EXHIBIT 99.1
image04162018.jpg
Qumu Announces First Quarter 2018 Results –
Reiterating Annual Guidance

Conference Call Wednesday, May 2, 2018 at 10:00 a.m. ET

Minneapolis, MN – May 1, 2018 – Qumu Corporation (NASDAQ: QUMU) today reported financial results for the first quarter ended March 31, 2018.

First quarter revenue was $4.8 million, compared to $6.7 million in the first quarter 2017, and net loss was $(4.5) million, or $(0.48) per diluted share, compared to a net loss of $(3.6) million, or $(0.39) per diluted share, in the first quarter 2017. First quarter adjusted EBITDA (a non-GAAP measure) was negative $(2.9) million, compared to $(1.9) million for the first quarter 2017. The first quarter year over year revenue comparison was negatively impacted by approximately $184,000 due to the adoption of the new revenue recognition standard (ASC Topic 606) as well as the loss of a large customer, representing revenue of approximately $800,000 in the current quarter, which was previously announced as lost in Q4 2017. In January, the Company replaced its existing debt with a $10.0 million credit agreement to strengthen its balance sheet, provide additional cash for operations and provide increased financial and operating flexibility through a covenant package more suitable to its business.

"These numbers do not yet reflect the positive momentum that is building at Qumu," said Vern Hanzlik, Qumu’s President and CEO. "As we execute on our strategic plan, we are beginning to see a resurgence of opportunities with prospects, customers and channel partners. Our sales leadership and marketing efforts have increased both the quality and quantity of our inbound opportunities. As a result, our pipeline is strong and we are aggressively pursuing these opportunities. We also added three new partners, extending our global footprint and vertical industry reach. Meanwhile, our existing partners, including AT&T, British Telecom, Pexip, Pinnaca and iStudy are working directly with us to enhance lead generation and closing deals."

Other Financial Highlights
During the quarter ended March 31, 2018, the Company closed a $10.0 million credit agreement with ESW Capital, LLC. After repayment of the outstanding principal, interest, fees and expenses associated with the refinancing, the Company increased net cash by $805,000.
Cash and cash equivalents totaled $6.6 million as of March 31, 2018, compared to $7.7 million as of December 31, 2017, reflecting the first quarter operating loss offset by cash proceeds from refinanced debt and changes in working capital.
Total headcount was 106 as of March 31, 2018 compared to 121 as of December 31, 2017 and 145 as of March 31, 2017. Additionally, in the first quarter, the Company took action to reduce annualized non-headcount related costs by approximately $1.5 million.
Subscription, maintenance and support revenue for the first quarter 2018 of $4.0 million, compared to $4.8 million for the first quarter 2017, was negatively impacted in the quarter by approximately $184,000 from the adoption of the new revenue recognition standard (ASC Topic 606) as well as the loss of a large customer representing approximately $800,000 in revenue in the first quarter which was previously announced as lost in Q4 2017.
Gross margin for the first quarter 2018 of 56.3%, compared to 61.5% for the first quarter 2017, was unfavorably impacted by fixed amortized prepaid royalties for embedded OEM licenses and lower perpetual license revenue in the quarter.
BriefCam, Ltd., in which the Company has a $3.1 million investment reported in the Company's consolidated financial statements at cost basis, recently announced 100% revenue growth in 2017, the release of its next generation video content analytics platform and receipt of Security Today's 2018 Platinum Govie Award for video analytics.
During Q2 2018, the Company secured a $2.2 million total booking with a major healthcare provider in the U.S.


1

The following information was filed by Qumu Corp (QUMU) on Wednesday, May 2, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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