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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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June 30, 2016 | December 31, 2015 | ||||||
(Unaudited - In thousands) | |||||||
Equity Method: | |||||||
Partner companies | $ | 157,944 | $ | 150,898 | |||
Private equity funds | 495 | 942 | |||||
158,439 | 151,840 | ||||||
Cost Method: | |||||||
Partner companies | 1,200 | 5,024 | |||||
Private equity funds | 1,706 | 1,966 | |||||
2,906 | 6,990 | ||||||
Advances to partner companies | 14,714 | 12,771 | |||||
$ | 176,059 | $ | 171,601 |
Six Months Ended | |||||||
June 30, 2016 | June 30, 2015 | ||||||
(In thousands) | |||||||
Results of Operations: | |||||||
Revenue | $ | 13,298 | $ | 11,080 | |||
Gross profit | $ | 12,917 | $ | 10,564 | |||
Net income (loss) | $ | 13,721 | $ | (415 | ) |
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Carrying Value | Fair Value Measurement at June 30, 2016 | ||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||
(Unaudited - In thousands) | |||||||||||||||
Cash and cash equivalents | $ | 66,231 | $ | 66,231 | $ | — | $ | — | |||||||
Marketable securities—held-to-maturity: | |||||||||||||||
Government agency bonds | $ | 614 | $ | 614 | $ | — | $ | — | |||||||
Certificates of deposit | 24,528 | 24,528 | — | — | |||||||||||
Total marketable securities | $ | 25,142 | $ | 25,142 | $ | — | $ | — |
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 June 30, | Six months ended June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
(Unaudited - In thousands) | |||||||||||||||
General and administrative expense | $ | 467 | $ | 735 | $ | 1,275 | $ | 992 | |||||||
$ | 467 | $ | 735 | $ | 1,275 | $ | 992 |
1) | performance-based; |
2) | service-based. |
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Healthcare | |||
Partner Company | Safeguard Primary Ownership as of June 30, 2016 | Accounting Method | |
AdvantEdge Healthcare Solutions, Inc. | 40.1% | Equity | |
Aktana, Inc. | 23.4% | Equity | |
Aventura, Inc. | 19.9% | Equity | |
Good Start Genetics, Inc. | 29.6% | Equity | |
InfoBionic, Inc. | 40.5% | Equity | |
Medivo, Inc. | 34.5% | Equity | |
meQuilibrium | 31.5% | Equity | |
NovaSom, Inc. | 31.7% | Equity | |
Propeller Health, Inc. | 24.5% | Equity | |
Syapse, Inc. | 29.2% | Equity | |
Trice Medical, Inc. | 27.7% | Equity | |
Zipnosis, Inc. | 26.2% | Equity |
Technology | |||
Partner Company | Safeguard Primary Ownership as of June 30, 2016 | Accounting Method | |
Apprenda, Inc. | 29.5% | Equity | |
Beyond.com, Inc. | 38.2% | Equity | |
Cask Data, Inc. | 34.2% | Equity | |
CloudMine, Inc. | 30.1% | Equity | |
Clutch Holdings, Inc. | 38.5% | Equity | |
Full Measure Education, Inc. | 36.0% | Equity | |
Hoopla Software, Inc. | 25.6% | Equity | |
Lumesis, Inc. | 44.2% | Equity | |
MediaMath, Inc. | 20.5% | Equity | |
Pneuron Corporation | 35.4% | Equity | |
QuanticMind, Inc. | 23.6% | Equity | |
Sonobi, Inc. | 22.6% | Equity | |
Spongecell, Inc. | 23.0% | Equity | |
Transactis, Inc. | 24.2% | Equity | |
WebLinc, Inc. | 38.0% | Equity |
Three months ended June 30, 2016 | |||||||||||||||||||
Healthcare | Technology | Total Segments | Other Items | Total | |||||||||||||||
