Document And Entity Information
Document And Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 29, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,015 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Period End Date | Dec. 31, 2015 | ||
Entity Registrant Name | QUMU CORP | ||
Entity Central Index Key | 892,482 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 9,213,206 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 68,649 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 7,072 | $ 11,684 |
Marketable securities | 6,249 | 23,486 |
Restricted cash | 0 | 2,300 |
Receivables, net of allowance | 11,257 | 10,090 |
Prepaid income taxes | 659 | 301 |
Prepaid expenses and other current assets | 3,392 | 3,801 |
Deferred income taxes - current | 0 | 64 |
Current assets from discontinued operations | 0 | 1,026 |
Total current assets | 28,629 | 52,752 |
Property and equipment, net of depreciation | 2,942 | 1,899 |
Intangible assets, net of amortization | 11,032 | 13,384 |
Goodwill | 8,103 | 8,525 |
Deferred income taxes, non-current | 57 | 2 |
Other assets - non-current | 3,649 | 3,615 |
Total assets | 54,412 | 80,177 |
Current liabilities: | ||
Accounts payable and other accrued liabilities | 3,864 | 3,396 |
Accrued compensation | 4,014 | 6,222 |
Deferred revenue | 10,413 | 9,015 |
Deferred income taxes | 0 | 110 |
Income taxes payable | 0 | 53 |
Deferred rent | 270 | 133 |
Financing obligations | 502 | 0 |
Current liabilities from discontinued operations | 50 | 448 |
Total current liabilities | 19,113 | 19,377 |
Long-term liabilities: | ||
Deferred revenue - non-current | 2,215 | 1,047 |
Income taxes payable - non-current | 9 | 8 |
Deferred tax liability - non-current | 575 | 1,071 |
Deferred rent, non-current | 998 | 401 |
Financing obligations, non-current | 519 | 0 |
Other non-current liabilities | 226 | 0 |
Total long-term liabilities | 4,542 | 2,527 |
Total liabilities | $ 23,655 | $ 21,904 |
Commitments and contingencies (Notes 11 and 15) | ||
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 9,188,682 and 9,127,425, respectively | 92 | 91 |
Additional paid-in capital | 65,484 | 63,566 |
Accumulated deficit | (33,298) | (4,599) |
Accumulated other comprehensive loss | (1,521) | (785) |
Total stockholders’ equity | 30,757 | 58,273 |
Total liabilities and stockholders’ equity | $ 54,412 | $ 80,177 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
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 | 9,188,682 | 9,127,425 |
Common stock, shares outstanding | 9,188,682 | 9,127,425 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues: | |||
Software licenses and appliances | $ 9,456 | $ 11,363 | $ 7,269 |
Service | 24,998 | 15,158 | 10,467 |
Total revenues | 34,454 | 26,521 | 17,736 |
Cost of revenues: | |||
Software licenses and appliances | 2,949 | 3,816 | 2,921 |
Service | 14,550 | 10,656 | 4,413 |
Total cost of revenues | 17,499 | 14,472 | 7,334 |
Gross profit | 16,955 | 12,049 | 10,402 |
Operating expenses: | |||
Research and development | 10,689 | 9,506 | 8,745 |
Sales and marketing | 17,994 | 17,991 | 10,303 |
General and administrative | 16,878 | 12,626 | 10,332 |
Amortization of purchased intangibles | 798 | 652 | 627 |
Total operating expenses | 46,359 | 40,775 | 30,007 |
Operating loss | (29,404) | (28,726) | (19,605) |
Other income (expense): | |||
Interest, net | 7 | 60 | 28 |
Other, net | (131) | (241) | (40) |
Total other income (expense), net | (124) | (181) | (12) |
Loss before income taxes | (29,528) | (28,907) | (19,617) |
Income tax benefit | (839) | (6,564) | (3,396) |
Net loss from continuing operations | (28,689) | (22,343) | (16,221) |
Net income (loss) from discontinued operations, net of tax | (10) | 13,823 | 6,527 |
Net loss | $ (28,699) | $ (8,520) | $ (9,694) |
Net loss from continuing operations per basic and diluted share | $ (3.11) | $ (2.53) | $ (1.87) |
Net income from discontinued operations per share (in dollars per share) | 0 | 1.57 | 0.75 |
Net loss per share (in dollars per share) | $ (3.11) | $ (0.96) | $ (1.12) |
Basic and diluted weighted average shares outstanding (in dollars per share) | 9,235 | 8,836 | 8,691 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net loss | $ (28,699) | $ (8,520) | $ (9,694) |
Other comprehensive income (loss): | |||
Net change in foreign currency translation adjustments | (749) | (856) | 65 |
Change in net unrealized gain (loss) on marketable securities, net of tax | 13 | 5 | (19) |
Total other comprehensive income (loss) | (736) | (851) | 46 |
Total comprehensive loss | $ (29,435) | $ (9,371) | $ (9,648) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest | ||
Shares outstanding at beginning of period (in share) at Dec. 31, 2012 | 8,654 | |||||||
Total stockholders' equity at beginning of period at Dec. 31, 2012 | $ 70,627 | $ 87 | $ 56,706 | $ 13,615 | $ 116 | $ 103 | [1] | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net loss | (9,819) | (9,694) | (125) | |||||
Other comprehensive income (loss), net of taxes | 47 | 46 | 1 | |||||
Issuance of restricted stock (in share) | 26 | |||||||
Issuance of restricted stock | 0 | $ 0 | 0 | |||||
Stock issued in stock option exercise | 1 | |||||||
Stock issued for employee stock plans | 7 | $ 0 | 7 | |||||
Redemption of stock to cover tax withholding for employee stock plans (in shares) | (7) | |||||||
Redemption of stock to cover tax withholding for employee stock plans | (66) | (66) | ||||||
Net tax reductions relating to exercise and expiration of stock options | (13) | (13) | ||||||
Stock-based compensation | 1,778 | 1,778 | ||||||
Purchase of noncontrolling interest in consolidated subsidiary | $ 20 | (1) | 21 | [1] | ||||
Shares outstanding at end of period (in share) at Dec. 31, 2013 | 8,674 | 8,674 | ||||||
Total stockholders' equity at end of period at Dec. 31, 2013 | $ 62,581 | $ 87 | 58,411 | 3,921 | 162 | 0 | [1] | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net loss | (8,520) | (8,520) | 0 | [1] | ||||
Other comprehensive income (loss), net of taxes | (851) | (851) | 0 | |||||
Issuance of restricted stock (in share) | 156 | |||||||
Issuance of restricted stock | 0 | $ 1 | (1) | |||||
Stock issued in stock option exercise | 86 | |||||||
Stock issued for employee stock plans | 193 | $ 1 | 192 | |||||
Redemption of stock to cover tax withholding for employee stock plans (in shares) | (64) | |||||||
Redemption of stock to cover tax withholding for employee stock plans | (99) | $ (1) | (98) | |||||
Net tax reductions relating to exercise and expiration of stock options | (8) | (8) | ||||||
Stock-based compensation | 2,039 | 2,039 | ||||||
Foreign currency translation transfer related to the sale of foreign operations | (96) | (96) | ||||||
Shares issued for acquisition (in shares) | 275 | |||||||
Shares issued for acquisition | $ 3,034 | $ 3 | 3,031 | |||||
Purchase of noncontrolling interest in consolidated subsidiary | [1] | 0 | ||||||
Shares outstanding at end of period (in share) at Dec. 31, 2014 | 9,127 | 9,127 | ||||||
Total stockholders' equity at end of period at Dec. 31, 2014 | $ 58,273 | $ 91 | 63,566 | (4,599) | (785) | 0 | [1] | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net loss | (28,699) | (28,699) | 0 | [1] | ||||
Other comprehensive income (loss), net of taxes | (736) | (736) | 0 | |||||
Issuance of restricted stock (in share) | 48 | |||||||
Issuance of restricted stock | 0 | $ 1 | (1) | |||||
Stock issued in stock option exercise | 20 | |||||||
Stock issued for employee stock plans | 142 | $ 0 | 142 | |||||
Redemption of stock to cover tax withholding for employee stock plans (in shares) | (6) | |||||||
Redemption of stock to cover tax withholding for employee stock plans | (50) | $ 0 | (50) | |||||
Net tax reductions relating to exercise and expiration of stock options | (7) | (7) | ||||||
Stock-based compensation | $ 1,834 | 1,834 | ||||||
Shares outstanding at end of period (in share) at Dec. 31, 2015 | 9,189 | 9,189 | ||||||
Total stockholders' equity at end of period at Dec. 31, 2015 | $ 30,757 | $ 92 | $ 65,484 | $ (33,298) | $ (1,521) | $ 0 | [1] | |
[1] | Noncontrolling interest items are included in results of discontinued operations for all periods presented. |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from (used in) operating activities: | |||
Net loss | $ (28,699) | $ (8,520) | $ (9,694) |
Net income (loss) from discontinued operations, net of tax | (10) | 13,823 | 6,527 |
Net loss from continuing operations | (28,689) | (22,343) | (16,221) |
Adjustments to reconcile net loss to net cash | |||
Depreciation and amortization | 3,118 | 2,049 | 1,787 |
Stock-based compensation | 1,834 | 1,841 | 1,435 |
Loss on disposal of property and equipment | 108 | 102 | 6 |
Deferred income tax expense (benefit) | (564) | (126) | 699 |
Current income tax benefit resulting from income generated from discontinued operations | 0 | (6,337) | (3,445) |
Changes in operating assets and liabilities: | |||
Receivables | (1,331) | (5,679) | 1,614 |
Income taxes receivable / payable | (378) | 1,068 | 2,493 |
Prepaid expenses and other assets | 748 | (2,032) | 12 |
Accounts payable and other accrued liabilities | 443 | 1,189 | 745 |
Accrued compensation | (2,184) | 686 | 2,144 |
Deferred revenue | 2,729 | 5,499 | 801 |
Deferred rent | 48 | (105) | 0 |
Other non-current liabilities | 226 | 0 | (121) |
Net cash used in continuing operating activities | (23,892) | (24,188) | (8,051) |
Net cash provided by discontinued operating activities | 665 | 1,544 | 10,418 |
Net cash provided by (used in) operating activities | (23,227) | (22,644) | 2,367 |
Cash flows from (used in) investing activities: | |||
Purchases of marketable securities | (10,250) | (33,499) | (28,755) |
Sales and maturities of marketable securities | 27,465 | 23,250 | 37,000 |
Purchases of property and equipment | (635) | (1,051) | (662) |
Proceeds from sale of property and equipment | 43 | 0 | 0 |
Purchase of cost method investment | 0 | 0 | (350) |
Cash paid for acquisition of business, net of cash acquired | 0 | (11,556) | 0 |
Net cash provided by (used in) continuing investing activities | 16,623 | (22,856) | 7,233 |
Net cash provided by (used in) discontinued investing activities, including proceeds from sale of business | 2,300 | 19,676 | (307) |
Net cash provided by (used in) investing activities | 18,923 | (3,180) | 6,926 |
Cash flows from (used in) financing activities: | |||
Common stock repurchases to settle employee withholding liability | (50) | (99) | (66) |
Principal payments on capital lease obligations | (320) | 0 | 0 |
Proceeds from employee stock plans | 142 | 193 | 7 |
Net cash provided by (used in) continuing financing activities | (228) | 94 | (59) |
Net cash used in discontinued financing activities | 0 | (59) | (70) |
Net cash provided by (used in) financing activities | (228) | 35 | (129) |
Effect of exchange rate changes on cash | (80) | (252) | (83) |
Net increase (decrease) in cash and cash equivalents | (4,612) | (26,041) | 9,081 |
Cash and cash equivalents, beginning of period | 11,684 | 37,725 | 28,644 |
Cash and cash equivalents, end of year | 7,072 | 11,684 | 37,725 |
Supplemental disclosures of net cash paid (received) during the year: | |||
Income taxes | (22) | (1,145) | (3,243) |
Interest | 33 | 0 | 0 |
Non-cash investing and financing activities: | |||
Accrued liabilities and other non-current liabilities related to leasehold improvements | 689 | 0 | 0 |
Financing obligations related to prepaid expenses and other assets | 402 | 0 | 0 |
Financing obligations related to property and equipment | 927 | 0 | 0 |
Proceeds from sale of business held in escrow | 0 | 2,300 | 0 |
Stock issued for acquisition of business | $ 0 | $ 3,034 | $ 0 |
Nature Of Business And Summary
Nature Of Business And Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Nature of Business and Summary of Significant Accounting Policies | Nature of Business and Summary of Significant Accounting Policies Nature of Business Qumu Corporation (the "Company") provides the tools businesses need to create, manage, secure, deliver and measure the success of their videos. The Company's innovative solutions release the power in video to engage and empower employees, partners and clients. Organizations around the world realize the greatest possible value from video they create and publish. Whatever the audience size, viewer device or network configuration, the Company's solutions are how business does video. The Company views its operations and manages its business as one segment and one reporting unit. Factors used to identify the Company's single operating segment and reporting unit include the financial information available for evaluation by the chief operating decision maker in making decisions about how to allocate resources and assess performance. The Company manages the marketing of its products and services through regional sales representatives and independent distributors in the United States and international markets. 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 had 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 Consolidated Statements of Operations. All remaining amounts presented in the accompanying 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. Certain reclassifications have been made to amounts for prior years to conform to the current year's presentation. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated. Use of Estimates 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 and disclosure of contingent 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 those estimates. Fair Value of Financial Instruments The Company’s financial instruments consist primarily of cash, cash equivalents, and marketable securities, for which the current carrying amounts approximate fair market values based on quoted market prices or net asset value. Revenue Recognition The Company generates revenue through the sale of enterprise video content management software solutions, hardware, maintenance and support, and professional and other services. Software sales may take the form of a perpetual software license, a term software license or a cloud-hosted software as a service (SaaS). Software licenses and appliances revenue includes sales of perpetual software licenses and hardware. Service revenue includes term software licenses, SaaS, maintenance and support, and professional and other services. The Company commences revenue recognition when all of the following conditions are met: there is persuasive evidence of an arrangement; the product has been delivered or the services have been provided to the customer; the collection of the fees is reasonably assured; and the amount of fees to be paid by the customer is fixed or determinable. More specifically: • Revenue from perpetual software licenses and hardware are generally recognized when the product has been delivered. • Revenue from subscription, maintenance and support, which includes term software licenses, cloud-hosted software as a service and maintenance and support, are generally recognized ratably over the contract term beginning on the commencement date of each contract, which is the date the Company’s product has been delivered or service is made available to customers. • Revenue from professional and other services, which are not essential to the functionality of the software, are generally recognized as the services are provided to customers. The Company allocates revenue to the software-related and non-software elements under one arrangement based on the relative selling price. In such circumstances, the selling price for a deliverable is based on the following hierarchy: i) vendor-specific objective evidence (“VSOE”), if available, ii) third-party evidence (“TPE”), if VSOE is not available, or iii) estimated selling price (“ESP”), if neither VSOE nor TPE is available. The Company determines VSOE of the selling price for software-related elements, including professional services and software maintenance and support contracts, based on the price charged for the deliverable when sold separately. After the arrangement consideration has been allocated to the software-related and non-software related elements, the Company accounts for each respective element as follows: • Revenue for each of the non-software elements is allocated based on the selling price hierarchy and recognized as noted above provided all