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Qumu Corp (QUMU) SEC Filing 10-Q Quarterly report for the period ending Sunday, June 30, 2019

Qumu Corp

CIK: 892482 Ticker: QUMU
EXHIBIT 99.1


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Qumu Reports Second Quarter 2019 Results, Reiterates Annual Financial Guidance
Strong Sales Pipeline, Expanding Gross Margin and Record Customer Retention Will Drive Anticipated Growth in Second Half of Year

Conference Call Today, July 30, 2019 at 4:30 p.m. ET

Minneapolis, MN – July 30, 2019 – Qumu Corporation (NASDAQ: QUMU) today reported financial results for the second quarter and six months ended June 30, 2019. The Company reported second quarter revenue of $5.4 million, net loss of $(3.6) million and adjusted EBITDA, a non-GAAP measure, of $(1.4) million, and ended the quarter with cash of $7.3 million. Management also reiterated its financial guidance for the fiscal year ending December 31, 2019.

Management Commentary
"In the second quarter we generated consistent improvements in a number of key operating metrics, including improved customer retention, year-over-year expansion of our gross margins and incremental reductions to our operating expenses,” said Vern Hanzlik, Qumu’s President and CEO. “We did encounter minor delays in certain new contract signings that impacted our topline results for the period. However, several of the deals that we had expected to close in Q2 have subsequently closed or are tracking to close in Q3. Overall, we’re still tracking well against our long-term growth plan, and we remain highly confident in our ability to meet our financial guidance for 2019.”

“Looking ahead, our robust sales pipeline gives us additional confirmation in the effectiveness of our sales and marketing program, which has us well-positioned to close additional deals throughout the remainder of the year. Better yet, we are regularly unseating direct competitors in large enterprise deals, including deployments for our newest technologies, such as Unified Communications Gateway and Hybrid Cloud, which also speaks to the quality of our offerings relative to the rest of the market,” noted Hanzlik.

“As of today, we are currently running the highest number of proof-of-concepts I’ve seen in my four years as President and CEO. At the same time, customer retention remains at an all-time high of 93.2%, and gross margin is steadily growing on a year-over-year basis, reaching 71% in the quarter, showing the leverage and scalability of our operations. On the channel partner side, Qumu recently passed British Telecom’s stringent onboarding requirements, officially making Qumu an approved vendor within BT’s video solution portfolio, which should provide additional growth. With a solid foundation and building operational momentum, we remain increasingly well-positioned to benefit from the transition to video as a mission-critical component for large enterprises."

Second Quarter 2019 Financial Details
For the three months ended June 30, 2019, revenue was $5.4 million, compared to $7.6 million for last year's second quarter, and net loss was $(3.6) million, or $(0.37) per diluted share, compared to $(1.5) million, or $(0.16) per diluted share, for the second quarter 2018. Net loss was negatively impacted by a significant increase in the fair value of the Company’s warrant liability due primarily to the Company’s stock price increasing 69% during the second quarter 2019, which resulted in a non-cash expense of $1.4 million, or $(0.15) per diluted share. For the three months ended June 30, 2019, adjusted EBITDA was $(1.4) million, compared to adjusted EBITDA of $71,000 for the second quarter 2018.

Six Month 2019 Financial Details
For the six months ended June 30, 2019, revenue was $12.5 million, compared to $12.5 million for the corresponding 2018 period, and net loss was $(4.6) million, or $(0.47) per diluted share, compared to $(6.1) million, or $(0.64) per diluted share, for the corresponding 2018 period. Net loss was negatively impacted by a material increase in the fair value of the Company’s warrant liability due primarily to the Company’s stock price increasing 118% during the first half of 2019, which resulted in a non-cash expense of $1.7 million, or $(0.18) per diluted

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The following information was filed by Qumu Corp (QUMU) on Wednesday, July 31, 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)
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Qumu Corp provided additional information to their SEC Filing as exhibits

Ticker: QUMU
CIK: 892482
Form Type: 10-Q Quarterly Report
Accession Number: 0000892482-19-000049
Submitted to the SEC: Tue Aug 06 2019 1:17:49 PM EST
Accepted by the SEC: Tue Aug 06 2019
Period: Sunday, June 30, 2019
Industry: Prepackaged Software

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