0000892482-16-000036.txt : 20160504 0000892482-16-000036.hdr.sgml : 20160504 20160504170138 ACCESSION NUMBER: 0000892482-16-000036 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20160503 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20160504 DATE AS OF CHANGE: 20160504 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Qumu Corp CENTRAL INDEX KEY: 0000892482 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 411577970 STATE OF INCORPORATION: MN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-20728 FILM NUMBER: 161620309 BUSINESS ADDRESS: STREET 1: 510 1ST AVENUE NORTH STREET 2: SUITE 305 CITY: MINNEAPOLIS STATE: MN ZIP: 55403 BUSINESS PHONE: (612) 638-9100 MAIL ADDRESS: STREET 1: 510 1ST AVENUE NORTH STREET 2: SUITE 305 CITY: MINNEAPOLIS STATE: MN ZIP: 55403 FORMER COMPANY: FORMER CONFORMED NAME: RIMAGE CORP DATE OF NAME CHANGE: 19930328 8-K 1 a8-kq12016.htm FORM 8-K DATED MAY 3, 2016 8-K


 
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
 
 
 
 
 
FORM 8-K
 
 
 
 
 
 
 
CURRENT REPORT
 
 
 
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
 
Date of Report (date of earliest event reported): May 3, 2016
 
 
 
Qumu Corporation 
(Exact name of Registrant as Specified in its Charter)
 
 
Minnesota
 
(State Or Other Jurisdiction Of Incorporation)
 
 
 
000-20728
 
41-1577970
(Commission File Number)
 
(I.R.S. Employer Identification No.)
 
 
 
510 1st Avenue North, Suite 305
 
 
Minneapolis, MN
 
55403
(Address Of Principal Executive Offices)
 
(Zip Code)
 
 
 
 
(612) 638-9100
 
Registrant’s Telephone Number, Including Area Code
 
 
 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
 
o
Written communications pursuant to Rule 425 under the Securities Act
 
 
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act
 
 
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
 
 
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
 
 
 




Items under Sections 1 and 3 through 8 are not applicable and therefore omitted.

ITEM 2.02    RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
Qumu Corporation (the “Company”) hereby furnishes as Exhibit 99.1 a press release issued on May 3, 2016 disclosing material non-public information regarding its results of operations for the quarter ended March 31, 2016 and hereby furnishes as Exhibit 99.2 statements of Vern Hanzlik, its President and Chief Executive Officer, and Peter J. Goepfrich, its Chief Financial Officer, made on May 4, 2016 at a telephone conference relating to the quarter ended March 31, 2016 results.
ITEM 9.01    FINANCIAL STATEMENTS AND EXHIBITS.
 
 
 
Exhibit No.
 
Description
99.1
 
Press Release issued on May 3, 2016.
 
 
 
99.2
 
Statements of Vern Hanzlik, President and Chief Executive Officer, and Peter J. Goepfrich, Chief Financial Officer at a telephone conference held on May 4, 2016.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
 
 
QUMU CORPORATION
 
 
 
 
By:
/s/ Peter J. Goepfrich
 
 
Peter J. Goepfrich
 
 
Chief Financial Officer
 
 
 
Date: May 4, 2016
 
 



 EX-99.1 2 q12016ex991.htm PRESS RELEASE ISSUED MAY 3, 2016 Exhibit


EXHIBIT 99.1

Qumu Announces First Quarter 2016 Results

Quarterly Revenue of $8.7 Million, a 46% year-over-year increase
Conference Call Wednesday, May 4 at 10:00 a.m. ET

Minneapolis, MN – May 3, 2016 – Qumu Corporation (NASDAQ: QUMU) today reported financial results for the first quarter ended March 31, 2016.

First quarter revenue was $8.7 million, a 46% increase compared to the first quarter 2015. First quarter net loss per share was $(0.45) compared to $(1.07) in the first quarter 2015.

First quarter adjusted EBITDA (a non-GAAP measure) was a loss of $3.0 million, compared to an adjusted EBITDA loss of $8.7 million for the first quarter 2015.

