Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 31, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,015 | |
Current Fiscal Year End Date | --12-31 | |
Document Period End Date | Jun. 30, 2015 | |
Entity Registrant Name | QUMU CORP | |
Entity Central Index Key | 892,482 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 9,254,316 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 4,735 | $ 11,684 |
Marketable securities | 14,753 | 23,486 |
Restricted cash | 2,301 | 2,300 |
Receivables, net of allowance for doubtful accounts of $33 and $55, respectively | 6,722 | 10,090 |
Finished goods inventories | 384 | 168 |
Prepaid income taxes | 512 | 301 |
Prepaid expenses and other current assets | 5,565 | 3,633 |
Deferred income taxes - current | 62 | 64 |
Current assets from discontinued operations | 945 | 1,026 |
Total current assets | 35,979 | 52,752 |
Property and equipment, net of accumulated depreciation of $2,298 and $1,842, respectively | 2,209 | 1,899 |
Intangible assets, net of amortization | 12,401 | 13,384 |
Goodwill | 8,609 | 8,525 |
Other assets - non-current | 3,985 | 3,617 |
Total assets | 63,183 | 80,177 |
Current liabilities: | ||
Trade accounts payable and other accrued liabilities | 2,962 | 3,529 |
Accrued compensation | 4,463 | 6,222 |
Deferred revenue | 10,036 | 9,015 |
Deferred income taxes - current | 32 | 110 |
Income taxes payable | 24 | 53 |
Financing obligations - current | 163 | 0 |
Current liabilities from discontinued operations | 50 | 448 |
Total current liabilities | 17,730 | 19,377 |
Non-current liabilities: | ||
Deferred revenue - non-current | 1,143 | 1,047 |
Income taxes payable - non-current | 9 | 8 |
Deferred tax liability - non-current | 991 | 1,071 |
Balance, end of period | 315 | 0 |
Other non-current liabilities | 331 | 401 |
Total non-current liabilities | 2,789 | 2,527 |
Total liabilities | $ 20,519 | $ 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 9,254,316 and 9,127,425, respectively | 93 | 91 |
Additional paid-in capital | 64,729 | 63,566 |
Accumulated deficit | (21,489) | (4,599) |
Accumulated other comprehensive loss | (669) | (785) |
Total stockholders’ equity | 42,664 | 58,273 |
Total liabilities and stockholders’ equity | $ 63,183 | $ 80,177 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Receivables, allowance for doubtful accounts and sales returns | $ 33 | $ 55 |
Property and equipment, accumulated depreciation and amortization | $ 2,298 | $ 1,842 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 29,750,000 | 29,750,000 |
Common stock, shares issued | 9,254,316 | 9,127,425 |
Common stock, shares outstanding | 9,254,316 | 9,127,425 |
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 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Revenues: | ||||
Software licenses and appliances | $ 2,719 | $ 4,714 | $ 3,703 | $ 5,910 |
Service | 6,045 | 3,690 | 11,030 | 6,423 |
Total revenues | 8,764 | 8,404 | 14,733 | 12,333 |
Cost of revenues: | ||||
Software licenses and appliances | 706 | 1,464 | 939 | 2,236 |
Service | 3,786 | 2,778 | 7,328 | 4,545 |
Total cost of revenues | 4,492 | 4,242 | 8,267 | 6,781 |
Gross profit | 4,272 | 4,162 | 6,466 | 5,552 |
Operating expenses: | ||||
Research and development | 2,858 | 2,264 | 5,660 | 4,288 |
Selling, general and administrative | 8,298 | 7,421 | 17,490 | 13,938 |
Amortization of purchased intangibles | 200 | 156 | 399 | 313 |
Total operating expenses | 11,356 | 9,841 | 23,549 | 18,539 |
Operating loss | (7,084) | (5,679) | (17,083) | (12,987) |
Other income (expense): | ||||
Interest, net | 15 | 10 | 31 | 22 |
Loss on currency exchange | (4) | (6) | (68) | (23) |
Other, net | 0 | 0 | 0 | (10) |
Total other income (expense), net | 11 | 4 | (37) | (11) |
Loss before income taxes | (7,073) | (5,675) | (17,120) | (12,998) |
Income tax benefit | (146) | (296) | (319) | (1,446) |
Net loss from continuing operations | (6,927) | (5,379) | (16,801) | (11,552) |
Net income (loss) from discontinued operations, net of tax | (22) | 562 | (89) | 2,806 |
Net loss | $ (6,949) | $ (4,817) | $ (16,890) | $ (8,746) |
Net loss from continuing operations per share | $ (0.75) | $ (0.61) | $ (1.83) | $ (1.32) |
Net income (loss) from discontinued operations per share | 0 | 0.06 | 0 | 0.32 |
Net loss per share | $ (0.75) | $ (0.55) | $ (1.83) | $ (1) |
Basic and diluted weighted average shares outstanding | 9,243 | 8,748 | 9,206 | 8,724 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements Of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (6,949) | $ (4,817) | $ (16,890) | $ (8,746) |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | 934 | (91) | 99 | (68) |
