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Qumu Corp (QUMU) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

Qumu Corp

CIK: 892482 Ticker: QUMU
EXHIBIT 99.1


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Qumu Announces Second Quarter 2020 Financial Results
Company Affirms 74% Revenue Increase in Second Quarter to Record $9.3 Million; Strong Demand Continues to Expand Sales Pipeline

Minneapolis, MN – July 28, 2020 –
Qumu Corporation (Nasdaq: QUMU), the leading provider of best-in-class video technology for the enterprise, today reported financial results for the second quarter ended June 30, 2020.

Q2 2020 Financial Highlights
Revenue increased 74% year-over-year to a quarterly record $9.3 million, Qumu's highest for a second quarter period as a video technology solutions company
Net loss was $(692,000) and adjusted EBITDA, a non-GAAP measure, totaled $809,000
Customer retention was 90% for the second quarter 2020
Cash and cash equivalents totaled $9.9 million
Management reaffirms its 2020 revenue outlook of $29 million, representing 14% year-over-year growth and an increase from previous revenue outlook of $28 million provided on May 5, 2020

Management Commentary
“Our financial outperformance in the second quarter was the direct result of the swelling demand for Qumu’s best-in-class software platform in the now largely remote-work environment," said Qumu Chairman Neil E. Cox. “We believe the COVID-19 pandemic has catalyzed a fundamental shift in enterprise video usage, driving organizations globally to rapidly adopt and expand their use of video for both business continuity and effective internal communications in the ‘new normal’ business landscape. Qumu’s technology forms the critical infrastructure that enables Global 2000 enterprises to securely create, manage and deliver live and on demand video across any organization at scale.”

TJ Kennedy, Qumu President and CEO commented: “The global pandemic has positioned Qumu as an even more essential part of our customers’ businesses, fueling an exponential increase in usage of our platform over the last several months. One illustrative example of this paradigm shift is the large expansion order we received at the end of Q1 from one our financial institutions customers that multiplied from 3,000 to 50,000 users in just a matter of days. This win, while notable in its own right, is indicative of an overall surge we’re experiencing across our customer base, where usage is running at orders of magnitude above base levels, and which we expect will ultimately translate to real revenue growth in the coming quarters.

“As customers and prospects first solved their immediate video and collaboration needs in the wake of the pandemic, we’ve seen a material increase in demand from both constituencies for Qumu’s back end video infrastructure platform to help them securely manage and deliver their outgrown video needs. We are seeing this increased demand drive a record sales pipeline for our Company that we are actively and efficiently working to monetize over the coming quarters.”

Second Quarter 2020 Financial Results
Revenue increased 74% to $9.3 million in the second quarter 2020 from $5.4 million in the second quarter 2019. The increase in revenue was primarily due to a large customer order received at the end of the first quarter 2020, which the customer identified as specifically driven by COVID-19. A significant portion of the revenue from that customer order was recognized in the second quarter 2020, with incremental revenue to be recognized in the third and fourth quarter of 2020.

Subscription, maintenance and support revenue increased 12% to $4.7 million in the second quarter 2020 from $4.2 million in the second quarter 2019, which was driven by revenue related to the large customer order received at the end of the first quarter 2020 previously mentioned.

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The following information was filed by Qumu Corp (QUMU) on Wednesday, July 29, 2020 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

Cover Page
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 (Tables)
Commitments And Contingencies Components Of Lease Cost (Details)
Commitments And Contingencies Future Payments Used In Measurement Of Lease Liabilities (Details)
Commitments And Contingencies Lease Narrative (Details)
Commitments And Contingencies Note Payable (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
Fair Value Measurements (Tables)
Fair Value Measurements Change In Fair Value (Details)
Fair Value Measurements Measurement Levels (Details)
Fair Value Measurements Narrative (Details)
Fair Value Measurements Rollforward (Details)
Fair Value Measurements Unobservable Inputs (Details)
Fair Value Measurements Warrants Outstanding (Details)
Income Taxes
Income Taxes (Details)
Intangible Assets And Goodwill
Intangible Assets And Goodwill (Narrative) (Details)
Intangible Assets And Goodwill (Tables)
Intangible Assets And Goodwill Amortization Expense (Details)
Intangible Assets And Goodwill Components Intangible Assets (Details)
Intangible Assets And Goodwill Intangible Assets Rollforward (Details)
Nature Of Business And Basis Of Presentation
Nature Of Business And Basis Of Presentation Narrative (Details)
Revenue
Revenue (Policies)
Revenue (Tables)
Revenue Contract Assets And Liabilities (Details)
Revenue Disaggregation Of Revenue (Details)
Revenue Narrative (Details)
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)
Termination Of Merger Agreement With Synacor, Inc.
Termination Of Merger Agreement With Synacor, Inc. (Details)

Material Contracts, Statements, Certifications & more

Qumu Corp provided additional information to their SEC Filing as exhibits

Ticker: QUMU
CIK: 892482
Form Type: 10-Q Quarterly Report
Accession Number: 0000892482-20-000030
Submitted to the SEC: Tue Aug 04 2020 5:14:42 PM EST
Accepted by the SEC: Tue Aug 04 2020
Period: Tuesday, June 30, 2020
Industry: Prepackaged Software

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