Qumu Announces Preliminary Second Quarter 2020 Revenue
July 15 2020 - 8:00AM
Business Wire
Strong Demand Drives Company to Raise
Expected 2020 Revenue to $29 million
Conference Call Scheduled for July 28,
2020
Qumu Corporation (Nasdaq: QUMU), the leading provider of
best-in-class video technology for the enterprise, announced
preliminary revenue results for its second quarter ended June 30,
2020.
Preliminary second quarter 2020 revenue is expected to be
approximately $9.3 million, compared to revenue of $6.2 million for
the first quarter 2020 and $5.4 million for the second quarter
2019. Preliminary revenue for the six months ended June 30, 2020 is
expected to be approximately $15.6 million, compared to revenue for
the six months ended June 30, 2019 of $12.5 million. Second quarter
2020 revenue growth is strong due to several COVID-19 related
sales, including one multi-million dollar contract that closed late
in the first quarter 2020, with a significant portion of that
revenue recognized in the second quarter 2020.
“Qumu is playing a pivotal role in helping our customers sustain
their business during the COVID-19 pandemic as they implement
massive work-at-home programs, large-scale broadcasts and virtual
events using video,” said Vern Hanzlik, Qumu President and CEO. “We
are also seeing an increase in self-service broadcasting in which
Qumu’s platform provides the secure, video delivery and management
infrastructure enabling customers to easily launch live webcasts
from Zoom, Microsoft Teams, Webex and other video conferencing
solutions.”
“Qumu’s customers have been able to pivot quickly to secure,
large-scale video usage,” continued Hanzlik. “For example, in
mid-March, one large financial services customer shifted from 3,000
remote users to 50,000 in the span of a weekend. The sales pipeline
activity that Qumu is experiencing suggests that the pandemic is a
catalyst to a larger, fundamental shift and customers are investing
in video infrastructure as they witness the benefits of deploying
self-service enterprise video at scale.”
Business Outlook
Qumu management remains cautious due to the unknown financial
impact that COVID-19 will have on economies and enterprises around
the world. However, based on the strength of first half 2020
customer contracts, customer demand, and Qumu’s pipeline, Qumu
management has raised Qumu’s 2020 revenue expectation to
approximately $29 million, up from previous guidance of
approximately $28 million, representing a 14% increase over full
year 2019 revenue.
Second Quarter 2020 Conference Call Scheduled
Qumu will hold a conference call and webcast on Tuesday, July
28, 2020 at 4:30 p.m. Eastern Time to discuss its financial results
for the second quarter 2020. Financial results for the second
quarter 2020 will be issued in a press release prior to the
call.
Qumu President and CEO, Vern Hanzlik, and CFO, Dave Ristow, will
host the conference call, followed by a question and answer
period.
Date: Tuesday, July 28, 2020 Time: 4:30 p.m. Eastern Time
U.S. Dial-In Number: (833) 644-0679 International Dial-In
Number: (918) 922-6755
Investors can also access a webcast of the live conference call
by linking through the investor relations section of the Qumu
website at https://qumu.com.
About Qumu
Qumu Corporation (Nasdaq: QUMU) is the leading provider of a
best-in-class platform to create, manage, secure, distribute and
measure the success of live and on-demand video for the intelligent
enterprise. Backed by the most trusted and experienced team in the
industry, the Qumu platform enables global organizations to drive
employee engagement, increase access to video, and modernize the
workplace by providing a more efficient and effective way to share
knowledge.
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. Forward-looking statements
are subject to various risks and uncertainties that could cause
actual results to differ materially from those expressed or implied
in such statements.
Such forward-looking statements include, for example, statements
about: the expected use and adoption of video in the enterprise,
the impact of COVID-19 on the use and adoption of video in the
enterprise, the Company’s future revenue and operating performance,
cash balances, future product mix or the timing of recognition of
revenue and the demand for the Company’s products or software. The
risks and uncertainties that could cause actual results to differ
materially from those expressed or implied in these forward-looking
statements include the risk factors described in the Company’s most
recent Annual Report on Form 10-K, subsequent Quarterly Reports on
Form 10-Q, Current Reports on Form 8-K and other filings with the
Securities and Exchange Commission.
The forward-looking statements in this press release speak only
as of the date of this press release. Except as required by law,
Qumu assumes no obligation to update or revise these
forward-looking statements for any reason, even if new information
becomes available in the future, except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20200715005173/en/
Dave Ristow Chief Financial Officer Qumu Corporation
Dave.Ristow@qumu.com +1.612.638.9045
Qumu (NASDAQ:QUMU)
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