SAFEGUARD SCIENTIFICS INC, 10-Q filed on 7/27/2017
Quarterly Report
Document and Entity Information
6 Months Ended
Jun. 30, 2017
Jul. 25, 2017
Document Documentand Entity Information [Abstract]
 
 
Entity Registrant Name
SAFEGUARD SCIENTIFICS INC 
 
Entity Central Index Key
0000086115 
 
Current Fiscal Year End Date
--12-31 
 
Entity Filer Category
Accelerated Filer 
 
Document Type
10-Q 
 
Document Period End Date
Jun. 30, 2017 
 
Document Fiscal Year Focus
2017 
 
Document Fiscal Period Focus
Q2 
 
Amendment Flag
false 
 
Entity Common Stock, Shares Outstanding
 
20,413,316 
Trading Symbol
SFE 
 
CONSOLIDATED BALANCE SHEETS (USD $)
In Thousands, unless otherwise specified
Jun. 30, 2017
Dec. 31, 2016
Current Assets:
 
 
Cash and cash equivalents
$ 48,181 
$ 22,058 
Marketable securities
4,733 
8,384 
Prepaid expenses and other current assets
3,319 
2,109 
Total current assets
56,233 
32,551 
Property and equipment, net
1,705 
1,873 
Ownership interests in and advances to partner companies
148,029 
183,470 
Long-term marketable securities
689 
7,302 
Long-term restricted cash equivalents
6,336 
6,336 
Other assets
316 
296 
Total Assets
213,308 
231,828 
Current Liabilities:
 
 
Accounts payable
151 
140 
Accrued compensation and benefits
2,629 
3,498 
Accrued expenses and other current liabilities
1,942 
2,223 
Convertible senior debentures - current
42,320 
Total current liabilities
47,042 
5,861 
Other long-term liabilities
3,580 
3,630 
Credit facility
44,514 
Convertible senior debentures
52,560 
Total Liabilities
95,136 
62,051 
Commitments and contingencies
   
   
Equity:
 
 
Preferred stock, $0.10 par value; 1,000 shares authorized
Common stock, $0.10 par value; 83,333 shares authorized; 21,573 shares issued at June 30, 2017 and December 31, 2016
2,157 
2,157 
Additional paid-in capital
814,767 
816,016 
Treasury stock, at cost; 1,169 and 1,209 shares at June 30, 2017 and December 31, 2016, respectively
(20,276)
(21,061)
Accumulated deficit
(678,098)
(626,904)
Accumulated other comprehensive loss
(378)
(431)
Total Equity
118,172 
169,777 
Total Liabilities and Equity
$ 213,308 
$ 231,828 
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)
In Thousands, except Per Share data, unless otherwise specified
Jun. 30, 2017
Dec. 31, 2016
Statement of Financial Position [Abstract]
 
 
Preferred stock, par value
$ 0.10 
$ 0.10 
Preferred stock, shares authorized
1,000 
1,000 
Common stock, par value
$ 0.10 
$ 0.10 
Common stock, shares authorized
83,333 
83,333 
Common stock, shares issued
21,573 
21,573 
Treasury stock
1,169 
1,209 
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Income Statement [Abstract]
 
 
 
 
General and administrative expense
$ 4,486 
$ 4,849 
$ 9,433 
$ 10,077 
Operating loss
(4,486)
(4,849)
(9,433)
(10,077)
Other income (loss), net
(89)
659 
160 
659 
Interest income
1,087 
527 
1,888 
947 
Interest expense
(2,112)
(1,155)
(3,310)
(2,304)
Equity income (loss)
(23,497)
43,794 
(40,499)
34,299 
Net income (loss) before income taxes
(29,097)
38,976 
(51,194)
23,524 
Income tax benefit (expense)
Net income (loss)
$ (29,097)
$ 38,976 
$ (51,194)
$ 23,524 
Net income (loss) per share:
 
 
 
 
Basic (in dollars per share)
$ (1.43)
$ 1.92 
$ (2.51)
$ 1.15 
Diluted (in dollars per share)
$ (1.43)
$ 1.70 
$ (2.51)
$ 1.09 
Weighted average shares used in computing income (loss) per share:
 
 
 
 
Basic (in shares)
20,411 
20,333 
20,395 
20,391 
Diluted (in shares)
20,411 
23,539 
20,395 
23,602 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash Flows from Operating Activities:
 
 
Net cash used in operating activities
$ (11,407)
$ (10,843)
Cash Flows from Investing Activities:
 
 
Proceeds from sales of and distributions from companies
16,462 
72,824 
Acquisitions of ownership interests in companies
(8,026)
(28,329)
Advances and loans to companies
(13,564)
(10,151)
Repayment of advances and loans to companies
56 
Increase in marketable securities
(14,604)
Decrease in marketable securities
10,268 
30,257 
Capital expenditures
(73)
Net cash provided by investing activities
5,140 
49,980 
Cash Flows from Financing Activities:
 
 
Proceeds from credit facility
50,000 
Issuance costs of credit facility
(5,696)
Repurchase of convertible senior debentures
(11,796)
Issuance of Company common stock, net
12 
Tax withholdings related to equity-based awards
(130)
(355)
Repurchase of Company common stock
(5,389)
Net cash provided by (used in) financing activities
32,390 
(5,744)
Net change in cash, cash equivalents and restricted cash equivalents
26,123 
33,393 
Cash, cash equivalents and restricted cash equivalents at beginning of period
28,394 
32,838 
Cash, cash equivalents and restricted cash equivalents at end of period
$ 54,517 
$ 66,231 
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (USD $)
In Thousands, unless otherwise specified
Total
Accumulated Deficit
AOCI Attributable to Parent
Common Stock
Additional Paid-in Capital
Treasury Stock
Balance at Dec. 31, 2016
$ 169,777 
$ (626,904)
$ (431)
$ 2,157 
$ 816,016 
$ (21,061)
Balance (in shares) at Dec. 31, 2016
 
 
 
 
 
1,209 
Balance (in shares) at Dec. 31, 2016
 
 
 
21,573 
 
 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
Net loss
(51,194)
(51,194)
 
 
 
 
Stock options exercised, net of tax withholdings
12 
 
 
 
(24)
36 
Stock options exercised, net of tax withholdings (in shares)
 
 
 
 
 
(2)
Issuance of restricted stock, net of tax withholdings
(45)
 
 
 
(794)
749 
Issuance of restricted stock, net of tax withholdings (in shares)
 
 
 
 
 
(38)
Stock-based compensation expense
246 
 
 
 
246 
 
Repurchase of convertible senior debentures
(677)
 
 
 
(700)
 
Other comprehensive income
53 
 
53 
 
 
 
Balance at Jun. 30, 2017
$ 118,172 
$ (678,098)
$ (378)
$ 2,157 
$ 814,767 
$ (20,276)
Balance (in shares) at Jun. 30, 2017
 
 
 
 
 
1,169 
Balance (in shares) at Jun. 30, 2017
 
 
 
21,573 
 
 
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Statement (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Statement of Comprehensive Income [Abstract]
 
 
 
 
Net loss
$ (29,097)
$ 38,976 
$ (51,194)
$ 23,524 
Share of other comprehensive income (loss) of equity method investments
20 
10 
Reclassification adjustment for sale of equity method investments
50 
Total comprehensive income (loss)
$ (29,092)
$ 38,996 
$ (51,141)
$ 23,534 
General
General
General
The accompanying unaudited interim Consolidated Financial Statements of Safeguard Scientifics, Inc. (“Safeguard” or the “Company”) were prepared in accordance with accounting principles generally accepted in the United States of America and the interim financial statement rules and regulations of the SEC. In the opinion of management, these statements include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the Consolidated Financial Statements. The interim operating results are not necessarily indicative of the results for a full year or for any interim period. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations relating to interim financial statements. The Consolidated Financial Statements included in this Form 10-Q should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations included elsewhere in this Form 10-Q and with the Company’s Consolidated Financial Statements and Notes thereto included in the Company’s 2016 Annual Report on Form 10-K.
Liquidity
As of June 30, 2017, the Company had $48.2 million of cash and cash equivalents and $5.4 million of marketable securities for a total of $53.6 million. Additionally, as of June 30, 2017, the Company had $43.6 million of principal outstanding on its convertible senior notes, which the Company anticipates repaying or refinancing by the maturity date of May 15, 2018.
In May 2017, the Company entered into a $75.0 million secured, revolving credit facility (“Credit Facility”) with HPS Investment Partners, LLC (“Lender”). As of June 30, 2017, the Company had $50.0 million of principal outstanding on the Credit Facility due in May 2020. The Credit Facility requires the Company to maintain (i) a liquidity threshold of at least $20 million of unrestricted cash; (ii) a tangible net worth, plus unrestricted cash of at least 1.75x the amount then outstanding under the Credit Facility; (iii) a minimum aggregate appraised value of the Company’s ownership interests in its partner companies, plus unrestricted cash in excess of the liquidity threshold of at least $350 million; and (iv) certain diversification requirements and concentration limits with respect to the Company’s capital deployments to its partner companies. As of the date these consolidated financial statements were issued, the Company was in compliance with all of these covenants.
The Company funds its operations with cash and marketable securities on hand as well as proceeds from the sales of its interest in its partner companies. Due to the nature of the mergers and acquisitions market, and the developmental cycle of companies like the Company’s partner companies, the Company’s ability to generate specific amounts of liquidity from sales of its partner company interests in any given period of time cannot be assured. Accordingly, the forecasts which the Company utilizes for projecting future compliance with covenants related to its Credit Facility include significantly discounted probability-weighted proceeds from the sales of its interests in its partner companies. Based on these forecasts, management believes the Company will continue to remain in compliance with all of its debt covenants. Management's plans to remain in compliance with these covenants include selling certain of its partner company interests in the ordinary course of its business and limiting capital deployments to new and existing partner companies.
Non-compliance with any of the covenants would constitute an event of default under the Credit Facility, and the Lender could choose to accelerate the maturity of the indebtedness. If the Lender were to accelerate the maturity of the indebtedness, the Company may not have sufficient immediate liquidity to repay the entire balance of its outstanding borrowings and other obligations under the Credit Facility. Should the Company not be in compliance with all its debt covenants and be unable to obtain waivers for such events of default, management would pursue one of a number of potential alternatives to satisfy the obligations, including completing an equity offering or obtaining a new debt facility to refinance its existing debt.
Significant Accounting Policies
Restricted Cash Equivalents
Restricted cash equivalents consist of certificates of deposit with various maturity dates. Amounts included in restricted cash equivalents represent those required to be set aside by a contractual agreement with a bank as collateral for a letter of credit. The restriction on the cash will lapse when the related letter of credit expires on March 19, 2019. The following table provides a reconciliation of cash, cash equivalents and restricted cash equivalents reported within the Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Consolidated Statements of Cash Flows:
 
