Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 30, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2015 | |
Current Fiscal Year End Date | -19 | |
Document Period End Date | 31-Mar-15 | |
Entity Registrant Name | QUMU CORP | |
Entity Central Index Key | 892482 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 9,146,760 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $6,925 | $11,684 |
Marketable securities | 20,496 | 23,486 |
Restricted cash | 2,300 | 2,300 |
Receivables, net of allowance for doubtful accounts of $26 and $55, respectively | 5,939 | 10,090 |
Finished goods inventories | 405 | 168 |
Prepaid income taxes | 432 | 301 |
Prepaid expenses and other current assets | 4,972 | 3,633 |
Deferred income taxes - current | 63 | 64 |
Current assets from discontinued operations | 910 | 1,026 |
Total current assets | 42,442 | 52,752 |
Property and equipment, net of accumulated depreciation of $2,057 and $1,842, respectively | 1,833 | 1,899 |
Intangible assets, net of amortization | 12,561 | 13,384 |
Goodwill | 8,103 | 8,525 |
Deferred income taxes - non-current | 2 | 2 |
Other assets - non-current | 3,499 | 3,615 |
Total assets | 68,440 | 80,177 |
Current liabilities: | ||
Trade accounts payable | 2,911 | 3,197 |
Accrued compensation | 4,363 | 6,222 |
Other accrued expenses | 427 | 332 |
Deferred revenue | 10,295 | 9,015 |
Deferred income taxes - current | 58 | 110 |
Income taxes payable | 23 | 53 |
Current liabilities from discontinued operations | 50 | 448 |
Total current liabilities | 18,127 | 19,377 |
Non-current liabilities: | ||
Deferred revenue - non-current | 842 | 1,047 |
Income taxes payable - non-current | 9 | 8 |
Deferred tax liability - non-current | 975 | 1,071 |
Other non-current liabilities | 366 | 401 |
Total long-term liabilities | 2,192 | 2,527 |
Total liabilities | 20,319 | 21,904 |
Commitments and contingencies (Note 11) | ||
Total Qumu stockholders’ equity | ||
Preferred stock, $0.01 par value, authorized 250,000 shares, no shares issued and outstanding | 0 | 0 |
Common stock, $0.01 par value, authorized 29,750,000 shares, issued and outstanding 9,138,125 and 9,127,425, respectively | 91 | 91 |
Additional paid-in capital | 64,179 | 63,566 |
Accumulated deficit | -14,539 | -4,599 |
Accumulated other comprehensive loss | -1,610 | -785 |
Total stockholders’ equity | 48,121 | 58,273 |
Total liabilities and stockholders’ equity | $68,440 | $80,177 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Receivables, allowance for doubtful accounts and sales returns | $26 | $55 |
Property and equipment, accumulated depreciation and amortization | $2,057 | $1,842 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 250,000 | 250,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 29,750,000 | 29,750,000 |
Common stock, shares issued | 9,138,125 | 9,127,425 |
Common stock, shares outstanding | 9,138,125 | 9,127,425 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Operations (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenues: | ||
Software licenses and appliances | $984 | $1,196 |
Service | 4,985 | 2,733 |
Total revenues | 5,969 | 3,929 |
Cost of revenues: | ||
Software licenses and appliances | 233 | 772 |
Service | 3,542 | 1,767 |
Total cost of revenues | 3,775 | 2,539 |
Gross profit | 2,194 | 1,390 |
Operating expenses: | ||
Research and development | 2,802 | 2,024 |
Selling, general and administrative | 9,192 | 6,517 |
Amortization of purchased intangibles | 199 | 157 |
Total operating expenses | 12,193 | 8,698 |
Operating loss | -9,999 | -7,308 |
Other income (expense): | ||
Interest, net | 16 | 12 |
Loss on currency exchange | -64 | -17 |
Other, net | 0 | -10 |
Total other expense, net | -48 | -15 |
Loss before income taxes | -10,047 | -7,323 |
Income tax benefit | -174 | -1,150 |
Net loss from continuing operations | -9,873 | -6,173 |
Net income (loss) from discontinued operations, net of tax | -67 | 2,244 |
Net loss | ($9,940) | ($3,929) |
Net loss from continuing operations per share | ($1.07) | ($0.71) |
Net income (loss) from discontinued operations per share | ($0.01) | $0.26 |
Net loss per share | ($1.08) | ($0.45) |
Basic and diluted weighted average shares outstanding | 9,168 | 8,700 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Comprehensive Income (Loss) (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | ($9,940) | ($3,929) |
Other comprehensive income (loss): | ||
Foreign currency translation adjustments | -835 | 23 |
Change in net unrealized gain (loss) on marketable securities, net of tax | 10 | -4 |
Total other comprehensive income (loss) | -825 | 19 |
Total comprehensive loss | ($10,765) | ($3,910) |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities: | ||
Net loss | ($9,940) | ($3,929) |
Net income (loss) from discontinued operations, net of tax | -67 | 2,244 |
Net loss from continuing operations | -9,873 | -6,173 |
Adjustments to reconcile net loss to net cash used in continuing operating activities: | ||
Depreciation and amortization | 748 | 455 |
Current income tax benefit resulting from income generated from discontinued operations | 0 | -1,161 |
Deferred income tax benefit | -89 | -25 |
Loss on disposal of property and equipment | 1 | 0 |
Stock-based compensation | 568 | 349 |
Changes in operating assets and liabilities: | ||
Receivables | 4,084 | -781 |
Finished goods inventories | -239 | 34 |
Prepaid income taxes / income taxes payable | -142 | 384 |
Prepaid expenses and other assets | -1,293 | -1,487 |
Trade accounts payable | -238 | 524 |
Accrued compensation | -1,839 | -2,010 |
Other accrued expenses and other current liabilities | 72 | 53 |
Deferred revenue | 1,208 | 1,490 |
Other non-current liabilities | -35 | -32 |
Net cash used in continuing operating activities | -7,067 | -8,380 |
Net cash provided by (used in) discontinued operating activities | -397 | 3,841 |
Net cash used in operating activities | -7,464 | -4,539 |
Cash flows used in investing activities: | ||
Purchases of marketable securities | -7,250 | -13,999 |
Sales and maturities of marketable securities | 10,250 | 9,000 |
Purchases of property and equipment | -240 | -179 |
Proceeds from sale of property and equipment | 43 | 0 |
Net cash provided by (used in) continuing investing activities | 2,803 | -5,178 |
Net cash provided by discontinued investing activities | 0 | 143 |
Net cash provided by (used in) investing activities | 2,803 | -5,035 |
Cash flows from financing activities: | ||
Proceeds from employee stock plans | 45 | 108 |
Net cash provided by financing activities | 45 | 108 |
Effect of exchange rate changes on cash | -143 | 20 |
Net decrease in cash and cash equivalents | -4,759 | -9,446 |
Cash and cash equivalents, beginning of period | 11,684 | 37,725 |
Cash and cash equivalents, end of period | 6,925 | 28,279 |
Supplemental disclosures of net cash received during the period for: | ||
Income taxes received (paid), net | ($112) | $476 |