Change in net unrealized gain (loss) on marketable securities, net of tax | 7 | (13) | 17 | (17) |
Total other comprehensive income (loss) | 941 | (104) | 116 | (85) |
Total comprehensive loss | $ (6,008) | $ (4,921) | $ (16,774) | $ (8,831) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements Of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows used in operating activities: | ||
Net loss | $ (16,890) | $ (8,746) |
Net income (loss) from discontinued operations, net of tax | (89) | 2,806 |
Net loss from continuing operations | (16,801) | (11,552) |
Adjustments to reconcile net loss to net cash used in continuing operating activities: | ||
Depreciation and amortization | 1,503 | 924 |
Current income tax benefit resulting from income generated from discontinued operations | 0 | (1,463) |
Deferred income tax benefit | (170) | (25) |
Loss on disposal of property and equipment | 4 | 10 |
Stock-based compensation | 1,068 | 784 |
Changes in operating assets and liabilities: | ||
Receivables | 3,393 | (5,456) |
Finished goods inventories | (216) | (39) |
Prepaid income taxes / income taxes payable | (209) | 396 |
Prepaid expenses and other assets | (2,077) | (1,555) |
Trade accounts payable and other accrued liabilities | (559) | 762 |
Accrued compensation | (1,763) | (1,153) |
Deferred revenue | 1,073 | 1,741 |
Other non-current liabilities | (69) | (63) |
Net cash used in continuing operating activities | (14,823) | (16,689) |
Net cash provided by (used in) discontinued operating activities | (397) | 5,980 |
Net cash used in operating activities | (15,220) | (10,709) |
Cash flows provided by (used in) investing activities: | ||
Purchases of marketable securities | (9,250) | (20,251) |
Sales and maturities of marketable securities | 17,965 | 9,000 |
Purchases of property and equipment | (425) | (367) |
Proceeds from sale of property and equipment | 43 | 0 |
Net cash provided by (used in) continuing investing activities | 8,333 | (11,618) |
Net cash provided by discontinued investing activities | 0 | 22 |
Net cash provided by (used in) investing activities | 8,333 | (11,596) |
Cash flows provided by (used in) financing activities: | ||
Checks written in excess of bank balance | 0 | 74 |
Common stock repurchases to settle employee withholding liability | (45) | (52) |
Principal payments on capital lease obligations | (168) | 0 |
Proceeds from employee stock plans | 142 | 108 |
Net cash provided by (used in) continuing financing activities | (71) | 130 |
Net cash used in discontinued financing activities | 0 | (5) |
Net cash provided by (used in) financing activities | (71) | 125 |
Effect of exchange rate changes on cash | 9 | 11 |
Net decrease in cash and cash equivalents | (6,949) | (22,169) |
Cash and cash equivalents, beginning of period | 11,684 | 37,725 |
Cash and cash equivalents, end of period | 4,735 | 15,556 |
Supplemental disclosures of net cash received during the period for: | ||
Income taxes received (paid), net | $ (95) | $ 473 |
Basis of Presentation and Natur
Basis of Presentation and Nature Of Business | 6 Months Ended |
Jun. 30, 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 (loss) 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 and six months ended June 30, 2015 and 2014 and the financial position as of June 30, 2015 and December 31, 2014 reflect the Company's disc publishing business as discontinued operations. 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 . These condensed consolidated financial statements reflect an immaterial correction to the amounts reported for the three and six months ended June 30, 2014 which resulted in a decrease to income tax expense from continuing operations and an offsetting decrease to net income from discontinued operations, net of tax, in the amount of $1.5 million , which was previously disclosed in the Company's Form 10-Q for the quarter ended September 30, 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. | 6 Months Ended |
Jun. 30, 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, "Intangible Assets and Goodwill" for a rollforward of the carrying value of intangible assets and goodwill. 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 | 6 Months Ended |