other criteria required for revenue recognition have been met. • Revenue for each of the software-related elements is allocated based on the VSOE of each element and recognized as noted above provided all other criteria required for revenue recognition have been met. In software-related arrangements for which the Company does not have the VSOE of the fair value for all elements, revenue is deferred until the earlier of when the VSOE is determined for the undelivered elements (residual method) or when all elements for which the Company does not have the VSOE of the fair value have been delivered, unless the only undelivered element is maintenance and support, in which case the entire amount of revenue is recognized over the maintenance and support period. Other items relating to charges collected from customers: • Shipping and handling charges collected from customers as part of the Company's sales transactions are included in revenues and the associated costs are included in cost of revenues. • Sales taxes charged to and collected from customers as part of the Company’s sales transactions are excluded from revenues and recorded as a liability to the applicable governmental taxing authority. Deferred Revenue Deferred revenue consists of billings or payments received in advance of revenue recognition and is recognized as the revenue recognition criteria are met. The deferred revenue balance does not represent the total contract value of annual or multi-year, non-cancelable subscription agreements. Deferred revenue that will be recognized during the succeeding 12 month period is recorded as current deferred revenue, and the remaining portion is recorded as non-current deferred revenue. Deferred Commissions Sales commissions represent the direct incremental costs related to the acquisition of customer contracts. The Company recognizes commissions as sales and marketing expense at the time the associated product revenue is recognized, requiring establishment of a deferred cost in the event a commission is paid prior to recognition of revenue. The deferred commission amounts are recoverable through the related future revenue streams under non-cancelable customer contracts and also commission clawback provisions in the Company's sales compensation plans. Deferred commission costs included in prepaid expenses and other assets were $954,000 and $418,000 at December 31, 2015 and 2014 , respectively. Deferred commission costs in other assets, non-current were $104,000 at December 31, 2015 . Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents are stated at fair value. Marketable Securities Management determines the appropriate classification of marketable securities at the time of purchase and reevaluates such designation as of each balance sheet date. Currently, all marketable securities held by the Company are classified as available-for-sale. Available-for-sale securities are carried at fair value as determined by quoted market prices with unrealized gains and losses, net of tax, reported as a separate component of stockholders’ equity. The Company analyzes its marketable securities for impairment on an ongoing basis. Factors considered in determining whether an unrealized loss is a temporary loss or an other-than-temporary loss include the length of time and extent to which the securities have been in an unrealized loss position and the Company’s ability and intent to hold the investment for a period of time sufficient to allow for any anticipated market recovery. Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are initially recorded at a selling price, which approximates fair value upon the sale of goods or services to customers. The Company maintains an allowance for doubtful accounts to reflect accounts receivable at net realizable value. In judging the adequacy of the allowance for doubtful accounts, the Company considers multiple factors, including historical bad debt experience, the general economic environment, the need for specific client reserves and the aging of the Company’s receivables. A portion of this provision is included in operating expenses as a general and administrative expense and a portion of this provision is included as a reduction of license revenue. A considerable amount of judgment is required in assessing these factors. If the factors utilized in determining the allowance do not reflect future performance, then a change in the allowance for doubtful accounts would be necessary in the period such determination has been made, which would impact future results of operations. Changes to the allowance for doubtful accounts consisted of the following (in thousands): Year Ended December 31, Allowance for Doubtful Accounts: 2015 2014 2013 Balance at beginning of year $ 55 $ 20 $ 62 Write-offs — (8 ) (25 ) Recoveries — — — Change in provision (31 ) 43 (17 ) Balance at end of year $ 24 $ 55 $ 20 Inventories Inventories are stated at the lower of cost or market. Cost is determined on a first-in, first-out basis. The Company records provisions for potential excess, obsolete and slow moving inventory. Results could be different if demand for the Company’s products decreased because of economic or competitive conditions, or if products became obsolete because of technical advancements in the industry or by the Company. Inventory included in prepaid expenses and other current assets was $250,000 and $168,000 as of December 31, 2015 and 2014, respectively. Property and Equipment Property and equipment are stated at cost and depreciated on a straight-line basis over estimated useful lives ranging from one to seven years for most assets. Leasehold improvements are amortized using the straight-line method over the shorter of the property’s useful life or the term of the underlying lease. Repairs and maintenance costs are charged to operations as incurred. The asset cost and related accumulated depreciation or amortization are adjusted for asset retirement or disposal, with the resulting gain or loss, if any, credited or charged to results of operations. Long-lived Assets The Company continually monitors events and changes in circumstances that could indicate that carrying amounts of its long-lived assets, including property and equipment and intangible assets may not be recoverable. When such events or changes in circumstances occur, the Company assesses the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through their undiscounted expected future cash flows. If the future undiscounted cash flows are less than the carrying amount of these assets, the Company recognizes an impairment loss based on the excess of the carrying amount over the fair value of the assets. Goodwill The Company records goodwill when consideration paid in a purchase acquisition exceeds the fair value of the net tangible assets and the identified intangible assets acquired. Goodwill is not amortized, but rather is tested for impairment annually or more frequently if facts and circumstances warrant a review. The Company has determined that there is a single reporting unit for the purpose of goodwill impairment tests. For purposes of assessing the impairment of goodwill, the Company annually, at its fiscal year end, estimates the fair value of the reporting unit and compares this amount to the carrying value of the reporting unit. If the Company determines that the carrying value of the reporting unit exceeds its fair value, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds its fair value. As of December 31, 2015, the Company completed its annual impairment test of goodwill. Based upon that evaluation, the Company determined that its goodwill was not impaired. See Note 6–"Intangible Assets and Goodwill." Investment in Nonconsolidated Company As of December 31, 2015 and 2014 , the Company 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. 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. Equity securities accounted for under the cost method are reviewed quarterly for changes in circumstances or the occurrence of events that suggest the Company’s investment may not be fully recoverable. If an unrealized loss for the investment is considered to be other-than-temporary, the loss will be recognized in the Consolidated Statements of Operations in the period the determination is made. 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. Stock-Based Compensation The Company measures stock-based compensation based on the fair value of the award at the date of grant. The Company recognizes stock-based compensation on a straight-line basis over the requisite service period for the entire awards, net of an estimated forfeiture rate. Compensation cost is recognized for all awards over the vesting period to the extent the requisite service requirements are met, whether or not the award is ultimately exercised. Conversely, when the requisite service requirements are not met and the award is forfeited prior to vesting, any compensation expense previously recognized for the award is reversed. Research and Development Costs Costs related to research, design and development of products are charged to research and development expense as incurred. Software development costs are capitalized beginning when a product’s technological feasibility has been established and ending when a product is available for general release to customers. The Company uses the working model approach to determine technological feasibility. The Company’s products are released soon after technological feasibility has been established. As a result, the Company has not capitalized any software development costs because such costs have not been significant. Royalties for Third Party Technology Royalties for third party technology are either paid in advance and capitalized as prepaid royalties or are accrued as incurred and subsequently paid. These royalties are generally expensed to cost of revenue generally at the greater of the contractual rate or an effective royalty rate based on the total projected net revenue for contracts with guaranteed minimums. Each quarter, the Company also evaluates the expected future realization of its prepaid royalties, as well as any minimum commitments not yet paid to determine amounts it deems unlikely to be realized through product sales. Any impairments or losses determined before the launch of a product are generally charged to general and administrative expense, and any impairments or losses determined post-launch are charged to cost of revenue. Unrecognized minimum royalty-based commitments are accounted for as executory contracts, and therefore, any losses on these commitments are recognized when the underlying intellectual property is abandoned (i.e., cease use) or the contractual rights to use the intellectual property are terminated. During the fourth quarter 2015, the Company recognized a loss relating to a third party license agreement of $1.2 million to general and administration expense which included the write-off of a $606,000 prepaid royalty and the accrual of the remaining $606,000 minimum royalty payments. Income Taxes The Company provides for income taxes using the liability method, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance when it is more likely than not that some component or all of the deferred tax assets will not be realized. Tax rate changes are reflected in income during the period such changes are enacted. Foreign Currency Translation The functional currency for each of the Company’s international subsidiaries is the respective local currency. The Company translates its financial statements of consolidated entities whose functional currency is not the U.S. dollar into U.S. dollars. The Company translates its assets and liabilities at the exchange rate in effect as of the financial statement date and translates statement of operations accounts using the average exchange rate for the period. Exchange rate differences resulting from translation adjustments are accounted for as a component of accumulated other comprehensive loss. Gains or losses, whether realized or unrealized, due to transactions in foreign currencies are reflected in the consolidated statements of operations under the line item other income (expense). Losses on foreign currency transactions were $131,000 , $201,000 and $40,000 for the years ended December 31, 2015, 2014 and 2013, respectively, and are included in other expenses in the Consolidated Statements of Operations. Net Loss Per Share Basic net loss per common share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted net loss per common share is computed by giving effect to all potentially dilutive common shares including options and restricted stock units. Basic and diluted net loss per common share was the same for all periods presented as the impact of all potentially dilutive securities outstanding was anti-dilutive. Comprehensive Income (Loss) Comprehensive income (loss) includes net income and items defined as other comprehensive income, such as unrealized gains and losses on certain marketable securities and foreign currency translation adjustments. Such items are reported in the consolidated statements of comprehensive income (loss). New Accounting Pronouncements In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes, which amends the guidance requiring companies to separate deferred income tax liabilities and assets into current and non-current amounts in a classified statement of financial position. This accounting guidance simplifies the presentation of deferred income taxes, such that deferred tax liabilities and assets be classified as non-current in a classified statement of financial position. This accounting guidance is effective for the Company beginning in the first quarter of 2017, but the Company has elected to adopt this guidance prospectively as of December 31, 2015. As a result, all deferred tax liabilities and assets are classified as non-current in the consolidated balance sheet at December 31, 2015. 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. In May 2014, the FASB issued ASU 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. |
Acquisition of Kulu Valley, Ltd
Acquisition of Kulu Valley, Ltd | 12 Months Ended |
Dec. 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 Valley”). 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 Valley’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. 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 Valley who are also employees of Kulu Valley. Pursuant to the terms of a lock-up letter agreement, the shares issued in the Share Purchase Transaction were restricted from transfer, subject to certain exceptions. The restrictions lapsed for all of the shares issued 365 days following the closing of the Share Purchase Transaction. Following the acquisition, Kulu Valley’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 escrow was released in January 2016. 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 Valley are included in the Company’s Consolidated Statements of Operations since October 3, 2014, the date of the acquisition. After the impact of applying fair value purchase accounting adjustments of $1.1 million to reduce the carrying value of deferred revenues, the Company recorded revenues for Kulu Valley of approximately $464,000 during the post-acquisition period in 2014. The acquisition of Kulu Valley’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 Valley’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 aggregate purchase price for purchase accounting of $14,591,000 reflects the cash consideration, net of cash acquired, plus the valuation of issued Qumu Corporation (NASDAQ:QUMU) stock at the closing price per share of $12.95 on the date of the acquisition. 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 general and administrative expenses. 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. 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 vs. 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 | 12 Months Ended |