Basis_of_Presentation_and_Natu
Basis of Presentation and Nature Of Business | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Nature Of Business | Basis of Presentation and Nature of Business |
The consolidated financial statements include the accounts of Qumu Corporation, its subsidiaries, collectively hereinafter referred to as “Qumu” or the “Company.” All references to Qumu, Inc. shall mean the Company's wholly-owned subsidiary acquired in October 2011. All intercompany accounts and transactions have been eliminated in consolidation. | |
The Company previously conducted its operations through two businesses consisting of 1) its enterprise video content management software business and 2) its disc publishing business. As further described in note 3, on June 27, 2014, the Company's shareholders approved the sale of the disc publishing assets and on July 1, 2014, the sale was completed. As a result, effective June 27, 2014, the disc publishing business was classified as held for sale and qualified for presentation as discontinued operations effective with the reporting of the Company's financial results for the second quarter of 2014. Accordingly, effective June 27, 2014, the Company has one remaining reportable segment, the enterprise video content management software business. The operational results of the disc publishing business are presented in the “Net income from discontinued operations, net of tax” line item on the Condensed Consolidated Statements of Operations. All remaining amounts presented in the accompanying condensed consolidated financial statements and notes reflect the financial results and financial position of the Company's continuing enterprise video content management software business, other than consolidated amounts reflecting operating results and balances for both the continuing and discontinued operations. | |
Qumu’s enterprise video content management software business provides the tools businesses need to create, manage, secure, deliver and measure the success of their videos. Qumu helps organizations around the world realize the greatest possible value from video and other rich content they create and publish. The Company markets its products to customers in North America, Europe and Asia. | |
The accompanying condensed consolidated financial statements are unaudited and have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America for interim financial information, pursuant to the rules and regulations of the Securities and Exchange Commission. Pursuant to such rules and regulations, certain financial information and footnote disclosures normally included in a complete set of financial statements have been condensed or omitted. However, in the opinion of management, the financial statements include all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of the financial position and results of operations and cash flows of the interim periods presented. Operating results for these interim periods are not necessarily indicative of results to be expected for the entire year, due to seasonal, operating and other factors. In accordance with ASC 205-20, the operating results for the three months ended March 31, 2015 and the financial position as of March 31, 2015 reflect the Company's disc publishing business as discontinued operations. Previously reported operating results and financial position for comparable periods in 2014 have also been restated to reflect this reclassification. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K as of and for the year ended December 31, 2014. | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from estimates on items such as asset impairment charges, deferred tax asset valuation allowances and accruals for uncertain tax positions. These estimates and assumptions are based on management’s best judgment. Management evaluates estimates and assumptions on an ongoing basis using its technical knowledge, historical experience and other factors, including consideration of the impact of the current economic environment. Management believes its assumptions are reasonable and adjusts such estimates and assumptions when facts and circumstances change. Illiquid credit markets, volatile equity, foreign currency and energy markets, and declines in business and consumer spending have combined to increase the uncertainty inherent in such estimates and assumptions. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Any required changes in those estimates will be reflected in the financial statements in future periods. |
Acquisition_of_Kulu_Valley_Ltd
Acquisition of Kulu Valley, Ltd. | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Business Combinations [Abstract] | ||||
Acquisition of Kulu Valley, Ltd. | Acquisition of Kulu Valley, Ltd. | |||
On October 3, 2014, the Company entered into Share Purchase Agreements to acquire 100% of the outstanding shares (the "Share Purchase Transaction") of Kulu Valley Ltd., a private limited company incorporated in England and Wales (“Kulu”). The acquisition was made to expand Qumu’s addressable market through the offering of Kulu Valley’s best-in-class video content creation capabilities and easy-to-deploy pure cloud solution, and provides Kulu’s customers with access to industry leading video content management and delivery capability. | ||||
After inclusion of working capital and other adjustments required under the Share Purchase Agreements, the aggregate net purchase price totaled approximately $14,591,000 consisting of a cash outlay of approximately $11,556,000, net of cash acquired in the transaction of $2,466,000, and approximately 275,000 shares of Qumu Corporation's common stock valued at the closing price per share of $12.95 on the date of acquisition. For purposes of calculating the purchase price attributable to the 275,000 shares of Company common stock issuable in the Share Purchase Transaction, the parties agreed upon a value of $13.75 per share. All of the shares of the Company’s common stock issued in the Share Purchase Transaction were issued to shareholders of Kulu who are also employees of Kulu. Pursuant to the terms of a lock-up letter agreement, the shares issued in the Share Purchase Transaction will be restricted from transfer, subject to certain exceptions. The restrictions will lapse for all of the shares issued at 365 days following the closing of the Share Purchase Transaction. Following the acquisition, Kulu’s liabilities consisted of trade payables, accrued expenses, deferred tax liabilities and deferred revenue related primarily to active software subscription agreements. Of the cash amounts payable in the acquisition, $2,000,000 was subject to escrow for a fifteen month period to secure certain warranty and indemnification obligations to the Company. The acquisition was funded through the use of cash held by the Company at the acquisition date and the Company's common stock. | ||||