June 30, 2017
 
December 31, 2016
 
(In thousands)
Cash and cash equivalents
$
48,181

 
$
22,058

Long-term restricted cash equivalents
6,336

 
6,336

Total cash, cash equivalents and restricted cash equivalents
$
54,517

 
$
28,394



Recent Accounting Pronouncements
Evaluation of Accounting Standards Update No. 2014-09
In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09"). ASU 2014-09 and related subsequent amendments outline a single comprehensive model to use to account for revenue arising from contracts with customers and supersede most current revenue recognition guidance. For public companies, the guidance is effective for annual periods beginning after December 15, 2017 and any interim periods that fall within that reporting period. For nonpublic companies, the guidance is effective for annual periods beginning after December 15, 2018 and interim periods within annual periods beginning after December 15, 2019 with early adoption permitted. As the new standard will supersede most existing revenue guidance, it could impact revenue and cost recognition for partner companies. Any change in revenue or cost recognition for partner companies could affect the Company's recognition of its share of the results of its equity method partner companies. The Company has been closely monitoring the FASB and SEC activity related to the new standard.  On July 20, 2017, the SEC staff observer at the FASB’s Emerging Issues Task Force ("EITF") meeting announced that the SEC staff will not object if a private company equity method investee meeting the definition of a public business entity that otherwise would not meet the definition of a public business entity except for the inclusion of its financial statements or financial information in another entity’s filings with the SEC, uses private company adoption dates for the new revenue standard.  As a result, the Company anticipates that its private, calendar year partner companies will adopt the new revenue standard for the year ending December 31, 2019.  The impact of adoption of the new revenue standard will be reflected in the Company’s financial results for the interim and annual reporting periods beginning in 2020 on a one quarter-lag basis.
Ownership Interests in and Advances to Partner Companies and Funds
Ownership Interests in and Advances to Partner Companies
Ownership Interests in and Advances to Partner Companies
The following summarizes the carrying value of the Company’s ownership interests in and advances to partner companies.   
   
June 30, 2017
 
December 31, 2016
   
(Unaudited - In thousands)
Equity Method:
   
 
 
Partner companies
$
118,513

 
$
154,219

Private equity funds
445

 
447

   
118,958

 
154,666

Cost Method:
   
 
 
Other holdings
2,687

 
2,112

Private equity funds
1,334

 
1,550

   
4,021

 
3,662

Advances to partner companies
25,050

 
25,142

   
$
148,029

 
$
183,470


In March 2017, the Company sold its interest in partner company Nexxt, Inc., formerly Beyond.com, back to Nexxt, Inc. for $26.0 million. The Company received $15.5 million in cash and a three-year, $10.5 million note for the balance due, which accrues interest at a rate of 9.5% per annum. The receipt of the $15.5 million in cash resulted in a gain of $0.1 million which is included in Equity income (loss) in the Consolidated Statements of Operations for the six months ended June 30, 2017. The $10.5 million note is fully reserved and has a carrying value of zero as of June 30, 2017. A gain will be recorded when the note is repaid. Interest is payable annually and interest income is recorded as earned throughout the year.
In the second quarter of 2017, the Company recognized an impairment charge of $3.6 million related to Spongecell, Inc. which is reflected in Equity income (loss) in the Consolidated Statements of Operations for the three and six months ended June 30, 2017. The impairment was based on the value at which the Company expects Spongecell to raise its next financing round. The adjusted carrying value of the Company's interest in Spongecell is $7.8 million at June 30, 2017.
In the first and second quarters of 2017, the Company recognized impairment charges of $2.7 million and $2.2 million, respectively, related to Pneuron, Inc. which is reflected in Equity income (loss) in the Consolidated Statements of Operations for the three and six months ended June 30, 2017. The impairments were due to a decline in revenue and an inability to date to attract third party investors or acquirers. The adjusted carrying value of the Company's interest in Pneuron is $0.0 million at June 30, 2017.
In April 2016, Putney, Inc. was acquired by Dechra Pharmaceuticals Plc. The Company received $58.6 million in cash proceeds in connection with the transaction. In April 2017, the Company received an additional $0.7 million in connection with the expiration of the final escrow period resulting in a gain of $0.7 million which is included in Equity income (loss) in the Consolidated Statements of Operations for the three and six months ended June 30, 2017.
In July 2015, Quantia, Inc. was acquired by Physicians Interactive. The Company received $7.8 million in initial cash proceeds in connection with the transaction in July 2015 and $0.6 million in connection with the expiration of the initial escrow period in July 2016. In January 2017, the Company received an additional $0.6 million in connection with the expiration of the final escrow period resulting in a gain of $0.6 million which is included in Equity income (loss) in the Consolidated Statements of Operations for the six months ended June 30, 2017.
In April 2016, the Company received $3.3 million associated with the achievement of the final performance milestone related to the December 2013 sale of ThingWorx, Inc. to PTC, Inc., resulting in a gain of $3.3 million which is included in Equity income (loss) in the Consolidated Statements of Operations for the six months ended June 30, 2016.
Acquisitions of Ownership Interests in Partner Companies and Funds
Acquisitions of Ownership Interests in Partner Companies
Acquisitions of Ownership Interests in Partner Companies
In June 2017, the Company funded $1.8 million of a convertible bridge loan to Good Start Genetics, Inc. The Company had previously deployed an aggregate of $17.2 million in Good Start Genetics. Good Start Genetics is an information solutions company delivering genetics offerings to growing families, including advanced clinical sequencing and individualized actionable information to promote successful pregnancies. The Company accounts for its interest in Good Start Genetics under the equity method.
In June 2017, the Company funded an aggregate of $0.6 million of convertible bridge loans to Cask Data, Inc. The Company had previously deployed an aggregate of $11.0 million in Cask Data. Cask Data accelerates development and deployment of production Hadoop applications. The Company accounts for its interest in Cask Data under the equity method.
In June and April 2017, the Company funded an aggregate of $3.0 million of a convertible bridge loan to Sonobi, Inc. The Company had previously deployed $5.4 million in Sonobi. Sonobi is an advertising technology developer that creates data-driven tools and solutions to meet the evolving needs of demand- and sell-side organizations within the digital media marketplace. The Company accounts for its interest in Sonobi under the equity method.
In June and February 2017, the Company funded an aggregate of $1.0 million of convertible loans to NovaSom, Inc. The Company had previously deployed an aggregate of $22.0 million in NovaSom. NovaSom is a medical device company focused on obstructive sleep apnea, specifically home testing with its FDA-cleared wireless device called AccuSom® Home Sleep Test. The Company accounts for its interest in NovaSom under the equity method.
In June and January 2017, the Company funded an aggregate of $2.0 million of convertible bridge loans to WebLinc, Inc. The Company had previously deployed an aggregate of $12.0 million in WebLinc. WebLinc is a commerce platform provider for fast growing online retailers. The Company accounts for its interest in WebLinc under the equity method.
In May 2017, the Company deployed $2.1 million into Trice Medical, Inc. The Company had previously deployed an aggregate of $8.0 million in Trice Medical. Trice Medical is a diagnostics company focused on micro invasive technologies. The Company accounts for its interest in Trice Medical under the equity method.
In April 2017, the Company deployed $1.5 million into Aktana, Inc. The Company had previously deployed an aggregate of $8.2 million in Aktana. Aktana leverages big data and machine learning to enable pharmaceutical brands to dynamically optimize their strategy and enhance sales execution. The Company accounts for its interest in Aktana under the equity method.
In March and January 2017, the Company deployed an aggregate of $2.0 million into CloudMine, Inc. The Company had previously deployed an aggregate of $5.5 million in CloudMine. CloudMine empowers payers, providers, and pharmaceutical organizations to mobilize patient information by building robust applications and driving actionable insights. The Company accounts for its interest in CloudMine under the equity method.
In March and February 2017, the Company funded an aggregate of $4.0 million of convertible bridge loans to InfoBionic, Inc. The Company had previously deployed an aggregate of $14.5 million in InfoBionic. InfoBionic is an emerging digital health company focused on creating patient monitoring solutions for chronic disease management with an initial market focus on cardiac arrhythmias. The Company accounts for its interest in InfoBionic under the equity method.
In March 2017, the Company funded $0.2 million of a bridge loan to Lumesis, Inc. The Company had previously deployed an aggregate of $6.2 million in Lumesis. Lumesis is a financial technology company focused on providing business efficiency, regulatory and data solutions to the municipal bond marketplace. The Company accounts for its interest in Lumesis under the equity method.
In January 2017, the Company deployed $2.4 million into Full Measure Education, Inc. The Company had previously deployed an aggregate of $8.6 million in Full Measure. Full Measure designs next-generation, mobile-first technologies for colleges throughout the United States. The Company accounts for its interest in Full Measure under the equity method.
In January 2017, the Company funded $0.3 million of a convertible bridge loan to Aventura, Inc. to fund wind-down activities. The Company had previously deployed an aggregate of $6.2 million in Aventura. The adjusted carrying value of the Company's interest in Aventura was $0.0 million at June 30, 2017. The Company accounted for its interest in Aventura under the equity method.
Fair Value Measurements
Fair Value Measurements
Fair Value Measurements
The Company categorizes its financial instruments into a three-level fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the instrument. Financial instruments recorded at fair value on the Company’s Consolidated Balance Sheets are categorized as follows:
Level 1—Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.
Level 2—Include other inputs that are directly or indirectly observable in the marketplace.
Level 3—Unobservable inputs which are supported by little or no market activity.
The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.
The following table provides the carrying value and fair value of certain financial assets and liabilities of the Company measured at fair value on a recurring basis as of June 30, 2017 and December 31, 2016:
   