Jun. 30, 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 and six months ended June 30, 2015 and 2014 have been reported on this basis. 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 June 30, 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 June 30, Six Months Ended June 30, 2015 2014 2015 2014 Net revenue $ — $ 15,059 $ — $ 29,922 Operating income — 1,475 — 4,617 Income tax expense — 800 — 1,901 Net income (loss) from discontinued operations, net of tax $ (22 ) $ 562 $ (89 ) $ 2,806 The major classes of assets and liabilities from discontinued operations were as follows (in thousands): June 30, December 31, Current assets from discontinued operations $ 945 $ 1,026 Accrued compensation $ — $ 31 Other current liabilities 50 417 Current liabilities from discontinued operations $ 50 $ 448 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 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 June 30, Six Months Ended June 30, 2015 2014 2015 2014 Stock options 130,000 47,500 140,000 47,500 Restricted stock awards and restricted stock units 143,468 87,500 150,218 87,500 With the exception of the awards described in the following paragraph, the stock options, restricted stock awards and restricted stock units granted during the three and six months ended June 30, 2015 were granted under the Company's Second Amended and Restated 2007 Stock Incentive Plan (the "2007 Plan"), a shareholder approved plan. In addition to awards granted under the 2007 Plan, the Company granted an award of non-qualified options to purchase 130,000 shares of its common stock to a newly hired executive management level employee on May 18, 2015. The options were granted outside of any shareholder-approved plan as an inducement to accept employment with the Company. The options have an exercise price equal to the closing price of the Company’s common stock as reported by the Nasdaq Stock Market on the first day of employment, vest in four equal installments on each of the first four anniversaries of the date of grant and have a term of seven years. In other respects, the options were structured to mirror the terms of the options granted under the 2007 Plan and are subject to a stock option agreement between the Company and the employee. Included in the grant of restricted stock awards and restricted stock units during the three months ended June 30, 2015 were 25,251 performance-based restricted stock awards granted to executive management level employees for which no expense was recognized for the three and six months ended June 30, 2015 as the performance criteria are not currently expected to be met. The Company recognized the following amounts related to its share-based payment arrangements (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Stock-based compensation cost, before income tax benefit: Stock options $ 158 $ 207 $ 373 $ 415 Restricted stock awards and restricted stock units 342 228 695 369 Total stock-based compensation $ 500 $ 435 $ 1,068 $ 784 Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Stock-based compensation cost included in: Cost of revenues $ 39 $ 11 $ 75 $ 18 Operating expenses 461 424 993 766 Total stock-based compensation $ 500 $ 435 $ 1,068 $ 784 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes As of June 30, 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 June 30, 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 | 6 Months Ended |
Jun. 30, 2015 | |
Marketable Securities [Abstract] | |
Marketable Securities | Marketable Securities Marketable securities consisted of the following (in thousands): June 30, 2015 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Certificates of deposit $ 14,750 $ 3 $ — $ 14,753 Total marketable securities $ 14,750 $ 3 $ — $ 14,753 December 31, 2014 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value 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 June 30, 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 9, “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 | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Goodwill | Intangible Assets and Goodwill Changes in the Company’s amortizable intangible assets consisted of the following (in thousands): June 30, 2015 Customer Relationships Developed Technology Trademarks / Trade-Names Covenants Not to Compete Total Original cost $ 5,267 $ 8,792 $ 2,194 $ 40 $ 16,293 Accumulated amortization (887 ) (2,561 ) (433 ) (11 ) (3,892 ) Net identifiable intangible assets $ 4,380 6,231 1,761 29 $ 12,401 Weighted-average useful lives (years) 10 6 15 2 9 December 31, 2014 Customer Relationships