The acquisition was accounted for under the provisions of ASC 805, Business Combinations. The results of operations of Kulu are included in the Company’s Consolidated Statements of Operations since October 3, 2014, the date of the acquisition. The impact of applying fair value purchase accounting adjustments resulted in a $1.1 million reduction in the carrying value of deferred revenues. The acquisition of Kulu’s assets and liabilities does not constitute a material business combination and accordingly, pro forma results have not been included. | ||||
The following table summarizes the purchase accounting allocation of the total purchase price to Kulu’s net tangible and intangible assets, with the residual allocated to goodwill (in thousands). | ||||
Aggregate purchase price, net of cash acquired | $ | 15,118 | ||
Less: discount applied to Qumu Corporation stock for trade restrictions | (527 | ) | ||
Net transaction consideration | $ | 14,591 | ||
Current assets | $ | 1,494 | ||
Property and equipment | 140 | |||
Intangible assets | 6,663 | |||
Goodwill | 8,795 | |||
Current liabilities | (1,170 | ) | ||
Net deferred tax liabilities | (1,331 | ) | ||
Total net assets acquired | $ | 14,591 | ||
The Company is not aware of further adjustments required in the purchase price allocation. | ||||
The aggregate purchase price was allocated to the fair values of the tangible and intangible assets acquired and liabilities assumed. The fair values assigned to intangible assets were determined through the use of forecasted cash inflows and outflows, primarily applying a relief-from royalty and a multi-period excess earnings method. These valuation methods were based on management’s estimates as of the acquisition date of October 3, 2014. The excess of the purchase price over the net tangible and identifiable intangible assets acquired was recorded as goodwill, which is non-deductible for tax purposes. Transaction costs of approximately $245,000 were expensed as incurred and were included in the Company’s selling, general and administrative expenses for the period ending December 31, 2014. | ||||
The guidance under ASC 805 provides that intangible assets with finite lives be amortized over their estimated remaining useful lives, while goodwill and other intangible assets with indefinite lives will not be amortized, but rather tested for impairment on at least an annual basis. Useful lives for intangible assets were determined based upon the remaining useful economic lives of the intangible assets that are expected to contribute directly or indirectly to future cash flows. | ||||
In the aggregate, the identifiable intangible assets were valued at $6,663,000, of which $4,233,000 was allocated to developed technology, $2,315,000 was allocated to customer relationships, $74,000 was allocated to trade name and $41,000 was allocated to covenant not-to-compete agreements. The acquired intangible assets will be amortized based on estimated expected future cash flows for a period ranging from fifteen months to nine years. Amortization expense related to the acquired intangibles is reflected in cost of service revenues and operating expenses - amortization of purchased intangibles in the Condensed Consolidated Statements of Operations. See Note 7, "Goodwill and Intangible Assets" for a rollforward of the carrying value of goodwill and intangible assets. | ||||
As part of the opening balance sheet purchase accounting, the Company established a net deferred tax liability of $1.3 million. This consisted of a deferred tax liability of approximately $1.5 million for the estimated future impact of the difference in the U.S. book versus U.K. statutory and tax basis of the purchased intangible assets, deferred revenues and accrued compensation. Partially offsetting this was the impact of the establishment of deferred tax assets amounting to approximately $0.2 million for the future benefit of utilization of acquired net operating losses and the impact of cumulative temporary U.S. book to tax differences. |
Divestiture_of_Disc_Publishing
Divestiture of Disc Publishing Business | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||
Divestiture of Disc Publishing Business | Divestiture of Disc Publishing Business | |||||||
On April 24, 2014, the Company entered into an asset purchase agreement (the “asset purchase agreement”) with Equus Holdings, Inc. and Redwood Acquisition, Inc. (now known as Rimage Corporation, “Buyer”). Under the terms of the asset purchase agreement, the Company agreed to sell to Buyer all of the assets primarily used or primarily held for use in connection with its disc publishing business. Buyer also agreed to assume on the closing date certain agreements and liabilities relating to the disc publishing business and the acquired assets. | ||||||||
At a special meeting of the Company's shareholders held on June 27, 2014, the Company's shareholders approved the sale of the disc publishing assets as contemplated by the asset purchase agreement. As a result, effective June 27, 2014, the disc publishing business was classified as held for sale and qualified for discontinued operations presentation in the Company’s consolidated financial statements. In accordance with ASC 205-20, the results of the discontinued disc publishing business have been presented as discontinued operations effective with the reporting of financial results for the second quarter 2014. As such, financial results for the three months ended March 31, 2015 have been reported on this basis. Previously reported results for the three months ended March 31, 2014 have also been restated to reflect this reclassification. | ||||||||
On July 1, 2014, the Company’s sale of the disc publishing business was completed. The Company also entered into a mutual transition services agreement with Buyer and entered into a lease agreement with Buyer for the lease from Buyer of a portion of the property located at 7725 Washington Avenue South, Minneapolis, MN 55439. | ||||||||
The adjusted purchase price paid to the Company was $22.0 million, of which $2.3 million was placed in an escrow account to support the Company’s indemnification obligations under the asset purchase agreement for a fifteen-month escrow period. The $2.3 million escrow is classified as restricted cash in current assets on the Condensed Consolidated Balance Sheets as of March 31, 2015. In the third quarter of 2014, the Company recorded a gain on sale of the disc publishing business of $16.2 million, exclusive of the impact of transaction related expenses recorded through September 30, 2014. The gain on sale attributable to the U.S. is offset for federal income tax purposes by current or prior-year tax losses but is subject to applicable state income taxes. | ||||||||
