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• | The Company will recognize share-based payment forfeitures as they occur. Prior to adoption, forfeitures were estimated in order to arrive at current period expense. There was a cumulative effect adjustment of $0.4 million to Accumulated deficit on the Consolidated Balance Sheet as of January 1, 2016 as a result of the adoption of this amendment on a modified retrospective basis. |
• | The Company, upon election by an employee, will withhold award shares with a fair value up to the amount of tax owed upon vesting or exercise using the maximum statutory tax rate in the employee's applicable jurisdiction while still qualifying for equity classification. Prior to adoption, the Company was only able to withhold award shares with a fair value up to the minimum statutory tax rate. There was no cumulative effect adjustment as a result of the adoption of this amendment on a modified retrospective basis. |
• | The Company will present employee taxes paid by the Company through the withholding of award shares as a financing activity in the Consolidated Statements of Cash Flows. The effect of this retrospective change on the Company's Consolidated Statements of Cash Flows was not significant. |
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September 30, 2016 | December 31, 2015 | ||||||
(Unaudited - In thousands) | |||||||
Equity Method: | |||||||
Partner companies | $ | 151,437 | $ | 150,898 | |||
Private equity funds | 448 | 942 | |||||
151,885 | 151,840 | ||||||
Cost Method: | |||||||
Partner companies | 1,200 | 5,024 | |||||
Private equity funds | 1,661 | 1,966 | |||||
2,861 | 6,990 | ||||||
Advances to partner companies | 18,195 | 12,771 | |||||
$ | 172,941 | $ | 171,601 |
Nine Months Ended | |||||||
September 30, 2016 | September 30, 2015 | ||||||
(In thousands) | |||||||
Results of Operations: | |||||||
Revenue | $ | 299,768 | $ | 291,860 | |||
Gross profit | $ | 190,168 | $ | 182,809 | |||
Net loss | $ | (135,045 | ) | $ | (105,042 | ) |
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Carrying Value | Fair Value Measurement at September 30, 2016 | ||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||
(Unaudited - In thousands) | |||||||||||||||
Cash and cash equivalents | $ | 52,496 | $ | 52,496 | $ | — | $ | — | |||||||
Marketable securities—held-to-maturity: | |||||||||||||||
Government agency bonds | $ | 612 | $ | 612 | $ | — | $ | — | |||||||
Certificates of deposit | 23,532 | 23,532 | — | — | |||||||||||
Total marketable securities | $ | 24,144 | $ | 24,144 | $ | — | $ | — |
Carrying Value | Fair Value Measurement at December 31, 2015 | ||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||
(Unaudited - In thousands) | |||||||||||||||
Cash and cash equivalents | $ | 32,838 | $ | 32,838 | $ | — | $ | — | |||||||
Marketable securities—held-to-maturity: | |||||||||||||||
Government agency bonds | $ | 1,329 | $ | 1,329 | $ | — | $ | — | |||||||
Certificates of deposit | 39,434 | 39,434 | — | — | |||||||||||
Total marketable securities | $ | 40,763 | $ | 40,763 | $ | — | $ | — |
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Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
(Unaudited - In thousands) | |||||||||||||||
General and administrative expense | $ | 604 | $ | 148 | $ | 1,879 | $ | 1,140 | |||||||
$ | 604 | $ | 148 | $ | 1,879 | $ | 1,140 |
1) | performance-based; |
2) | service-based. |
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Partner Company | Safeguard Primary Ownership as of September 30, 2016 | Accounting Method | |
AdvantEdge Healthcare Solutions, Inc. | 40.1% | Equity | |
Aktana, Inc. | 23.4% | Equity | |
Apprenda, Inc. | 29.5% | Equity | |
Aventura, Inc. | 19.9% | Equity | |
Beyond.com, Inc. | 38.2% | Equity | |
Cask Data, Inc. | 31.3% | Equity | |
CloudMine, Inc. | 30.1% | Equity | |
Clutch Holdings, Inc. | 45.0% | Equity | |
Full Measure Education, Inc. | 36.0% | Equity | |
Good Start Genetics, Inc. | 29.6% | Equity | |