Carrying
Value
 
Fair Value Measurement at June 30, 2017
   
Level 1
 
Level 2
 
Level 3
 
(Unaudited - In thousands)
Cash and cash equivalents
$
48,181

 
$
48,181

 
$

 
$

Long-term restricted cash equivalents
6,336

 
6,336

 



Marketable securities—held-to-maturity:
   
 
   
 
   
 
   
Certificates of deposit
$
5,422

 
$
5,422

 
$

 
$

 Total marketable securities
$
5,422

 
$
5,422

 
$

 
$

 
Carrying
Value
 
Fair Value Measurement at December 31, 2016
   
Level 1
 
Level 2
 
Level 3
 
(Unaudited - In thousands)
Cash and cash equivalents
$
22,058

 
$
22,058

 
$

 
$

Long-term restricted cash equivalents
6,336

 
6,336

 

 

Marketable securities—held-to-maturity:
   
 
 
 
 
 
 
Certificates of deposit
$
15,686

 
$
15,686

 
$

 
$

 Total marketable securities
$
15,686

 
$
15,686

 
$

 
$


As of June 30, 2017, $4.7 million of marketable securities had contractual maturities which were less than one year and $0.7 million of marketable securities had contractual maturities greater than one year. Held-to-maturity securities are carried at amortized cost, which, due to the short-term maturity of these instruments, approximates fair value using quoted prices in active markets for identical assets or liabilities defined as Level 1 inputs under the fair value hierarchy.
Credit Facility and Convertible Debentures
Credit Facility and Convertible Debentures
Convertible Debentures
Credit Facility
In May 2017, the Company entered into a $75.0 million secured, revolving credit facility (“Credit Facility”) with HPS Investment Partners, LLC (“Lender”). At closing, the Company borrowed $50.0 million, which resulted in net proceeds of $44.3 million after closing fees to the Lender and other third parties. The Credit Facility has a three-year term with a scheduled maturity of May 11, 2020 and bears interest at a rate of either: (A) LIBOR plus 8.5% (subject to a LIBOR floor of 1%), payable on the last day of the one, two or three month interest period applicable to the LIBOR rate advance, or (B) 7.5% plus the greater of: 2%; the Federal Funds Rate plus 0.5%; LIBOR plus 1%; or the U.S. Prime Rate, payable monthly in arrears. The Credit Facility is not amortized and interest payable under the Credit Facility will reflect at least $50 million as being drawn and outstanding at all times during the term. The Credit Facility also includes an unused line fee equal to 0.75% per annum of the average unused portion of the Credit Facility and a loan service fee, both paid quarterly. The Credit Facility is secured by all of the Company's assets in accordance with the terms of the Credit Facility.
The Credit Facility requires the Company to maintain (i) a liquidity threshold of at least $20 million of unrestricted cash; (ii) a tangible net worth, plus unrestricted cash of at least 1.75x the amount then outstanding under the Credit Facility; (iii) a minimum aggregate appraised value of the Company’s ownership interests in its partner companies, plus unrestricted cash in excess of the liquidity threshold of at least $350 million; and (iv) certain diversification requirements and concentration limits with respect to the Company’s capital deployments to its partner companies. Subject to customary exclusions, the Lender has the right to have one observer representative attend meetings of the Company's Board of Directors.
The Credit Facility provides for customary events of default which include (subject in certain cases to customary grace and cure periods), among others, nonpayment of principal or interest; non-compliance with debt covenants; defaults in, or failure to pay, certain other indebtedness; the rendering of judgments to pay certain amounts of money; and certain events of bankruptcy or insolvency. Generally, if an event of default occurs and is not cured within the time periods specified (if any), the Lender may declare the outstanding amount under the Credit Facility to be immediately due and payable.
At June 30, 2017, the principal amount outstanding under the Credit Facility was $50.0 million, the unamortized discount was $2.5 million, unamortized debt issuance costs were $3.0 million and the net carrying value of the credit facility was $44.5 million. The Company is amortizing the excess of the principal amount of the Credit Facility over its carrying value over the three-year term as additional interest expense using the effective interest method and recorded $0.2 million of such expense for the three and six months ended June 30, 2017. The effective interest rate on the Credit Facility is 14.3%.
Convertible Debentures
In November 2012, the Company issued $55.0 million principal amount of its 5.25% convertible senior debentures due on May 15, 2018 (the “2018 Debentures”). The 2018 Debentures may be settled in cash or partially in cash upon conversion. Accordingly, the Company separately accounts for the liability and equity components of the 2018 Debentures. The carrying amount of the liability component was determined at the transaction date by measuring the fair value of a similar liability that does not have an associated equity component. The carrying amount of the equity component represented by the embedded conversion option was determined by deducting the fair value of the liability component from the initial proceeds of the 2018 Debentures as a whole.
In June 2017, the Company repurchased on the open market, and retired, $11.4 million face value of the 2018 Debentures at a cost of $11.8 million, including transaction fees. In connection with the repurchase of these 2018 Debentures, the Company recognized a $0.7 million reduction in equity which is included in Accumulated Paid-In Capital in the Consolidated Balance Sheet as of June 30, 2017 and a $23 thousand loss on extinguishment of the liability which is included in Other income (loss), net in the Consolidated Statements of Operations for the three and six months ended June 30, 2017.
At June 30, 2017, the carrying amount of the equity component was $5.8 million, the principal amount of the liability component was $43.6 million, the unamortized discount was $1.0 million, unamortized debt issuance costs were $0.3 million and the net carrying value of the liability component was $42.3 million. The Company is amortizing the excess of the face value of the 2018 Debentures over their carrying value over their term as additional interest expense using the effective interest method and recorded $0.4 million and $0.3 million of such expense for the three months ended June 30, 2017 and 2016, respectively, and $0.9 million and $0.6 million for the six months ended June 30, 2017 and 2016, respectively. The effective interest rate on the 2018 Debentures is 8.7%. At June 30, 2017, the fair value of the $43.6 million outstanding 2018 Debentures was approximately $45.1 million, based on the midpoint of the bid and ask prices as of such date. The Company anticipates repaying or refinancing the outstanding 2018 Debentures by the maturity date of May 15, 2018.
Stock-Based Compensation
Stock-Based Compensation
Stock-Based Compensation
Stock-based compensation expense was recognized in the Consolidated Statements of Operations as follows:   
   
Three months ended June 30,
 
Six months ended June 30,
   
2017
 
2016
 
2017
 
2016
 
(Unaudited - In thousands)
General and administrative expense
$
351

 
$
467

 
$
246

 
$
1,275

   
$
351

 
$
467

 
$
246

 
$
1,275


The fair value of the Company’s option awards to employees was estimated at the date of grant using the Black-Scholes option-pricing model. The risk-free rate was based on the U.S. Treasury yield curve in effect at the end of the quarter in which the grant occurred. The expected term of stock options granted was estimated using the historical exercise behavior of employees. Expected volatility was based on historical volatility measured using weekly price observations of the Company’s common stock for a period equal to the stock option’s expected term.
At June 30, 2017, the Company had outstanding options that vest based on two different types of vesting schedules:
1)
performance-based;
2)
service-based.