Developed Technology Trademarks / Trade-Names Covenants Not to Compete Total 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 amortizable intangible assets for the six months ended June 30, 2015 consisted of the following (in thousands): Six Months Ended June 30, 2015 Balance, beginning of period $ 13,384 Amortization expense (1,032 ) Currency translation 49 Balance, end of period $ 12,401 Amortization expense associated with the developed technology included in cost of service revenues was $317,000 and $140,000 for the three months ended June 30, 2015 and 2014 , respectively, and $633,000 and $280,000 for the six months ended June 30, 2015 and 2014 , respectively. Amortization expense associated with other acquired intangible assets included in operating expenses as “Amortization of purchased intangibles” was $200,000 and $156,000 for the three months ended June 30, 2015 and 2014 , respectively, and $399,000 and $313,000 for the six months ended June 30, 2015 and 2014 , respectively. Changes to the carrying amount of goodwill for the six months ended June 30, 2015 consisted of the following (in thousands): Six Months Ended June 30, 2015 Balance, beginning of period $ 8,525 Currency translation 84 Balance, end of period $ 8,609 |
Financing Obligations
Financing Obligations | 6 Months Ended |
Jun. 30, 2015 | |
Debt and Capital Lease Obligations [Abstract] | |
Financing Obligations | Financing Obligations During the six months ended June 30, 2015, the Company acquired $411,000 in computer and network equipment through the issuance of capital leases. Balances for assets acquired under capital lease obligations were as follows (in thousands): June 30, December 31, Computer and network equipment $ 411 $ — Accumulated depreciation (23 ) — Assets acquired under capital lease obligations, net $ 388 $ — As of June 30, 2015 , the future minimum payments under capital leases with initial terms of one year or more are as follows (in thousands): Periods ending December 31, 2015 $ 91 2016 181 2017 181 2018 61 Total minimum lease payments 514 Less amount representing interest (36 ) Present value of net minimum lease payments 478 Less current portion (163 ) Balance, end of period $ 315 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 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 June 30, 2015 and December 31, 2014 , respectively (in thousands): Fair Value Measurements Using Total Fair Value at June 30, 2015 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Certificates of deposit $ 14,753 $ 14,753 $ — $ — Total assets $ 14,753 $ 14,753 $ — $ — Fair Value Measurements Using Total Fair Quoted Significant Significant 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. |
Computation of Net Loss From Co
Computation of Net Loss From Continuing Operations Per Share of Common Stock | 6 Months Ended |
Jun. 30, 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 1,632,000 and 1,647,000 for the three and six months ended June 30, 2015 , respectively, have been excluded from the computation of diluted weighted average common shares as their effect is anti-dilutive. Stock options and restricted stock units to acquire weighted average common shares of 1,755,000 and 1,768,000 for the three and six months ended June 30, 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 196,000 and 174,000 weighted average outstanding shares of unvested restricted stock deemed to be participating securities for the three and six months ended June 30, 2015 , respectively. The Company included in its computation of weighted average shares outstanding approximately 89,000 and 78,000 weighted average outstanding shares of unvested restricted stock deemed to be participating securities for the three and six months ended June 30, 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 June 30, Six Months Ended June 30, 2015 2014 2015 2014 Shares outstanding at end of period 9,254 8,755 9,254 8,755 Basic weighted average shares outstanding 9,243 8,748 9,206 8,724 Dilutive effect of stock options and restricted stock units — — — — Total diluted weighted average shares outstanding 9,243 8,748 9,206 8,724 Net loss from continuing operations $ (6,927 ) $ (5,379 ) $ (16,801 ) $ (11,552 ) Net loss from continuing operations per basic and diluted share $ (0.75 ) $ (0.61 ) $ (1.83 ) $ (1.32 ) |
Contingencies
Contingencies | 6 Months Ended |
Jun. 30, 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 | 6 Months Ended |
Jun. 30, 2015 | |
