0.3 | $ 0.3 |
Vesting period (in years) | 4 years | ||
Expiration term (in years) | 8 years | ||
Total unrecognized compensation cost related to non-vested stock options granted | $ | $ 0.2 | ||
Weighted-average period for recognition (in years) | 2 years 8 months 16 days | ||
Performance Stock Unit [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options issued (in shares) | 226 | 153 | 119 |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options issued (in shares) | 130 | 81 | 59 |
Restricted Stock [Member] | Non Employees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ | $ 0.1 | $ 0.1 | $ 0 |
Options issued (in shares) | 10 | 9 | 8 |
Deferred Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options issued (in shares) | 47 | 44 | 46 |
Percentage of shares vested in lieu of directors fees at the grant date | 100.00% | ||
Portion of Director fees matched to deferred stock units | 25.00% | ||
Vesting period of deferred stock (in years) | 1 year | ||
Deferred stock units, performance-based stock units and restricted stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ | $ 1.9 | $ 1.3 | $ 1.5 |
Compensation cost not yet recognized | $ | 7.8 | ||
Total fair value of stock-based compensation vested | $ | $ 1.2 | $ 1.1 | $ 1.4 |
Stock-Based Compensation - Ass
Stock-Based Compensation - Assumptions used in Valuation of Options Granted (Detail) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Service-based awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 0.00% | 0.00% | 0.00% |
Expected volatility | 25.00% | 26.00% | 32.00% |
Average expected option life | 5 years | 5 years | 5 years |
Risk-free interest rate | 1.50% | 1.50% | 1.70% |
Performance-based awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 0.00% | ||
Expected volatility | 32.00% | ||
Average expected option life | 4 years 9 months 18 days | ||
Risk-free interest rate | 1.70% |
Stock-Based Compensation - Opt
Stock-Based Compensation - Option Activity (Detail) - Stock Option [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Shares | |||
Outstanding, Beginning Balance | 1,085 | 1,316 | 1,828 |
Options granted | 27 | 31 | 31 |
Options exercised | (170) | (155) | (365) |
Options canceled/forfeited | (264) | (107) | (178) |
Outstanding, Ending Balance | 678 | 1,085 | 1,316 |
Options exercisable | 279 | ||
Options vested and expected to vest | 678 | ||
Shares available for future grant | 2,077 | ||
Weighted Average Exercise Price | |||
Outstanding, Beginning Balance | $ 12.86 | $ 12.81 | $ 12.51 |
Options granted | 13.03 | 17.26 | 19.38 |
Options exercised | 7.56 | 13.12 | 11.48 |
Options canceled/forfeited | 11.06 | 13.06 | 13.58 |
Outstanding, Ending Balance | 14.90 | $ 12.86 | $ 12.81 |
Options exercisable | 15.37 | ||
Options vested and expected to vest | $ 14.90 | ||
Weighted Average Remaining Contractual Life | |||
Outstanding, contractual life (in years) | 4 years 4 months 13 days | ||
Options exercisable (in years) | 3 years 4 days | ||
Options vested and expected to vest (in years) | 4 years 4 months 13 days | ||
Aggregate Intrinsic Value | |||
Outstanding intrinsic value | $ 314 | ||
Options exercisable | 122 | ||
Options vested and expected to vest | $ 314 |
Stock-Based Compensation - Def
Stock-Based Compensation - Deferred Stock Unit, Performance-Based Stock Unit and Restricted Stock Activity (Detail) - Deferred stock units, performance-based stock units and restricted stock [Member] - $ / shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Unvested, shares | ||
Unvested, Beginning Balance | 670 | 455 |
Granted | 413 | 286 |
Vested | (89) | (64) |
Forfeited | (61) | (7) |
Unvested, Ending Balance | 933 | 670 |
Weighted Average Grant Date Fair Value | ||
Unvested, Beginning Balance | $ 16.16 | $ 17.09 |
Granted | 13.27 | 15.02 |
Vested | 16.46 | 17.42 |
Forfeited | 17.08 | 18.76 |
Unvested ,Ending Balance | $ 14.79 | $ 16.16 |
Other Income (Loss), Net (Detai
Other Income (Loss), Net (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 5 Months Ended | 12 Months Ended | |||||||||||