Performance-based awards entitle participants to vest in a number of awards determined by achievement by the Company of target capital returns based on net cash proceeds received by the Company on the sale, merger or other exit transaction of certain identified partner companies. Vesting may occur, if at all, once per year. The requisite service periods for the performance-based awards are based on the Company’s estimate of when the performance conditions will be met. Compensation expense is recognized for performance-based awards for which the performance condition is considered probable of achievement. Compensation expense is recognized over the requisite service periods using the straight-line method but is accelerated if capital return targets are achieved earlier than estimated. During the six months ended June 30, 2017 and 2016, the Company did not issue any performance-based options to employees and no performance-based options vested. During the six months ended June 30, 2017 and 2016, 8 thousand and 0 thousand performance-based options were canceled or forfeited. The Company recorded a reduction in compensation expense related to performance-based options of $0.1 million and $0.3 million for the three and six months ended June 30, 2017, respectively. The Company recorded compensation expense related to performance-based options of $0.0 million and $0.1 million for the three and six months ended June 30, 2016, respectively. The maximum number of unvested options at June 30, 2017 attainable under these grants was 336 thousand shares.
Service-based options generally vest over four years after the date of grant and expire eight years after the date of grant. Compensation expense is recognized over the requisite service period using the straight-line method. The requisite service period for service-based options is the period over which the award vests. During the six months ended June 30, 2017 and 2016, the Company issued 0 thousand and 11 thousand service-based options, respectively, to employees. During the six months ended June 30, 2017 and 2016, 67 thousand and 8 thousand service-based options, respectively, were canceled or forfeited. The Company recorded compensation expense related to service-based options of $0.0 million for both the three months ended June 30, 2017 and 2016 and $0.1 million for both the six months ended June 30, 2017 and 2016, respectively.
Performance-based stock units vest based on achievement by the Company of target capital returns based on net cash proceeds received by the Company on the sale, merger or other exit transaction of certain identified partner companies, as described above related to performance-based awards. Performance-based stock units represent the right to receive shares of the Company’s common stock, on a one-for-one basis. During the six months ended June 30, 2017 and 2016, the Company did not issue any performance-based stock units to employees and no performance-based stock units vested. During the six months ended June 30, 2017 and 2016, 6 thousand and 0 thousand performance-based stock units were canceled or forfeited. Under the terms of the 2016, 2015 and 2014 performance-based awards, once performance-based stock units are fully vested, participants are entitled to receive cash payments based on their initial performance grant values as target capital returns are exceeded. At June 30, 2017, the liability associated with such potential cash payments was $0.0 million.
During the six months ended June 30, 2017 and 2016, the Company issued 45 thousand and 40 thousand deferred stock units, respectively, to non-employee directors for annual service grants or fees earned during the preceding quarter. Deferred stock units issued to directors in lieu of directors fees are 100% vested at the grant date; matching deferred stock units equal to 25% of directors’ fees deferred vest one year following the grant date or, if earlier, upon reaching age 65. Deferred stock units are payable in stock on a one-for-one basis. Payments related to the deferred stock units are generally distributable following termination of employment or service, death or permanent disability.
During the six months ended June 30, 2017 and 2016, the Company issued 7 thousand and 0 thousand restricted stock awards, respectively, and 2 thousand and 0 thousand restricted stock awards were canceled or forfeited, respectively.
Total compensation expense for performance-based stock units, deferred stock units, and restricted stock was $0.4 million and $0.5 million for the three months ended June 30, 2017 and 2016, respectively, and $0.5 million and $1.1 million for the six months ended June 30, 2017 and 2016, respectively
Income Taxes
Income Taxes
Income Taxes
The Company’s consolidated income tax benefit (expense) was $0.0 million for the three and six months ended June 30, 2017 and 2016. The Company has recorded a valuation allowance to reduce its net deferred tax asset to an amount that is more likely than not to be realized in future years. Accordingly, the benefit of the net operating loss that would have been recognized in the three and six months ended June 30, 2017 was offset by changes in the valuation allowance. The tax expense that would have been recognized in the three and six months ended June 30, 2016 was offset by changes in the valuation allowance. During the six months ended June 30, 2017, the Company had no material changes in uncertain tax positions.
Net Income (Loss) Per Share
Net Income (Loss) Per Share
Net Income (Loss) Per Share
The calculations of net income (loss) per share were as follows:
   
Three months ended June 30,
 
Six months ended June 30,
   
2017
 
2016
 
2017
 
2016
 
(Unaudited - In thousands, except per share data)
Basic:
   
 
   
 
   
 
   
Net income (loss)
$
(29,097
)
 
$
38,976

 
$
(51,194
)
 
$
23,524

Weighted average common shares outstanding
20,411

 
20,333

 
20,395

 
20,391

Net income (loss) per share
$
(1.43
)
 
$
1.92

 
$
(2.51
)
 
$
1.15

 
 
 
 
 
 
 
 
Diluted:
 
 
 
 
 
 
 
Net income (loss)
$
(29,097
)
 
$
38,976

 
$
(51,194
)
 
$
23,524

Interest on convertible senior debentures

 
1,119

 

 
2,229

Net income (loss) for dilutive share computation
(29,097
)
 
40,095

 
(51,194
)
 
25,753

 
 
 
 
 
 
 
 
Number of shares under in basic per share computation
20,411

 
20,333

 
20,395

 
20,391

Convertible senior debentures

 
3,034

 

 
3,034

Unvested restricted stock and DSUs

 
148

 

 
155

Employee stock options

 
24

 

 
22

Weighted average common shares outstanding
20,411

 
23,539

 
20,395

 
23,602

 
 
 
 
 
 
 
 
Net income (loss) per share
$
(1.43
)
 
$
1.70

 
$
(2.51
)
 
$
1.09


Basic and diluted average common shares outstanding for purposes of computing net income (loss) per share includes outstanding common shares and vested deferred stock units (DSUs).
If a consolidated or equity method partner company has dilutive stock options, unvested restricted stock, DSUs or warrants, diluted net income (loss) per share is computed by first deducting the income attributable to the potential exercise of the dilutive securities of the partner company from net income (loss). Any impact is shown as an adjustment to net income (loss) for purposes of calculating diluted net income (loss) per share.
Diluted earnings per share for the three and six months ended June 30, 2017 and 2016 do not reflect the following potential shares of common stock that would have an anti-dilutive effect or have unsatisfied performance or market conditions:
At June 30, 2017 and 2016, options to purchase 0.7 million and 0.7 million shares of common stock, respectively, at prices ranging from $9.83 to $19.95 and $7.41 to $19.95, respectively, were excluded from the calculations.
At June 30, 2017 and 2016, unvested restricted stock, performance-based stock units and DSUs convertible into 0.9 million and 0.5 million shares of stock, respectively, were excluded from the calculations.
At June 30, 2017, 2.4 million shares of common stock representing the effect of the assumed conversion of the 2018 Debentures, were excluded from the calculations.
Segment Reporting
Segment Reporting
Segment Reporting
The Company operates as one operating segment based upon the similar nature of its technology-driven partner companies, the functional alignment of the organizational structure, and the reports that are regularly reviewed by the chief operating decision maker for the purpose of assessing performance and allocating resources. As of June 30, 2017, the Company held interests in 28 non-consolidated partner companies. The Company’s active partner companies were as follows as of June 30, 2017:
Partner Company
Safeguard Primary Ownership as of June 30, 2017
 