Dec. 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. 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 years ended December 31, 2015, 2014 and 2013 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 Company terminated the lease agreement in September 2015 due to the Company relocating its corporate headquarters to 510 1st Avenue North, Suite 305, Minneapolis, MN 55403. 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 was classified as restricted cash on the Consolidated Balance Sheets as of December 31, 2014 and was released from escrow to the Company in October 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 from discontinued operations, net of tax” line item on the Consolidated Statements of Operations. Also included in this line item for the 2014 period is the gain on sale of the disc publishing business and non-recurring expenses incurred by the Company as a result of the sale of the disc publishing business, including third party transaction specific costs, one-time income tax related impacts and the acceleration of vesting of cash-based long-term incentive and stock-based awards payable to employees of the disc publishing business upon completion of the asset sale transaction. The described non-recurring expenses and income tax related impacts amounted to approximately $9.6 million for the year ended December 31, 2014. No general corporate charges were allocated to the discontinued business. The assets and liabilities of the discontinued business are presented on the 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 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, gain on sale of business, income tax expense and net income from discontinued operations were as follows (in thousands): Year Ended December 31, 2015 2014 2013 Net revenue $ — $ 29,922 $ 64,736 Operating income — 4,520 9,918 Gain on sale of discontinued operations — 16,167 — Income tax expense (benefit) (92 ) 6,955 3,336 Net income (loss) from discontinued operations, net of tax (10 ) 13,823 6,402 Net loss from discontinued operations attributable to noncontrolling interest — — 125 Net income (loss) from discontinued operations attributable to Qumu $ (10 ) $ 13,823 $ 6,527 The major classes of assets and liabilities from discontinued operations were as follows (in thousands): December 31, December 31, Current assets from discontinued operations $ — $ 1,026 Accrued compensation $ — $ 31 Other current liabilities 50 417 Current liabilities from discontinued operations $ 50 $ 448 |
Marketable Securities
Marketable Securities | 12 Months Ended |
Dec. 31, 2015 | |
Marketable Securities [Abstract] | |
Marketable Securities | Marketable Securities Marketable securities consisted of the following (in thousands): December 31, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair value Certificates of deposit $ 6,250 $ — $ (1 ) $ 6,249 Total marketable securities $ 6,250 $ — $ (1 ) $ 6,249 December 31, 2014 Amortized 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 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment Property and equipment consisted of the following (in thousands): December 31, 2015 2014 Computer, network equipment and furniture $ 3,642 $ 2,646 Leasehold improvements 1,915 1,085 Building and building improvements — 10 Total property and equipment 5,557 3,741 Less accumulated depreciation and amortization (2,615 ) (1,842 ) Total property and equipment, net $ 2,942 $ 1,899 Depreciation and amortization expense associated with property and equipment was $1,052,000 , $747,000 and $600,000 for the years ended December 31, 2015 , 2014 and 2013 , respectively. |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Intangible Assets The Company’s amortizable intangible assets consisted of the following (in thousands): December 31, 2015 Customer Relationships Developed Technology Trademarks / Trade-Names Covenants Not to Compete Total Original cost $ 5,115 $ 8,567 $ 2,190 $ 38 $ 15,910 Accumulated amortization (1,075 ) (3,261 ) (528 ) (14 ) (4,878 ) Net identifiable intangible assets $ 4,040 5,306 1,662 24 $ 11,032 Weighted-average useful lives (years) 10 6 15 2 9 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 year ended December 31, 2015 consisted of the following (in thousands): Year Ended Balance, beginning of period $ 13,384 Amortization expense (2,066 ) Currency translation (286 ) Balance, end of period $ 11,032 Amortization expense of intangible assets consisted of the following (in thousands): Year Ended December 31, 2015 2014 2013 Amortization expense associated with the developed technology included in cost of revenues $ 1,268 $ 650 $ 560 Amortization expense associated with other acquired intangible assets included in operating expenses 798 652 627 Total amortization expense $ 2,066 $ 1,302 $ 1,187 The Company estimates that amortization expense associated with intangible assets will be as follows (in thousands): Year Ending December 31, 2016 $ 2,235 2017 2,234 2018 2,023 2019 1,322 2020 1,020 Thereafter 2,198 Total $ 11,032 Goodwill On October 3, 2014, the Company completed the acquisition of Kulu Valley, Ltd. and recognized $8.8 million of goodwill and $6.7 million of intangible assets. The goodwill balance of $8.1 million at December 31, 2015 reflects the impact of foreign currency exchange rate fluctuations since the acquisition date. See Note 2 to the Consolidated Financial Statements for additional information on the acquisition of Kulu Valley. The gross carrying amount of goodwill related to the 2011 acquisition of Qumu, Inc. of $22.2 million was fully impaired in 2012. During the year ended December 31, 2015, the Company’s stock price traded at levels which caused the Company’s enterprise value, excluding any control premium, to approximate its book value, resulting in increased risk of a potential impairment of goodwill. As of December 31, 2015, the Company’s market capitalization, without a control premium, was less than its book value suggesting a possible goodwill impairment. The Company engaged a third party valuation firm to assist the Company with its goodwill impairment analysis. Based on the analysis, the Company determined its enterprise value using a discounted cash flow analysis and a comparable public company analysis, giving both equal weight, was greater than the Company’s book value by 14% . As a result, the Company concluded there was no goodwill impairment. While not a factor used for the December 31, 2015 goodwill impairment analysis, the Company's market capitalization increased to $48.7 million as of March 14, 2016 which was in excess of its book value at December 31, 2015 by 58% . Declines in the Company’s market capitalization could require the Company to record goodwill and other impairment charges. While a goodwill impairment charge is a non-cash charge, it would have a negative impact on the Company's results of operations. |
Contingencies and Commitments
Contingencies and Commitments | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Lease Commitments | Commitments and Contingencies Leases and Other Financing Obligations During the year ended December 31, 2015, the Company acquired computer and network equipment and furniture through capital leases. Balances for assets acquired under capital lease obligations and included in property and equipment were as follows (in thousands): December 31, 2015 2014 Computer and network equipment $ 511 $ — Furniture 287 — Assets acquired under capital lease obligations 798 — Accumulated depreciation (123 ) — Assets acquired under capital lease obligations, net $ 675 $ — The current and long-term portions of capital leases and other financing obligations were as follows (in thousands): December 31, 2015 2014 Capital leases and other financing obligations, current $ 502 $ — Capital leases and other financing obligations, noncurrent 519 — Total capital leases and other financing obligations $ 1,021 $ — The Company leases certain of its facilities and some of its equipment under non-cancelable operating lease arrangements. The rental payments under these leases are charged to expense on a straight-line basis over the non-cancelable term of the lease. Future minimum payments under capital lease obligations, other financing obligations, and non-cancelable operating leases, excluding property taxes and other operating expenses as of December 31, 2015 are as follows (in thousands): Capital leases and other financing obligations Operating leases Total Years ending December 31, 2016 $ 561 $ 1,218 $ 1,779 2017 375 1,268 1,643 2018 179 1,062 1,241 2019 — 571 571 2020 — 309 309 Thereafter — 658 658 Total minimum lease payments 1,115 $ 5,086 $ 6,201 Less amount representing interest (94 ) Present value of net minimum lease payments $ 1,021 On March 5, 2015, the Company entered into an office facility lease agreement for space that will serve as its corporate headquarters. The eighty-nine month lease commenced on September 1, 2015, provides the Company approximately 17,216 square feet in Minneapolis, Minnesota, with the initial term expiring January 31, 2023. Total base rent payable over the lease period is $1,822,000 . The Company has one option to extend the term of the lease for an additional five year period with respect to the leased premises. The lease agreement allowed the Company to construct leasehold improvements to the new space prior to the effective date of the lease. As the leasehold improvements are the property of the Company, the associated costs, amounting to approximately $713,000 , were capitalized in property and equipment as of September 30, 2015 and will be depreciated over the term of the lease. As an incentive to enter into the lease agreement, the lessor provided the Company a one-time tenant improvement allowance of $689,000 to apply against the cost of the leasehold improvements. The one-time tenant improvement allowance is included in deferred rent and will be amortized as a reduction of rent expense over the term of the lease. During the third quarter 2015, the Company recognized an equipment operating lease loss of $1.0 million relating to equipment the Company no longer plans to utilize as part of it managed services offerings. Under this obligation, there are six remaining lease payments of $71,000 payable through the first quarter of 2017. Rent expense under operating leases amounted to approximately $1.0 million , $0.7 million and $0.3 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. Contingencies The Company is exposed to a number of asserted and unasserted legal claims encountered in the ordinary course of its business. Although the outcome of any such legal actions cannot be predicted, management believes that there are no pending legal proceedings against or involving the Company for which the outcome is likely to have a material adverse effect upon its 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. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The Company issues shares pursuant to the 2007 Stock Incentive Plan (the “2007 Plan”) which provides for the grant of stock incentive awards in the form of incentive and non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units, performance stock, performance units and other awards in stock and/or cash to certain key employees, non-employee directors and service providers. The exercise price of stock options granted under the 2007 Plan is equal to the market value on the date of grant. As of December 31, 2015, 2,230,320 shares are authorized under the 2007 Plan of which 337,456 were available for future grant. In addition to awards granted under the 2007 Plan, the Company granted non-qualified options to purchase 200,000 , 100,000 , 50,000 and 130,000 shares of its common stock to newly hired senior management level employees on April 1, 2009 , November 26, 2012 , January 7, 2013 and May 18, 2015 , respectively, all of which were outstanding as of December 31, 2015. The options in all cases were granted outside of any shareholder-approved plan as inducements 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 date of grant, vest in four equal installments on each of the first four anniversaries of the date of grant and have terms 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 stock option agreements between the Company and the employees. The Company recognized the following amounts related to the Company’s share-based payment arrangements (in thousands): Year Ended December 31, 2015 2014 2013 Stock-based compensation cost charged against loss, before income tax benefit Stock options $ 686 $ 812 $ 928 Restricted stock and restricted stock units 1,148 1,029 507 Total expense included in continuing operations $ 1,834 $ 1,841 $ 1,435 Stock-based compensation cost included in: Cost of revenues $ 159 $ 55 $ 25 Operating expenses 1,675 1,786 1,410 Total expense included in continuing operations $ 1,834 $ 1,841 $ 1,435 As of December 31, 2015 , total stock option compensation expense of $1.7 million and $1.7 million was not yet recognized related to non-vested option awards and related to non-vested shares and share unit awards, respectively, and is expected to be recognized over a weighted average period of 2.9 years and 2.6 years, respectively. In addition to the stock-based compensation costs recognized in continuing operations related to the Company’s share-based payment arrangements, stock-based compensation costs of $198,000 and $343,000 are included in discontinued operations for the years ended December 31, 2014 and 2013, respectively. Stock Options The fair value of each option award is estimated at the date of grant using the Black-Scholes option pricing model. The assumptions used to determine the fair value of stock option awards granted were as follows: Year Ended December 31, 2015 2014 2013 Expected life of options in years 4.75 4.75 2.00 - 4.75 Risk-free interest rate 1.3% - 1.6% 1.4% - 1.6% 0.3% - 1.3% Expected volatility 34.5% - 53.2% 33.1% - 34.5% 31.5% - 43.7% Expected dividend yield 0.0% 0.0% 0.0% The Company reviews these assumptions at the time of each new option award and adjusts them as necessary to ensure proper option valuation. The expected life represents the period that the stock option awards are expected to be outstanding. Effective April 2008, the Company’s Board of Directors approved a change in the contractual term of stock options granted to employees from ten to seven years. Given the reduction in the contractual term of its employee stock option awards, the Company determined it was unable to rely on its historical exercise data as a basis for estimating the expected life of stock options granted to employees subsequent to this change. As such, the Company used the “simplified” method for determining the expected life of stock options granted to employees in 2015 , 2014 and 2013 , which bases the expected life calculation on the average of the vesting term and the contractual term of the awards. The risk-free interest rate is based on the yield of constant maturity U.S. treasury bonds with a remaining term equal to the expected life of the awards. The Company estimated the stock price volatility using weekly price observations over the most recent historical period equal to the expected life of the awards. A summary of share option activity is presented in the table below (in thousands, except per share data): Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (1) Options outstanding at December 31, 2012 1,925 $ 13.81 Granted 389 11.78 Exercised (1 ) 9.26 Canceled (565 ) 15.10 Options outstanding at December 31, 2013 1,748 12.95 Granted 133 14.58 Exercised (86 ) 12.28 Canceled (160 ) 15.75 Options outstanding at December 31, 2014 1,635 12.84 Granted 617 4.73 Exercised (20 ) 7.27 Canceled (419 ) 13.45 Options outstanding at December 31, 2015 1,813 10.00 4.0 $ — Total vested and expected to vest as of December 31, 2015 Options exercisable as of: December 31, 2013 881 $ 15.55 December 31, 2014 1,003 14.15 December 31, 2015 969 13.09 2.1 $ — ________________________________________________________________ (1) Aggregate intrinsic value includes only those options with intrinsic value (options where the exercise price is below the market value). Other information pertaining to options is as follows (in thousands, except per share data): Year Ended December 31, 2015 2014 2013 Fair value of options granted $ 1,119 $ 612 $ 1,382 Per share weighted average fair value of options granted $ 1.81 $ 4.60 $ 3.55 Total intrinsic value of stock options exercised $ 131 $ 242 $ 2 The aggregate impact of the exercise of stock options, expirations of vested stock options and lapse of restrictions on restricted stock generated a net tax impact of $7,000 , $6,000 and $13,000 in 2015 , 2014 and 2013 respectively, recorded as a reduction in additional paid-in capital. Restricted Stock and Restrict Stock Units Restricted stock and restricted stock units are valued based on the market value of the Company’s shares on the date of grant, which was equal to the intrinsic value of the shares on that date. These awards vest and the restrictions lapse over varying periods from the date of grant. The Company recognizes compensation expense for the intrinsic value of the restricted awards ratably over the vesting period. A summary of restricted stock and restricted stock units activity is presented in the table below (in thousands, except per share data): Number of Shares Weighted Average Grant-Date Fair Value Nonvested at December 31, 2012 150 $ 11.21 Granted 55 10.14 Vested (66 ) 10.72 Canceled (21 ) 11.46 Nonvested at December 31, 2013 118 10.94 Granted 184 14.92 Vested (76 ) 10.35 Canceled (12 ) 10.63 Nonvested at December 31, 2014 214 14.59 Granted 129 9.96 Vested (92 ) 14.52 Canceled (76 ) 12.64 Nonvested at December 31, 2015 175 $ 12.05 Other information pertaining to restricted stock and restricted stock units is as follows (in thousands, except per share data): Year Ended December 31, 2015 2014 2013 Per share weighted average grant-date fair value of restricted stock and restricted stock units granted $ 9.96 $ 14.92 $ 10.14 Total fair value of restricted stock and restricted stock units vested $ 667 $ 1,076 $ 593 |