Jun. 30, 2016 | Apr. 30, 2014 | Feb. 28, 2014 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Jul. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other Income and Expense [Line Items] | |||||||||||||||
Other | $ 254 | $ 57 | $ 77 | ||||||||||||
Other income (loss), net | $ 64 | $ (2,405) | $ 659 | $ 0 | $ (84) | $ 704 | $ (15) | $ (388) | (1,682) | 217 | 31,657 | ||||
Penn Mezzanine Assets [Member] | |||||||||||||||
Other Income and Expense [Line Items] | |||||||||||||||
Loss on impairment | (2,360) | (255) | |||||||||||||
Bridgevine Inc [Member] | |||||||||||||||
Other Income and Expense [Line Items] | |||||||||||||||
Gain on sale of business | $ 400 | $ 424 | |||||||||||||
Crescendo [Member] | |||||||||||||||
Other Income and Expense [Line Items] | |||||||||||||||
Cost-method Investments, realized gains | $ 27,400 | 27,365 | |||||||||||||
Gain on sale of business | $ 2,900 | 2,914 | |||||||||||||
Dabo [Member] | |||||||||||||||
Other Income and Expense [Line Items] | |||||||||||||||
Loss on impairment | $ (2,300) | (2,356) | |||||||||||||
Legacy Private Equity Funds [Member] | |||||||||||||||
Other Income and Expense [Line Items] | |||||||||||||||
Loss on impairment | $ (398) | ||||||||||||||
Nupathe [Member] | |||||||||||||||
Other Income and Expense [Line Items] | |||||||||||||||
Gain on sale of business | $ 3,000 | 3,017 | |||||||||||||
Sotera [Member] | |||||||||||||||
Other Income and Expense [Line Items] | |||||||||||||||
Cost-method Investments, realized gains | $ 1,500 | $ 1,453 |
Income Taxes - Narrative (Deta
Income Taxes - Narrative (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Federal income tax expense (benefit) | $ 0 | $ 0 | $ 0 |
State income tax expense (benefit), continuing operationsi | $ 0 | $ 0 | $ 0 |
Statutory tax (benefit) expense | (35.00%) | (35.00%) | (35.00%) |
Net operating loss carryforwards | $ 225,369 |
Income Taxes - Differences Bet
Income Taxes - Differences Between United States Federal Income Tax Rate and Effective Income Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Statutory tax (benefit) expense | 35.00% | 35.00% | 35.00% |
Increase (decrease) in taxes resulting from: | |||
Stock-based compensation | 0.20% | 0.10% | 1.50% |
Nondeductible expenses | 0.40% | 0.20% | 2.90% |
Valuation allowance | 34.40% | 34.70% | 30.60% |
Effective income tax rate, percent | (0.00%) | (0.00%) | (0.00%) |
Income Taxes - Deferred Tax As
Income Taxes - Deferred Tax Assets and Deferred Tax Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax asset: | ||
Carrying values of partner companies and other holdings | $ 95,134 | $ 83,042 |
Tax loss and credit carryforwards | 82,775 | 84,493 |
Accrued expenses | 1,183 | 1,391 |
Stock-based compensation | 1,763 | 1,655 |
Other | 1,310 | 1,369 |
Deferred tax assets, gross | 182,165 | 171,950 |
Valuation allowance | (182,165) | (171,950) |
Net deferred tax asset | $ 0 | $ 0 |
Income Taxes - Carryforwards E
Income Taxes - Carryforwards Expiration (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Income Tax Disclosure [Abstract] | |
2,017 | $ 0 |
2,018 | 0 |
2,019 | 0 |
2,020 | 0 |
2021 and thereafter | 225,369 |
Total | $ 225,369 |
Net Income (Loss) Per Share -
Net Income (Loss) Per Share - Calculations of Net Income (Loss) Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||||||||
Basic: | |||||||||||||||||||
Net loss | $ (21,701) | $ (24,085) | $ 38,976 | $ (15,452) | $ (14,271) | $ (11,628) | $ (19,022) | $ (14,603) | $ (22,262) | $ (59,524) | $ (5,149) | ||||||||
Basic (in shares) | 20,343 | 20,874 | 20,975 | ||||||||||||||||
Net income (loss) per share (in dollars per share) | $ (1.07) | [1] | $ (1.18) | [1] | $ 1.92 | [1] | $ (0.76) | [1] | $ (0.69) | [1] | $ (0.56) | [1] | $ (0.91) | [1] | $ (0.70) | [1] | $ (1.09) | $ (2.85) | $ (0.25) |
Diluted: | |||||||||||||||||||
Net loss | $ (21,701) | $ (24,085) | $ 38,976 | $ (15,452) | $ (14,271) | $ (11,628) | $ (19,022) | $ (14,603) | $ (22,262) | $ (59,524) | $ (5,149) | ||||||||
Diluted (in shares) | 20,343 | 20,874 | 20,975 | ||||||||||||||||