The operational results of the disc publishing business are presented in the “Net income (loss) from discontinued operations, net of tax” line item on the Condensed Consolidated Statements of Operations. The assets and liabilities of the discontinued business are presented on the Condensed Consolidated Balance Sheets as assets and liabilities from discontinued operations. | ||||||||
Other than consolidated amounts reflecting operating results and balances for both the continuing and discontinued operations, all remaining amounts presented in the accompanying condensed consolidated financial statements and notes reflect the financial results and financial position of the Company's continuing enterprise video content management software business. | ||||||||
Revenue, operating income, income tax expense and net income (loss) from discontinued operations were as follows (in thousands): | ||||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Net revenue | $ | — | $ | 14,863 | ||||
Operating income | — | 3,142 | ||||||
Income tax expense | — | 1,101 | ||||||
Net income (loss) from discontinued operations, net of tax | $ | (67 | ) | $ | 2,244 | |||
The major classes of assets and liabilities from discontinued operations were as follows (in thousands): | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Current assets from discontinued operations | $ | 910 | $ | 1,026 | ||||
Accrued compensation | $ | — | $ | 31 | ||||
Other current liabilities | 50 | 417 | ||||||
Current liabilities from discontinued operations | $ | 50 | $ | 448 | ||||
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||
Stock-Based Compensation | Stock-Based Compensation | |||||||
The Company granted the following stock-based awards: | ||||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Stock options | 10,000 | — | ||||||
Restricted stock awards and restricted stock units | 6,750 | — | ||||||
The stock-based awards granted during the three months ended March 31, 2015 were granted under the Company's Second Amended and Restated 2007 Stock Incentive Plan (the "2007 Plan"), a shareholder approved plan. | ||||||||
The Company recognized the following amounts related to its share-based payment arrangements (in thousands): | ||||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Stock-based compensation cost, before income tax benefit: | ||||||||
Stock options | $ | 215 | $ | 208 | ||||
Restricted stock and restricted stock units | 353 | 141 | ||||||
Total stock-based compensation | $ | 568 | $ | 349 | ||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Stock-based compensation cost included in: | ||||||||
Cost of revenues | $ | 36 | $ | 7 | ||||
Operating expenses | 532 | 342 | ||||||
Total stock-based compensation | $ | 568 | $ | 349 | ||||
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes |
As of March 31, 2015 and December 31, 2014, the Company’s liability for gross unrecognized tax benefits totaled $909,000 and $900,000, respectively (excluding interest and penalties). Total accrued interest and penalties relating to unrecognized tax benefits amounted to $4,000 and $1,000 on a gross basis at March 31, 2015 and December 31, 2014, respectively. The change in the liability for gross unrecognized tax benefits reflects an increase in reserves established for state research and development credits. The Company does not currently expect significant changes in the amount of unrecognized tax benefits during the next twelve months. |
Marketable_Securities
Marketable Securities | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Marketable Securities [Abstract] | ||||||||||||||||
Marketable Securities | Marketable Securities | |||||||||||||||
Marketable securities consisted of the following (in thousands): | ||||||||||||||||
March 31, 2015 | ||||||||||||||||
Cost | Gross | Gross | Fair | |||||||||||||
Unrealized | Unrealized | Value | ||||||||||||||
Gains | Losses | |||||||||||||||
Certificates of deposit | $ | 20,500 | $ | — | $ | (4 | ) | $ | 20,496 | |||||||
Total marketable securities | $ | 20,500 | $ | — | $ | (4 | ) | $ | 20,496 | |||||||
December 31, 2014 | ||||||||||||||||
Cost | Gross | Gross | Fair | |||||||||||||
Unrealized | Unrealized | Value | ||||||||||||||
Gains | Losses | |||||||||||||||
Certificates of deposit | $ | 23,500 | $ | — | $ | (14 | ) | $ | 23,486 | |||||||
Total marketable securities | $ | 23,500 | $ | — | $ | (14 | ) | $ | 23,486 | |||||||
Marketable securities are classified as either short-term or long-term in the condensed consolidated balance sheet based on their effective maturity date. All marketable securities as of March 31, 2015 and December 31, 2014 have original maturities ranging from three to 12 months and are classified as available-for-sale. Available-for-sale securities are recorded at fair value and any unrealized holding gains and losses, net of the related tax effect, are excluded from earnings and are reported as a separate component of accumulated other comprehensive income (loss) until realized. See Note 8, “Fair Value Measurements,” for a discussion of inputs used to measure the fair value of the Company’s available-for-sale securities. |
Intangible_Assets
Intangible Assets | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||||||||||||||||
Intangible Assets | Intangible Assets and Goodwill | |||||||||||||||
Changes in the Company’s amortizable intangible assets consisted of the following (in thousands): | ||||||||||||||||
Customer Relationships | Developed Technology | Trademarks / Trade-Names | Covenants Not to Compete | Total | ||||||||||||
Amortizable intangible assets as of March 31, 2015: | ||||||||||||||||
Original cost | $ | 5,115 | $ | 8,567 | $ | 2,190 | $ | 38 | $ | 15,910 | ||||||
Accumulated amortization | (772 | ) | (2,186 | ) | (382 | ) | (9 | ) | (3,349 | ) | ||||||
Net identifiable intangible assets | $ | 4,343 | 6,381 | 1,808 | 29 | $ | 12,561 | |||||||||
Weighted-average useful lives (years) | 10 | 6 | 15 | 2 | 9 | |||||||||||
Customer Relationships | Developed Technology | Trademarks / Trade-Names | Covenants Not to Compete | Total | ||||||||||||
Amortizable intangible assets as of December 31, 2014: | ||||||||||||||||
Original cost | $ | 5,226 | $ | 8,770 | $ | 2,193 | $ | 40 | $ | 16,229 | ||||||
Accumulated amortization | (671 | ) | (1,832 | ) | (334 | ) | (8 | ) | (2,845 | ) | ||||||
Net identifiable intangible assets | $ | 4,555 | 6,938 | 1,859 | 32 | $ | 13,384 | |||||||||
Weighted-average useful lives (years) | 10 | 6 | 15 | 2 | 9 | |||||||||||
Changes to the carrying amount of net intangible assets for the three months ended March 31, 2015 consisted of (in thousands): | ||||||||||||||||
Beginning balance at December 31, 2014 | $ | 13,384 | ||||||||||||||
Amortization expense | (515 | ) | ||||||||||||||
Currency translation | (308 | ) | ||||||||||||||
Ending balance at March 31, 2015 | $ | 12,561 | ||||||||||||||