“Strong execution in customer deployment and solid expense management enabled us to greatly improve revenue and adjusted EBITDA on a year-over-year basis. We continue to focus on strengthening our financial performance and technology lead in our market. Qumu has the largest video deployments in the enterprise video space. Our software platform’s ability to address the video market at the departmental and enterprise level is unique in the industry. We continue to concentrate on Global 5000 companies with a particular focus on the financial services, pharmaceutical and manufacturing verticals,” said Vern Hanzlik, Qumu’s President and Chief Executive Officer. “Despite timing delays in the first quarter and second quarter with respect to a few large enterprise transactions, we remain confident in our ability to execute on our 2016 expectations.”

Other Information
•
First quarter subscription, maintenance and support revenue was $5.5 million compared to $4.1 million in the first quarter 2015.
•
First quarter gross margin was 56.3% compared to 36.8% the first quarter 2015.
•
Total headcount was 182 as of March 31, 2016 compared to 192 as of December 31, 2015 and 227 as of March 31, 2015.
•
Cash, marketable securities and restricted cash were $11.3 million as of March 31, 2016, compared to $13.3 million as of December 31, 2015, reflecting the first quarter operating loss and the impact on cash from changes in working capital.

Guidance
For the second quarter 2016, revenue is expected to be consistent with the first quarter 2016. Second quarter net loss per diluted share is expected to improve from the first quarter 2016 to a range of $(0.40) to $(0.36) with fully diluted weighted average shares outstanding of approximately 9.2 million shares. Adjusted EBITDA for the second quarter 2016 is also expected to improve from the first quarter 2016 to a range of a loss of $2.5 million to $2.0 million, compared to an adjusted EBITDA loss of $5.8 million in the second quarter 2015.

The Company is maintaining previously provided full year 2016 guidance. Revenue is expected to be in the range of $40.0 million to $43.0 million, representing approximately 16% to 25% growth over 2015. Gross margins are expected to improve from the mid 50s early in the year to the mid to high 60s late in the year. Net loss per diluted share is expected to be in the range of $(1.15) to $(1.00) with fully diluted weighted average shares outstanding of approximately 9.2 million shares. Adjusted EBITDA is expected to be in the range of a loss of $5.5 million to $4.0 million compared to an adjusted EBITDA loss of $24.5 million in fiscal 2015. The Company expects a tax benefit of $200,000 in fiscal 2016. Additionally, the Company expects that it will be cash flow breakeven the second half of 2016.

1



Conference Call
The Company has scheduled a conference call and webcast to review its first quarter 2016 results tomorrow, May 4, 2016 at 10:00 a.m. Eastern Time. The dial-in number for the conference call is 877-456-6914 for domestic participants and 929-387-3794 for international participants. Investors can also access a webcast of the live conference call by linking through the investor relations section of the Qumu website, www.qumu.com. Webcasts will be archived on Qumu’s website.

Non-GAAP Information
To supplement the Company's condensed consolidated financial statements presented on a GAAP basis, the Company uses adjusted EBITDA (a non-GAAP measure), which excludes certain items presented under GAAP. Adjusted EBITDA excludes items related to stock-based compensation, depreciation and amortization, interest income and expense, and the impact of income-based taxes.

The Company uses both GAAP and non-GAAP measures when planning, monitoring, and evaluating the Company’s performance. The Company believes that adjusted EBITDA is useful to investors because it provides supplemental information that allows investors to review the Company's results of operations from the same perspective as management and the Company's board of directors. Non-GAAP results are presented for supplemental informational purposes only for understanding our operating results. The non-GAAP results should not be considered a substitute for financial information presented in accordance with generally accepted accounting principles, and may be different from non-GAAP measures used by other companies.

See the attached Supplemental Financial Information for a reconciliation of operating loss, a GAAP measure, to adjusted EBITDA, a non-GAAP measure, for the three months ended March 31, 2016 and 2015.

Forward-Looking Statements
This press release contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, words such as “may,” “will,” “expect,” “believe,” “anticipate,” or “estimate” or comparable terminology are intended to identify forward-looking statements. Such forward-looking statements include, for example, statements about: the Company’s future revenue and operating performance, cash balances, future product mix or the timing of recognition of revenue; the demand for the Company’s products or software; and the success of cost reduction measures. The statements made by the Company are based upon management’s current expectations and are subject to certain risks and uncertainties that could cause the actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include the risk factors described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 and other factors set forth in the Company’s filings with the Securities and Exchange Commission.