Accounting Method
AdvantEdge Healthcare Solutions, Inc.
40.1%
 
Equity
Aktana, Inc.
24.5%
 
Equity
Apprenda, Inc.
29.4%
 
Equity
Brickwork
20.3%
 
Equity
Cask Data, Inc.
31.3%
 
Equity
CloudMine, Inc.
47.3%
 
Equity
Clutch Holdings, Inc.
42.8%
 
Equity
Full Measure Education, Inc.
42.3%
 
Equity
Good Start Genetics, Inc.
29.6%
 
Equity
Hoopla Software, Inc.
25.5%
 
Equity
InfoBionic, Inc.
39.7%
 
Equity
Lumesis, Inc.
44.1%
 
Equity
MediaMath, Inc.
20.5%
 
Equity
meQuilibrium
31.5%
 
Equity
Moxe Health Corporation
32.4%
 
Equity
NovaSom, Inc.
31.7%
 
Equity
Pneuron
35.4%
 
Equity
Prognos (fka Medivo, Inc.)
35.2%
 
Equity
Propeller Health, Inc.
24.0%
 
Equity
QuanticMind, Inc.
23.2%
 
Equity
Sonobi, Inc.
21.6%
 
Equity
Spongecell, Inc.
23.0%
 
Equity
Syapse, Inc.
26.2%
 
Equity
T-REX Group, Inc.
23.6%
 
Equity
Transactis, Inc.
24.0%
 
Equity
Trice Medical, Inc.
24.9%
 
Equity
WebLinc, Inc.
38.0%
 
Equity
Zipnosis, Inc.
25.4%
 
Equity

 As of June 30, 2017 and December 31, 2016, all of the Company’s assets were located in the United States.
Commitments and Contingencies
Commitments and Contingencies
Commitments and Contingencies
The Company and its partner companies are involved in various claims and legal actions arising in the ordinary course of business. In the current opinion of the Company, the ultimate disposition of these matters will not have a material adverse effect on the Company’s consolidated financial position or results of operations, however, no assurance can be given as to the outcome of these actions, and one or more adverse rulings could have a material adverse effect on the Company’s consolidated financial position and results of operations or that of its partner companies. The Company records costs associated with legal fees as such services are rendered.
The Company had outstanding guarantees of $3.8 million at June 30, 2017 which related to one of the Company's private equity holdings.
The Company is required to return a portion or all the distributions it received as a general partner of a private equity fund for further distribution to such fund's limited partners (“clawback”). The Company’s ownership in the fund is 19%. The clawback liability is joint and several, such that the Company may be required to fund the clawback for other general partners should they default. The Company believes its potential liability due to the possibility of default by other general partners is remote. The Company was notified by the fund's manager that the fund is being dissolved and $1.0 million of the Company's clawback liability was paid in the first quarter of 2017. The maximum additional clawback liability is $0.3 million which was reflected in Other long-term liabilities on the Consolidated Balance Sheet at June 30, 2017.
 
In October 2001, the Company entered into an agreement with a former Chairman and Chief Executive Officer of the Company, to provide for annual payments of $0.65 million per year and certain health care and other benefits for life. The related current liability of $0.8 million was included in Accrued expenses and other current liabilities and the long-term portion of $1.8 million was included in Other long-term liabilities on the Consolidated Balance Sheet at June 30, 2017.
The Company provided a $6.3 million letter of credit expiring on March 19, 2019 to the landlord of CompuCom Systems, Inc.’s Dallas headquarters as required in connection with the sale of CompuCom Systems in 2004. The letter of credit is secured by cash which is classified as Long-term restricted cash equivalents on the Consolidated Balance Sheet.
The Company has agreements with certain employees that provide for severance payments to the employee in the event the employee is terminated without cause or an employee terminates his employment for “good reason.” The maximum aggregate exposure under the agreements was approximately $3.0 million at June 30, 2017.
In June 2011, the Company's former partner company, Advanced BioHealing, Inc. (“ABH”) was acquired by Shire plc (“Shire”).  Prior to the expiration of the escrow period in March 2012, Shire filed a claim against all amounts held in escrow related to the sale based principally upon a United States Department of Justice (“DOJ”) false claims act investigation relating to ABH (the “Investigation”). In connection with the Investigation, in July 2015 the Company received a Civil Investigation Demand-Documentary Material (“CID”) from the DOJ regarding ABH and Safeguard’s relationship with ABH. Pursuant to the CID, the Company provided the requested materials and information.  To the Company’s knowledge, the CID was related to multiple qui tam (“whistleblower”) actions, one of which was filed in 2014 by an ex-employee of ABH that named the Company and one of the Company’s employees along with other entities and individuals as defendants.  At this time, the DOJ has declined to pursue the qui tam action as it relates to the Company and such Company employee. In addition, in connection with the above matters, the Company and other former equity holders in ABH recently entered into a settlement and release with Shire, which resulted in the release to Shire of all amounts held in escrow related to the sale of ABH.
Equity
Equity
Equity
In July 2015, the Company's Board of Directors authorized the Company, from time to time and depending on market conditions, to repurchase up to $25.0 million of the Company's outstanding common stock. During the six months ended June 30, 2016, the Company repurchased 0.4 million shares at an aggregate cost of $5.4 million with $14.6 million remaining for repurchase under the existing authorization.
General General (Policies)
Restricted Cash Equivalents
Restricted cash equivalents consist of certificates of deposit with various maturity dates. Amounts included in restricted cash equivalents represent those required to be set aside by a contractual agreement with a bank as collateral for a letter of credit. The restriction on the cash will lapse when the related letter of credit expires on March 19, 2019.
Recent Accounting Pronouncements
Evaluation of Accounting Standards Update No. 2014-09
In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09"). ASU 2014-09 and related subsequent amendments outline a single comprehensive model to use to account for revenue arising from contracts with customers and supersede most current revenue recognition guidance. For public companies, the guidance is effective for annual periods beginning after December 15, 2017 and any interim periods that fall within that reporting period. For nonpublic companies, the guidance is effective for annual periods beginning after December 15, 2018 and interim periods within annual periods beginning after December 15, 2019 with early adoption permitted. As the new standard will supersede most existing revenue guidance, it could impact revenue and cost recognition for partner companies. Any change in revenue or cost recognition for partner companies could affect the Company's recognition of its share of the results of its equity method partner companies. The Company has been closely monitoring the FASB and SEC activity related to the new standard.  On July 20, 2017, the SEC staff observer at the FASB’s Emerging Issues Task Force ("EITF") meeting announced that the SEC staff will not object if a private company equity method investee meeting the definition of a public business entity that otherwise would not meet the definition of a public business entity except for the inclusion of its financial statements or financial information in another entity’s filings with the SEC, uses private company adoption dates for the new revenue standard.  As a result, the Company anticipates that its private, calendar year partner companies will adopt the new revenue standard for the year ending December 31, 2019.  The impact of adoption of the new revenue standard will be reflected in the Company’s financial results for the interim and annual reporting periods beginning in 2020 on a one quarter-lag basis.
General General (Tables)
Schedule of Cash and Cash Equivalents
The following table provides a reconciliation of cash, cash equivalents and restricted cash equivalents reported within the Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Consolidated Statements of Cash Flows:
 
June 30, 2017
 
December 31, 2016
 
(In thousands)
Cash and cash equivalents
$
48,181

 
$
22,058

Long-term restricted cash equivalents
6,336

 
6,336

Total cash, cash equivalents and restricted cash equivalents
$
54,517

 
$
28,394

Ownership Interests in and Advances to Partner Companies and Funds (Tables)
Ownership Interests in and Advances to Partner Companies and Private Equity Funds
The following summarizes the carrying value of the Company’s ownership interests in and advances to partner companies.   
   
June 30, 2017
 
December 31, 2016
   
(Unaudited - In thousands)
Equity Method:
   
 
 
Partner companies
$
118,513

 
$
154,219

Private equity funds
445

 
447

   
118,958

 
154,666

Cost Method:
   
 
 
Other holdings
2,687

 
2,112

Private equity funds
1,334

 
1,550

   
4,021

 
3,662

Advances to partner companies
25,050

 
25,142

   
$
148,029

 
$
183,470

Fair Value Measurements (Tables)
Carrying Value and Fair Value of Certain Financial Assets and Liabilities Measured at Fair Value on Recurring Basis
The following table provides the carrying value and fair value of certain financial assets and liabilities of the Company measured at fair value on a recurring basis as of June 30, 2017 and December 31, 2016:
   
Carrying
Value
 
Fair Value Measurement at June 30, 2017
   
Level 1
 
Level 2
 
Level 3
 
(Unaudited - In thousands)
Cash and cash equivalents
$
48,181

 
$
48,181

 
$

 
$

Long-term restricted cash equivalents
6,336

 
6,336

 



Marketable securities—held-to-maturity:
   
 
   
 
   
 
   
Certificates of deposit
$
5,422

 
$
5,422

 
$

 
$

 Total marketable securities
$
5,422

 
$
5,422

 
$

 
$

 
Carrying
Value
 
Fair Value Measurement at December 31, 2016
   
Level 1
 
Level 2
 
Level 3
 
(Unaudited - In thousands)
Cash and cash equivalents
$
22,058

 
$
22,058

 
$

 
$

Long-term restricted cash equivalents
6,336

 
6,336

 

 

Marketable securities—held-to-maturity:
   
 
 
 
 
 
 
Certificates of deposit
$
15,686

 
$
15,686

 
$

 
$

 Total marketable securities
$
15,686

 
$
15,686

 
$

 
$

Stock-Based Compensation (Tables)
Stock-based compensation expense was recognized in the Consolidated Statements of Operations as follows:   
   
Three months ended June 30,
 
Six months ended June 30,
   
2017
 
2016
 
2017
 
2016
 
(Unaudited - In thousands)
General and administrative expense
$
351

 
$
467

 
$
246

 
$
1,275

   
$
351

 
$
467

 
$
246

 
$
1,275

At June 30, 2017, the Company had outstanding options that vest based on two different types of vesting schedules:
1)
performance-based;
2)
service-based.
Net Income (Loss) Per Share (Tables)
Calculations of Net Loss Per Share
The calculations of net income (loss) per share were as follows:
   
Three months ended June 30,
 
Six months ended June 30,
   
2017
 
2016
 
2017
 
2016
 
(Unaudited - In thousands, except per share data)
Basic:
   
 
   
 
   
 
   
Net income (loss)
$
(29,097
)
 
$
38,976

 
$
(51,194
)
 
$
23,524

Weighted average common shares outstanding
20,411

 
20,333

 
20,395

 
20,391

Net income (loss) per share
$
(1.43
)
 