Amortization expense associated with the developed technology included in cost of service revenues was $316,000 and $194,000 for the three months ended March 31, 2015 and 2014, respectively. Amortization expense associated with other acquired intangible assets included in operating expenses as “Amortization of purchased intangibles” was $199,000 and $157,000 for the three months ended March 31, 2015 and 2014, respectively. | ||||||||||||||||
Changes in the Company’s goodwill consisted of the following (in thousands): | ||||||||||||||||
Beginning balance at December 31, 2014 | $ | 8,525 | ||||||||||||||
Currency translation | (422 | ) | ||||||||||||||
Ending balance at March 31, 2015 | $ | 8,103 | ||||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value Measurements | Fair Value Measurements | |||||||||||||||
A hierarchy for inputs used in measuring fair value is in place that distinguishes market data between observable independent market inputs and unobservable market assumptions by the reporting entity. | ||||||||||||||||
The hierarchy is intended to maximize the use of observable inputs and minimize the use of unobservable inputs by requiring that the most observable inputs be used when available. Three levels within the hierarchy may be used to measure fair value: | ||||||||||||||||
• | Level 1: Inputs are unadjusted quoted prices in active markets for identical assets and liabilities. | |||||||||||||||
• | Level 2: Inputs include data points that are observable such as quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs (other than quoted prices) such as interest rates and yield curves that are observable for the asset or liability, either directly or indirectly. | |||||||||||||||
• | Level 3: Inputs are generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect an entity’s own estimates of assumptions that market participants would use in pricing the asset or liability. | |||||||||||||||
The Company’s assets and liabilities measured at fair value on a recurring basis and the fair value hierarchy utilized to determine such fair values is as follows at March 31, 2015 and December 31, 2014, respectively (in thousands): | ||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||
Total Fair | Quoted | Significant | Significant | |||||||||||||
Value at | Prices in | Other Observable | Unobservable | |||||||||||||
March 31, | Active Markets | Inputs | Inputs | |||||||||||||
2015 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Assets: | ||||||||||||||||
Certificates of deposit | $ | 20,496 | $ | 20,496 | $ | — | $ | — | ||||||||
Total assets | $ | 20,496 | $ | 20,496 | $ | — | $ | — | ||||||||
Fair Value Measurements Using | ||||||||||||||||
Total Fair | Quoted | Significant | Significant | |||||||||||||
Value at | Prices in | Other Observable | Unobservable | |||||||||||||
December 31, | Active Markets | Inputs | Inputs | |||||||||||||
2014 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Assets: | ||||||||||||||||
Certificates of deposit | $ | 23,486 | $ | 23,486 | $ | — | $ | — | ||||||||
Total assets | $ | 23,486 | $ | 23,486 | $ | — | $ | — | ||||||||
Certificates of deposit are classified as Level 1 in the above table and are carried at fair value based on quoted market prices. The Company uses quoted market prices as all of the certificates of deposit have maturity dates within one year from the Company’s date of purchase and trade in active markets. |
Common_Stock_Repurchases_and_D
Common Stock Repurchases and Dividends | 3 Months Ended |
Mar. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Common Stock Repurchases and Dividends | Common Stock Repurchases and Dividends |
The Company’s Board of Directors has approved a common stock repurchase program and since October 2010 has authorized the repurchase of up to 3,500,000 shares. Shares may be purchased at prevailing market prices in the open market or in private transactions, subject to market conditions, share price, trading volume and other factors. The repurchase program has been funded to date using cash on hand. The Company did not repurchase any shares of its common stock during the three months ended March 31, 2015 and 2014, respectively. As of March 31, 2015, the Company had 778,365 shares available for repurchase under the authorizations. | |
The Company did not declare or pay any dividends during the three months ended March 31, 2015 and 2014, respectively. |
Computation_of_Net_Loss_From_C
Computation of Net Loss From Continuing Operations Per Share of Common Stock | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Computation of Net Loss From Continuing Operations Per Share of Common Stock | Computation of Net Loss From Continuing Operations Per Share of Common Stock | |||||||
Basic net loss from continuing operations per common share is determined by dividing net loss from continuing operations by the basic weighted average number of shares of common stock outstanding. Diluted net loss per common share includes the potentially dilutive effect of common shares issued in connection with outstanding stock options using the treasury stock method and the dilutive impact of restricted stock units. Stock options and restricted stock units to acquire weighted average common shares of 1,673,000 and 1,773,000 for the three months ended March 31, 2015 and 2014, respectively, have been excluded from the computation of diluted weighted average common shares as their effect is anti-dilutive. | ||||||||
The Company calculates net loss per share pursuant to the two-class method, which requires all outstanding unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) to be considered participating securities and included in the computation of basic and diluted earnings per share using the two-class method. The Company included in its computation of weighted average shares outstanding approximately 173,000 and 83,000 weighted average outstanding shares of unvested restricted stock deemed to be participating securities for the three months ended March 31, 2015 and 2014, respectively. The following table identifies the components of net loss per basic and diluted share (in thousands, except for per share data): | ||||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Shares outstanding at end of period | 9,138 | 8,684 | ||||||
Basic weighted average shares outstanding | 9,168 | 8,700 | ||||||
Dilutive effect of stock options and restricted stock units | — | — | ||||||
Total diluted weighted average shares outstanding | 9,168 | 8,700 | ||||||
Net loss from continuing operations | $ | (9,873 | ) | $ | (6,173 | ) | ||
Net loss from continuing operations per basic and diluted share | $ | (1.07 | ) | $ | (0.71 | ) |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies |
The Company is exposed to a number of asserted and unasserted claims encountered in the normal course of business. Legal costs related to loss contingencies are expensed as incurred. In the opinion of management, the resolution of these matters will not have a material adverse effect on the Company’s financial position or results of operations. | |