About Qumu
Video is today’s document. Qumu Corporation (NASDAQ: QUMU) provides the tools businesses need to create, manage, secure, deliver and measure the success of their videos. Qumu's innovative solutions release the power in video to engage and empower employees, partners and clients. Organizations around the world realize the greatest possible value from video they create and publish using Qumu. Whatever the audience size, viewer device or network configuration, Qumu solutions are how business does video. Additional information can be found at www.qumu.com.

Investor Contact:                
Peter Goepfrich, CFO                
Qumu Corporation                
612-638-9096

2


QUMU CORPORATION
Condensed Consolidated Statements of Operations
(unaudited - in thousands, except per share data)
 
Three Months Ended 
 March 31,
 
2016
 
2015
Revenues:
 

 
 

Software licenses and appliances
$
1,962

 
$
984

Service
6,774

 
4,985

Total revenues
8,736

 
5,969

Cost of revenues:
 

 
 

Software licenses and appliances
957

 
233

Service
2,861

 
3,542

Total cost of revenues
3,818

 
3,775

Gross profit
4,918

 
2,194

Operating expenses:
 

 
 

Research and development
2,350

 
2,802

Sales and marketing
3,532

 
4,828

General and administrative
2,970

 
4,364

Amortization of purchased intangibles
226

 
199

Total operating expenses
9,078

 
12,193

Operating loss
(4,160
)
 
(9,999
)
Other income (expense):
 

 
 

Interest, net
(12
)
 
16

Other, net
36

 
(64
)
Total other income (expense), net
24

 
(48
)
Loss before income taxes
(4,136
)
 
(10,047
)
Income tax benefit
(4
)
 
(174
)
Net loss from continuing operations
(4,132
)
 
(9,873
)
Net loss from discontinued operations, net of tax
—

 
(67
)
Net loss
$
(4,132
)
 
$
(9,940
)
Net loss per basic and diluted share:
 
 
 
Net loss from continuing operations per share
$
(0.45
)
 
$
(1.07
)
Net loss from discontinued operations per share
—

 
(0.01
)
Net loss per share
$
(0.45
)
 
$
(1.08
)
Basic and diluted weighted average shares outstanding
9,218

 
9,168



3


QUMU CORPORATION
Condensed Consolidated Balance Sheets
(in thousands)
Assets
March 31,
2016
 
December 31,
2015
Current assets:
(unaudited)
 
 
Cash and cash equivalents
$
9,011

 
$
7,072

Marketable securities
2,250

 
6,249

Receivables, net
7,214

 
11,257

Income taxes receivable
394

 
659

Prepaid expenses and other current assets
4,590

 
3,392

Total current assets
23,459

 
28,629

Property and equipment, net
2,644

 
2,942

Intangible assets, net
10,330

 
11,032

Goodwill
7,865

 
8,103

Other assets, non-current
3,667

 
3,706

Total assets
$
47,965

 
$
54,412

Liabilities and Stockholders’ Equity
 

 
 

Current liabilities:
 

 
 

Accounts payable and other accrued liabilities
$
3,753

 
$
3,864

Accrued compensation
2,995

 
4,014

Deferred revenue
9,815

 
10,413

Deferred rent
295

 
270

Financing obligations
465

 
502

Current liabilities from discontinued operations
50

 
50

Total current liabilities
17,373

 
19,113

Long-term liabilities:
 

 
 

Deferred revenue, non-current
1,944

 
2,215

Income taxes payable, non-current
6

 
9

Deferred tax liability, non-current
558

 
575

Deferred rent, non-current
923

 
998

Financing obligations, non-current
435

 
519

Other non-current liabilities
101

 
226

Total long-term liabilities
3,967

 
4,542

Total liabilities
21,340

 
23,655

Stockholders’ equity:
 

 
 

Common stock
92

 
92

Additional paid-in capital
65,833

 
65,484

Accumulated deficit
(37,430
)
 
(33,298
)
Accumulated other comprehensive loss
(1,870
)
 
(1,521
)
Total stockholders’ equity
26,625

 
30,757

Total liabilities and stockholders’ equity
$
47,965

 
$
54,412



4


QUMU CORPORATION
Condensed Consolidated Statements of Cash Flows
(unaudited - in thousands)
 