$
1.92

 
$
(2.51
)
 
$
1.15

 
 
 
 
 
 
 
 
Diluted:
 
 
 
 
 
 
 
Net income (loss)
$
(29,097
)
 
$
38,976

 
$
(51,194
)
 
$
23,524

Interest on convertible senior debentures

 
1,119

 

 
2,229

Net income (loss) for dilutive share computation
(29,097
)
 
40,095

 
(51,194
)
 
25,753

 
 
 
 
 
 
 
 
Number of shares under in basic per share computation
20,411

 
20,333

 
20,395

 
20,391

Convertible senior debentures

 
3,034

 

 
3,034

Unvested restricted stock and DSUs

 
148

 

 
155

Employee stock options

 
24

 

 
22

Weighted average common shares outstanding
20,411

 
23,539

 
20,395

 
23,602

 
 
 
 
 
 
 
 
Net income (loss) per share
$
(1.43
)
 
$
1.70

 
$
(2.51
)
 
$
1.09

Segment Reporting (Tables)
Active Partner Companies by Segment
The Company’s active partner companies were as follows as of June 30, 2017:
Partner Company
Safeguard Primary Ownership as of June 30, 2017
 
Accounting Method
AdvantEdge Healthcare Solutions, Inc.
40.1%
 
Equity
Aktana, Inc.
24.5%
 
Equity
Apprenda, Inc.
29.4%
 
Equity
Brickwork
20.3%
 
Equity
Cask Data, Inc.
31.3%
 
Equity
CloudMine, Inc.
47.3%
 
Equity
Clutch Holdings, Inc.
42.8%
 
Equity
Full Measure Education, Inc.
42.3%
 
Equity
Good Start Genetics, Inc.
29.6%
 
Equity
Hoopla Software, Inc.
25.5%
 
Equity
InfoBionic, Inc.
39.7%
 
Equity
Lumesis, Inc.
44.1%
 
Equity
MediaMath, Inc.
20.5%
 
Equity
meQuilibrium
31.5%
 
Equity
Moxe Health Corporation
32.4%
 
Equity
NovaSom, Inc.
31.7%
 
Equity
Pneuron
35.4%
 
Equity
Prognos (fka Medivo, Inc.)
35.2%
 
Equity
Propeller Health, Inc.
24.0%
 
Equity
QuanticMind, Inc.
23.2%
 
Equity
Sonobi, Inc.
21.6%
 
Equity
Spongecell, Inc.
23.0%
 
Equity
Syapse, Inc.
26.2%
 
Equity
T-REX Group, Inc.
23.6%
 
Equity
Transactis, Inc.
24.0%
 
Equity
Trice Medical, Inc.
24.9%
 
Equity
WebLinc, Inc.
38.0%
 
Equity
Zipnosis, Inc.
25.4%
 
Equity
General Significant Accounting Policies (Details) (USD $)
Jun. 30, 2017
Dec. 31, 2016
Jun. 30, 2016
Dec. 31, 2015
Jun. 30, 2017
Convertible Debt [Member]
Nov. 30, 2012
Convertible Debt [Member]
Jun. 30, 2017
Line of Credit
Revolving Credit Facility
May 31, 2017
Line of Credit
Revolving Credit Facility
Debt Instrument [Line Items]
 
 
 
 
 
 
 
 
Marketable securities
$ 5,400,000 
 
 
 
 
 
 
 
Cash, cash equivalents, and marketable securities
53,600,000 
 
 
 
 
 
 
 
Principal amount outstanding
 
 
 
 
43,600,000 
 
 
 
Cash and cash equivalents
48,181,000 
22,058,000 
 
 
 
 
 
 
Long-term restricted cash equivalents
6,336,000 
6,336,000 
 
 
 
 
 
 
Total cash, cash equivalents and restricted cash equivalents
54,517,000 
28,394,000 
66,231,000 
32,838,000 
 
 
 
 
Maximum borrowing capacity
 
 
 
 
 
 
 
75,000,000 
Debt instrument, face amount
 
 
 
 
43,600,000 
55,000,000.0 
50,000,000.0 
 
Liquidity threshold
 
 
 
 
 
 
 
20,000,000 
Unrestricted cash multiplier
 
 
 
 
 
 
1.75 
 
Minimum aggregate appraised value plus liquidity threshold
 
 
 
 
 
 
 
$ 350,000,000 
Ownership Interests in and Advances to Partner Companies and Funds - Carrying Value (Detail) (USD $)
In Thousands, unless otherwise specified
Jun. 30, 2017
Dec. 31, 2016
Investments In And Advances To Affiliates [Line Items]
 
 
Equity method investments
$ 118,958 
$ 154,666 
Cost method investments
4,021 
3,662 
Advances to partner companies
25,050 
25,142 
Investments in and advance to affiliates, subsidiaries, associates, and joint ventures
148,029 
183,470 
Partner companies
 
 
Investments In And Advances To Affiliates [Line Items]
 
 
Equity method investments
118,513 
154,219 
Cost method investments
2,687 
2,112 
Private equity funds
 
 
Investments In And Advances To Affiliates [Line Items]
 
 
Equity method investments
445 
447 
Cost method investments
$ 1,334 
$ 1,550 
Ownership Interests in and Advances to Partner Companies and Funds - Narrative (Detail) (USD $)
6 Months Ended 3 Months Ended 1 Months Ended 6 Months Ended 1 Months Ended 3 Months Ended 1 Months Ended 6 Months Ended 1 Months Ended 6 Months Ended 3 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Dec. 31, 2016
Jun. 30, 2017
Pneuron
Mar. 31, 2017
Pneuron
Apr. 30, 2017
Putney Inc [Member]
Apr. 30, 2016
Putney Inc [Member]
Jun. 30, 2017
Putney Inc [Member]
Mar. 31, 2017
Beyond.com, Inc
Jun. 30, 2017
Beyond.com, Inc
Mar. 3, 2017
Beyond.com, Inc
Jan. 31, 2017
Quantia, Inc.
Jul. 31, 2016
Quantia, Inc.
Jul. 31, 2015
Quantia, Inc.
Jun. 30, 2017
Quantia, Inc.
Apr. 30, 2016
Thing Worx, Inc.
Jun. 30, 2016
Thing Worx, Inc.
Jun. 30, 2017
Spongecell Inc.
Investment [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consideration received per transaction
 
 
 
 
 
 
 
 
$ 26,000,000 
 
 
 
 
 
 
 
 
 
Proceeds from sale of business
16,462,000 
72,824,000 
 
 
 
700,000 
58,600,000 
 
15,500,000 
 
 
600,000 
600,000 
7,800,000 
 
3,300,000 
 
 
Term of note receivable (in years)
 
 
 
 
 
 
 
 
3 years 
 
 
 
 
 
 
 
 
 
Amount of consideration received
 
 
 
 
 
 
 
 
10,500,000 
 
 
 
 
 
 
 
 
 
Interest rate on note receivable
 
 
 
 
 
 
 
 
 
 
9.50% 
 
 
 
 
 
 
 
Gain on sale of business
 
 
 
 
 
 
 
700,000 
 
100,000 
 
 
 
 
600,000 
 
3,300,000 
 
Asset Impairment Charges
 
 
 
2,200,000 
2,700,000 
 
 
 
 
 
 
 
 
 
 
 
 
3,600,000 
Equity method investments
$ 118,958,000 
 
$ 154,666,000 
$ 0 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 7,800,000 
Acquisitions of Ownership Interests in Partner Companies and Funds (Detail) (USD $)
6 Months Ended 3 Months Ended 12 Months Ended 3 Months Ended 12 Months Ended 3 Months Ended 12 Months Ended 6 Months Ended 12 Months Ended 3 Months Ended 12 Months Ended 6 Months Ended 12 Months Ended 3 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Dec. 31, 2016
Jun. 30, 2017
Good Start Genetics, Inc.
Mar. 31, 2017
Good Start Genetics, Inc.
Jun. 30, 2017
Cask Data
Mar. 31, 2017
Cask Data
Mar. 31, 2017
CloudMine
Dec. 31, 2016
CloudMine
Mar. 31, 2017
InfoBionic
Dec. 31, 2016
InfoBionic
Mar. 31, 2017
Lumesis, Inc.
Dec. 31, 2016
Lumesis, Inc.
Jun. 30, 2017
Novasom, Inc.
Dec. 31, 2016
Novasom, Inc.
Mar. 31, 2017
Full Measure
Dec. 31, 2016
Full Measure
Mar. 31, 2017
Aventura
Dec. 31, 2016
Aventura
Jun. 30, 2017
Aventura
Jun. 30, 2017
WebLinc
Dec. 31, 2016
WebLinc
Jun. 30, 2017
Sonobi
Mar. 31, 2017
Sonobi
Jun. 30, 2017
Trice Medical, Inc.
Mar. 31, 2017
Trice Medical, Inc.
Jun. 30, 2017
Aktana, Inc.
Mar. 31, 2017
Aktana, Inc.
Schedule of Equity Method Investments [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Payments to acquire equity method investments
$ 8,026,000 
$ 28,329,000 
 