The Company’s standard arrangements include provisions indemnifying customers against liabilities if the Company's products infringe a third-party’s intellectual property rights. The Company has not incurred any costs in its continuing operations as a result of such indemnifications and has not accrued any liabilities related to such contingent obligations in the accompanying condensed consolidated financial statements. |
Investment_in_Software_Company
Investment in Software Company | 3 Months Ended |
Mar. 31, 2015 | |
Investments, All Other Investments [Abstract] | |
Investment in Software Company | Investment in Software Company |
At March 31, 2015 and December 31, 2014, Qumu held an investment totaling $3.1 million in convertible preferred stock of Briefcam, Ltd. (“Briefcam”), a privately-held Israeli company that develops video synopsis technology to augment security and surveillance systems to facilitate review of surveillance video. The investment is included in other non-current assets in the Condensed Consolidated Balance Sheets. | |
Because Qumu's ownership interest is less than 20% and it has no other rights or privileges that enable it to exercise significant influence over the operating and financial policies of BriefCam, Qumu accounts for this equity investment using the cost method. Qumu monitors BriefCam's results of operations, business plan and capital raising activities and is not aware of any events or circumstances that would indicate a decline in the carrying value of its investment. |
Recently_Issued_Accounting_Sta
Recently Issued Accounting Standards | 3 Months Ended |
Mar. 31, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recently Issued Accounting Standards | Recently Issued Accounting Standards |
In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers", which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for the Company on January 1, 2017, subject to a potential one-year deferral to January 1, 2018 based on a recent proposal from the Financial Accounting Standards Board. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. |
Acquisition_of_Kulu_Valley_Ltd1
Acquisition of Kulu Valley, Ltd. (Tables) | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Business Combinations [Abstract] | ||||
Preliminary purchase accounting allocation of total purchase price | The following table summarizes the purchase accounting allocation of the total purchase price to Kulu’s net tangible and intangible assets, with the residual allocated to goodwill (in thousands). | |||
Aggregate purchase price, net of cash acquired | $ | 15,118 | ||
Less: discount applied to Qumu Corporation stock for trade restrictions | (527 | ) | ||
Net transaction consideration | $ | 14,591 | ||
Current assets | $ | 1,494 | ||
Property and equipment | 140 | |||
Intangible assets | 6,663 | |||
Goodwill | 8,795 | |||
Current liabilities | (1,170 | ) | ||
Net deferred tax liabilities | (1,331 | ) | ||
Total net assets acquired | $ | 14,591 | ||
Divestiture_of_Disc_Publishing1
Divestiture of Disc Publishing Business (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||
Discontinued operations net income and major classes of assets and liabilities | Revenue, operating income, income tax expense and net income (loss) from discontinued operations were as follows (in thousands): | |||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Net revenue | $ | — | $ | 14,863 | ||||
Operating income | — | 3,142 | ||||||
Income tax expense | — | 1,101 | ||||||
Net income (loss) from discontinued operations, net of tax | $ | (67 | ) | $ | 2,244 | |||
The major classes of assets and liabilities from discontinued operations were as follows (in thousands): | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Current assets from discontinued operations | $ | 910 | $ | 1,026 | ||||
Accrued compensation | $ | — | $ | 31 | ||||
Other current liabilities | 50 | 417 | ||||||
Current liabilities from discontinued operations | $ | 50 | $ | 448 | ||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||
Schedule Of Share-Based Payment Arrangements | The Company granted the following stock-based awards: | |||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Stock options | 10,000 | — | ||||||
Restricted stock awards and restricted stock units | 6,750 | — | ||||||
Schedule of Allocation of Share-based Compensation Costs by Plan | The Company recognized the following amounts related to its share-based payment arrangements (in thousands): | |||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Stock-based compensation cost, before income tax benefit: | ||||||||
Stock options | $ | 215 | $ | 208 | ||||
Restricted stock and restricted stock units | 353 | 141 | ||||||
Total stock-based compensation | $ | 568 | $ | 349 | ||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Stock-based compensation cost included in: | ||||||||
Cost of revenues | $ | 36 | $ | 7 | ||||
Operating expenses | 532 | 342 | ||||||
Total stock-based compensation | $ | 568 | $ | 349 | ||||
Marketable_Securities_Tables
Marketable Securities (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Marketable Securities [Abstract] | ||||||||||||||||
Schedule Of Marketable Securities | Marketable securities consisted of the following (in thousands): | |||||||||||||||
March 31, 2015 | ||||||||||||||||
Cost | Gross | Gross | Fair | |||||||||||||
Unrealized | Unrealized | Value | ||||||||||||||
Gains | Losses | |||||||||||||||
Certificates of deposit | $ | 20,500 | $ | — | $ | (4 | ) | $ | 20,496 | |||||||
Total marketable securities | $ | 20,500 | $ | — | $ | (4 | ) | $ | 20,496 | |||||||
December 31, 2014 | ||||||||||||||||
Cost | Gross | Gross | Fair | |||||||||||||
Unrealized | Unrealized | Value | ||||||||||||||
Gains | Losses | |||||||||||||||
Certificates of deposit | $ | 23,500 | $ | — | $ | (14 | ) | $ | 23,486 | |||||||
Total marketable securities | $ | 23,500 | $ | — | $ | (14 | ) | $ | 23,486 | |||||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||||||||||||||||
Changes In Intangible Assets | Changes in the Company’s amortizable intangible assets consisted of the following (in thousands): | |||||||||||||||
Customer Relationships | Developed Technology | Trademarks / Trade-Names | Covenants Not to Compete | Total | ||||||||||||
Amortizable intangible assets as of March 31, 2015: | ||||||||||||||||
Original cost | $ | 5,115 | $ | 8,567 | $ | 2,190 | $ | 38 | $ | 15,910 | ||||||
Accumulated amortization | (772 | ) | (2,186 | ) | (382 | ) | (9 | ) | (3,349 | ) | ||||||
Net identifiable intangible assets | $ | 4,343 | 6,381 | 1,808 | 29 | $ | 12,561 | |||||||||
Weighted-average useful lives (years) | 10 | 6 | 15 | 2 | 9 | |||||||||||
Customer Relationships | Developed Technology | Trademarks / Trade-Names | Covenants Not to Compete | Total | ||||||||||||
Amortizable intangible assets as of December 31, 2014: | ||||||||||||||||
Original cost | $ | 5,226 | $ | 8,770 | $ | 2,193 | $ | 40 | $ | 16,229 | ||||||