Three Months Ended 
 March 31,
 
2016
 
2015
Cash flows used in operating activities:
 

 
 

Net loss
$
(4,132
)
 
$
(9,940
)
Net loss from discontinued operations, net of tax
—

 
(67
)
Net loss from continuing operations
(4,132
)
 
(9,873
)
Adjustments to reconcile net loss to net cash used in continuing operating activities:
 
 
 
Depreciation and amortization
852

 
748

Stock-based compensation
351

 
568

Loss on disposal of property and equipment
—

 
1

Deferred income taxes
(1
)
 
(89
)
Changes in operating assets and liabilities:
 
 
 
Receivables
3,911

 
4,084

Income taxes receivable / payable
245

 
(142
)
Prepaid expenses and other assets
(1,170
)
 
(1,532
)
Accounts payable and other accrued liabilities
(101
)
 
(166
)
Accrued compensation
(1,006
)
 
(1,839
)
Deferred revenue
(756
)
 
1,208

Deferred rent
(48
)
 
—

Other non-current liabilities
(125
)
 
(35
)
Net cash used in continuing operating activities
(1,980
)
 
(7,067
)
Net cash used in discontinued operating activities
—

 
(397
)
Net cash used in operating activities
(1,980
)
 
(7,464
)
Cash flows provided by investing activities:
 

 
 

Purchases of marketable securities
—

 
(7,250
)
Sales and maturities of marketable securities
4,000

 
10,250

Purchases of property and equipment
(12
)
 
(240
)
Proceeds from sale of property and equipment
—

 
43

Net cash provided by investing activities
3,988

 
2,803

Cash flows provided by (used in) financing activities:
 

 
 

Common stock repurchases to settle employee withholding liability
(1
)
 
—

Principal payments on financing obligations
(118
)
 
—

Proceeds from employee stock plans
—

 
45

Net cash provided by (used in) financing activities
(119
)
 
45

Effect of exchange rate changes on cash
50

 
(143
)
Net increase (decrease) in cash and cash equivalents
1,939

 
(4,759
)
Cash and cash equivalents, beginning of period
7,072

 
11,684

Cash and cash equivalents, end of period
$
9,011

 
$
6,925


5


QUMU CORPORATION
Supplemental Financial Information
(unaudited - in thousands)

A summary of revenue is as follows:
 
Three Months Ended 
 March 31,
 
2016
 
2015
Software licenses and appliances
$
1,962

 
$
984

Services
 
 
 
Subscription, maintenance and support
5,525

 
4,112

Professional services and other
1,249

 
873

Total services
6,774

 
4,985

Total revenue
$
8,736

 
$
5,969


A reconciliation from GAAP results to adjusted EBITDA is as follows:
 
Three Months Ended 
 March 31,
 
2016
 
2015
Operating loss
$
(4,160
)
 
$
(9,999
)
 
 
 
 
Depreciation and amortization expense:
 
 
 
Depreciation and amortization in cost of revenues
22

 
22

Depreciation and amortization in operating expenses
282

 
211

Total depreciation and amortization expense
304

 
233

Amortization of intangibles included in cost of revenues
322

 
316

Amortization of intangibles included in operating expenses
226

 
199

Total amortization of intangibles expense
548

 
515

Total depreciation and amortization expense
852

 
748

EBITDA
(3,308
)
 
(9,251
)
Stock-based compensation expense:
 
 
 
Stock-based compensation included in cost of revenues
(7
)
 
36

Stock-based compensation included in operating expenses
358

 
532

Total stock-based compensation expense
351

 
568

Adjusted EBITDA
$
(2,957
)
 
$
(8,683
)


6
 EX-99.2 3 q12016ex992.htm STATEMENTS OF VERN HANZLIK AND PETER J. GOEPFRICH Exhibit


Exhibit 99.2
Qumu Corporation
Q1 2016
Conference Call
May 4, 2016
 
 
 
 
 
Operator

[Introduction]

Vern Hanzlik

Good morning everyone and thank you for joining us for our first quarter 2016 earnings conference call.

Some of our comments today may contain forward-looking statements which are subject to risks, uncertainties and assumptions. Should any of these materialize or should our assumptions prove to be incorrect, actual Company results could differ materially from these forward-looking statements. A description of our risks, uncertainties and assumptions and other factors that could affect our financial results are included in our SEC filings, including our most recent reports on Form 10-K and Form 10-Q.

