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Qumu Corp (QUMU) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Qumu Corp

CIK: 892482 Ticker: QUMU
EXHIBIT 99.1


image04162018a04.jpg
Qumu Announces Fourth Quarter and Year-End 2018 Results

Company delivers two quarters of positive adjusted EBITDA, and meets all 2018 guidance for Bookings Growth, Revenue, Gross Margin and Adjusted EBITDA

Conference Call Wednesday, March 6, 2019 at 10:00 a.m. ET

Minneapolis, MN – March 5, 2019 – Qumu Corporation (NASDAQ: QUMU) today reported financial results for the fourth quarter and year ended December 31, 2018. The Company reported fourth quarter revenue of $6.9 million, positive basic earnings per share, net income of $48,000 and adjusted EBITDA, a non-GAAP measure, of $130,000, ending the year with cash of $8.6 million.

"Qumu delivered on our financial guidance for 2018, marking two consecutive years of positive annual contract value growth, as well as two quarters of positive adjusted EBITDA," said Vern Hanzlik, Qumu’s President and CEO. "As we continue to transition the company to a recurring revenue model, we are positioned for growth with a strong cash position and sales pipeline, a growing partner channel, and a leadership position with all major analysts who cover our industry. These factors, along with the announcement of our intelligent platform, give us a high degree of confidence in the business as we enter 2019."

Fourth quarter 2018 revenue was $6.9 million, compared to $7.2 million in the fourth quarter 2017, and net income for the fourth quarter 2018 was $48,000, or $0.01 per basic share, compared to a net loss of $(3.2) million, or $(0.35) per basic share, in the fourth quarter 2017. Adjusted EBITDA, a non-GAAP measure, was $130,000 for the fourth quarter 2018, compared to $(805,000) for the fourth quarter 2017.

For the year ended December 31, 2018, revenue was $25.0 million, compared to $28.2 million last year, and net loss was $(3.6) million, or a loss of $(0.38) per basic share, compared to $(11.7) million, or a loss of $(1.25) per basic share, for 2017. For the year ended December 31, 2018, adjusted EBITDA was $(3.5) million, compared to adjusted EBITDA of $(4.6) million for 2017. The 2018 net loss included a $6.6 million gain on the third quarter 2018 sale of the Company's investment in BriefCam, Ltd. and reflected improved operating efficiencies. The year-over-year revenue comparisons were favorably impacted by approximately $778,000 and $201,000 for the three months and year ended December 31, 2018, respectively, due to the adoption of the new revenue recognition standard (ASC Topic 606).

Other Financial Highlights
Cash and cash equivalents totaled $8.6 million as of December 31, 2018, compared to $7.7 million as of December 31, 2017 and $8.5 million as of September 30, 2018.
Operating expenses decreased $719,000 and $3.3 million during the three months and year ended December 31, 2018, respectively, compared to the corresponding 2017 periods, reflecting the impact of the Company's improved operating efficiencies.
Software license and appliance revenue was $1.5 million and $2.0 million for the three months ended December 31, 2018 and 2017, respectively, and $5.8 million and $6.0 million for the years ended December 31, 2018 and 2017, respectively.
Subscription, maintenance and support revenue was $4.9 million and $4.3 million for the three months ended December 31, 2018 and 2017, respectively, and $17.1 million and $19.4 million for the years ended December 31, 2018 and 2017, respectively. The year-over-year revenue comparisons were favorably impacted by $528,000 for the three months ended December 31, 2018 and negatively impacted by $212,000 for the year ended December 31, 2018 due to the adoption of the new revenue recognition standard (ASC Topic 606). Additionally, the loss of a large customer which was previously announced as lost in the fourth quarter 2017, negatively impacted the year-over-year revenue comparisons by $2.4 million for the year ended December 31, 2018.
Gross margin for the fourth quarter 2018 was 73.1%, compared to 65.7% for the fourth quarter 2017. Gross margin for the year ended December 31, 2018 was 66.0%, compared to 63.6% for the year ended December 31, 2017.