Common Stock (Notes)
Common Stock (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Common Stock [Abstract] | |
Common stock | Common Stock Since October 2010, the Company’s Board of Directors has approved common stock repurchases 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 may be discontinued at any time. The repurchase program has been funded to date using cash on hand. The Company repurchased no shares under the share repurchase program during the years ended December 31, 2015, 2014 and 2013. As of December 31, 2015, 778,365 shares were available under the Board authorizations. |
401 (K) Savings Plan
401 (K) Savings Plan | 12 Months Ended |
Dec. 31, 2015 | |
Profit Sharing And Savings Plan [Abstract] | |
401(K) Savings Plan | 401(K) Savings Plan The Company has a savings plan under Section 401(k) of the Internal Revenue Code. The plan allows employees to contribute up to 100% of pretax compensation. The Company matches a percentage of employees’ contributions. Matching contributions totaled $359,000 , $324,000 and $115,000 for the years ended December 31, 2015 , 2014 and 2013 , respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of loss before income taxes consist of the following (in thousands): Year Ended December 31, 2015 2014 2013 Loss before income taxes: Domestic $ (26,889 ) $ (26,271 ) $ (18,450 ) Foreign (2,639 ) (2,636 ) (1,167 ) Total loss before income taxes $ (29,528 ) $ (28,907 ) $ (19,617 ) The provision for income tax expense (benefit) consists of the following (in thousands): Year Ended December 31, 2015 2014 2013 Current: U.S. Federal $ (3 ) $ (122 ) $ (627 ) State 27 35 28 Foreign (817 ) (96 ) — Total current (793 ) (183 ) (599 ) Deferred: U.S. Federal 1 (5,693 ) (2,475 ) State (47 ) (562 ) (322 ) Foreign — (126 ) — Total deferred (46 ) (6,381 ) (2,797 ) Total provision for income tax expense (benefit) $ (839 ) $ (6,564 ) $ (3,396 ) Total income tax expense (benefit) differs from the expected income tax expense (benefit), computed by applying the federal statutory rate of 34% to earnings before income taxes as follows (in thousands): Year Ended December 31, 2015 2014 2013 Expected income tax expense (benefit) $ (10,040 ) $ (9,828 ) $ (6,671 ) State income taxes, net of federal tax effect (830 ) (347 ) (549 ) Change in tax rate 48 20 1 Federal R&D credit (82 ) (88 ) (57 ) Change in valuation allowance 9,906 2,957 3,659 Foreign tax 80 690 108 Other, net 79 32 113 Total provision for income tax expense (benefit) $ (839 ) $ (6,564 ) $ (3,396 ) The tax effects of temporary differences that give rise to significant portions of deferred tax assets (liabilities) are presented below (in thousands): December 31, 2015 2014 Deferred tax assets: Inventory provisions and uniform capitalization $ 24 $ 35 Accounts receivable allowances 9 20 Non-qualified stock option and restricted stock expense 1,789 2,176 Deferred maintenance revenue 76 221 Loss and credit carryforwards of U.S. subsidiary 28,366 19,153 Loss carryforward of foreign subsidiaries 382 221 Other accruals and reserves 1,108 907 Other 122 33 Total deferred tax assets before valuation allowance 31,876 22,766 Less valuation allowance (28,928 ) (19,916 ) Total deferred tax assets $ 2,948 $ 2,850 Deferred tax liabilities: Acquired intangibles $ (3,067 ) $ (3,865 ) Fixed Assets (399 ) (100 ) Total deferred tax liabilities $ (3,466 ) $ (3,965 ) Total net deferred tax assets (liabilities) $ (518 ) $ (1,115 ) As of December 31, 2015 , the Company had net operating loss carryforwards of $68.4 million for U.S. federal tax purposes. The Company also had $58.8 million of various state net operating loss carryforwards. The loss carryforwards for federal tax purposes will expire between 2023 and 2035 if not utilized. The loss carryforwards for state tax purposes will expire between 2022 and 2035 if not utilized. As of December 31, 2015 , the Company had federal and state research and development credit carryforwards of $2.9 million , net of Section 383 limitations, which will begin to expire in 2022 if not utilized. As a result of its acquisition of Qumu, Inc. in October 2011, utilization of U.S. net operating losses and tax credits of Qumu, Inc. are subject to annual limitations under Internal Revenue Code Sections 382 and 383, respectively. The Company assessed that the valuation allowance against its U.S. deferred tax assets is still appropriate as of December 31, 2015, based on the consideration of all available positive and negative evidence, using the “more likely than not” standard required by ASC 740, Income Taxes . The valuation allowance will be reviewed quarterly and will be maintained until sufficient positive evidence exists to support the reversal of the valuation allowance. The Company generally believes that it is more likely than not that the future results of the operations of its subsidiaries in the U.K. will generate sufficient taxable income due to the reversal of deferred tax liabilities to realize the tax benefits related to its deferred tax assets. As of December 31, 2015, the Company had a cumulative foreign tax loss carryforward of $2.1 million in the U.K. This amount can be carried forward indefinitely. The Company has not provided deferred taxes on unremitted earnings attributable to its international subsidiaries that are considered to be reinvested indefinitely. Accumulated undistributed foreign earnings relate primarily to operations of the Company's subsidiaries in Japan and the U.K. and amount to approximately $1.3 million as of December 31, 2015. The amount of cash, cash equivalent and marketable securities held by the Company's international subsidiaries that are not available to fund domestic operations unless repatriated was $1.0 million as of December 31, 2015. The Company currently does not intend to repatriate the cash and related balances held by its international subsidiaries. However, if circumstances change and these funds are needed to meet cash requirements in the U.S., the Company may be required to accrue and pay U.S. taxes, net of related foreign tax credits, to repatriate these funds. Based on current tax laws and structures, the Company does not believe this would have a material impact on its consolidated financial statements and cash flows. A reconciliation of the beginning and ending amounts of gross unrecognized tax benefits for the years ended December 31 is presented in the table below (in thousands): Year Ended December 31, 2015 2014 Gross unrecognized tax benefits at beginning of year $ 900 $ 1,036 Increases related to: Prior year income tax positions 2 — Current year income tax positions 68 64 Decreases related to: Prior year income tax positions - closure of statute of limitations — (200 ) Gross unrecognized tax benefits at end of year $ 970 $ 900 Included in the balance of unrecognized tax benefits at December 31, 2015 are potential benefits of $9,000 that if recognized, would affect the effective tax rate. The Company does not anticipate that the total amount of unrecognized tax benefits as of December 31, 2015 will change significantly by December 31, 2016. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as a component of income tax expense. Total accrued interest and penalties amounted to $4,000 and $1,000 on a gross basis at December 31, 2015 and 2014 , respectively, and are excluded from the reconciliation of unrecognized tax benefits presented above. Interest and penalties recognized in the Consolidated Statements of Operations related to uncertain tax positions amounted to a net tax benefit in 2015 of $3,000 and net tax expense in 2014 of $18,000 . The Company files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. As of December 31, 2015 , the Company was no longer subject to income tax examinations for taxable years before 2013 in the case of U.S. federal taxing authorities, and taxable years generally before 2011 in the case of state taxing authorities, consisting primarily of Minnesota and California. |
Computation of Net Loss From Co
Computation of Net Loss From Continuing Operations Per Share of Common Stock | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Computation of Net Loss From Continuing Per Share of Common Stock | Computation of Net Loss From Continuing Operations Per Share of Common Stock The following table identifies the components of net loss from continuing operations per basic and diluted share (in thousands, except for per share data): Year Ended December 31, 2015 2014 2013 Shares outstanding at end of year 9,189 9,127 8,674 Basic weighted average shares outstanding 9,235 8,836 8,691 Dilutive effect of stock options and restricted stock units — — — Total diluted weighted average shares outstanding 9,235 8,836 8,691 Net loss from continuing operations $ (28,689 ) $ (22,343 ) $ (16,221 ) Net loss from continuing operations per basic and diluted share $ (3.11 ) $ (2.53 ) $ (1.87 ) Stock options and restricted stock units to acquire weighted average common shares of 1,676,000 , 1,724,000 and 1,921,000 for the years ended December 31, 2015 , 2014 and 2013 , respectively, have been excluded from the computation of diluted weighted average shares outstanding for each respective period as their effect is anti-dilutive. |
Significant Customers and Geogr
Significant Customers and Geographic Data | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Business Segment Information / Major Customers | Significant Customers and Geographic Data Customers accounting for more than 10% of the Company’s total revenue are as follows (in thousands): Years Ended December 31, Revenues 2015 2014 2013 Customer A $ 4,375 * $ 1,941 _________________________________________________ * Sales did not exceed 10% Customers accounting for more than 10% of the Company’s accounts receivable are as follows (in thousands): December 31, Accounts Receivable 2015 2014 2013 Customer A $ 1,144 * $ 294 Customer B $ 1,173 * * _________________________________________________ * Accounts receivable balance did not exceed 10% The Company’s revenues from each of its principal geographic regions are presented based on customer location as follows (in thousands): Years Ended December 31, 2015 2014 2013 North America $ 25,254 $ 22,634 $ 13,273 Europe 8,128 2,712 4,463 Asia 1,072 1,175 — Total $ 34,454 $ 26,521 $ 17,736 Net property and equipment of the Company were located as follows (in thousands): December 31, 2015 2014 North America $ 2,715 $ 1,748 Europe 209 132 Asia 18 19 Total $ 2,942 $ 1,899 |
Supplemental Quarterly Data - U
Supplemental Quarterly Data - Unaudited | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Income Statement Elements [Abstract] | |
Supplemental Quarterly Data - Unaudited | Supplemental Quarterly Data – Unaudited (In thousands, except per share data) 2014 2015 First Second Third Fourth First Second Third Fourth Revenues $ 3,929 $ 8,404 $ 5,853 $ 8,335 $ 5,969 $ 8,764 $ 9,602 $ 10,119 Cost of revenues 2,539 4,242 3,223 4,468 3,775 4,492 4,870 4,362 Gross profit 1,390 4,162 2,630 3,867 2,194 4,272 4,732 5,757 Operating expenses: Research and development 2,024 2,264 2,321 2,897 2,802 2,858 2,848 2,181 Sales and marketing 3,759 4,601 4,157 5,474 4,828 4,740 4,706 3,720 General and administrative 2,758 2,820 3,316 3,732 4,364 3,558 4,353 4,603 Amortization of intangibles 157 156 157 182 199 200 200 199 Total operating expenses 8,698 9,841 9,951 12,285 12,193 11,356 12,107 10,703 Operating loss (7,308 ) (5,679 ) (7,321 ) (8,418 ) (9,999 ) (7,084 ) (7,375 ) (4,946 ) Other income (expense): Interest, net 12 10 11 27 16 15 (10 ) (14 ) Other, net (27 ) (6 ) (61 ) (147 ) (64 ) (4 ) (89 ) 26 Total other income (loss), net (15 ) 4 (50 ) (120 ) (48 ) 11 (99 ) 12 Loss before income taxes (7,323 ) (5,675 ) (7,371 ) (8,538 ) (10,047 ) (7,073 ) (7,474 ) (4,934 ) Income tax benefit (1,150 ) (296 ) (4,492 ) (626 ) (174 ) (146 ) (163 ) (357 ) Net loss from continuing operations (6,173 ) (5,379 ) (2,879 ) (7,912 ) (9,873 ) (6,927 ) (7,311 ) (4,577 ) Net income (loss) from discontinued operations, net of tax 2,244 562 11,559 (542 ) (67 ) (22 ) 79 — Net income (loss) $ (3,929 ) $ (4,817 ) $ 8,680 $ (8,454 ) $ (9,940 ) $ (6,949 ) $ (7,232 ) $ (4,577 ) Net income (loss) per basic and diluted share $ (0.45 ) $ (0.55 ) $ 0.99 $ (0.93 ) $ (1.08 ) $ (0.75 ) $ (0.78 ) $ (0.50 ) |
Nature Of Business And Summar22
Nature Of Business And Summary Of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Nature of Business | Qumu Corporation (the "Company") provides the tools businesses need to create, manage, secure, deliver and measure the success of their videos. The Company's innovative solutions release the power in video to engage and empower employees, partners and clients. Organizations around the world realize the greatest possible value from video they create and publish. Whatever the audience size, viewer device or network configuration, the Company's solutions are how business does video. The Company views its operations and manages its business as one segment and one reporting unit. Factors used to identify the Company's single operating segment and reporting unit include the financial information available for evaluation by the chief operating decision maker in making decisions about how to allocate resources and assess performance. The Company manages the marketing of its products and services through regional sales representatives and independent distributors in the United States and international markets. 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 had 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 Consolidated Statements of Operations. All remaining amounts presented in the accompanying 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. Certain reclassifications have been made to amounts for prior years to conform to the current year's presentation. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated. |
Use of Estimates | Use of Estimates 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 and disclosure of contingent 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 those estimates. |