Accumulated amortization | (671 | ) | (1,832 | ) | (334 | ) | (8 | ) | (2,845 | ) | ||||||
Net identifiable intangible assets | $ | 4,555 | 6,938 | 1,859 | 32 | $ | 13,384 | |||||||||
Weighted-average useful lives (years) | 10 | 6 | 15 | 2 | 9 | |||||||||||
Changes to the carrying amount of net intangible assets for the three months ended March 31, 2015 consisted of (in thousands): | ||||||||||||||||
Beginning balance at December 31, 2014 | $ | 13,384 | ||||||||||||||
Amortization expense | (515 | ) | ||||||||||||||
Currency translation | (308 | ) | ||||||||||||||
Ending balance at March 31, 2015 | $ | 12,561 | ||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Schedule Of Fair Value Of Assets And Liabilities Measured On Recurring Basis | The Company’s assets and liabilities measured at fair value on a recurring basis and the fair value hierarchy utilized to determine such fair values is as follows at March 31, 2015 and December 31, 2014, respectively (in thousands): | |||||||||||||||
Fair Value Measurements Using | ||||||||||||||||
Total Fair | Quoted | Significant | Significant | |||||||||||||
Value at | Prices in | Other Observable | Unobservable | |||||||||||||
March 31, | Active Markets | Inputs | Inputs | |||||||||||||
2015 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Assets: | ||||||||||||||||
Certificates of deposit | $ | 20,496 | $ | 20,496 | $ | — | $ | — | ||||||||
Total assets | $ | 20,496 | $ | 20,496 | $ | — | $ | — | ||||||||
Fair Value Measurements Using | ||||||||||||||||
Total Fair | Quoted | Significant | Significant | |||||||||||||
Value at | Prices in | Other Observable | Unobservable | |||||||||||||
December 31, | Active Markets | Inputs | Inputs | |||||||||||||
2014 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Assets: | ||||||||||||||||
Certificates of deposit | $ | 23,486 | $ | 23,486 | $ | — | $ | — | ||||||||
Total assets | $ | 23,486 | $ | 23,486 | $ | — | $ | — | ||||||||
Computation_of_Net_Loss_From_C1
Computation of Net Loss From Continuing Operations Per Share of Common Stock (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Components Of Net Income (Loss) Per Basic And Diluted Share | The following table identifies the components of net loss per basic and diluted share (in thousands, except for per share data): | |||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Shares outstanding at end of period | 9,138 | 8,684 | ||||||
Basic weighted average shares outstanding | 9,168 | 8,700 | ||||||
Dilutive effect of stock options and restricted stock units | — | — | ||||||
Total diluted weighted average shares outstanding | 9,168 | 8,700 | ||||||
Net loss from continuing operations | $ | (9,873 | ) | $ | (6,173 | ) | ||
Net loss from continuing operations per basic and diluted share | $ | (1.07 | ) | $ | (0.71 | ) |
Basis_of_Presentation_and_Natu1
Basis of Presentation and Nature Of Business (Details) | 0 Months Ended | 6 Months Ended |
Jun. 30, 2014 | Jun. 26, 2014 | |
segment | Business | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Number of reportable segments | 1 | 2 |
Acquisition_of_Kulu_Valley_Ltd2
Acquisition of Kulu Valley, Ltd. (Details) (USD $) | 0 Months Ended | ||
Share data in Thousands, except Per Share data, unless otherwise specified | Oct. 03, 2014 | Dec. 31, 2014 | Oct. 03, 2014 |
Business Acquisition [Line Items] | |||
Share price (in dollars per share) | $12.95 | $12.95 | |
Kulu Valley Ltd | |||
Business Acquisition [Line Items] | |||
Percent of voting interest acquired | 100.00% | 100.00% | |
Net transaction consideration | $14,591,000 | ||
Cash paid for acquisition of business, net of cash acquired | 11,556,000 | ||
Cash acquired from acquisition | 2,466,000 | ||
Number of shares issued for business combination | 275 | ||
Sale of stock, price per share | $13.75 | $13.75 | |
Escrow deposit | 2,000,000 | 2,000,000 | |
Escrow lapsed period | 15 months | ||
Accounting adjustments to reduce carrying value of deferred revenues | 1,100,000 | ||
Transaction costs related to business acquisition | 245,000 | ||
Intangible assets | 6,663,000 | 6,663,000 | |
Net deferred tax liability | 1,300,000 | 1,300,000 | |
Deferred tax liability, gross | 1,500,000 | 1,500,000 | |
Deferred tax assets, gross | 200,000 | 200,000 | |
Developed Technology | Kulu Valley Ltd | |||
Business Acquisition [Line Items] | |||
Intangible assets | 4,233,000 | 4,233,000 | |
Customer Relationships | Kulu Valley Ltd | |||
Business Acquisition [Line Items] | |||
Intangible assets | 2,315,000 | 2,315,000 | |
Trademarks / Trade-Names | Kulu Valley Ltd | |||
Business Acquisition [Line Items] | |||
Intangible assets | 74,000 | 74,000 | |
Covenants Not to Compete | Kulu Valley Ltd | |||
Business Acquisition [Line Items] | |||
Intangible assets | $41,000 | $41,000 | |
Minimum | Kulu Valley Ltd | |||
Business Acquisition [Line Items] | |||
Acquired intangible assets weighted average useful life | 15 months | ||
Maximum | Kulu Valley Ltd | |||
Business Acquisition [Line Items] | |||
Acquired intangible assets weighted average useful life | 9 years |
Acquisition_of_Kulu_Valley_Ltd3
Acquisition of Kulu Valley, Ltd. (Preliminary Purchase Accounting Allocation) (Details) (USD $) | 0 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 03, 2014 | Mar. 31, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | |||
Goodwill | $8,103 | $8,525 | |
Kulu Valley Ltd | |||
Business Acquisition [Line Items] | |||
Aggregate purchase price, net of cash acquired | 15,118 | ||
Less: discount applied to Qumu Corporation stock for trade restrictions | -527 | ||
Net transaction consideration | 14,591 | ||
Current assets | 1,494 | ||
Property and equipment | 140 | ||
Intangible assets | 6,663 | ||
Goodwill | 8,795 | ||
Current liabilities | -1,170 | ||
Net deferred tax liabilities | -1,331 | ||
Total net assets acquired | $14,591 |
Divestiture_of_Disc_Publishing2
Divestiture of Disc Publishing Business (Narrative) (Details) (USD $) | 0 Months Ended | 3 Months Ended | |||
Jul. 01, 2014 | Jul. 02, 2014 | Sep. 30, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Restricted cash | $2,300,000 | $2,300,000 | |||
Disc Publishing | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Proceeds from sale of disc publishing business | 22,000,000 | ||||
Escrow deposit | 2,300,000 | ||||
Escrow lapsed period | 15 months | ||||
Gain on sale of discontinued operations | $16,182,000 |
Divestiture_of_Disc_Publishing3
Divestiture of Disc Publishing Business (Net Income from Discontinued Operations) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Income tax expense | $0 | ($1,161) |
Net income (loss) from discontinued operations, net of tax | -67 | 2,244 |
Disc Publishing | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net revenue | 0 | 14,863 |
Operating income | 0 | 3,142 |
Income tax expense | 0 | 1,101 |
Net income (loss) from discontinued operations, net of tax | ($67) | $2,244 |
Divestiture_of_Disc_Publishing4