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The following information was filed by Qumu Corp (QUMU) on Thursday, March 7, 2019 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Qumu Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders Equity
401 (K) Savings Plan
401 (K) Savings Plan (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Commitments And Contingencies (Tables)
Commitments And Contingencies Narrative (Details)
Commitments And Contingencies Schedule Of Contract Termination (Details)
Commitments And Contingencies Schedule Of Minimum Lease Payments (Details)
Commitments And Contingencies Term Loan (Details)
Computation Of Net Loss From Continuing Operations Per Share Of Common Stock (Notes)
Computation Of Net Loss From Continuing Operations Per Share Of Common Stock (Tables)
Computation Of Net Loss From Continuing Operations Per Share Of Common Stock Antidilutive Shares Excluded From The Computation Of Earnings Per Share (Details)
Computation Of Net Loss From Continuing Operations Per Share Of Common Stock Components Of Net Loss From Continuing Operations Per Basic And Diluted Share (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements Measurements Levels (Details)
Fair Value Measurements Narrative (Details)
Fair Value Measurements Rollforward (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes Component Of Income Before Income Taxes (Details)
Income Taxes Deferred Tax Assets And Liabilities (Details)
Income Taxes Income Tax Expense (Benefits) (Details)
Income Taxes Income Tax Reconciliation (Details)
Income Taxes Narrative (Details)
Income Taxes Unrecognized Tax Benefits (Details)
Intangible Assets And Goodwill
Intangible Assets And Goodwill (Tables)
Intangible Assets And Goodwill Amortization Expense (Details)
Intangible Assets And Goodwill Changes In Intangible Assets (Details)
Intangible Assets And Goodwill Intangible Assets Future Amortization Expense (Details)
Intangible Assets And Goodwill Narrative (Details)
Investment In Software Company (Details)
Investment In Software Company (Notes)
Nature Of Business And Summary Of Significant Accounting Policies
Nature Of Business And Summary Of Significant Accounting Policies (Policies)
Nature Of Business And Summary Of Significant Accounting Policies (Tables)
Nature Of Business And Summary Of Significant Accounting Policies Allowance For Doubtful Accounts (Details)
Nature Of Business And Summary Of Significant Accounting Policies Fair Value Of Financial Instruments (Details)
Nature Of Business And Summary Of Significant Accounting Policies Narrative (Details)
Property And Equipment
Property And Equipment (Tables)
Property And Equipment Narrative (Details)
Property And Equipment Schedule Of Property And Equipment (Details)
Revenue
Revenue (Tables)
Revenue Disaggregation Of Revenue (Details)
Revenue Narrative (Details)
Significant Customers And Geographic Data
Significant Customers And Geographic Data (Tables)
Significant Customers And Geographic Data Property And Equipment By Region (Details)
Significant Customers And Geographic Data Revenues And Accounts Receivable By Customers (Details)
Significant Customers And Geographic Data Revenues By Region (Details)
Stock-Based Compensation
Stock-Based Compensation (Narrative) (Details)
Stock-Based Compensation (Tables)
Stock-Based Compensation Nonvested Restricted Stocks (Details)
Stock-Based Compensation Schedule Of Assumptions (Details)
Stock-Based Compensation Schedule Of Performance Stock Units (Details)
Stock-Based Compensation Schedule Of Restricted Stock Options (Details)
Stock-Based Compensation Schedule Of Share-Based Compensation Rollforward (Details)
Stock-Based Compensation Schedule Of Share-Based Payment Arrangements (Details)
Stock-Based Compensation Schedule Of Stock Options (Details)
Stockholders' Equity (Details)
Stockholders' Equity (Notes)
Ticker: QUMU
CIK: 892482
Form Type: 10-K Annual Report
Accession Number: 0000892482-19-000013
Submitted to the SEC: Fri Mar 15 2019 1:08:02 PM EST
Accepted by the SEC: Fri Mar 15 2019
Period: Monday, December 31, 2018
Industry: Prepackaged Software

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