Operating Segments |
Operating Segments As of June 30, 2015, the Company held interests in 28 non-consolidated partner companies which are included in the Healthcare and Technology segments. The Company’s active partner companies by segment were as follows as of June 30, 2015: | | | | | Healthcare | | | | Partner Company | Safeguard Primary Ownership as of June 30, 2015 | | Accounting Method | AdvantEdge Healthcare Solutions, Inc. | 40.1% | | Equity | Aventura, Inc. | 19.9% | | Equity | Good Start Genetics, Inc. | 29.8% | | Equity | InfoBionic, Inc. | 27.8% | | Equity | Medivo, Inc. | 34.5% | | Equity | meQuilibrium, Inc. | 31.5% | | Equity | NovaSom, Inc. | 31.7% | | Equity | Propeller Health, Inc. | 24.6% | | Equity | Putney, Inc. | 28.3% | | Equity | Quantia, Inc. | 42.3% | | Equity | Syapse, Inc. | 27.0% | | Equity | Trice Medical, Inc. | 27.7% | | Equity |
| | | | | Technology | | | | Partner Company | Safeguard Primary Ownership as of June 30, 2015 | | Accounting Method | AppFirst, Inc. | 34.2% | | Equity | Apprenda, Inc. | 21.4% | | Equity | Beyond.com, Inc. | 38.2% | | Equity | Bridgevine, Inc. | 17.2% | | Cost | CloudMine, Inc. | 30.1% | | Equity | Clutch Holdings, Inc. | 39.3% | | Equity | Full Measure Education, Inc. | 25.4% | | Equity | Hoopla Software, Inc. | 25.6% | | Equity | InsideVault, Inc. | 24.5% | | Equity | Lumesis, Inc. | 45.3% | | Equity | MediaMath, Inc. | 20.7% | | Equity | Pneuron Corporation | 35.4% | | Equity | Sonobi, Inc. | 22.6% | | Equity | Spongecell, Inc. | 23.0% | | Equity | Transactis, Inc. | 24.6% | | Equity | WebLinc, Inc. | 29.2% | | Equity |
Results of the Healthcare and Technology segments reflect the equity income (loss) of their respective equity method partner companies, other income (loss) associated with fair value method and cost method partner companies and the gains or losses on the sale of the interests in their respective partner companies. Management evaluates the Healthcare and Technology segments’ performance based on net income (loss) which is impacted by the number of partner companies accounted for under the equity method, the Company’s voting ownership percentage in these partner companies and the net results of operations of these partner companies, any impairment charges and gain (loss) on the sale of the interests in equity and cost method partner companies. Other Items include certain expenses which are not identifiable to the operations of the Company’s operating segments. Other Items primarily consist of general and administrative expenses related to corporate operations, including employee compensation, insurance and professional fees, including legal and finance, interest income, interest expense and other income (loss), equity income (loss) related to certain private equity fund ownership interests and income taxes. Other Items also include interest earned on mezzanine loans, gain (loss) on the mark-to-market of our warrant participations, and impairment on debt and equity participation interests in which the Company participates with Penn Mezzanine as well as equity income (loss) associated with the Company's interest in the management company and general partner of Penn Mezzanine. As of June 30, 2015 and December 31, 2014, all of the Company’s assets were located in the United States. Segment assets in Other Items included primarily cash, cash equivalents, and marketable securities of $105.5 million and $156.5 million, at June 30, 2015 and December 31, 2014, respectively. | | | | | | | | | | | | | | | | | | | | | | Three months ended June 30, 2015 | | Healthcare | | Technology | | Total Segments | | Other Items | | Total | | (Unaudited - In thousands) | Operating loss | $ | — |
| | $ | — |
| | $ | — |
| | $ | (4,754 | ) | | $ | (4,754 | ) | Other income (loss), net | (72 | ) | | — |
| | (72 | ) | | 57 |
| | (15 | ) | Interest income | — |
| | — |
| | — |
| | 640 |
| | 640 |
| Equity loss | (13,063 | ) | | (606 | ) | | (13,669 | ) | | (96 | ) | | (13,765 | ) | Net loss | (13,135 | ) | | (606 | ) | | (13,741 | ) | | (5,281 | ) | | (19,022 | ) | Segment Assets: | |
| | |
| | |
| | |
| | |
| June 30, 2015 | 60,571 |
| | 107,675 |
| | 168,246 |
| | 117,372 |
| | 285,618 |
| December 31, 2014 | 62,292 |
| | 88,408 |
| | 150,700 |
| | 167,754 |
| | 318,454 |
|
| | | | | | | | | | | | | | | | | | | | | | Three months ended June 30, 2014 | | Healthcare | | Technology | | Total Segments | | Other Items | | Total | | (Unaudited - In thousands) | Operating loss | $ | — |
| | $ | — |
| | $ | — |
| | $ | (5,069 | ) | | $ | (5,069 | ) | Other income, net | 1,452 |
| | — |
| | 1,452 |
| | — |
| | 1,452 |
| Interest income | — |
| | — |
| | — |
| | 542 |
| | 542 |
| Equity income (loss) | (4,547 | ) | | 1,586 |
| | (2,961 | ) | | (214 | ) | | (3,175 | ) | Net income (loss) | (3,095 | ) | | 1,586 |
| | (1,509 | ) | | (5,839 | ) | | (7,348 | ) |
| | | | | | | | | | | | | | | | | | | | | | Six months ended June 30, 2015 | | Healthcare | | Technology | | Total Segments | | Other Items | | Total | | (Unaudited - In thousands) | Operating loss | $ | — |
| | $ | — |
| | $ | — |
| | $ | (9,634 | ) | | $ | (9,634 | ) | Other loss, net | (311 | ) | | — |
| | (311 | ) | | (92 | ) | | (403 | ) | Interest income | — |
| | — |
| | — |
| | 1,089 |
| | 1,089 |
| Equity income (loss) | (17,105 | ) | | (5,378 | ) | | (22,483 | ) | | 56 |
| | (22,427 | ) | Net loss | (17,416 | ) | | (5,378 | ) | | (22,794 | ) | | (10,831 | ) | | (33,625 | ) |
| | | | | | | | | | | | | | | | | | | | | | Six months ended June 30, 2014 | | Healthcare | | Technology | | Total Segments | | Other Items | | Total | | (Unaudited - In thousands) | Operating loss | $ | — |
| | $ | — |
| | $ | — |
| | $ | (10,308 | ) | | $ | (10,308 | ) | Other income (loss), net | 31,831 |
| | — |
| | 31,831 |
| | (5 | ) | | 31,826 |
| Interest income | — |
| | — |
| | — |
| | 1,012 |
| | 1,012 |
| Equity income (loss) | 6,075 |
| | (1,999 | ) | | 4,076 |
| | (443 | ) | | 3,633 |
| Net income (loss) | 37,906 |
| | (1,999 | ) | | 35,907 |
| | (11,936 | ) | | 23,971 |
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