Net income (loss) per share (in dollars per share) | $ (1.07) | [1] | $ (1.18) | [1] | $ 1.70 | [1] | $ (0.76) | [1] | $ (0.69) | [1] | $ (0.56) | [1] | $ (0.91) | [1] | $ (0.70) | [1] | $ (1.09) | $ (2.85) | $ (0.25) |
[1] | Per share amounts for the quarters have each been calculated separately. Accordingly, quarterly amounts may not add to the annual amounts because of differences in the average common shares outstanding during each period. Additionally, in regard to diluted per share amounts only, quarterly amounts may not add to the annual amounts because of the inclusion of the effect of potentially dilutive securities only in the periods in which such effect would have been dilutive, and because of the adjustments to net income (loss) for the dilutive effect of partner company common stock equivalents and convertible securities. |
Net Income (Loss) Per Share 57
Net Income (Loss) Per Share - Narrative (Detail) - $ / shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Shares of common stock at prices ranging, lower limit | $ 9.83 | $ 7.14 | $ 7.14 |
Shares of common stock at prices ranging, upper limit | $ 19.95 | $ 19.95 | $ 19.95 |
Employee stock options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Share of common stock excluded from diluted net loss per share calculation (in shares) | 0.7 | 1.1 | 1.3 |
Deferred stock units, performance-based stock units and restricted stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Share of common stock excluded from diluted net loss per share calculation (in shares) | 0.9 | 0.7 | 0.5 |
Convertible Senior Debentures due 2018 [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Share of common stock excluded from diluted net loss per share calculation (in shares) | 3 | 3 | 3 |
Related Party Transactions (Det
Related Party Transactions (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | 192 Months Ended | |
May 31, 2001 | Dec. 31, 2016 | Dec. 31, 2014 | Dec. 31, 2016 | |
Related Party Transactions [Abstract] | ||||
Loan agreement | $ 26,500,000 | |||
Impairment charges against loan | $ 15,700,000 | |||
Receipt in payments on loan | $ 100,000 | $ 100,000 | 17,100,000 | |
Loan, carrying value | $ 0 | $ 0 |
Commitments and Contingencies (
Commitments and Contingencies (Detail) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Oct. 31, 2001 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Commitment Contingencies And Guarantees [Line Items] | ||||
Total rental expense under operating leases | $ 500 | $ 500 | $ 600 | |
2,017 | 584 | |||
2,018 | 591 | |||
2,019 | 602 | |||
2,020 | 601 | |||
2021 and thereafter | 3,242 | |||
Future minimum payments | 5,620 | |||
Company outstanding guarantees | 3,800 | |||
Accrued expenses | 2,223 | 2,789 | ||
Other long-term liabilities | 3,630 | $ 3,965 | ||
Annual payments | $ 650 | |||
Employee Severance [Member] | ||||
Commitment Contingencies And Guarantees [Line Items] | ||||
Restructuring and related cost, expected cost | 3,000 | |||
Credit Arrangements [Member] | Landlord Of Compu Com Systems Incs Dallas Headquarters [Member] | ||||
Commitment Contingencies And Guarantees [Line Items] | ||||
Letters of credit outstanding | $ 6,300 | |||
Letter of credit expiration date | Mar. 19, 2019 | |||
Accrued expenses and other current liabilities [Member] | ||||
Commitment Contingencies And Guarantees [Line Items] | ||||
Liability to former chairman and chief executive officer, current | $ 800 | |||
Other long-term liabilities [Member] | ||||
Commitment Contingencies And Guarantees [Line Items] | ||||
Liability to former chairman and chief executive officer, non-current | 1,900 | |||
Clawback Liability [Member] | ||||
Commitment Contingencies And Guarantees [Line Items] | ||||
Accrued expenses and other current liabilities | 1,300 | |||
Accrued expenses | 1,000 | |||
Other long-term liabilities | $ 300 | |||
Company's ownership in the funds | 19.00% |
Supplemental Cash Flow Inform60
Supplemental Cash Flow Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Supplemental Cash Flow Information [Abstract] | |||
Converted instrument amount | $ 3.9 | $ 1 | |
Interest payments | 2.9 | 2.9 | $ 2.9 |
Cash paid for taxes | $ 0 | $ 0 | $ 0 |