Hoopla Software, Inc. | 25.5% | Equity | |
InfoBionic, Inc. | 40.5% | Equity | |
Lumesis, Inc. | 44.1% | Equity | |
MediaMath, Inc. | 20.5% | Equity | |
Medivo, Inc. | 35.3% | Equity | |
meQuilibrium | 31.5% | Equity | |
Moxe Health Corporation | 32.6% | Equity | |
NovaSom, Inc. | 31.7% | Equity | |
Pneuron Corporation | 35.4% | Equity | |
Propeller Health, Inc. | 24.4% | Equity | |
QuanticMind, Inc. | 23.5% | Equity | |
Sonobi, Inc. | 21.6% | Equity | |
Spongecell, Inc. | 23.0% | Equity | |
Syapse, Inc. | 25.8% | Equity | |
Transactis, Inc. | 24.2% | Equity | |
Trice Medical, Inc. | 27.7% | Equity | |
WebLinc, Inc. | 38.0% | Equity | |
Zipnosis, Inc. | 26.2% | Equity |
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September 30, 2016 | December 31, 2015 | ||||||
(Unaudited - In thousands) | |||||||
Equity Method: | |||||||
Partner companies | $ | 151,437 | $ | 150,898 | |||
Private equity funds | 448 | 942 | |||||
151,885 | 151,840 | ||||||
Cost Method: | |||||||
Partner companies | 1,200 | 5,024 | |||||
Private equity funds | 1,661 | 1,966 | |||||
2,861 | 6,990 | ||||||
Advances to partner companies | 18,195 | 12,771 | |||||
$ | 172,941 | $ | 171,601 |
Nine Months Ended | |||||||
September 30, 2016 | September 30, 2015 | ||||||
(In thousands) | |||||||
Results of Operations: | |||||||
Revenue | $ | 299,768 | $ | 291,860 | |||
Gross profit | $ | 190,168 | $ | 182,809 | |||
Net loss | $ | (135,045 | ) | $ | (105,042 | ) |
|
Carrying Value | Fair Value Measurement at September 30, 2016 | ||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||
(Unaudited - In thousands) | |||||||||||||||
Cash and cash equivalents | $ | 52,496 | $ | 52,496 | $ | — | $ | — | |||||||
Marketable securities—held-to-maturity: | |||||||||||||||
Government agency bonds | $ | 612 | $ | 612 | $ | — | $ | — | |||||||
Certificates of deposit | 23,532 | 23,532 | — | — | |||||||||||
Total marketable securities | $ | 24,144 | $ | 24,144 | $ | — | $ | — |
Carrying Value | Fair Value Measurement at December 31, 2015 | ||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||
(Unaudited - In thousands) | |||||||||||||||
Cash and cash equivalents | $ | 32,838 | $ | 32,838 | $ | — | $ | — | |||||||
Marketable securities—held-to-maturity: | |||||||||||||||
Government agency bonds | $ | 1,329 | $ | 1,329 | $ | — | $ | — | |||||||
Certificates of deposit | 39,434 | 39,434 | — | — | |||||||||||
Total marketable securities | $ | 40,763 | $ | 40,763 | $ | — | $ | — |
|
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
(Unaudited - In thousands) | |||||||||||||||
General and administrative expense | $ | 604 | $ | 148 | $ | 1,879 | $ | 1,140 | |||||||
$ | 604 | $ | 148 | $ | 1,879 | $ | 1,140 |
1) | performance-based; |
2) | service-based. |
|
Partner Company | Safeguard Primary Ownership as of September 30, 2016 | Accounting Method | |
AdvantEdge Healthcare Solutions, Inc. | 40.1% | Equity | |
Aktana, Inc. | 23.4% | Equity | |
Apprenda, Inc. | 29.5% | Equity | |
Aventura, Inc. | 19.9% | Equity | |
Beyond.com, Inc. | 38.2% | Equity | |
Cask Data, Inc. | 31.3% | Equity | |
CloudMine, Inc. | 30.1% | Equity | |
Clutch Holdings, Inc. | 45.0% | Equity | |
Full Measure Education, Inc. | 36.0% | Equity | |
Good Start Genetics, Inc. | 29.6% | Equity | |
Hoopla Software, Inc. | 25.5% | Equity | |
InfoBionic, Inc. | 40.5% | Equity | |
Lumesis, Inc. | 44.1% | Equity | |
MediaMath, Inc. | 20.5% | Equity | |
Medivo, Inc. | 35.3% | Equity | |
meQuilibrium | 31.5% | Equity | |
Moxe Health Corporation | 32.6% | Equity | |
NovaSom, Inc. | 31.7% | Equity | |
Pneuron Corporation | 35.4% | Equity | |
Propeller Health, Inc. | 24.4% | Equity | |
QuanticMind, Inc. | 23.5% | Equity | |
Sonobi, Inc. | 21.6% | Equity | |
Spongecell, Inc. | 23.0% | Equity | |
Syapse, Inc. | 25.8% | Equity | |
Transactis, Inc. | 24.2% | Equity | |
Trice Medical, Inc. | 27.7% | Equity | |
WebLinc, Inc. | 38.0% | Equity | |
Zipnosis, Inc. | 26.2% | Equity |
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