 
$ 17,200,000 
 
$ 11,000,000 
$ 2,000,000 
$ 5,500,000 
 
$ 14,500,000 
 
$ 6,200,000 
 
$ 22,000,000 
$ 2,400,000 
$ 8,600,000 
 
$ 6,200,000 
 
$ 2,000,000 
$ 12,000,000 
 
$ 5,400,000 
$ 2,100,000 
$ 8,000,000 
$ 1,500,000 
$ 8,200,000 
Equity method investments
118,958,000 
 
154,666,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Convertible bridge loan
 
 
 
$ 1,800,000 
 
$ 600,000 
 
 
 
$ 4,000,000 
 
$ 200,000 
 
$ 1,000,000 
 
 
 
$ 300,000 
 
 
 
 
$ 3,000,000 
 
 
 
 
 
Fair Value Measurements - Carrying Value and Fair Value of Certain Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $)
In Thousands, unless otherwise specified
Jun. 30, 2017
Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Long-term restricted cash equivalents
$ 6,336 
$ 6,336 
Reported Value Measurement [Member] |
Fair Value, Measurements, Recurring
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Cash and cash equivalents
48,181 
22,058 
Long-term restricted cash equivalents
6,336 
6,336 
Total marketable securities
5,422 
15,686 
Reported Value Measurement [Member] |
Fair Value, Measurements, Recurring |
Certificates of deposit
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Total marketable securities
5,422 
15,686 
Estimate of Fair Value Measurement [Member] |
Fair Value, Measurements, Recurring |
Level 1
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Cash and cash equivalents
48,181 
22,058 
Long-term restricted cash equivalents
6,336 
6,336 
Total marketable securities
5,422 
15,686 
Estimate of Fair Value Measurement [Member] |
Fair Value, Measurements, Recurring |
Level 2
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Cash and cash equivalents
Long-term restricted cash equivalents
Total marketable securities
Estimate of Fair Value Measurement [Member] |
Fair Value, Measurements, Recurring |
Level 3
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Cash and cash equivalents
Long-term restricted cash equivalents
Total marketable securities
Estimate of Fair Value Measurement [Member] |
Fair Value, Measurements, Recurring |
Certificates of deposit |
Level 1
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Total marketable securities
5,422 
15,686 
Estimate of Fair Value Measurement [Member] |
Fair Value, Measurements, Recurring |
Certificates of deposit |
Level 2
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Total marketable securities
Estimate of Fair Value Measurement [Member] |
Fair Value, Measurements, Recurring |
Certificates of deposit |
Level 3
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Total marketable securities
$ 0 
$ 0 
Fair Value Measurements - Narrative (Detail) (USD $)
In Thousands, unless otherwise specified
Jun. 30, 2017
Dec. 31, 2016
Fair Value Disclosures [Abstract]
 
 
Marketable securities, current
$ 4,733 
$ 8,384 
Marketable securities, non current
$ 689 
$ 7,302 
Credit Facility and Convertible Debentures - Credit Arrangements Narrative (Detail) (USD $)
6 Months Ended 1 Months Ended 3 Months Ended 6 Months Ended 1 Months Ended
Jun. 30, 2017
Jun. 30, 2016
May 31, 2017
Revolving Credit Facility
Line of Credit
Jun. 30, 2017
Revolving Credit Facility
Line of Credit
Jun. 30, 2017
Revolving Credit Facility
Line of Credit
May 31, 2017
Revolving Credit Facility
Line of Credit
Interest Rate Application B
May 31, 2017
Revolving Credit Facility
Line of Credit
Interest Rate Application B
Minimum
May 31, 2017
Revolving Credit Facility
Line of Credit
London Interbank Offered Rate (LIBOR)
Interest Rate Application A
May 31, 2017
Revolving Credit Facility
Line of Credit
London Interbank Offered Rate (LIBOR)
Interest Rate Application A
Minimum
May 31, 2017
Revolving Credit Facility
Line of Credit
London Interbank Offered Rate (LIBOR)
Interest Rate Application B
May 31, 2017
Revolving Credit Facility
Line of Credit
Federal Funds Effective Swap Rate
Interest Rate Application B
Debt Instrument [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Maximum borrowing capacity
 
 
$ 75,000,000 
 
 
 
 
 
 
 
 
Debt instrument, face amount
 
 
 
50,000,000.0 
50,000,000.0 
 
 
 
 
 
 
Proceeds from credit facility
50,000,000 
44,300,000 
 
 
 
 
 
 
 
 
Debt instrument, term (in years)
 
 
3 years 
 
 
 
 
 
 
 
 
Basis spread on variable rate
 
 
 
 
 
2.00% 
7.50% 
8.50% 
1.00% 
1.00% 
0.50% 
Interest payable amount outstanding threshold
 
 
50,000,000 
 
 
 
 
 
 
 
 
Commitment fee percentage
 
 
0.75% 
 
 
 
 
 
 
 
 
Liquidity threshold
 
 
20,000,000 
 
 
 
 
 
 
 
 
Unrestricted cash multiplier
 
 
 
1.75 
1.75 
 
 
 
 
 
 
Minimum aggregate appraised value plus liquidity threshold
 
 
350,000,000 
 
 
 
 
 
 
 
 
Unamortized discount
 
 
 
2,500,000 
2,500,000 
 
 
 
 
 
 
Unamortized debt issuance expense
 
 
 
3,000,000 
3,000,000 
 
 
 
 
 
 
Long-term debt
 
 
 
44,500,000 
44,500,000 
 
 
 
 
 
 
Amortization of debt issuance costs
 
 
 
$ 200,000 
$ 200,000 
 
 
 
 
 
 
Debt instrument, interest rate, effective percentage
 
 
 
14.30% 
14.30% 
 
 
 
 
 
 
Credit Facility and Convertible Debentures - Convertible Senior Debentures Narrative (Detail) (USD $)
6 Months Ended 1 Months Ended 3 Months Ended 6 Months Ended 6 Months Ended
Jun. 30, 2017
Dec. 31, 2016
Jun. 30, 2017
Convertible Debt [Member]
Jun. 30, 2017
Convertible Debt [Member]
Jun. 30, 2016
Convertible Debt [Member]
Jun. 30, 2017
Convertible Debt [Member]
Jun. 30, 2016
Convertible Debt [Member]
Nov. 30, 2012
Convertible Debt [Member]
Jun. 30, 2017
Additional Paid-in Capital
Debt Instrument [Line Items]
 
 
 
 
 
 
 
 
 
Aggregate face value of convertible senior debentures
 
 
$ 43,600,000 
$ 43,600,000 
 
$ 43,600,000 
 
$ 55,000,000.0 
 
Interest rate on debentures
 
 
 
 
 
 
 
5.25% 
 
Repurchased face amount
 
 
11,400,000 
11,400,000 
 
11,400,000 
 
 
 
Repayments of long-term debt
 
 
11,800,000 
 
 
 
 
 
 
Repurchase of convertible senior debentures
677,000 
 
 
 
 
 
 
 
700,000 
Loss on extinguishment of debt
 
 
 
 
 
 
 
 
Gross carrying amount of equity component
 
 
5,800,000 
5,800,000 
 
5,800,000 
 
 
 
Principal amount outstanding
 
 
43,600,000 
43,600,000 
 
43,600,000 
 
 
 
Unamortized discount
 
 
1,000,000 
1,000,000 
 
1,000,000 
 
 
 
Deferred finance costs, noncurrent, net
 
 
300,000 
300,000 
 
300,000 
 
 
 
Convertible senior debentures - current
42,320,000 
42,300,000 
42,300,000 
 
42,300,000 
 
 
 
Amortization of debt discount (premium)
 
 
 
400,000 
300,000 
900,000 
600,000 
 
 
Debt instrument, interest rate, effective percentage
 
 
8.70% 
8.70% 
 
8.70% 
 
 
 
Fair value of debentures outstanding
 
 
$ 45,100,000 
$ 45,100,000 
 
$ 45,100,000 
 
 
 
Stock-Based Compensation - Stock-Based Compensation Expense (Detail) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
 
 
 
 
Stock-based compensation expense
$ 351 
$ 467 
$ 246 
$ 1,275 
General And Administrative Expenses
 
 
 
 
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
 
 
 
 
Stock-based compensation expense
$ 351 
$ 467 
$ 246 
$ 1,275 
Stock-Based Compensation - Narrative (Detail) (USD $)
In Millions, except Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
 
 
 
 
Number of award vesting types
 
 
Cash liability for performance-based units
$ 0 
 
$ 0 
 
Performance Shares
 
 
 
 
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
 
 
 
 
Cancelled in period (in shares)
 
 
6,000 
Options, forfeitures in period (in shares)
 
 
8,000 
Stock-based compensation expense
0.1 
0.3 
 
Stock-based compensation, maximum number of unvested shares (in shares)
 
 
336,000 
 
Service Based Award
 
 
 
 
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
 
 
 
 
Options, forfeitures in period (in shares)
 
 
67,000 
8,000 
Stock-based compensation expense
0.1 
0.1 
Vesting period (in years)
 
 
4 years 
 
Expiration period (in years)
 
 
8 years 
 
Options issued (in shares)
 