Operating Segments - Narrative
Operating Segments - Narrative (Detail) | Dec. 31, 2016partner_company |
Segment Reporting [Abstract] | |
Non-consolidated partner companies | 29 |
Operating Segments - Active Pa
Operating Segments - Active Partner Companies by Segment (Detail) | Dec. 31, 2016 | Nov. 30, 2016 | Oct. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Oct. 31, 2015 | May 31, 2015 | Dec. 31, 2014 | May 31, 2014 | Apr. 30, 2014 |
Advantedge Healthcare Solutions Inc [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Ownership interest under equity method, percentage | 40.10% | 40.10% | 40.10% | ||||||||
Aktana, Inc. [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Ownership interest under equity method, percentage | 31.20% | 23.40% | |||||||||
Apprenda [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Ownership interest under equity method, percentage | 29.40% | 29.50% | 21.60% | ||||||||
Beyond Com Inc [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Ownership interest under equity method, percentage | 38.20% | 38.20% | 38.20% | ||||||||
BrickWork [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Ownership interest under equity method, percentage | 20.30% | 20.30% | |||||||||
Cask Data [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Ownership interest under equity method, percentage | 31.30% | 34.20% | 34.20% | ||||||||
CloudMine [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Ownership interest under equity method, percentage | 30.10% | 30.10% | |||||||||
Clutch [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Ownership interest under equity method, percentage | 42.80% | 39.30% | 29.60% | ||||||||
Full Measure [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Ownership interest under equity method, percentage | 35.20% | 25.40% | |||||||||
Good Start Genetics, Inc. [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Ownership interest under equity method, percentage | 29.60% | 29.60% | 29.90% | ||||||||
Hoopla Software, Inc. [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Ownership interest under equity method, percentage | 25.50% | 25.60% | 25.60% | ||||||||
InfoBionic [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Ownership interest under equity method, percentage | 39.70% | 38.50% | 27.80% | ||||||||
Lumesis, Inc. [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Ownership interest under equity method, percentage | 44.10% | 44.70% | 45.70% | ||||||||
MediaMath, Inc. [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Ownership interest under equity method, percentage | 20.50% | 20.60% | 20.70% | 20.60% | 22.50% | ||||||
meQuilibrium [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Ownership interest under equity method, percentage | 31.50% | 31.50% | |||||||||
Moxe Health [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Ownership interest under equity method, percentage | 32.40% | 32.60% | |||||||||
NovaSom, Inc. [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Ownership interest under equity method, percentage | 31.70% | 31.70% | 31.70% | ||||||||
Pneuron [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Ownership interest under equity method, percentage | 35.40% | 35.40% | 27.60% | ||||||||
Medivo Inc [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Ownership interest under equity method, percentage | 35.20% | 34.50% | 34.50% | ||||||||
Propeller [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Ownership interest under equity method, percentage | 24.00% | 24.60% | 24.60% | ||||||||
QuanticMind, Inc. [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Ownership interest under equity method, percentage | 23.20% | 23.60% | |||||||||
Sonobi [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Ownership interest under equity method, percentage | 21.60% | 22.60% | 22.60% | ||||||||
Spongecell [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Ownership interest under equity method, percentage | 23.00% | 23.00% | 23.00% | ||||||||
Syapse, Inc. [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Ownership interest under equity method, percentage | 26.20% | 24.40% | 27.00% | ||||||||