Investments, All Other Investments [Abstract] | |
Investment in Software Company | Investment in Software Company At June 30, 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 Stan
Recently Issued Accounting Standards | 6 Months Ended |
Jun. 30, 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. In July 2015, the FASB voted to amend ASU 2014-09 by approving a one-year deferral of the effective date as well as providing the option to early adopt the standard on the original effective date. The new standard is effective for the Company on January 1, 2018 but may be early adopted effective January 1, 2017. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is currently evaluating the timing of its adoption and 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. In April 2015, the FASB issued ASU 2015-05, "Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement," which provides guidance to customers about whether a cloud computing arrangement includes software. If a cloud computing arrangement includes a software license, the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The new guidance does not change the accounting for a customer’s accounting for service contracts. ASU 2015-05 is effective for the Company on January 1, 2016, with early adoption permitted using either of two methods: (i) prospective to all arrangements entered into or materially modified after the effective date and represent a change in accounting principle; or (ii) retrospectively. The Company is currently evaluating the impact of the standard on its consolidated financial statements. |
Acquisition of Kulu Valley, L20
Acquisition of Kulu Valley, Ltd. (Tables) | 6 Months Ended |
Jun. 30, 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 Publishin21
Divestiture of Disc Publishing Business (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, Six Months Ended June 30, 2015 2014 2015 2014 Net revenue $ — $ 15,059 $ — $ 29,922 Operating income — 1,475 — 4,617 Income tax expense — 800 — 1,901 Net income (loss) from discontinued operations, net of tax $ (22 ) $ 562 $ (89 ) $ 2,806 The major classes of assets and liabilities from discontinued operations were as follows (in thousands): June 30, December 31, Current assets from discontinued operations $ 945 $ 1,026 Accrued compensation $ — $ 31 Other current liabilities 50 417 Current liabilities from discontinued operations $ 50 $ 448 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, Six Months Ended June 30, 2015 2014 2015 2014 Stock options 130,000 47,500 140,000 47,500 Restricted stock awards and restricted stock units 143,468 87,500 150,218 87,500 |
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 June 30, Six Months Ended June 30, 2015 2014 2015 2014 Stock-based compensation cost, before income tax benefit: Stock options $ 158 $ 207 $ 373 $ 415 Restricted stock awards and restricted stock units 342 228 695 369 Total stock-based compensation $ 500 $ 435 $ 1,068 $ 784 Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Stock-based compensation cost included in: Cost of revenues $ 39 $ 11 $ 75 $ 18 Operating expenses 461 424 993 766 Total stock-based compensation $ 500 $ 435 $ 1,068 $ 784 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Marketable Securities [Abstract] | |
Schedule Of Marketable Securities | Marketable securities consisted of the following (in thousands): June 30, 2015 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Certificates of deposit $ 14,750 $ 3 $ — $ 14,753 Total marketable securities $ 14,750 $ 3 $ — $ 14,753 December 31, 2014 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Certificates of deposit $ 23,500 $ — $ (14 ) $ 23,486 Total marketable securities $ 23,500 $ — $ (14 ) $ 23,486 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes In Intangible Assets | Changes in the Company’s amortizable intangible assets consisted of the following (in thousands): June 30, 2015 Customer Relationships Developed Technology Trademarks / Trade-Names Covenants Not to Compete Total Original cost $ 5,267 $ 8,792 $ 2,194 $ 40 $ 16,293 Accumulated amortization (887 ) (2,561 ) (433 ) (11 ) (3,892 ) Net identifiable intangible assets $ 4,380 6,231 1,761 29 $ 12,401 Weighted-average useful lives (years) 10 6 15 2 9 December 31, 2014 Customer Relationships Developed Technology Trademarks / Trade-Names Covenants Not to Compete Total 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 amortizable intangible assets for the six months ended June 30, 2015 consisted of the following (in thousands): Six Months Ended June 30, 2015 Balance, beginning of period $ 13,384 Amortization expense (1,032 ) Currency translation 49 Balance, end of period $ 12,401 |