(Unaudited - In thousands) | |||||||||||||||||||
Operating loss | $ | — | $ | — | $ | — | $ | (4,849 | ) | $ | (4,849 | ) | |||||||
Other income (loss), net | — | 424 | 424 | 235 | 659 | ||||||||||||||
Equity income (loss) | 48,184 | (4,101 | ) | 44,083 | (289 | ) | 43,794 | ||||||||||||
Net income (loss) | 48,184 | (3,677 | ) | 44,507 | (5,531 | ) | 38,976 | ||||||||||||
Segment Assets: | |||||||||||||||||||
June 30, 2016 | 56,236 | 117,622 | 173,858 | 101,811 | 275,669 | ||||||||||||||
December 31, 2015 | 53,332 | 119,442 | 172,774 | 84,069 | 256,843 |
Three months ended June 30, 2015 | |||||||||||||||||||
Healthcare | Technology | Total Segments | Other Items | Total | |||||||||||||||
(Unaudited - In thousands) | |||||||||||||||||||
Operating loss | $ | — | $ | — | $ | — | $ | (4,754 | ) | $ | (4,754 | ) | |||||||
Other income (loss), net | (72 | ) | — | (72 | ) | 57 | (15 | ) | |||||||||||
Equity loss | (13,063 | ) | (606 | ) | (13,669 | ) | (96 | ) | (13,765 | ) | |||||||||
Net loss | (13,135 | ) | (606 | ) | (13,741 | ) | (5,281 | ) | (19,022 | ) |
Six months ended June 30, 2016 | |||||||||||||||||||
Healthcare | Technology | Total Segments | Other Items | Total | |||||||||||||||
(Unaudited - In thousands) | |||||||||||||||||||
Operating loss | $ | — | $ | — | $ | — | $ | (10,077 | ) | $ | (10,077 | ) | |||||||
Other income (loss), net | — | 424 | 424 | 235 | 659 | ||||||||||||||
Equity income (loss) | 43,188 | (8,601 | ) | 34,587 | (288 | ) | 34,299 | ||||||||||||
Net income (loss) | 43,188 | (8,177 | ) | 35,011 | (11,487 | ) | 23,524 | ||||||||||||
Six months ended June 30, 2015 | |||||||||||||||||||
Healthcare | Technology | Total Segments | Other Items | Total | |||||||||||||||
(Unaudited - In thousands) | |||||||||||||||||||
Operating loss | $ | — | $ | — | $ | — | $ | (9,634 | ) | $ | (9,634 | ) | |||||||
Other income (loss), net | (311 | ) | — | (311 | ) | (92 | ) | (403 | ) | ||||||||||
Equity income (loss) | (17,105 | ) | (5,378 | ) | (22,483 | ) | 56 | (22,427 | ) | ||||||||||
Net loss | (17,416 | ) | (5,378 | ) | (22,794 | ) | (10,831 | ) | (33,625 | ) |
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|
June 30, 2016 | December 31, 2015 | ||||||
(Unaudited - In thousands) | |||||||
Equity Method: | |||||||
Partner companies | $ | 157,944 | $ | 150,898 | |||
Private equity funds | 495 | 942 | |||||
158,439 | 151,840 | ||||||
Cost Method: | |||||||
Partner companies | 1,200 | 5,024 | |||||
Private equity funds | 1,706 | 1,966 | |||||
2,906 | 6,990 | ||||||
Advances to partner companies | 14,714 | 12,771 | |||||
$ | 176,059 | $ | 171,601 |
Six Months Ended | |||||||
June 30, 2016 | June 30, 2015 | ||||||
(In thousands) | |||||||
Results of Operations: | |||||||
Revenue | $ | 13,298 | $ | 11,080 | |||
Gross profit | $ | 12,917 | $ | 10,564 | |||
Net income (loss) | $ | 13,721 | $ | (415 | ) |
|
Carrying Value | Fair Value Measurement at June 30, 2016 | ||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||
(Unaudited - In thousands) | |||||||||||||||
Cash and cash equivalents | $ | 66,231 | $ | 66,231 | $ | — | $ | — | |||||||
Marketable securities—held-to-maturity: | |||||||||||||||
Government agency bonds | $ | 614 | $ | 614 | $ | — | $ | — | |||||||
Certificates of deposit | 24,528 | 24,528 | — | — | |||||||||||