Revenue Recognition | Revenue Recognition The Company generates revenue through the sale of enterprise video content management software solutions, hardware, maintenance and support, and professional and other services. Software sales may take the form of a perpetual software license, a term software license or a cloud-hosted software as a service (SaaS). Software licenses and appliances revenue includes sales of perpetual software licenses and hardware. Service revenue includes term software licenses, SaaS, maintenance and support, and professional and other services. The Company commences revenue recognition when all of the following conditions are met: there is persuasive evidence of an arrangement; the product has been delivered or the services have been provided to the customer; the collection of the fees is reasonably assured; and the amount of fees to be paid by the customer is fixed or determinable. More specifically: • Revenue from perpetual software licenses and hardware are generally recognized when the product has been delivered. • Revenue from subscription, maintenance and support, which includes term software licenses, cloud-hosted software as a service and maintenance and support, are generally recognized ratably over the contract term beginning on the commencement date of each contract, which is the date the Company’s product has been delivered or service is made available to customers. • Revenue from professional and other services, which are not essential to the functionality of the software, are generally recognized as the services are provided to customers. The Company allocates revenue to the software-related and non-software elements under one arrangement based on the relative selling price. In such circumstances, the selling price for a deliverable is based on the following hierarchy: i) vendor-specific objective evidence (“VSOE”), if available, ii) third-party evidence (“TPE”), if VSOE is not available, or iii) estimated selling price (“ESP”), if neither VSOE nor TPE is available. The Company determines VSOE of the selling price for software-related elements, including professional services and software maintenance and support contracts, based on the price charged for the deliverable when sold separately. After the arrangement consideration has been allocated to the software-related and non-software related elements, the Company accounts for each respective element as follows: • Revenue for each of the non-software elements is allocated based on the selling price hierarchy and recognized as noted above provided all other criteria required for revenue recognition have been met. • Revenue for each of the software-related elements is allocated based on the VSOE of each element and recognized as noted above provided all other criteria required for revenue recognition have been met. In software-related arrangements for which the Company does not have the VSOE of the fair value for all elements, revenue is deferred until the earlier of when the VSOE is determined for the undelivered elements (residual method) or when all elements for which the Company does not have the VSOE of the fair value have been delivered, unless the only undelivered element is maintenance and support, in which case the entire amount of revenue is recognized over the maintenance and support period. Other items relating to charges collected from customers: • Shipping and handling charges collected from customers as part of the Company's sales transactions are included in revenues and the associated costs are included in cost of revenues. • Sales taxes charged to and collected from customers as part of the Company’s sales transactions are excluded from revenues and recorded as a liability to the applicable governmental taxing authority. |
Deferred Revenue | Deferred Revenue Deferred revenue consists of billings or payments received in advance of revenue recognition and is recognized as the revenue recognition criteria are met. The deferred revenue balance does not represent the total contract value of annual or multi-year, non-cancelable subscription agreements. Deferred revenue that will be recognized during the succeeding 12 month period is recorded as current deferred revenue, and the remaining portion is recorded as non-current deferred revenue. |
Deferred Commissions | Deferred Commissions Sales commissions represent the direct incremental costs related to the acquisition of customer contracts. The Company recognizes commissions as sales and marketing expense at the time the associated product revenue is recognized, requiring establishment of a deferred cost in the event a commission is paid prior to recognition of revenue. The deferred commission amounts are recoverable through the related future revenue streams under non-cancelable customer contracts and also commission clawback provisions in the Company's sales compensation plans. |
Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents are stated at fair value. |
Marketable Securities | Marketable Securities Management determines the appropriate classification of marketable securities at the time of purchase and reevaluates such designation as of each balance sheet date. Currently, all marketable securities held by the Company are classified as available-for-sale. Available-for-sale securities are carried at fair value as determined by quoted market prices with unrealized gains and losses, net of tax, reported as a separate component of stockholders’ equity. The Company analyzes its marketable securities for impairment on an ongoing basis. Factors considered in determining whether an unrealized loss is a temporary loss or an other-than-temporary loss include the length of time and extent to which the securities have been in an unrealized loss position and the Company’s ability and intent to hold the investment for a period of time sufficient to allow for any anticipated market recovery. |
Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are initially recorded at a selling price, which approximates fair value upon the sale of goods or services to customers. The Company maintains an allowance for doubtful accounts to reflect accounts receivable at net realizable value. In judging the adequacy of the allowance for doubtful accounts, the Company considers multiple factors, including historical bad debt experience, the general economic environment, the need for specific client reserves and the aging of the Company’s receivables. A portion of this provision is included in operating expenses as a general and administrative expense and a portion of this provision is included as a reduction of license revenue. A considerable amount of judgment is required in assessing these factors. If the factors utilized in determining the allowance do not reflect future performance, then a change in the allowance for doubtful accounts would be necessary in the period such determination has been made, which would impact future results of operations. |
Inventories | Inventories Inventories are stated at the lower of cost or market. Cost is determined on a first-in, first-out basis. The Company records provisions for potential excess, obsolete and slow moving inventory. Results could be different if demand for the Company’s products decreased because of economic or competitive conditions, or if products became obsolete because of technical advancements in the industry or by the Company. Inventory included in prepaid expenses and other current assets was $250,000 and $168,000 as of December 31, 2015 and 2014, respectively. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost and depreciated on a straight-line basis over estimated useful lives ranging from one to seven years for most assets. Leasehold improvements are amortized using the straight-line method over the shorter of the property’s useful life or the term of the underlying lease. Repairs and maintenance costs are charged to operations as incurred. The asset cost and related accumulated depreciation or amortization are adjusted for asset retirement or disposal, with the resulting gain or loss, if any, credited or charged to results of operations. |
Goodwill and Other Intangible Assets | Goodwill The Company records goodwill when consideration paid in a purchase acquisition exceeds the fair value of the net tangible assets and the identified intangible assets acquired. Goodwill is not amortized, but rather is tested for impairment annually or more frequently if facts and circumstances warrant a review. The Company has determined that there is a single reporting unit for the purpose of goodwill impairment tests. For purposes of assessing the impairment of goodwill, the Company annually, at its fiscal year end, estimates the fair value of the reporting unit and compares this amount to the carrying value of the reporting unit. If the Company determines that the carrying value of the reporting unit exceeds its fair value, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds its fair value. As of December 31, 2015, the Company completed its annual impairment test of goodwill. Based upon that evaluation, the Company determined that its goodwill was not impaired. See Note 6–"Intangible Assets and Goodwill." |
Impairment of Long-lived Assets | Long-lived Assets The Company continually monitors events and changes in circumstances that could indicate that carrying amounts of its long-lived assets, including property and equipment and intangible assets may not be recoverable. When such events or changes in circumstances occur, the Company assesses the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through their undiscounted expected future cash flows. If the future undiscounted cash flows are less than the carrying amount of these assets, the Company recognizes an impairment loss based on the excess of the carrying amount over the fair value of the assets. |
Investment in Nonconsolidated Company | Investment in Nonconsolidated Company As of December 31, 2015 and 2014 , the Company 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. 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. Equity securities accounted for under the cost method are reviewed quarterly for changes in circumstances or the occurrence of events that suggest the Company’s investment may not be fully recoverable. If an unrealized loss for the investment is considered to be other-than-temporary, the loss will be recognized in the Consolidated Statements of Operations in the period the determination is made. 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. |
Stock-Based Compensation | Stock-Based Compensation The Company measures stock-based compensation based on the fair value of the award at the date of grant. The Company recognizes stock-based compensation on a straight-line basis over the requisite service period for the entire awards, net of an estimated forfeiture rate. Compensation cost is recognized for all awards over the vesting period to the extent the requisite service requirements are met, whether or not the award is ultimately exercised. Conversely, when the requisite service requirements are not met and the award is forfeited prior to vesting, any compensation expense previously recognized for the award is reversed. |
Research and Development Costs | Research and Development Costs Costs related to research, design and development of products are charged to research and development expense as incurred. Software development costs are capitalized beginning when a product’s technological feasibility has been established and ending when a product is available for general release to customers. The Company uses the working model approach to determine technological feasibility. The Company’s products are released soon after technological feasibility has been established. As a result, the Company has not capitalized any software development costs because such costs have not been significant. |
Royalties for Third Party Technology | Royalties for Third Party Technology Royalties for third party technology are either paid in advance and capitalized as prepaid royalties or are accrued as incurred and subsequently paid. These royalties are generally expensed to cost of revenue generally at the greater of the contractual rate or an effective royalty rate based on the total projected net revenue for contracts with guaranteed minimums. Each quarter, the Company also evaluates the expected future realization of its prepaid royalties, as well as any minimum commitments not yet paid to determine amounts it deems unlikely to be realized through product sales. Any impairments or losses determined before the launch of a product are generally charged to general and administrative expense, and any impairments or losses determined post-launch are charged to cost of revenue. Unrecognized minimum royalty-based commitments are accounted for as executory contracts, and therefore, any losses on these commitments are recognized when the underlying intellectual property is abandoned (i.e., cease use) or the contractual rights to use the intellectual property are terminated. |
Income Taxes | Income Taxes The Company provides for income taxes using the liability method, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance when it is more likely than not that some component or all of the deferred tax assets will not be realized. Tax rate changes are reflected in income during the period such changes are enacted. |
Foreign Currency Translation | Foreign Currency Translation The functional currency for each of the Company’s international subsidiaries is the respective local currency. The Company translates its financial statements of consolidated entities whose functional currency is not the U.S. dollar into U.S. dollars. The Company translates its assets and liabilities at the exchange rate in effect as of the financial statement date and translates statement of operations accounts using the average exchange rate for the period. Exchange rate differences resulting from translation adjustments are accounted for as a component of accumulated other comprehensive loss. Gains or losses, whether realized or unrealized, due to transactions in foreign currencies are reflected in the consolidated statements of operations under the line item other income (expense). |
Net Loss Per Share | Net Loss Per Share Basic net loss per common share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted net loss per common share is computed by giving effect to all potentially dilutive common shares including options and restricted stock units. Basic and diluted net loss per common share was the same for all periods presented as the impact of all potentially dilutive securities outstanding was anti-dilutive. |
Comprehensive Income (Loss) | Comprehensive Income (Loss) Comprehensive income (loss) includes net income and items defined as other comprehensive income, such as unrealized gains and losses on certain marketable securities and foreign currency translation adjustments. Such items are reported in the consolidated statements of comprehensive income (loss). |
New Accounting Pronouncements | New Accounting Pronouncements In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes, which amends the guidance requiring companies to separate deferred income tax liabilities and assets into current and non-current amounts in a classified statement of financial position. This accounting guidance simplifies the presentation of deferred income taxes, such that deferred tax liabilities and assets be classified as non-current in a classified statement of financial position. This accounting guidance is effective for the Company beginning in the first quarter of 2017, but the Company has elected to adopt this guidance prospectively as of December 31, 2015. As a result, all deferred tax liabilities and assets are classified as non-current in the consolidated balance sheet at December 31, 2015. 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. In May 2014, the FASB issued ASU 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. |
Nature of Business and Summar23
Nature of Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net | Changes to the allowance for doubtful accounts consisted of the following (in thousands): Year Ended December 31, Allowance for Doubtful Accounts: 2015 2014 2013 Balance at beginning of year $ 55 $ 20 $ 62 Write-offs — (8 ) (25 ) Recoveries — — — Change in provision (31 ) 43 (17 ) Balance at end of year $ 24 $ 55 $ 20 |
Acquisition of Kulu Valley, L24
Acquisition of Kulu Valley, Ltd (Tables) | 12 Months Ended |
Dec. 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 Valley’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 Publishing