During our call, we may offer additional metrics to provide further insight into our business or results. This detail may or may not be provided in the future. We may also reference certain unreleased services or features not yet available, and we cannot guarantee the timing or availability of these services or features. So we recommend customers listening today make purchase decisions based on services or features currently available.

With me today is Peter Goepfrich, our CFO. I will begin the call touching on a few first quarter financial highlights. Peter will then provide some additional financial commentary. From there I will provide other operational highlights and comments on our market. After that we will open the call to questions.

First Quarter Financial Highlights

•
In the first quarter strong execution in customer deployments and solid expense management enabled us to greatly improve revenue and adjusted EBITDA on a year-over-year basis.

•
We generated quarterly revenue of $8.7 million, an increase of 46%, compared to the first quarter of 2015.

•
We continue to focus on strengthening our financial performance and growing the business with new and existing customers. 11 enterprise customers accounted for greater than $250,000 each in revenue. These enterprise customers represent in multiple industries - financial, technology, manufacturing and pharmaceuticals. We had two transactions greater than $1 million in revenue for the quarter.

•
Geographically, the Americas and EMEA markets continued to show strong adoption of enterprise video and our enterprise business performed well. The Americas market represented 68% of our revenue and the EMEA market was 30% of our revenue for the quarter.

•
In APAC we continued to make progress developing a pipeline through our partnership with Fujitsu, CTC and other Unified Communications partners. APAC represented 2% of our revenue for the quarter.

•
In the quarter, we saw 18 large enterprises implement an upgrade to our latest release or expand their video platform footprint.

•
Additionally, in Q1 2016 our global renewal rate for maintenance and support, term contracts and SaaS contracts was greater than 90%.





•
As I commented in our press release we saw the timing of several deals with both new and existing customers pushed into the second half of the year but we continue to feel confident in our annual guidance as these deals remain in our forecast for future quarters.

For additional financial commentary, I will now turn the call over to Peter.

Peter Goepfrich

Thank you, Vern.

I will comment on a few items not already addressed by Vern or included in our earnings release.

As discussed last quarter we changed what information is provided in our earnings release. The changes were made to increase transparency and provide information that we use to plan, monitor and evaluate our financial results.

•
In regards to revenue, as we continue to transition to more revenue that is recurring in nature, we have provided supplemental information for subscription, maintenance and support revenue.

•
From an operating expense perspective, we have separated Sales and Marketing, and General and Administrative expenses for reporting purposes.

•
As it relates to operating profitability, we have provided supplemental information for Adjusted EBITDA, a non-GAAP measure.

•
In addition to the new information we are providing, we are no longer specifically calling out total bookings because total bookings includes a variety of items long-term in nature and it does not reflect the mix of the underlying bookings. We believe the supplemental revenue information now provided as well as the quarterly and annual revenue guidance is more insightful and relevant to our performance.

•
As we continue to refine and enhance our reporting, we may provide additional supplemental information in the future.

Vern commented on revenue and I will provide more context to gross margins.

•
Software license and appliance gross margin was 51.2% primarily driven by the first quarter product mix which included a higher percentage of hardware revenue than software license revenue compared to prior quarters.

•
Service gross margin was 57.8% primarily driven by improved economies of scale on increased service revenue as well as cost savings initiatives implemented in the second half of 2015.

•
Total gross margins are expected to improve from the mid 50s early in the year to the mid to high 60s late in the year.

Moving on to the balance sheet.

•
Cash and investments were $11.3 million as of March 31, 2016 compared to $13.3 million as of December 31, 2015. We continue to manage cash closely and we expect that we will be cash flow breakeven the second half of 2016.

•
Deferred revenue was $11.8 million as of March 31, 2016 compared to $12.6 million as of December 31, 2015. Excluding the impact of changes foreign currency, deferred revenue decreased $756,000 primarily due to the timing of sales and delivery of products and services. We expect that deferred revenue will increase the balance of the year.

As noted in yesterday’s press release, while we expect second quarter revenue to be consistent with the first quarter 2016, we expect adjusted EBITDA to improve.

Now back to Vern with additional operating highlights and comments on our market.





