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Qumu Corp (QUMU) SEC Filing 10-Q Quarterly report for the period ending Sunday, March 31, 2019

Qumu Corp

CIK: 892482 Ticker: QUMU
EXHIBIT 99.1


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Qumu Announces First Quarter 2019 Results, Reiterates Confidence in Annual Guidance
Company reports record gross margins, growing revenues and second consecutive quarter of positive adjusted EBITDA

Conference Call Wednesday, May 1, 2019 at 10:00 a.m. ET

Minneapolis, MN – April 30, 2019 – Qumu Corporation (NASDAQ: QUMU) today reported financial results for the first quarter ended March 31, 2019. The Company reported first quarter revenue of $7.1 million, a net loss of $(950,000) and adjusted EBITDA, a non-GAAP measure, of $210,000, ending the quarter with cash of $8.6 million.

"Qumu has delivered a strong start to 2019, building on momentum from the second half of 2018. Given our growing revenue, strong sales pipeline, solid balance sheet and positive adjusted EBITDA for three of the last four quarters, we have a high degree of confidence in our 2019 annual financial guidance," said Vern Hanzlik, Qumu’s President and CEO. "Convergence of the Enterprise Video market with the Web and Video Conferencing market traditionally dominated by firms like Zoom, Cisco, Microsoft, and Google is happening as we speak—and Qumu is directly benefiting from it."

For the three months ended March 31, 2019, revenue was $7.1 million, compared to $4.8 million last year, and net loss was $(950,000), or $(0.10) per diluted share, compared to $(4.5) million, or $(0.48) per diluted share, for the first quarter 2018. For the three months ended March 31, 2019, adjusted EBITDA was $210,000, compared to adjusted EBITDA of $(2.9) million for the first quarter 2018.

Other Financial Highlights
Operating loss decreased by $3.3 million in the three months ended March 31, 2019, compared to corresponding 2018 period.
Gross margin for the first quarter 2019 was 78.3%, compared to 56.3% for first quarter 2018.
Cash and cash equivalents totaled $8.6 million as of March 31, 2019, compared to $8.6 million as of December 31, 2018.
Software license and appliance revenue was $1.0 million and $451,000 for the three months ended March 31, 2019 and 2018, respectively.
Subscription, maintenance and support revenue was $5.6 million and $4.0 million for the three months ended March 31, 2019 and 2018, respectively.
Operating expenses decreased $503,000 during the three months ended March 31, 2019, compared to the corresponding 2018 period, reflecting the impact of the Company's improved operating efficiencies.

Business Outlook
The Company is reiterating its financial guidance for 2019:
Annual contract value bookings growth is expected to be 20% to 25% in 2019 compared to 2018.
Revenue for 2019 is expected to be approximately $27 million. Gross margin percentage is expected to be in the high 60s to low 70s.
Net loss for 2019 is expected to be approximately $(5.1) million. Adjusted EBITDA for 2019 is expected to be approximately $(1.5) million. Forecasted adjusted EBITDA for 2019 excludes forecasted interest expense of approximately $1.0 million, income tax benefit of approximately $(0.2) million, depreciation expense of approximately $0.3 million, amortization of acquired intangible assets of approximately $1.2 million, stock-based compensation of approximately $0.9 million, and increase in warrant liability of approximately $0.4 million.

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The following information was filed by Qumu Corp (QUMU) on Thursday, May 2, 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-Q Quarterly 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-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Comprehensive Income (Loss) (Unaudited)
Condensed Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity
Commitments And Contingencies
Commitments And Contingencies - Narrative (Details)
Commitments And Contingencies (Tables)
Commitments And Contingencies - Components Of Lease Cost (Details)
Commitments And Contingencies - Rou Assets And Lease Liabilities (Details)
Commitments And Contingencies - Credit Agreement (Details)
Commitments And Contingencies - Future Payments Used In Measurement Of Lease Liabilities (Details)
Commitments And Contingencies - Other Information Related To Leases (Details)
Computation Of Net Loss Per Share Of Common Stock
Computation Of Net Loss Per Share Of Common Stock - Components Of Net Income (Loss) Per Basic And Diluted Share (Details)
Computation Of Net Loss Per Share Of Common Stock (Schedule Of Antidilutive Securities Excluded From The Computation Of Earnings Per Share (Details)
Computation Of Net Loss Per Share Of Common Stock (Tables)
Fair Value Measurements - Measurement Levels (Details)
Fair Value Measurements - Narrative (Details)
Fair Value Measurements - Rollforward (Details)
Fair Value Measurements (Notes)
Fair Value Measurements (Tables)
Income Taxes
Income Taxes (Details)
Intangible Assets And Goodwill
Intangible Assets And Goodwill (Amortization Expense) (Details)
Intangible Assets And Goodwill (Components Intangible Assets) (Details)
Intangible Assets And Goodwill (Intangible Assets Rollforward) (Details)
Intangible Assets And Goodwill (Narrative) (Details)
Intangible Assets And Goodwill (Tables)
Nature Of Business And Basis Of Presentation
Nature Of Business And Basis Of Presentation - Narrative (Details)
Nature Of Business And Basis Of Presentation - Cumulative Effect Of Accounting Standards Adoption (Details)
Nature Of Business And Basis Of Presentation Accounting Standards Recently Adopted (Tables)
Nature Of Business And Basis Of Presentation Leases (Policies)
Revenue (Notes)
Revenue (Tables)
Revenue Contract Acquisition Costs (Details)
Revenue Contract Assets And Liabilities (Details)
Revenue Disaggregation Of Revenue (Details)
Revenue Narrative (Details)
Revenue Revenue (Policies)
Stock-Based Compensation
Stock-Based Compensation - Narrative (Details)
Stock-Based Compensation - Schedule Of Allocation Of Share-Based Compensation Costs (Details)
Stock-Based Compensation - Schedule Of Stock-Based Awards Granted (Details)
Stock-Based Compensation (Tables)
Ticker: QUMU
CIK: 892482
Form Type: 10-Q Quarterly Report
Accession Number: 0000892482-19-000027
Submitted to the SEC: Tue May 07 2019 2:31:30 PM EST
Accepted by the SEC: Wed May 08 2019
Period: Sunday, March 31, 2019
Industry: Prepackaged Software

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