Divestiture of Disc Publishing (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Discontinued Operations, Income Statement and Balance Sheet | Revenue, operating income, gain on sale of business, income tax expense and net income from discontinued operations were as follows (in thousands): Year Ended December 31, 2015 2014 2013 Net revenue $ — $ 29,922 $ 64,736 Operating income — 4,520 9,918 Gain on sale of discontinued operations — 16,167 — Income tax expense (benefit) (92 ) 6,955 3,336 Net income (loss) from discontinued operations, net of tax (10 ) 13,823 6,402 Net loss from discontinued operations attributable to noncontrolling interest — — 125 Net income (loss) from discontinued operations attributable to Qumu $ (10 ) $ 13,823 $ 6,527 The major classes of assets and liabilities from discontinued operations were as follows (in thousands): December 31, December 31, Current assets from discontinued operations $ — $ 1,026 Accrued compensation $ — $ 31 Other current liabilities 50 417 Current liabilities from discontinued operations $ 50 $ 448 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Marketable Securities [Abstract] | |
Schedule of marketable securities | Marketable securities consisted of the following (in thousands): December 31, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair value Certificates of deposit $ 6,250 $ — $ (1 ) $ 6,249 Total marketable securities $ 6,250 $ — $ (1 ) $ 6,249 December 31, 2014 Amortized 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 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property and equipment | Property and equipment consisted of the following (in thousands): December 31, 2015 2014 Computer, network equipment and furniture $ 3,642 $ 2,646 Leasehold improvements 1,915 1,085 Building and building improvements — 10 Total property and equipment 5,557 3,741 Less accumulated depreciation and amortization (2,615 ) (1,842 ) Total property and equipment, net $ 2,942 $ 1,899 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | The Company’s amortizable intangible assets consisted of the following (in thousands): December 31, 2015 Customer Relationships Developed Technology Trademarks / Trade-Names Covenants Not to Compete Total Original cost $ 5,115 $ 8,567 $ 2,190 $ 38 $ 15,910 Accumulated amortization (1,075 ) (3,261 ) (528 ) (14 ) (4,878 ) Net identifiable intangible assets $ 4,040 5,306 1,662 24 $ 11,032 Weighted-average useful lives (years) 10 6 15 2 9 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 year ended December 31, 2015 consisted of the following (in thousands): Year Ended Balance, beginning of period $ 13,384 Amortization expense (2,066 ) Currency translation (286 ) Balance, end of period $ 11,032 |
Finite-lived Intangible Assets Amortization Expense | Amortization expense of intangible assets consisted of the following (in thousands): Year Ended December 31, 2015 2014 2013 Amortization expense associated with the developed technology included in cost of revenues $ 1,268 $ 650 $ 560 Amortization expense associated with other acquired intangible assets included in operating expenses 798 652 627 Total amortization expense $ 2,066 $ 1,302 $ 1,187 |
Intangible Assets Future Amortization Expense | The Company estimates that amortization expense associated with intangible assets will be as follows (in thousands): Year Ending December 31, 2016 $ 2,235 2017 2,234 2018 2,023 2019 1,322 2020 1,020 Thereafter 2,198 Total $ 11,032 |
Contingencies and Commitments (
Contingencies and Commitments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Schedule of Capital Leased Assets | During the year ended December 31, 2015, the Company acquired computer and network equipment and furniture through capital leases. Balances for assets acquired under capital lease obligations and included in property and equipment were as follows (in thousands): December 31, 2015 2014 Computer and network equipment $ 511 $ — Furniture 287 — Assets acquired under capital lease obligations 798 — Accumulated depreciation (123 ) — Assets acquired under capital lease obligations, net $ 675 $ — |
Schedule of Debt | The current and long-term portions of capital leases and other financing obligations were as follows (in thousands): December 31, 2015 2014 Capital leases and other financing obligations, current $ 502 $ — Capital leases and other financing obligations, noncurrent 519 — Total capital leases and other financing obligations $ 1,021 $ — |
Schedule of Future Minimum Lease Payments for Capital Leases | Future minimum payments under capital lease obligations, other financing obligations, and non-cancelable operating leases, excluding property taxes and other operating expenses as of December 31, 2015 are as follows (in thousands): Capital leases and other financing obligations Operating leases Total Years ending December 31, 2016 $ 561 $ 1,218 $ 1,779 2017 375 1,268 1,643 2018 179 1,062 1,241 2019 — 571 571 2020 — 309 309 Thereafter — 658 658 Total minimum lease payments 1,115 $ 5,086 $ 6,201 Less amount representing interest (94 ) Present value of net minimum lease payments $ 1,021 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of share-based payment arrangements | The Company recognized the following amounts related to the Company’s share-based payment arrangements (in thousands): Year Ended December 31, 2015 2014 2013 Stock-based compensation cost charged against loss, before income tax benefit Stock options $ 686 $ 812 $ 928 Restricted stock and restricted stock units 1,148 1,029 507 Total expense included in continuing operations $ 1,834 $ 1,841 $ 1,435 Stock-based compensation cost included in: Cost of revenues $ 159 $ 55 $ 25 Operating expenses 1,675 1,786 1,410 Total expense included in continuing operations $ 1,834 $ 1,841 $ 1,435 |
Schedule of assumptions used to determine the fair value of stock options awards granted | The fair value of each option award is estimated at the date of grant using the Black-Scholes option pricing model. The assumptions used to determine the fair value of stock option awards granted were as follows: Year Ended December 31, 2015 2014 2013 Expected life of options in years 4.75 4.75 2.00 - 4.75 Risk-free interest rate 1.3% - 1.6% 1.4% - 1.6% 0.3% - 1.3% Expected volatility 34.5% - 53.2% 33.1% - 34.5% 31.5% - 43.7% Expected dividend yield 0.0% 0.0% 0.0% |
Schedule of share-based compensation pertaining to stock options | A summary of share option activity is presented in the table below (in thousands, except per share data): Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (1) Options outstanding at December 31, 2012 1,925 $ 13.81 Granted 389 11.78 Exercised (1 ) 9.26 Canceled (565 ) 15.10 Options outstanding at December 31, 2013 1,748 12.95 Granted 133 14.58 Exercised (86 ) 12.28 Canceled (160 ) 15.75 Options outstanding at December 31, 2014 1,635 12.84 Granted 617 4.73 Exercised (20 ) 7.27 Canceled (419 ) 13.45 Options outstanding at December 31, 2015 1,813 10.00 4.0 $ — Total vested and expected to vest as of December 31, 2015 Options exercisable as of: December 31, 2013 881 $ 15.55 December 31, 2014 1,003 14.15 December 31, 2015 969 13.09 2.1 $ — ________________________________________________________________ (1) Aggregate intrinsic value includes only those options with intrinsic value (options where the exercise price is below the market value). |
Nonvested restricted stock shares activity | A summary of restricted stock and restricted stock units activity is presented in the table below (in thousands, except per share data): Number of Shares Weighted Average Grant-Date Fair Value Nonvested at December 31, 2012 150 $ 11.21 Granted 55 10.14 Vested (66 ) 10.72 Canceled (21 ) 11.46 Nonvested at December 31, 2013 118 10.94 Granted 184 14.92 Vested (76 ) 10.35 Canceled (12 ) 10.63 Nonvested at December 31, 2014 214 14.59 Granted 129 9.96 Vested (92 ) 14.52 Canceled (76 ) 12.64 Nonvested at December 31, 2015 175 $ 12.05 |
Schedule of share-based compensation pertaining to restricted stock and restricted stock units | Other information pertaining to restricted stock and restricted stock units is as follows (in thousands, except per share data): Year Ended December 31, 2015 2014 2013 Per share weighted average grant-date fair value of restricted stock and restricted stock units granted $ 9.96 $ 14.92 $ 10.14 Total fair value of restricted stock and restricted stock units vested $ 667 $ 1,076 $ 593 |
Schedule of Other Share-based Compensation, Activity [Table Text Block] | Other information pertaining to options is as follows (in thousands, except per share data): Year Ended December 31, 2015 2014 2013 Fair value of options granted $ 1,119 $ 612 $ 1,382 Per share weighted average fair value of options granted $ 1.81 $ 4.60 $ 3.55 Total intrinsic value of stock options exercised $ 131 $ 242 $ 2 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of income before income taxes | The components of loss before income taxes consist of the following (in thousands): Year Ended December 31, 2015 2014 2013 Loss before income taxes: Domestic $ (26,889 ) $ (26,271 ) $ (18,450 ) Foreign (2,639 ) (2,636 ) (1,167 ) Total loss before income taxes $ (29,528 ) $ (28,907 ) $ (19,617 ) |
Schedule of provision for income tax expense (benefit) | The provision for income tax expense (benefit) consists of the following (in thousands): Year Ended December 31, 2015 2014 2013 Current: U.S. Federal $ (3 ) $ (122 ) $ (627 ) State 27 35 28 Foreign (817 ) (96 ) — Total current (793 ) (183 ) (599 ) Deferred: U.S. Federal 1 (5,693 ) (2,475 ) State (47 ) (562 ) (322 ) Foreign — (126 ) — Total deferred (46 ) (6,381 ) (2,797 ) Total provision for income tax expense (benefit) $ (839 ) $ (6,564 ) $ (3,396 ) |
Total income tax expense differs from the expected income tax expense | Total income tax expense (benefit) differs from the expected income tax expense (benefit), computed by applying the federal statutory rate of 34% to earnings before income taxes as follows (in thousands): Year Ended December 31, 2015 2014 2013 Expected income tax expense (benefit) $ (10,040 ) $ (9,828 ) $ (6,671 ) State income taxes, net of federal tax effect (830 ) (347 ) (549 ) Change in tax rate 48 20 1 Federal R&D credit (82 ) (88 ) (57 ) Change in valuation allowance 9,906 2,957 3,659 Foreign tax 80 690 108 Other, net 79 32 113 Total provision for income tax expense (benefit) $ (839 ) $ (6,564 ) $ (3,396 ) |
Schedule of tax effects of temporary differences that give rise to significant portions of deferred tax assets (liabilities) | The tax effects of temporary differences that give rise to significant portions of deferred tax assets (liabilities) are presented below (in thousands): December 31, 2015 2014 Deferred tax assets: Inventory provisions and uniform capitalization $ 24 $ 35 Accounts receivable allowances 9 20 Non-qualified stock option and restricted stock expense 1,789 2,176 Deferred maintenance revenue 76 221 Loss and credit carryforwards of U.S. subsidiary 28,366 19,153 Loss carryforward of foreign subsidiaries 382 221 Other accruals and reserves 1,108 907 Other 122 33 Total deferred tax assets before valuation allowance 31,876 22,766 Less valuation allowance (28,928 ) (19,916 ) Total deferred tax assets $ 2,948 $ 2,850 Deferred tax liabilities: Acquired intangibles $ (3,067 ) $ (3,865 ) Fixed Assets (399 ) (100 ) Total deferred tax liabilities $ (3,466 ) $ (3,965 ) Total net deferred tax assets (liabilities) $ (518 ) $ (1,115 ) |
Reconciliation of the beginning and ending amounts of gross unrecognized tax benefits | A reconciliation of the beginning and ending amounts of gross unrecognized tax benefits for the years ended December 31 is presented in the table below (in thousands): Year Ended December 31, 2015 2014 Gross unrecognized tax benefits at beginning of year $ 900 $ 1,036 Increases related to: Prior year income tax positions 2 — Current year income tax positions 68 64 Decreases related to: Prior year income tax positions - closure of statute of limitations — (200 ) Gross unrecognized tax benefits at end of year $ 970 $ 900 |
Computation of Net Loss From 32
Computation of Net Loss From Continuing Operations Per Share of Common Stock (Tables) | 12 Months Ended |
Dec. 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 from continuing operations per basic and diluted share (in thousands, except for per share data): Year Ended December 31, 2015 2014 2013 Shares outstanding at end of year 9,189 9,127 8,674 Basic weighted average shares outstanding 9,235 8,836 8,691 Dilutive effect of stock options and restricted stock units — — — Total diluted weighted average shares outstanding 9,235 8,836 8,691 Net loss from continuing operations $ (28,689 ) $ (22,343 ) $ (16,221 ) Net loss from continuing operations per basic and diluted share $ (3.11 ) $ (2.53 ) $ (1.87 ) |
Significant Customers and Geo33
Significant Customers and Geographic Data (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Schedule of sale amounts and related accounts receivable balances generated by unaffiliated customers that provided more than 10% of consolidated revenues | Customers accounting for more than 10% of the Company’s total revenue are as follows (in thousands): Years Ended December 31, Revenues 2015 2014 2013 Customer A $ 4,375 * $ 1,941 _________________________________________________ * Sales did not exceed 10% Customers accounting for more than 10% of the Company’s accounts receivable are as follows (in thousands): December 31, Accounts Receivable 2015 2014 2013 Customer A $ 1,144 * $ 294 Customer B $ 1,173 * * |
Schedule of revenues from each geographic regions based on customer location | The Company’s revenues from each of its principal geographic regions are presented based on customer location as follows (in thousands): Years Ended December 31, 2015 2014 2013 North America $ 25,254 $ 22,634 $ 13,273 Europe 8,128 2,712 4,463 Asia 1,072 1,175 — Total $ 34,454 $ 26,521 $ 17,736 |
Schedule of net property and equipment location | Net property and equipment of the Company were located as follows (in thousands): December 31, 2015 2014 North America $ 2,715 $ 1,748 Europe 209 132 Asia 18 19 Total $ 2,942 $ 1,899 |
Supplemental Quarterly Data -34
Supplemental Quarterly Data - Unaudited (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Income Statement Elements [Abstract] | |
Supplemental Quarterly Data - Unaudited | 2014 2015 First Second Third Fourth First Second Third Fourth Revenues $ 3,929 $ 8,404 $ 5,853 $ 8,335 $ 5,969 $ 8,764 $ 9,602 $ 10,119 Cost of revenues 2,539 4,242 3,223 4,468 3,775 4,492 4,870 4,362 Gross profit 1,390 4,162 2,630 3,867 2,194 4,272 4,732 5,757 Operating expenses: Research and development 2,024 2,264 2,321 2,897 2,802 2,858 2,848 2,181 Sales and marketing 3,759 4,601 4,157 5,474 4,828 4,740 4,706 3,720 General and administrative 2,758 2,820 3,316 3,732 4,364 3,558 4,353 4,603 Amortization of intangibles 157 156 157 182 199 200 200 199 Total operating expenses 8,698 9,841 9,951 12,285 12,193 11,356 12,107 10,703 Operating loss (7,308 ) (5,679 ) (7,321 ) (8,418 ) (9,999 ) (7,084 ) (7,375 ) (4,946 ) Other income (expense): Interest, net 12 10 11 27 16 15 (10 ) (14 ) Other, net (27 ) (6 ) (61 ) (147 ) (64 ) (4 ) (89 ) 26 Total other income (loss), net (15 ) 4 (50 ) (120 ) (48 ) 11 (99 ) 12 Loss before income taxes (7,323 ) (5,675 ) (7,371 ) (8,538 ) (10,047 ) (7,073 ) (7,474 ) (4,934 ) Income tax benefit (1,150 ) (296 ) (4,492 ) (626 ) (174 ) (146 ) (163 ) (357 ) Net loss from continuing operations (6,173 ) (5,379 ) (2,879 ) (7,912 ) (9,873 ) (6,927 ) (7,311 ) (4,577 ) Net income (loss) from discontinued operations, net of tax 2,244 562 11,559 (542 ) (67 ) (22 ) 79 — Net income (loss) $ (3,929 ) $ (4,817 ) $ 8,680 $ (8,454 ) $ (9,940 ) $ (6,949 ) $ (7,232 ) $ (4,577 ) Net income (loss) per basic and diluted share $ (0.45 ) $ (0.55 ) $ 0.99 $ (0.93 ) $ (1.08 ) $ (0.75 ) $ (0.78 ) $ (0.50 ) |
Nature Of Business And Summar35
Nature Of Business And Summary Of Significant Accounting Policies Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Foreign Currency Transaction Gain (Loss), before Tax | $ (131,000) | $ (201,000) | $ (40,000) | |
Inventory, Net | $ 250,000 | $ 250,000 | 168,000 | |
Property, Plant and Equipment | Minimum | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Property and equipment estimated useful lives | 1 year | |||
Property, Plant and Equipment | Maximum | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Property and equipment estimated useful lives | 7 years | |||
BriefCam Ltd. | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Investment carrying value | $ 3,100,000 | $ 3,100,000 | ||
BriefCam Ltd. | Maximum | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Minority ownership interest (as a percent) | 20.00% | 20.00% | ||
Prepaid Expenses and Other Current Assets [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Deferred commission costs recorded | $ 954,000 | $ 954,000 | $ 418,000 | |