Changes in Goodwill | Changes to the carrying amount of goodwill for the six months ended June 30, 2015 consisted of the following (in thousands): Six Months Ended June 30, 2015 Balance, beginning of period $ 8,525 Currency translation 84 Balance, end of period $ 8,609 |
Financing Obligations (Tables)
Financing Obligations (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Debt and Capital Lease Obligations [Abstract] | |
Schedule of Capital Leased Assets | Balances for assets acquired under capital lease obligations were as follows (in thousands): June 30, December 31, Computer and network equipment $ 411 $ — Accumulated depreciation (23 ) — Assets acquired under capital lease obligations, net $ 388 $ — |
Schedule of Future Minimum Lease Payments for Capital Leases | As of June 30, 2015 , the future minimum payments under capital leases with initial terms of one year or more are as follows (in thousands): Periods ending December 31, 2015 $ 91 2016 181 2017 181 2018 61 Total minimum lease payments 514 Less amount representing interest (36 ) Present value of net minimum lease payments 478 Less current portion (163 ) Balance, end of period $ 315 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2015 and December 31, 2014 , respectively (in thousands): Fair Value Measurements Using Total Fair Value at June 30, 2015 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Certificates of deposit $ 14,753 $ 14,753 $ — $ — Total assets $ 14,753 $ 14,753 $ — $ — Fair Value Measurements Using Total Fair Quoted Significant Significant Assets: Certificates of deposit $ 23,486 $ 23,486 $ — $ — Total assets $ 23,486 $ 23,486 $ — $ — |
Computation of Net Loss From 27
Computation of Net Loss From Continuing Operations Per Share of Common Stock (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, Six Months Ended June 30, 2015 2014 2015 2014 Shares outstanding at end of period 9,254 8,755 9,254 8,755 Basic weighted average shares outstanding 9,243 8,748 9,206 8,724 Dilutive effect of stock options and restricted stock units — — — — Total diluted weighted average shares outstanding 9,243 8,748 9,206 8,724 Net loss from continuing operations $ (6,927 ) $ (5,379 ) $ (16,801 ) $ (11,552 ) Net loss from continuing operations per basic and diluted share $ (0.75 ) $ (0.61 ) $ (1.83 ) $ (1.32 ) |
Basis of Presentation and Nat28
Basis of Presentation and Nature Of Business (Details) | 6 Months Ended | ||
Jun. 30, 2015segment | Jun. 30, 2014 | Jun. 26, 2014Business | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Number of reportable segments | 1 | 2 | |
Immaterial error correction | 1.5 |
Acquisition of Kulu Valley, L29
Acquisition of Kulu Valley, Ltd. (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Oct. 03, 2014 | Dec. 31, 2014 |
Business Acquisition [Line Items] | ||
Share price (in dollars per share) | $ 12.95 | |
Kulu Valley Ltd | ||
Business Acquisition [Line Items] | ||
Percent of voting interest acquired | 100.00% | |
Net transaction consideration | $ 14,591 | |
Cash paid for acquisition of business, net of cash acquired | 11,556 | |
Cash acquired from acquisition | $ 2,466 | |
Number of shares issued for business combination | 275 | |
Sale of stock, price per share | $ 13.75 | |
Escrow deposit | $ 2,000 | |
Escrow lapsed period | 15 months | |
Accounting adjustments to reduce carrying value of deferred revenues | $ 1,100 | |
Transaction costs related to business acquisition | $ 245 | |
Intangible assets | 6,663 | |
Net deferred tax liability | 1,300 | |
Deferred tax liability, gross | 1,500 | |
Deferred tax assets, gross | 200 | |
Developed Technology | Kulu Valley Ltd | ||
Business Acquisition [Line Items] | ||
Intangible assets | 4,233 | |
Customer Relationships | Kulu Valley Ltd | ||
Business Acquisition [Line Items] | ||
Intangible assets | 2,315 | |
Trademarks / Trade-Names | Kulu Valley Ltd | ||
Business Acquisition [Line Items] | ||
Intangible assets | 74 | |
Covenants Not to Compete | Kulu Valley Ltd | ||
Business Acquisition [Line Items] | ||
Intangible assets | $ 41 | |
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, L30
Acquisition of Kulu Valley, Ltd. (Preliminary Purchase Accounting Allocation) (Details) - USD ($) $ in Thousands | Oct. 03, 2014 | Jun. 30, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | |||