Vern Hanzlik

Thanks, Peter.

Let me review some our key operational highlights and market comments. Then we will open the call up for questions.

•
Our software platform’s ability to address the video market at both the departmental and enterprise level is unique in our defined markets, and we will continue to focus on the Global 5000 including industry verticals such as financial services, pharmaceuticals, manufacturing and other business verticals.

•
At the enterprise level we continue to have success with new customers with proof-of-concept engagements. We continue to win business because customers demand the choice, control and completeness of solutions that we can offer. Qumu has the largest internal business video deployments and the most demanding customers - our customers’ needs for a highly secure end-to-end video platform plus an industrial-grade broadcast network to deliver video at scale to audiences around the world for both live and on-demand video communications. We continue to see use cases for video in the enterprises multiplying and hence our ability to expand horizontally in our base of customers.

•
Some of the top use cases in our customer base are : Executive Communications, Corporate Training, Social Video Portals, Video Blogging, Sales Training, Customer Service, Employee On-boarding, Marketing, Unified Communications, Mobile Evidence Capturing, User-Generated Content and IPTV.

•
In Q1 we began to implement an account-based marketing strategy that we expect will have a positive impact on our account acquisition rate and maximize our horizontal penetration of existing enterprise accounts in the future. The opportunity for us with larger accounts is clear to see in the number of Qumu customers on the Forbes Global 2000 list of the world’s largest public companies: Qumu customers represent approximately 4% of the top 2000 companies, 10% of the top 500 companies, and 19% of the top 100 companies on the Forbes list.

•
In the first quarter, the majority of our contracts were on-premise transactions, both for new and existing customers. However, we continue to see a trend towards an increasing percentage of cloud and hybrid deployments in our growing pipeline

•
In January we conducted a two-day strategy meeting with 15 enterprise customers, including several Top Ten companies in multiple industries. We received uniformly positive feedback on our product roadmap from these key customers, giving us additional confidence in our future technology plans.

•
In 2016, we will continue to advance our cloud and hybrid offerings, which are the foundation of our next generation platform. This new software platform will expand on our current capabilities, enabling our customers to use video to enhance their work product even more broadly - every day, everywhere and anytime. As we have mentioned before, our hybrid deployments will continue to grow throughout 2016 and in Q2 we will be deploying a new release combining Pathfinder with Qumu Cloud for a more robust delivery service for all new and existing cloud customers.

•
Unified Communications is a key strategy for businesses to drive effective communication. Last quarter we announced a partnership with Pexip that enhances Pexip’s next-generation Fusion video conferencing platform with an integrated recording function powered by Qumu. This combination gives customers the ability to communicate as a virtual enterprise and manage their video assets with an enterprise grade back-end. We are seeing a strong pipeline of new opportunities with our new partnership. We see this type of video communications and management as a huge disruptor in the Unified Communications market and continue to be excited about this collective opportunity.

•
Another strategic partner is Citrix. In our customer base and in the broader enterprise market there are hundreds of thousands of “VDI” (virtual desktop infrastructure) desktops that are not optimized for viewing video. Partnering with Citrix, we have built a unique video player framework leveraging our Pathfinder delivery network that delivers an excellent video experience on VDI desktops, expanding the reach of video in large organizations. We will be showcasing our Qumu VDI player at their national show called “Citrix Synergy 2016” at




the end of May. Our VDI video solution gives us a tremendous completive advantage and addresses a key communication challenge for our customers.

Enterprise Customers

•
As I mentioned earlier, we had continued growth in some of our largest enterprise customers for the first quarter in the financial, manufacturing and pharmaceuticals verticals. One customer in the Americas is in the financial services industry and continues to expand its footprint for video delivery to everyone in the organization. In the Pharmaceutical market we had other customers in Germany and the UK expand the foundation of their video investment for more reach for live, on-demand and other video use cases.

In summary, we are in a strong position for growth in 2016 which is why we are maintaining our annual guidance. We continue to invest into the future with a mindful discipline for our product direction, a clear vision for our team and operational momentum to carry us into the second half of the year well-positioned to reach our corporate milestones and revenue growth objectives.

Now, we would like to open the call to questions.

Q&A

Vern Hanzlik

Thank you again for joining us today. If you have any follow-up questions, please contact us directly.


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