Other Noncurrent Assets [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Deferred commission costs recorded | 104,000 | 104,000 | ||
General and Administrative Expense [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Loss on third party license agreement | 1,200,000 | |||
Write-off of prepaid royalty | 606,000 | |||
Accrued minimum royalty payments | $ 606,000 | $ 606,000 |
Nature Of Business And Summar36
Nature Of Business And Summary Of Significant Accounting Policies Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Balance at beginning of year | $ 55 | $ 20 | $ 62 |
Write-offs | 0 | (8) | (25) |
Recoveries | 0 | 0 | 0 |
Change in provision | (31) | 43 | (17) |
Balance at end of year | $ 24 | $ 55 | $ 20 |
Acquisition of Kulu Valley, L37
Acquisition of Kulu Valley, Ltd Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands | Oct. 03, 2014 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Business Acquisition [Line Items] | ||||||||||||
Cash paid for acquisition of business, net of cash acquired | $ 0 | $ 11,556,000 | $ 0 | |||||||||
Share price | $ 12.95 | |||||||||||
Weighted-average useful lives (years) | 9 years | 9 years | ||||||||||
Amortization of purchased intangibles | $ 199,000 | $ 200,000 | $ 200,000 | $ 199,000 | $ 182,000 | $ 157,000 | $ 156,000 | $ 157,000 | $ 798,000 | $ 652,000 | 627,000 | |
Net deferred tax liability | 518,000 | 1,115,000 | 518,000 | 1,115,000 | ||||||||
Deferred tax liability | 3,466,000 | 3,965,000 | 3,466,000 | 3,965,000 | ||||||||
Deferred tax assets | $ 31,876,000 | $ 22,766,000 | $ 31,876,000 | $ 22,766,000 | ||||||||
Kulu Valley Ltd | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Percentage of voting interests acquired (in percent) | 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 | |||||||||||
Aggregate purchase price, in shares | 275 | |||||||||||
Sale of stock, price per share | $ 13.75 | |||||||||||
Escrow deposit | $ 2,000,000 | |||||||||||
Escrow lapsed period | 15 months | |||||||||||
Accounting adjustments to reduce carrying value of deferred revenues | $ 1,100,000 | |||||||||||
Revenues generated during the post-acquisition period | 464,000 | |||||||||||
Transaction costs related to business acquisitions | 245,000 | |||||||||||
Intangible assets | 6,663,000 | |||||||||||
Net deferred tax liability | 1,300,000 | |||||||||||
Deferred tax liability | 1,500,000 | |||||||||||
Deferred tax assets | 200,000 | |||||||||||
Developed technology | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Weighted-average useful lives (years) | 6 years | 6 years | ||||||||||
Developed technology | Kulu Valley Ltd | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Intangible assets | 4,233,000 | |||||||||||
Customer relationships | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Weighted-average useful lives (years) | 10 years | 10 years | ||||||||||
Customer relationships | Kulu Valley Ltd | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Intangible assets | 2,315,000 | |||||||||||
Trademarks / trade names | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Weighted-average useful lives (years) | 15 years | 15 years | ||||||||||
Trademarks / trade names | Kulu Valley Ltd | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Intangible assets | 74,000 | |||||||||||
Covenant not-to-compete | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Weighted-average useful lives (years) | 2 years | 2 years | ||||||||||
Covenant not-to-compete | Kulu Valley Ltd | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Intangible assets | $ 41,000 | |||||||||||
Minimum | Trademarks / trade names | Kulu Valley Ltd | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Weighted-average useful lives (years) | 15 months | |||||||||||
Maximum | Trademarks / trade names | Kulu Valley Ltd | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Weighted-average useful lives (years) | 9 years | |||||||||||
Cost of revenues | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Amortization of purchased intangibles | $ 1,268,000 | $ 650,000 | 560,000 | |||||||||
Amortization of purchased intangibles | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Amortization of purchased intangibles | $ 798,000 | $ 652,000 | $ 627,000 |
Acquisition of Kulu Valley, L38
Acquisition of Kulu Valley, Ltd Preliminary Purchase Accounting Allocation (Details) - USD ($) | Oct. 03, 2014 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Business Acquisition [Line Items] | ||||||||||||
Amortization of purchased intangibles | $ 199,000 | $ 200,000 | $ 200,000 | $ 199,000 | $ 182,000 | $ 157,000 | $ 156,000 | $ 157,000 | $ 798,000 | $ 652,000 | $ 627,000 | |
Goodwill | 8,103,000 | $ 8,525,000 | 8,103,000 | 8,525,000 | ||||||||
Kulu Valley Ltd | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Aggregate purchase price, net of cash acquired | $ 15,118,000 | |||||||||||
Less: discount applied to Qumu Corporation stock for trade restrictions | (527,000) | |||||||||||
Net transaction consideration | 14,591,000 | |||||||||||
Current assets | 1,494,000 | |||||||||||
Property and equipment | 140,000 | |||||||||||
Intangible assets | 6,663,000 | |||||||||||
Goodwill | 8,795,000 | $ 8,100,000 | 8,100,000 | |||||||||
Current liabilities | (1,170,000) | |||||||||||
Net deferred tax liabilities | (1,331,000) | |||||||||||
Total net assets acquired | $ 14,591,000 | |||||||||||
Cost of revenues | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Amortization of purchased intangibles | 1,268,000 | 650,000 | 560,000 | |||||||||
Amortization of purchased intangibles | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Amortization of purchased intangibles | $ 798,000 | $ 652,000 | $ 627,000 |
Divestiture of Disc Publishin39
Divestiture of Disc Publishing (Details) - USD ($) $ in Thousands | Jul. 02, 2014 | Jul. 01, 2014 | Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Restricted cash | $ 0 | $ 2,300 | ||||
Disc Publishing | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Proceeds from divestiture of businesses | $ 22,000 | |||||
Escrow deposit | $ 2,300 | |||||
Escrow lapsed period | 15 months | |||||
Gain on sale of divestiture of businesses | $ 16,200 | $ 0 | 16,167 | $ 0 | ||
Transaction expenses related to discontinued operations | $ 9,600 |
Divestiture of Disc Publishin40
Divestiture of Disc Publishing - Net Income from Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Current income tax benefit resulting from income generated from discontinued operations | $ 0 | $ (6,337) | $ (3,445) | |||||||||
Net income (loss) from discontinued operations, net of tax | $ 0 | $ 79 | $ (22) | $ (67) | $ (542) | $ 11,559 | $ 562 | $ 2,244 | (10) | 13,823 | 6,527 | |
Disc Publishing | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Net revenue | 0 | 29,922 | 64,736 | |||||||||
Operating income | 0 | 4,520 | 9,918 | |||||||||
Gain on sale of divestiture of businesses | $ 16,200 | 0 | 16,167 | 0 | ||||||||
Current income tax benefit resulting from income generated from discontinued operations | (92) | 6,955 | 3,336 | |||||||||
Net income (loss) from discontinued operations, net of tax | (10) | 13,823 | 6,402 | |||||||||
Net loss from discontinued operations attributable to noncontrolling interest | 0 | 0 | 125 | |||||||||
Net income from discontinued operations attributable to Qumu | $ (10) | $ 13,823 | $ 6,527 |
Divestiture of Disc Publishin41
Divestiture of Disc Publishing - Balance Sheet from Discontinued Operations (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Restricted cash | $ 0 | $ 2,300 | |
Liabilities of Disposal Group, Including Discontinued Operation, Current | 50 | $ 448 | |
Disc Publishing | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Current assets from discontinued operations | 1,026 | $ 0 | |
Accrued compensation | 31 | 0 | |
Other current liabilities | 417 | 50 | |
Liabilities of Disposal Group, Including Discontinued Operation, Current | $ 448 | $ 50 |
Marketable Securities Schedule
Marketable Securities Schedule Of Marketable Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Marketable Securities [Line Items] | ||
Cost | $ 6,250 | $ 23,500 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (1) | (14) |
Available-for-sale Securities | 6,249 | 23,486 |
Certificates of Deposit | ||
Marketable Securities [Line Items] | ||
Cost | 6,250 | 23,500 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (1) | (14) |
Available-for-sale Securities | $ 6,249 | $ 23,486 |
Property and Equipment Narrativ
Property and Equipment Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | |||
depreciation related to property and equipment | $ 1,052 | $ 747 | $ 600 |
Property and Equipment Schedule
Property and Equipment Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 5,557 | $ 3,741 |
Less accumulated depreciation and amortization | (2,615) | (1,842) |
Total property, plant & equipment, net | 2,942 | 1,899 |
Building and building improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 0 | 10 |
Computer, network equipment and furniture | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 3,642 | 2,646 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 1,915 | $ 1,085 |
Intangible Assets and Goodwil45
Intangible Assets and Goodwill Changes In Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||
Original cost | $ 15,910 | $ 16,229 |
Accumulated amortization | (4,878) | (2,845) |
Net identifiable intangible assets | $ 11,032 | $ 13,384 |
Weighted-average useful lives (years) | 9 years | 9 years |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Original cost | $ 5,115 | $ 5,226 |
Accumulated amortization | (1,075) | (671) |
Net identifiable intangible assets | $ 4,040 | $ 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 | (3,261) | (1,832) |
Net identifiable intangible assets | $ 5,306 | $ 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 | (528) | (334) |
Net identifiable intangible assets | $ 1,662 | $ 1,859 |
Weighted-average useful lives (years) | 15 years | 15 years |
Covenant not-to-compete | ||
Finite-Lived Intangible Assets [Line Items] | ||
Original cost | $ 38 | $ 40 |
Accumulated amortization | (14) | (8) |
Net identifiable intangible assets | $ 24 | $ 32 |
Weighted-average useful lives (years) | 2 years | 2 years |
Intangible Assets and Goodwil46
Intangible Assets and Goodwill Intangible Asset Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Balance, beginning of period | $ 13,384 | ||
Amortization expense | (2,066) | $ (1,302) | $ (1,187) |
Currency translation | (286) | ||
Balance, end of period | $ 11,032 | $ 13,384 |
Intangible Assets and Goodwil47
Intangible Assets and Goodwill Amortization expense (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Amortization of purchased intangibles | $ 199,000 | $ 200,000 | $ 200,000 | $ 199,000 | $ 182,000 | $ 157,000 | $ 156,000 | $ 157,000 | $ 798,000 | $ 652,000 | $ 627,000 |
Cost of revenues | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Amortization of purchased intangibles | 1,268,000 | 650,000 | 560,000 | ||||||||
Amortization of purchased intangibles | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Amortization of purchased intangibles | $ 798,000 | $ 652,000 | $ 627,000 |
Intangible Assets and Goodwil48
Intangible Assets and Goodwill Intangible Assets Future Amortization Expense (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2,016 | $ 2,235 |
2,017 | 2,234 |
2,018 | 2,023 |
2,019 | 1,322 |
2,020 | 1,020 |
Thereafter | 2,198 |
Other Finite-Lived Intangible Assets, Gross | $ 11,032 |
Intangible Assets and Goodwil49
Intangible Assets and Goodwill Narrative (Details) - USD ($) $ in Thousands | Oct. 03, 2014 | Oct. 30, 2011 | Mar. 14, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill And Intangible Assets [Line Items] | |||||||
Total stockholders’ equity | $ 30,757 | $ 58,273 | $ 62,581 | $ 70,627 | |||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 14.00% | ||||||
Goodwill | $ 8,103 | $ 8,525 | |||||
Qumu, Inc. | |||||||
Goodwill And Intangible Assets [Line Items] | |||||||
Goodwill acquired during period | $ 22,200 | ||||||
Kulu Valley Ltd | |||||||
Goodwill And Intangible Assets [Line Items] | |||||||
Goodwill | $ 8,795 | $ 8,100 | |||||
Intangible assets acquired during period | $ 6,700 | ||||||
Subsequent Event | |||||||
Goodwill And Intangible Assets [Line Items] | |||||||
Market Capitalization | $ 48,700 | ||||||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 58.00% |
Contingencies and Commitments50
Contingencies and Commitments (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Capital Leased Assets [Line Items] | ||
Capital Leased Assets, Gross | $ 798 | |
Capital Leases, Balance Sheet, Assets by Major Class, Net | 675 | $ 0 |
Financing obligations | 502 | 0 |
Financing obligations, non-current | 519 | 0 |
Capital Lease Obligations | 1,021 | 0 |
Computer Equipment [Member] | ||
Capital Leased Assets [Line Items] | ||
Capital Leased Assets, Gross | 511 | |
Furniture and Fixtures [Member] | ||
Capital Leased Assets [Line Items] | ||
Capital Leased Assets, Gross | 287 | 0 |
Assets Held under Capital Leases [Member] | ||
Capital Leased Assets [Line Items] | ||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ (123) | $ 0 |
Contingencies and Commitments S
Contingencies and Commitments Schedule of Minimum Lease Payments (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Leases [Abstract] | |
Capital Leases, Future Minimum Payments, Interest Included in Payments | $ (94) |
Capital Leases, Future Minimum Payments Due | 1,115 |
Capital Leases, Future Minimum Payments Due Thereafter | 0 |
Capital Leases, Future Minimum Payments Due in Five Years | 0 |
Capital Leases, Future Minimum Payments Due in Four Years | 0 |
Capital Leases, Future Minimum Payments Due in Three Years | 179 |
Capital Leases, Future Minimum Payments Due in Two Years | 375 |
Capital Leases, Future Minimum Payments Due, Next Twelve Months | 561 |
Capital Leases, Future Minimum Payments, Present Value of Net Minimum Payments | 1,021 |
Operating Leases, Future Minimum Payments Due | 5,086 |
Operating Leases, Future Minimum Payments, Due Thereafter | 658 |
Operating Leases, Future Minimum Payments, Due in Five Years | 309 |
Operating Leases, Future Minimum Payments, Due in Four Years | 571 |
Operating Leases, Future Minimum Payments, Due in Three Years | 1,062 |
Operating Leases, Future Minimum Payments, Due in Two Years | 1,268 |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 1,218 |
Total Capital Lease and Operating Lease Minimum Payments | 6,201 |
Total Capital Lease and Operating Lease Minimum Payments Thereafter | 658 |
Total Capital Lease and Operating Lease Minimum Payments Year 5 | 309 |
Total Capital Lease and Operating Lease Minimum Payment Year 4 | 571 |
Total Capital Lease and Operating Lease Minimum Payments Year 3 | 1,241 |
Total Capital Lease and Operating Lease Minimum Payments Year 2 | 1,643 |
Total Capital Lease and Operating Lease Minimum Payment Current | $ 1,779 |
Contingencies and Commitments N
Contingencies and Commitments Narrative (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2015USD ($)payment | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Sep. 01, 2015USD ($)ft² | |
Loss Contingencies [Line Items] | |||||
Operating Leases, Future Minimum Payments Due | $ 5,086 | ||||
Loss on Contracts | $ 1,000 | ||||
Number of Remaining Quarterly Lease Payments | payment | 6 | ||||
Operating Leases, Quarterly Rent Expense | $ 71 | ||||
Operating Leases, Rent Expense | $ 1,000 | $ 700 | $ 300 | ||
Minneapolis Headquarters [Member] | |||||
Loss Contingencies [Line Items] | |||||
Area of Real Estate Property | ft² | 17,216 | ||||
Operating Leases, Future Minimum Payments Due | $ 1,822 | ||||
Leasehold Improvements, Gross | 713 | ||||
Tenant Improvements | $ 689 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) | May. 18, 2015 | Jan. 07, 2013 | Nov. 30, 2012 | Apr. 30, 2009 | Apr. 30, 2008 | Mar. 31, 2008 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | May. 20, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Net tax impact of share-based compensation reduction in additional paid-in capital | $ 7,000 | $ 6,000 | $ 13,000 | |||||||
Stock options | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Termination period from the date of grant | 7 years | 10 years | ||||||||
Total stock option compensation expense not yet recognized | $ 1,700,000 | |||||||||