Goodwill | $ 8,609 | $ 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 Publishin31
Divestiture of Disc Publishing Business (Narrative) (Details) - USD ($) $ in Thousands | Jul. 02, 2014 | Jul. 01, 2014 | Sep. 30, 2014 | Jun. 30, 2015 | Dec. 31, 2014 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Restricted cash | $ 2,301 | $ 2,300 | |||
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 | ||||
Escrow deposit | $ 2,300 | ||||
Escrow lapsed period | 15 months | ||||
Gain on sale of discontinued operations | $ 16,182 |
Divestiture of Disc Publishin32
Divestiture of Disc Publishing Business (Net Income from Discontinued Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income tax expense | $ 0 | $ (1,463) | ||
Net income (loss) from discontinued operations, net of tax | $ (22) | $ 562 | (89) | 2,806 |
Disc Publishing | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net revenue | 0 | 15,059 | 0 | 29,922 |
Operating income | 0 | 1,475 | 0 | 4,617 |
Income tax expense | 0 | 800 | 0 | 1,901 |
Net income (loss) from discontinued operations, net of tax | $ (22) | $ 562 | $ (89) | $ 2,806 |
Divestiture of Disc Publishin33
Divestiture of Disc Publishing Business (Major Assets and Liabilities of Discontinued Operations) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
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 | 945 | 1,026 |
Accrued compensation | 0 | 31 |
Other current liabilities | 50 | 417 |
Current liabilities from discontinued operations | $ 50 | $ 448 |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule of Stock-based Awards Granted) (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of stock options granted during period (in shares) | 130,000 | 47,500 | 140,000 | 47,500 |
2007 Stock Incentive Plan | Restricted stock awards and restricted stock units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of equity other than options granted during period (in shares) | 143,468 | 87,500 | 150,218 | 87,500 |
Executive management | Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of stock options granted during period (in shares) | 130,000 | |||
Executive management | 2007 Stock Incentive Plan | Restricted stock awards and restricted stock units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of equity other than options granted during period (in shares) | 25,251 |
Stock-Based Compensation (Sch35
Stock-Based Compensation (Schedule Of Allocation of Share-Based Compensation Costs) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation | $ 500 | $ 435 | $ 1,068 | $ 784 |
Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation | 158 | 207 | 373 | 415 |
Restricted stock awards and restricted stock units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation | 342 | 228 | 695 | 369 |
Cost of revenues | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation | 39 | 11 | 75 | 18 |
Operating expenses | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation | $ 461 | $ 424 | $ 993 | $ 766 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
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) | 6 Months Ended | 12 Months Ended |
Jun. 30, 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 ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Marketable Securities [Line Items] | ||
Cost | $ 14,750 | $ 23,500 |
Gross Unrealized Gains | 3 | 0 |
Gross Unrealized Losses | 0 | (14) |
Fair Value | 14,753 | 23,486 |
Certificates Of Deposit | ||
Marketable Securities [Line Items] | ||
Cost | 14,750 | 23,500 |
Gross Unrealized Gains | 3 | 0 |
Gross Unrealized Losses | 0 | (14) |
Fair Value | $ 14,753 | $ 23,486 |
Intangible Assets (Components I
Intangible Assets (Components Intangible Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Original cost | $ 16,293 | $ 16,293 | $ 16,229 | ||
Accumulated amortization | (3,892) | (3,892) | (2,845) | ||
Net identifiable intangible assets | 12,401 | $ 12,401 | $ 13,384 | ||
Weighted-average useful lives (years) | 9 years | 9 years | |||
Amortization of purchased intangibles | 200 | $ 156 | $ 399 | $ 313 | |
Customer Relationships | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Original cost | 5,267 | 5,267 | $ 5,226 | ||
Accumulated amortization | (887) | (887) | (671) | ||
Net identifiable intangible assets | 4,380 | $ 4,380 | $ 4,555 | ||
Weighted-average useful lives (years) | 10 years | 10 years | |||
Developed Technology | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Original cost | 8,792 | $ 8,792 | $ 8,770 | ||