T-REX Group, Inc. [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Ownership interest under equity method, percentage | 23.60% | 23.60% | |||||||||
Transactis [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Ownership interest under equity method, percentage | 24.20% | 24.50% | 24.80% | ||||||||
Trice [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Ownership interest under equity method, percentage | 27.60% | 27.70% | 31.90% | ||||||||
WebLinc [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Ownership interest under equity method, percentage | 38.00% | 29.20% | 29.20% | ||||||||
Zipnosis [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Ownership interest under equity method, percentage | 25.40% | 26.30% |
Selected Quarterly Financial 63
Selected Quarterly Financial Information (Unaudited) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||
General and administrative expense | $ 3,928 | $ 4,687 | $ 4,849 | $ 5,228 | $ 3,958 | $ 3,962 | $ 4,754 | $ 4,880 | $ 18,692 | $ 17,554 | $ 18,970 | ||||||||
Operating loss | (3,928) | (4,687) | (4,849) | (5,228) | (3,958) | (3,962) | (4,754) | (4,880) | (18,692) | (17,554) | (18,970) | ||||||||
Other income (loss), net | 64 | (2,405) | 659 | 0 | (84) | 704 | (15) | (388) | (1,682) | 217 | 31,657 | ||||||||
Interest income | 615 | 513 | 527 | 420 | 448 | 398 | 640 | 449 | 2,075 | 1,935 | 1,901 | ||||||||
Interest expense | (1,169) | (1,161) | (1,155) | (1,149) | (1,140) | (1,133) | (1,128) | (1,122) | (4,634) | (4,523) | (4,402) | ||||||||
Equity income (loss) | (17,283) | (16,345) | 43,794 | (9,495) | (9,537) | (7,635) | (13,765) | (8,662) | 671 | (39,599) | (15,335) | ||||||||
Net loss before income taxes | (21,701) | (24,085) | 38,976 | (15,452) | (14,271) | (11,628) | (19,022) | (14,603) | (22,262) | (59,524) | (5,149) | ||||||||
Income tax benefit (expense) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Net loss | $ (21,701) | $ (24,085) | $ 38,976 | $ (15,452) | $ (14,271) | $ (11,628) | $ (19,022) | $ (14,603) | $ (22,262) | $ (59,524) | $ (5,149) | ||||||||
Net loss per share | |||||||||||||||||||
Basic (in dollars per share) | $ (1.07) | [1] | $ (1.18) | [1] | $ 1.92 | [1] | $ (0.76) | [1] | $ (0.69) | [1] | $ (0.56) | [1] | $ (0.91) | [1] | $ (0.70) | [1] | $ (1.09) | $ (2.85) | $ (0.25) |
Diluted (in dollars per share) | $ (1.07) | [1] | $ (1.18) | [1] | $ 1.70 | [1] | $ (0.76) | [1] | $ (0.69) | [1] | $ (0.56) | [1] | $ (0.91) | [1] | $ (0.70) | [1] | $ (1.09) | $ (2.85) | $ (0.25) |
[1] | Per share amounts for the quarters have each been calculated separately. Accordingly, quarterly amounts may not add to the annual amounts because of differences in the average common shares outstanding during each period. Additionally, in regard to diluted per share amounts only, quarterly amounts may not add to the annual amounts because of the inclusion of the effect of potentially dilutive securities only in the periods in which such effect would have been dilutive, and because of the adjustments to net income (loss) for the dilutive effect of partner company common stock equivalents and convertible securities. |
Subsequent Events Subsequent Ev
Subsequent Events Subsequent Events (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Mar. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Mar. 03, 2017 | |
Subsequent Event [Line Items] | |||||
Proceeds from sale of business | $ 73,965 | $ 25,058 | $ 82,822 | ||
Beyond Com Inc [Member] | Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Consideration received | $ 26,000 | ||||
Proceeds from sale of business | $ 15,500 | ||||
Term of note receivable (in years) | 3 years | ||||
Amount of non-cash consideration received | $ 10,500 | ||||
Interest rate on note receivable | 9.50% |
Uncategorized Items - sfe-20161
Label | Element | Value | |
Additional Paid-in Capital [Member] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 372,000 | [1] |
[1] | (1) Cumulative effect adjustment reflects adoption of ASU 2016-09 as of January 1, 2016. |