Weighted-average period for recognition of cost not yet recognized | 2 years 321 days | |||||||||
Restricted Stock | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Total stock option compensation expense not yet recognized | $ 1,660,000 | |||||||||
Weighted-average period for recognition of cost not yet recognized | 2 years 230 days | |||||||||
2007 Stock Incentive Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,230,320 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 337,456 | |||||||||
Newly Hired Executive Officers | Non-Qualified Options | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Termination period from the date of grant | 7 years | |||||||||
Granted non-qualified options to purchase shares of common stock | 130,000 | 50,000 | 100,000 | 200,000 | ||||||
Qumu, Inc. | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Stock-based compensation costs included in discontinued operations | $ 198,000 | $ 343,000 |
Stock-Based Compensation Schedu
Stock-Based Compensation Schedule Of Share-Based Payment Arrangements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation cost charged against income, before income tax benefit | $ 1,834 | $ 1,841 | $ 1,435 |
Cost of Revenue [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation cost charged against income, before income tax benefit | 159 | 55 | 25 |
Operating Expense [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation cost charged against income, before income tax benefit | 1,675 | 1,786 | 1,410 |
Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation cost charged against income, before income tax benefit | 686 | 812 | 928 |
Restricted stock and restricted stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation cost charged against income, before income tax benefit | $ 1,148 | $ 1,029 | $ 507 |
Stock-Based Compensation Sche55
Stock-Based Compensation Schedule of Assumptions (Details) - Stock options | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected life of options (in years) | 4 years 9 months | 4 years 9 months | |
Minimum risk free interest rate | 1.40% | 0.30% | 0.60% |
Maximum risk free interest rate | 1.60% | 1.30% | 0.90% |
Expected minimum volatility rate | 33.10% | 31.50% | 43.80% |
Expected maximum volatility rate | 34.50% | 43.70% | 46.90% |
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected life of options (in years) | 2 years | ||
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected life of options (in years) | 4 years 9 months | ||
Expected dividend yield | 0.00% | 0.00% | 9.90% |
Stock-Based Compensation Sche56
Stock-Based Compensation Schedule of Share-based Compensation Rollforward (Details) - 2007 and 1992 Stock Incentive Plans - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Options outstanding, beginning of year (in shares) | 1,635 | 1,748 | 1,925 |
Number of options granted | 617 | 133 | 389 |
Options exercised (in shares) | (20) | (86) | (1) |
Options canceled (in shares) | (419) | (160) | (565) |
Options outstanding, end of year (in shares) | 1,813 | 1,635 | 1,748 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |||
Options outstanding, weighted-average exercise price, beginning of year (dollars per share) | $ 12.84 | $ 12.95 | $ 13.81 |
Options granted, weighted-average exercise price (dollars per share) | 4.73 | 14.58 | 11.78 |
Options exercised, weighted-average exercise price (dollars per share) | 7.27 | 12.28 | 9.26 |
Options canceled, weighted-average exercise price (dollars per share) | 13.45 | 15.75 | 15.10 |
Options outstanding, weighted-average exercise price, end of year (dollars per share) | $ 10 | $ 12.84 | $ 12.95 |
Weighted-average remaining contractual term for options outstanding (In years) | 3 years 353 days | ||
Aggregate intrinsic value of options outstanding (value) | $ 0 | ||
Options subject to exercise at December 31, 2015 (in shares) | 969 | 1,003 | 881 |
Weighted-average exercise price for options subject to exercise at December 31, 2015 (dollars per share) | $ 13.09 | $ 14.15 | $ 15.55 |
Weighted-average remaining contractual term for options subject to exercise at December 31, 2015 | 2 years 33 days | ||
Aggregate intrinsic value for options subject to exercise at December 31, 2015 (value) | $ 0 |
Stock-Based Compensation Sche57
Stock-Based Compensation Schedule of Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Fair value of options granted | $ 1,119 | $ 612 | $ 1,382 |
Per share weighted average fair value of options granted (dollars per share) | $ 1.81 | $ 4.60 | $ 3.55 |
Total intrinsic value of stock options exercised | $ 131 | $ 242 | $ 2 |
Stock-Based Compensation Nonves
Stock-Based Compensation Nonvested Restricted Stocks (Details) - Restricted Stock - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Nonvested restricted stock shares, beginning of year | 214 | 118 | 150 |
Nonvested restricted stock shares granted | 129 | 184 | 55 |
Nonvested restricted stock shares vested | (92) | (76) | (66) |
Nonvested restricted stock shares canceled | (76) | (12) | (21) |
Nonvested restricted stock shares, end of year | 175 | 214 | 118 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Nonvested restricted stock weighted average grant date fair value, beginning of year | $ 14.59 | $ 10.94 | $ 11.21 |
Nonvested restricted stock weighted average grant date fair value, granted | 9.96 | 14.92 | 10.14 |
Nonvested restricted stock weighted average grant date fair value, vested | 14.52 | 10.35 | 10.72 |
Nonvested restricted stock weighted average grant date fair value, canceled | 12.64 | 10.63 | 11.46 |
Nonvested restricted stock weighted average grant date fair value, end of year | $ 12.05 | $ 14.59 | $ 10.94 |
Stock-Based Compensation Sche59
Stock-Based Compensation Schedule of Restricted Stock Options (Details) - Restricted Stock - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Per share weighted average grant-date fair value of restricted stock and restricted stock units granted | $ 9.96 | $ 14.92 | $ 10.14 |
Total fair value of restricted stock and restricted stock units vested | $ 667 | $ 1,076 | $ 593 |
Common Stock (Details)
Common Stock (Details) | Dec. 31, 2015shares |
Common Stock [Abstract] | |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 3,500,000 |
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 778,000 |
401 (K) Savings Plan (Details)
401 (K) Savings Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Profit Sharing And Savings Plan [Abstract] | |||
Maximum employee contribution, percentage | 100.00% | ||
Employer matching contributions | $ 359 | $ 324 | $ 115 |
Income Taxes Narrative (Details
Income Taxes Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Valuation Allowance [Line Items] | ||
Operating loss carryforwards | $ 2,100,000 | |
Loss carryforward of foreign subsidiary and joint venture | 382,000 | $ 221,000 |
Federal and state research and development credit carryforwards | 2,900,000 | |
Undistributed foreign earnings | 1,300,000 | |
Unrecognized tax benefit that would affect the effective tax rate | 9,000 | |
Interest and penalties related to unrecognized tax benefits accrued | 4,000 | 1,000 |
Interest and penalties recognized related to unrecognized tax expense (benefits) | 3,000 | $ 18,000 |
Foreign Subsidiaries | ||
Valuation Allowance [Line Items] | ||
Cash and cash equivalent and marketable securities held by foreign subsidiaries | 1,000,000 | |
Domestic Tax Authority | ||
Valuation Allowance [Line Items] | ||
Operating loss carryforwards | 68,400,000 | |
State and Local Jurisdiction | ||
Valuation Allowance [Line Items] | ||
Operating loss carryforwards | $ 58,800,000 |
Income Taxes Component of Incom
Income Taxes Component of Income Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ (26,889) | $ (26,271) | $ (18,450) |
Foreign | (2,639) | (2,636) | (1,167) |
Total loss before income taxes | $ (29,528) | $ (28,907) | $ (19,617) |
Income Taxes Income Tax Expense
Income Taxes Income Tax Expense (Benefits) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||||||||||
Current U.S. Federal | $ (3) | $ (122) | $ (627) | ||||||||
Current State | 27 | 35 | 28 | ||||||||
Current Foreign | (817) | (96) | 0 | ||||||||
Total current | (793) | (183) | (599) | ||||||||
Deferred U.S. Federal | 1 | (5,693) | (2,475) | ||||||||
Deferred State | (47) | (562) | (322) | ||||||||
Deferred Foreign | 0 | (126) | 0 | ||||||||
Total deferred | (46) | (6,381) | (2,797) | ||||||||
Income tax expense (benefit) | $ (357) | $ (163) | $ (146) | $ (174) | $ (626) | $ (4,492) | $ (296) | $ (1,150) | $ (839) | $ (6,564) | $ (3,396) |
Income Taxes Income Tax Reconci
Income Taxes Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||||||||||
Federal statutory tax rate (percent) | 34.00% | 34.00% | |||||||||
Expected income tax expense (benefit) | $ (10,040) | $ (9,828) | $ (6,671) | ||||||||
State income taxes, net of federal tax effect | (830) | (347) | (549) | ||||||||
Changes in tax rate | 48 | 20 | 1 | ||||||||
Federal R&D credit | (82) | (88) | (57) | ||||||||
Change in valuation allowance | 9,906 | 2,957 | 3,659 | ||||||||
Foreign tax | 80 | 690 | 108 | ||||||||
Other, net | 79 | 32 | 113 | ||||||||
Income tax expense (benefit) | $ (357) | $ (163) | $ (146) | $ (174) | $ (626) | $ (4,492) | $ (296) | $ (1,150) | $ (839) | $ (6,564) | $ (3,396) |
Income Taxes Deferred Tax Asset
Income Taxes Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Inventory provisions and uniform capitalization | $ 24 | $ 35 |
Accounts receivable allowances | 9 | 20 |
Non-qualified stock option and restricted stock expense | 1,789 | 2,176 |
Deferred maintenance revenue | 76 | 221 |
Loss and credit carryfowards of U.S. subsidiary | 28,366 | 19,153 |
Loss carryforward of foreign subsidiary and joint venture | 382 | 221 |
Other accruals and reserves | 1,108 | 907 |
Other | 122 | 33 |
Total deferred tax assets before valuation allowance | 31,876 | 22,766 |
Less valuation allowance | (28,928) | (19,916) |
Total deferred tax assets | 2,948 | 2,850 |
Deferred tax liabilities | ||
Acquired intangibles | (3,067) | (3,865) |
Deferred Tax Liabilities, Property, Plant and Equipment | (399) | (100) |
Total deferred tax liabilities | (3,466) | (3,965) |
Total net deferred tax assets (liabilities) | $ (518) | $ (1,115) |
Income Taxes Unrecognized Tax B
Income Taxes Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Gross unrecognized tax benefits, beginning of year | $ 900 | $ 1,036 |
Increases related to prior year income tax positions | 2 | 0 |
Increases related to current year income tax positions | 68 | 64 |
Decreases related to prior year income tax positions | 0 | (200) |
Gross unrecognized tax benefits, end of year | $ 970 | $ 900 |
Computation of Net Loss From 68
Computation of Net Loss From Continuing Operations Per Share of Common Stock Narrative (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||
Antidilutive stock options and restricted stock units excluded from computation of EPS | 1,676 | 1,724 | 1,921 |
Component of Net Income per Bas
Component of Net Income per Basic and Diluted Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||||||||||
Shares outstanding at end of period | 9,189 | 9,127 | 9,189 | 9,127 | 8,674 | ||||||
Basic weighted average shares outstanding | 9,235 | 8,836 | 8,691 | ||||||||
Dilutive effect of stock options/restricted stock units | 0 | 0 | 0 | ||||||||
Total diluted weighted average shares outstanding | 9,235 | 8,836 | 8,691 | ||||||||
Net income (loss) | $ (4,577) | $ (7,311) | $ (6,927) | $ (9,873) | $ (7,912) | $ (2,879) | $ (5,379) | $ (6,173) | $ (28,689) | $ (22,343) | $ (16,221) |
Net loss from continuing operations per basic and diluted share | $ (3.11) | $ (2.53) | $ (1.87) |
Significant Customers and Geo70
Significant Customers and Geographic Data Revenues and Accounts Receivable by Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenue, Major Customer [Line Items] | |||||||||||
Revenues | $ 10,119 | $ 9,602 | $ 8,764 | $ 5,969 | $ 8,335 | $ 5,853 | $ 8,404 | $ 3,929 | $ 34,454 | $ 26,521 | $ 17,736 |
Customer Concentration Risk | Revenues | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Revenues | 34,454 | $ 26,521 | 17,736 | ||||||||
Customer Concentration Risk | Revenues | Customer A | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Revenues | 4,375 | 1,941 | |||||||||
Customer Concentration Risk | Current Receivables | Customer A | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Accounts Receivable | 1,144 | 1,144 | $ 294 | ||||||||
Customer Concentration Risk | Current Receivables | Customer B | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Accounts Receivable | $ 1,173 | $ 1,173 |
Significant Customers and Geo71
Significant Customers and Geographic Data Revenues and Property, Plant, and Equipment by Region (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenue from External Customer [Line Items] | |||||||||||
Revenues | $ 10,119 | $ 9,602 | $ 8,764 | $ 5,969 | $ 8,335 | $ 5,853 | $ 8,404 | $ 3,929 | $ 34,454 | $ 26,521 | $ 17,736 |
Property and equipment, net of depreciation | 2,942 | 1,899 | 2,942 | 1,899 | |||||||
North America | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Property and equipment, net of depreciation | 2,715 | 1,748 | 2,715 | 1,748 | |||||||
Europe | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Property and equipment, net of depreciation | 209 | 132 | 209 | 132 | |||||||
Asia | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Property and equipment, net of depreciation | $ 18 | $ 19 | 18 | 19 | |||||||
Customer Concentration Risk | Revenues | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 34,454 | 26,521 | 17,736 | ||||||||
Customer Concentration Risk | North America | Revenues | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 25,254 | 22,634 | 13,273 | ||||||||
Customer Concentration Risk | Europe | Revenues | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 8,128 | 2,712 | 4,463 | ||||||||
Customer Concentration Risk | Asia | Revenues | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | $ 1,072 | $ 1,175 | $ 0 |
Supplemental Quarterly Data -72
Supplemental Quarterly Data - Unaudited (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Supplemental Income Statement Elements [Abstract] | |||||||||||
Revenues | $ 10,119 | $ 9,602 | $ 8,764 | $ 5,969 | $ 8,335 | $ 5,853 | $ 8,404 | $ 3,929 | $ 34,454 | $ 26,521 | $ 17,736 |
Cost of revenues | 4,362 | 4,870 | 4,492 | 3,775 | 4,468 | 3,223 | 4,242 | 2,539 | 17,499 | 14,472 | 7,334 |
Gross profit | 5,757 | 4,732 | 4,272 | 2,194 | 3,867 | 2,630 | 4,162 | 1,390 | 16,955 | 12,049 | 10,402 |
Research and development | 2,181 | 2,848 | 2,858 | 2,802 | 2,897 | 2,321 | 2,264 | 2,024 | 10,689 | 9,506 | 8,745 |
Sales and marketing | 3,720 | 4,706 | 4,740 | 4,828 | 5,474 | 4,157 | 4,601 | 3,759 | 17,994 | 17,991 | 10,303 |
General and administrative | 4,603 | 4,353 | 3,558 | 4,364 | 3,732 | 3,316 | 2,820 | 2,758 | 16,878 | 12,626 | 10,332 |
Amortization of purchased intangibles | 199 | 200 | 200 | 199 | 182 | 157 | 156 | 157 | 798 | 652 | 627 |
Total operating expenses | 10,703 | 12,107 | 11,356 | 12,193 | 12,285 | 9,951 | 9,841 | 8,698 | 46,359 | 40,775 | 30,007 |
Operating loss | (4,946) | (7,375) | (7,084) | (9,999) | (8,418) | (7,321) | (5,679) | (7,308) | (29,404) | (28,726) | (19,605) |
Interest, net | (14) | (10) | 15 | 16 | 27 | 11 | 10 | 12 | 7 | 60 | 28 |
Other, net | 26 | (89) | (4) | (64) | (147) | (61) | (6) | (27) | (131) | (241) | (40) |
Total other income (expense), net | 12 | (99) | 11 | (48) | (120) | (50) | 4 | (15) | (124) | (181) | (12) |
Loss before income taxes | (4,934) | (7,474) | (7,073) | (10,047) | (8,538) | (7,371) | (5,675) | (7,323) | (29,528) | (28,907) | (19,617) |
Income tax benefit | (357) | (163) | (146) | (174) | (626) | (4,492) | (296) | (1,150) | (839) | (6,564) | (3,396) |
Net loss from continuing operations | (4,577) | (7,311) | (6,927) | (9,873) | (7,912) | (2,879) | (5,379) | (6,173) | (28,689) | (22,343) | (16,221) |
Net income from discontinued operations, net of tax | 0 | 79 | (22) | (67) | (542) | 11,559 | 562 | 2,244 | (10) | 13,823 | 6,527 |
Net loss | $ (4,577) | $ (7,232) | $ (6,949) | $ (9,940) | $ (8,454) | $ 8,680 | $ (4,817) | $ (3,929) | $ (28,699) | $ (8,520) | $ (9,694) |
Net income (loss) per basic and diluted share | $ (0.50) | $ (0.78) | $ (0.75) | $ (1.08) | $ (0.93) | $ 0.99 | $ (0.55) | $ (0.45) | $ (3.11) | $ (0.96) | $ (1.12) |