Accumulated amortization | (2,561) | (2,561) | (1,832) | ||
Net identifiable intangible assets | 6,231 | $ 6,231 | $ 6,938 | ||
Weighted-average useful lives (years) | 6 years | 6 years | |||
Trademarks / Trade-Names | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Original cost | 2,194 | $ 2,194 | $ 2,193 | ||
Accumulated amortization | (433) | (433) | (334) | ||
Net identifiable intangible assets | 1,761 | $ 1,761 | $ 1,859 | ||
Weighted-average useful lives (years) | 15 years | 15 years | |||
Covenants Not to Compete | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Original cost | 40 | $ 40 | $ 40 | ||
Accumulated amortization | (11) | (11) | (8) | ||
Net identifiable intangible assets | 29 | $ 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 | 317 | 140 | $ 633 | 280 | |
Operating expenses | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization of purchased intangibles | $ 200 | $ 156 | $ 399 | $ 313 |
Intangible Assets (Intangible A
Intangible Assets (Intangible Assets Rollforward) (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Finite-lived Intangible Assets [Roll Forward] | |
Balance, beginning of period | $ 13,384 |
Amortization expense | (1,032) |
Currency translation | 49 |
Balance, end of period | $ 12,401 |
Intangible Assets (Goodwill) (D
Intangible Assets (Goodwill) (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Goodwill [Roll Forward] | |
Balance, beginning of period | $ 8,525 |
Currency translation | 84 |
Balance, end of period | $ 8,609 |
Financing Obligations (Schedule
Financing Obligations (Schedule of Capital Leased Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Debt and Capital Lease Obligations [Abstract] | ||
Computer and network equipment | $ 411 | $ 0 |
Accumulated depreciation | (23) | 0 |
Assets acquired under capital lease obligations, net | $ 388 | $ 0 |
Financing Obligations (Schedu43
Financing Obligations (Schedule of Future Minimum Lease Payments) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Debt and Capital Lease Obligations [Abstract] | ||
Future minimum payments due, remainder of 2015 | $ 91 | |
Future minimum payments due in 2016 | 181 | |
Future minimum payments due in 2017 | 181 | |
Future minimum payments due in 2018 | 61 | |
Total minimum lease payments | 514 | |
Less amount representing interest | (36) | |
Present value of net minimum lease payments | 478 | |
Less current portion | (163) | $ 0 |
Balance, end of period | $ 315 | $ 0 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule Of Fair Value Of Assets And Liabilities Measured On Recurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value | $ 14,753 | $ 23,486 |
Fair Value, Measurements, Recurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total Assets | 14,753 | 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 | 14,753 | 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 | 14,753 | 23,486 |
Certificates Of Deposit | Fair Value, Measurements, Recurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value | 14,753 | 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 | 14,753 | 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 |
Computation of Net Loss From 45
Computation of Net Loss From Continuing Operations Per Share of Common Stock (Components Of Net Income (Loss) Per Basic And Diluted Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Weighted average outstanding shares of unvested restricted stock | 196 | 89 | 174 | 78 |
Shares outstanding at end of period | 9,254 | 8,755 | 9,254 | 8,755 |
Basic weighted average shares outstanding | 9,243 | 8,748 | 9,206 | 8,724 |
Dilutive effect of stock options/restricted stock units | 0 | 0 | 0 | 0 |
Total diluted weighted average shares outstanding | 9,243 | 8,748 | 9,206 | 8,724 |
Net loss from continuing operations | $ (6,927) | $ (5,379) | $ (16,801) | $ (11,552) |
Net loss from continuing operations per share | $ (0.75) | $ (0.61) | $ (1.83) | $ (1.32) |
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 | 1,632 | 1,755 | 1,647 | 1,768 |
Investment in Software Company
Investment in Software Company (Details) - BriefCam Ltd. - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Cost method investments | $ 3.1 | $ 3.1 |
Maximum | ||
Minority ownership interest (less than 20%) | 20.00% |
Uncategorized Items - qumu-2015
Label | Element | Value |
Net Income (Loss) Attributable to Parent | us-gaap_NetIncomeLoss | $ (4,817) |
Net Income (Loss) Attributable to Parent | us-gaap_NetIncomeLoss | $ (6,949) |