Divestiture of Disc Publishing Business (Major Assets and Liabilities of Discontinued Operations) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Current liabilities from discontinued operations | $50 | $448 |
Disc Publishing | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Current assets from discontinued operations | 910 | 1,026 |
Accrued compensation | 0 | 31 |
Other current liabilities | 50 | 417 |
Current liabilities from discontinued operations | $50 | $448 |
StockBased_Compensation_Schedu
Stock-Based Compensation (Schedule of Stock-based Awards Granted) (Details) (2007 Plan) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Stock options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock options granted (in shares) | 10,000 | 0 |
Restricted stock and restricted stock units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock awards and restricted stock units granted (in shares) | 6,750 | 0 |
StockBased_Compensation_Schedu1
Stock-Based Compensation (Schedule Of Allocation of Share-Based Compensation Costs) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation | $568 | $349 |
Stock options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation | 215 | 208 |
Restricted stock and restricted stock units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation | 353 | 141 |
Cost of revenues | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation | 36 | 7 |
Operating expenses | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation | $532 | $342 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ||
Unrecognized tax benefits | $909 | $900 |
Accrued interest and penalties relating to unrecognized tax benefits | $4 | $1 |
Marketable_Securities_Narrativ
Marketable Securities (Narrative) (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Minimum | ||
Available-for-sale maturity period | 3 months | 3 months |
Maximum | ||
Available-for-sale maturity period | 12 months | 12 months |
Marketable_Securities_Schedule
Marketable Securities (Schedule Of Marketable Securities) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Marketable Securities [Line Items] | ||
Cost | $20,500 | $23,500 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | -4 | -14 |
Fair Value | 20,496 | 23,486 |
Certificates Of Deposit | ||
Marketable Securities [Line Items] | ||
Cost | 20,500 | 23,500 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | -4 | -14 |
Fair Value | $20,496 | $23,486 |
Intangible_Assets_Components_I
Intangible Assets (Components Intangible Assets) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | |||
Original cost | $15,910 | $16,229 | |
Accumulated amortization | -3,349 | -2,845 | |
Net identifiable intangible assets | 12,561 | 13,384 | |
Weighted-average useful lives (years) | 9 years | 9 years | |
Amortization of purchased intangibles | 199 | 157 | |
Customer Relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Original cost | 5,115 | 5,226 | |
Accumulated amortization | -772 | -671 | |
Net identifiable intangible assets | 4,343 | 4,555 | |
Weighted-average useful lives (years) | 10 years | 10 years | |
Developed Technology | |||
Finite-Lived Intangible Assets [Line Items] | |||
Original cost | 8,567 | 8,770 | |
Accumulated amortization | -2,186 | -1,832 | |
Net identifiable intangible assets | 6,381 | 6,938 | |
Weighted-average useful lives (years) | 6 years | 6 years | |
Trademarks / Trade-Names | |||
Finite-Lived Intangible Assets [Line Items] | |||
Original cost | 2,190 | 2,193 | |
Accumulated amortization | -382 | -334 | |
Net identifiable intangible assets | 1,808 | 1,859 | |
Weighted-average useful lives (years) | 15 years | 15 years | |
Covenants Not to Compete | |||
Finite-Lived Intangible Assets [Line Items] | |||
Original cost | 38 | 40 | |
Accumulated amortization | -9 | -8 | |
Net identifiable intangible assets | 29 | 32 | |
Weighted-average useful lives (years) | 2 years | 2 years | |
Cost Of Product Revenues | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of purchased intangibles | $316 | $194 |
Intangible_Assets_Intangible_A
Intangible Assets (Intangible Assets Rollforward) (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Finite-lived Intangible Assets [Roll Forward] | |
Beginning balance at December 31, 2014 | $13,384 |
Amortization expense | -515 |
Currency translation | -308 |
Ending balance at March 31, 2015 | $12,561 |
Fair_Value_Measurements_Schedu
Fair Value Measurements (Schedule Of Fair Value Of Assets And Liabilities Measured On Recurring Basis) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value | $20,496 | $23,486 |
Fair Value, Measurements, Recurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total Assets | 20,496 | 23,486 |
Fair Value, Measurements, Recurring | Quoted Prices In Active Markets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total Assets | 20,496 | 23,486 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total Assets | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total Assets | 0 | 0 |
Certificates Of Deposit | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value | 20,496 | 23,486 |
Certificates Of Deposit | Fair Value, Measurements, Recurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value | 20,496 | 23,486 |
Certificates Of Deposit | Fair Value, Measurements, Recurring | Quoted Prices In Active Markets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value | 20,496 | 23,486 |
Certificates Of Deposit | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value | 0 | 0 |
Certificates Of Deposit | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value | $0 | $0 |
Common_Stock_Repurchases_and_D1
Common Stock Repurchases and Dividends (Details) | Mar. 31, 2015 | Oct. 31, 2010 |
Stockholders' Equity Note [Abstract] | ||
Common stock repurchases under Board authorizations | 3,500,000 | |
Authorized shares available for repurchase | 778,365 |
Computation_of_Net_Loss_From_C2
Computation of Net Loss From Continuing Operations Per Share of Common Stock (Components Of Net Income (Loss) Per Basic And Diluted Share) (Details) (USD $) | 3 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Weighted average outstanding shares of unvested restricted stock | 173 | 83 | ||
Shares outstanding at end of period | 9,138 | 8,684 | ||
Basic weighted average shares outstanding | 9,168 | 8,700 | ||
Dilutive effect of stock options/restricted stock units | 0 | 0 | ||
Total diluted weighted average shares outstanding | 9,168 | 8,700 | ||
Net loss from continuing operations | ($9,873) | ($6,173) | ||
Net loss from continuing operations per share | ($1.07) | ($0.71) | ||
Stock Compensation Plan | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share | 1,673 | 1,773 |
Investment_in_Software_Company1
Investment in Software Company (Details) (BriefCam Ltd., USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Cost method investments | $3.10 | $3.10 |
Maximum | ||
Minority ownership interest (less than 20%) | 20.00% |