 
11,000 
Deferred Stock Units
 
 
 
 
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
 
 
 
 
Percentage of shares vested in lieu of directors fees at the grant date
 
 
100.00% 
 
Portion of Director fees matched to deferred stock units
 
 
25.00% 
 
Vesting period of deferred stock (in years)
 
 
1 year 
 
Minimum age required for meeting directors fees deferred vest criteria
 
 
65 
 
Deferred Stock Units |
Director
 
 
 
 
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
 
 
 
 
Shares issued to non-employee individual (in shares)
 
 
45,000 
40,000 
Restricted Stock
 
 
 
 
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
 
 
 
 
Cancelled in period (in shares)
 
 
2,000 
Restricted stock granted in period (in shares)
 
 
7,000 
Deferred stock units, performance-based stock units and restricted stock
 
 
 
 
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
 
 
 
 
Stock-based compensation expense
$ 0.4 
$ 0.5 
$ 0.5 
$ 1.1 
Income Taxes (Detail) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Income Tax Disclosure [Abstract]
 
 
 
 
Income tax benefit (expense)
$ 0 
$ 0 
$ 0 
$ 0 
Net Income (Loss) Per Share - Calculations of Net Income (Loss) Per Share (Detail) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Basic:
 
 
 
 
Net income (loss)
$ (29,097)
$ 38,976 
$ (51,194)
$ 23,524 
Weighted average common shares outstanding (in shares)
20,411 
20,333 
20,395 
20,391 
Net income (loss) per share (in dollars per share)
$ (1.43)
$ 1.92 
$ (2.51)
$ 1.15 
Diluted:
 
 
 
 
Interest on convertible senior debentures
1,119 
2,229 
Net income (loss) for dilutive share computation
$ (29,097)
$ 40,095 
$ (51,194)
$ 25,753 
Convertible senior debentures (in shares)
3,034 
3,034 
Unvested restricted stock and DSUs (in shares)
148 
155 
Employee stock options (in shares)
24 
22 
Weighted average common shares outstanding (in shares)
20,411 
23,539 
20,395 
23,602 
Net income (loss) per share (in dollars per share)
$ (1.43)
$ 1.70 
$ (2.51)
$ 1.09 
Net Income (Loss) Per Share - Narrative (Detail) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Stock Options
 
 
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
 
 
Share of common stock excluded from diluted net loss per share calculation (in shares)
0.7 
0.7 
Shares of common stock at prices ranging, lower limit (in dollars per share)
$ 9.83 
$ 7.41 
Shares of common stock at prices ranging, upper limit (in dollars per share)
$ 19.95 
$ 19.95 
Deferred stock units, performance-based stock units and restricted stock
 
 
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
 
 
Share of common stock excluded from diluted net loss per share calculation (in shares)
0.9 
0.5 
Convertible Senior Debentures due 2018
 
 
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
 
 
Share of common stock excluded from diluted net loss per share calculation (in shares)
2.4 
 
Segment Reporting - Narrative (Detail)
Jun. 30, 2017
nonconsolidated_partner_company
Segment Reporting [Abstract]
 
Non-consolidated partner companies
28 
Segment Reporting - Active Partner Companies by Segment (Detail)
Jun. 30, 2017
AdvantEdge Healthcare Solutions, Inc.
 
Schedule of Equity Method Investments [Line Items]
 
Ownership interest under equity method, percentage
40.10% 
Apprenda
 
Schedule of Equity Method Investments [Line Items]
 
Ownership interest under equity method, percentage
29.40% 
BrickWork
 
Schedule of Equity Method Investments [Line Items]
 
Ownership interest under equity method, percentage
20.30% 
Cask Data
 
Schedule of Equity Method Investments [Line Items]
 
Ownership interest under equity method, percentage
31.30% 
CloudMine
 
Schedule of Equity Method Investments [Line Items]
 
Ownership interest under equity method, percentage
47.30% 
Clutch Holdings, LLC
 
Schedule of Equity Method Investments [Line Items]
 
Ownership interest under equity method, percentage
42.80% 
Full Measure
 
Schedule of Equity Method Investments [Line Items]
 
Ownership interest under equity method, percentage
42.30% 
Hoopla Software, Inc.
 
Schedule of Equity Method Investments [Line Items]
 
Ownership interest under equity method, percentage
25.50% 
Lumesis, Inc.
 
Schedule of Equity Method Investments [Line Items]
 
Ownership interest under equity method, percentage
44.10% 
MediaMath, Inc.
 
Schedule of Equity Method Investments [Line Items]
 
Ownership interest under equity method, percentage
20.50% 
Moxe Health
 
Schedule of Equity Method Investments [Line Items]
 
Ownership interest under equity method, percentage
32.40% 
Pneuron
 
Schedule of Equity Method Investments [Line Items]
 
Ownership interest under equity method, percentage
35.40% 
Prognos
 
Schedule of Equity Method Investments [Line Items]
 
Ownership interest under equity method, percentage
35.20% 
QuanticMind, Inc.
 
Schedule of Equity Method Investments [Line Items]
 
Ownership interest under equity method, percentage
23.20% 
Sonobi
 
Schedule of Equity Method Investments [Line Items]
 
Ownership interest under equity method, percentage
21.60% 
Spongecell
 
Schedule of Equity Method Investments [Line Items]
 
Ownership interest under equity method, percentage
23.00% 
T-REX Group, Inc.
 
Schedule of Equity Method Investments [Line Items]
 
Ownership interest under equity method, percentage
23.60% 
Transactis
 
Schedule of Equity Method Investments [Line Items]
 
Ownership interest under equity method, percentage
24.00% 
WebLinc
 
Schedule of Equity Method Investments [Line Items]
 
Ownership interest under equity method, percentage
38.00% 
Healthcare |
Aktana, Inc.
 
Schedule of Equity Method Investments [Line Items]
 
Ownership interest under equity method, percentage
24.50% 
Healthcare |
Good Start Genetics, Inc.
 
Schedule of Equity Method Investments [Line Items]
 
Ownership interest under equity method, percentage
29.60% 
Healthcare |
InfoBionic
 
Schedule of Equity Method Investments [Line Items]
 
Ownership interest under equity method, percentage
39.70% 
Healthcare |
meQuilibrium
 
Schedule of Equity Method Investments [Line Items]
 
Ownership interest under equity method, percentage
31.50% 
Healthcare |
Novasom, Inc.
 
Schedule of Equity Method Investments [Line Items]
 
Ownership interest under equity method, percentage
31.70% 
Healthcare |
Propeller
 
Schedule of Equity Method Investments [Line Items]
 
Ownership interest under equity method, percentage
24.00% 
Healthcare |
Syapse, Inc.
 
Schedule of Equity Method Investments [Line Items]
 
Ownership interest under equity method, percentage
26.20% 
Healthcare |
Trice
 
Schedule of Equity Method Investments [Line Items]
 
Ownership interest under equity method, percentage
24.90% 
Healthcare |
Zipnosis
 
Schedule of Equity Method Investments [Line Items]
 
Ownership interest under equity method, percentage
25.40% 
Commitments and Contingencies (Detail) (USD $)
1 Months Ended
Oct. 31, 2001
Jun. 30, 2017
Dec. 31, 2016
Commitment Contingencies And Guarantees [Line Items]
 
 
 
Accrued expenses
 
$ 1,942,000 
$ 2,223,000 
Other long-term liabilities
 
3,580,000 
3,630,000 
Annual payments
650,000 
 
 
Employee Severance
 
 
 
Commitment Contingencies And Guarantees [Line Items]
 
 
 
Maximum severance payments
 
3,000,000 
 
Letter of credit
 
 
 
Commitment Contingencies And Guarantees [Line Items]
 
 
 
Letter of credit under the credit facility
 
6,300,000 
 
Accrued expenses and other current liabilities
 
 
 
Commitment Contingencies And Guarantees [Line Items]
 
 
 
Liability to former chairman and chief executive officer, current
 
800,000 
 
Other long-term liabilities
 
 
 
Commitment Contingencies And Guarantees [Line Items]
 
 
 
Liability to former chairman and chief executive officer, non-current
 
1,800,000 
 
Clawback Liability
 
 
 
Commitment Contingencies And Guarantees [Line Items]
 
 
 
Other long-term liabilities
 
300,000 
 
Company's ownership in the funds
 
19.00% 
 
Clawback Liability Paid
 
1,000,000 
 
Private equity funds
 
 
 
Commitment Contingencies And Guarantees [Line Items]
 
 
 
Company outstanding guarantees
 
$ 3,800,000 
 
Equity (Details) (Common Stock, USD $)
Share data in Millions, unless otherwise specified
6 Months Ended
Jun. 30, 2016
Jun. 30, 2017
Jul. 31, 2015
Common Stock
 
 
 
Equity, Class of Treasury Stock [Line Items]
 
 
 
Stock repurchase program, authorized amount
 
 
$ 25,000,000 
Repurchase of common stock (in shares)
0.4 
 
 
Stock repurchased during period, value
5,400,000 
 
 
Stock Repurchase Program, Remaining Authorized Repurchase Amount
 
$ 14,600,000