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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.
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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