Total marketable securities | $ | 25,142 | $ | 25,142 | $ | — | $ | — |
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 June 30, | Six months ended June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
(Unaudited - In thousands) | |||||||||||||||
General and administrative expense | $ | 467 | $ | 735 | $ | 1,275 | $ | 992 | |||||||
$ | 467 | $ | 735 | $ | 1,275 | $ | 992 |
1) | performance-based; |
2) | service-based. |
|
Healthcare | |||
Partner Company | Safeguard Primary Ownership as of June 30, 2016 | Accounting Method | |
AdvantEdge Healthcare Solutions, Inc. | 40.1% | Equity | |
Aktana, Inc. | 23.4% | Equity | |
Aventura, Inc. | 19.9% | Equity | |
Good Start Genetics, Inc. | 29.6% | Equity | |
InfoBionic, Inc. | 40.5% | Equity | |
Medivo, Inc. | 34.5% | Equity | |
meQuilibrium | 31.5% | Equity | |
NovaSom, Inc. | 31.7% | Equity | |
Propeller Health, Inc. | 24.5% | Equity | |
Syapse, Inc. | 29.2% | Equity | |
Trice Medical, Inc. | 27.7% | Equity | |
Zipnosis, Inc. | 26.2% | Equity |
Technology | |||
Partner Company | Safeguard Primary Ownership as of June 30, 2016 | Accounting Method | |
Apprenda, Inc. | 29.5% | Equity | |
Beyond.com, Inc. | 38.2% | Equity | |
Cask Data, Inc. | 34.2% | Equity | |
CloudMine, Inc. | 30.1% | Equity | |
Clutch Holdings, Inc. | 38.5% | Equity | |
Full Measure Education, Inc. | 36.0% | Equity | |
Hoopla Software, Inc. | 25.6% | Equity | |
Lumesis, Inc. | 44.2% | Equity | |
MediaMath, Inc. | 20.5% | Equity | |
Pneuron Corporation | 35.4% | Equity | |
QuanticMind, Inc. | 23.6% | Equity | |
Sonobi, Inc. | 22.6% | Equity | |
Spongecell, Inc. | 23.0% | Equity | |
Transactis, Inc. | 24.2% | Equity | |
WebLinc, Inc. | 38.0% | Equity |
Three months ended June 30, 2016 | |||||||||||||||||||
Healthcare | Technology | Total Segments | Other Items | Total | |||||||||||||||
(Unaudited - In thousands) | |||||||||||||||||||
Operating loss | $ | — | $ | — | $ | — | $ | (4,849 | ) | $ | (4,849 | ) | |||||||
Other income (loss), net | — | 424 | 424 | 235 | 659 | ||||||||||||||
Equity income (loss) | 48,184 | (4,101 | ) | 44,083 | (289 | ) | 43,794 | ||||||||||||
Net income (loss) | 48,184 | (3,677 | ) | 44,507 | (5,531 | ) | 38,976 | ||||||||||||
Segment Assets: | |||||||||||||||||||
June 30, 2016 | 56,236 | 117,622 | 173,858 | 101,811 | 275,669 | ||||||||||||||
December 31, 2015 | 53,332 | 119,442 | 172,774 | 84,069 | 256,843 |
Three months ended June 30, 2015 | |||||||||||||||||||
Healthcare | Technology | Total Segments | Other Items | Total | |||||||||||||||
(Unaudited - In thousands) | |||||||||||||||||||
Operating loss | $ | — | $ | — | $ | — | $ | (4,754 | ) | $ | (4,754 | ) | |||||||
Other income (loss), net | (72 | ) | — | (72 | ) | 57 | (15 | ) | |||||||||||
Equity loss | (13,063 | ) | (606 | ) | (13,669 | ) | (96 | ) | (13,765 | ) | |||||||||
Net loss | (13,135 | ) | (606 | ) | (13,741 | ) | (5,281 | ) | (19,022 | ) |
Six months ended June 30, 2016 | |||||||||||||||||||
Healthcare | Technology | Total Segments | Other Items | Total | |||||||||||||||
(Unaudited - In thousands) | |||||||||||||||||||
Operating loss | $ | — | $ | — | $ | — | $ | (10,077 | ) | $ | (10,077 | ) | |||||||
Other income (loss), net | — | 424 | 424 | 235 | 659 | ||||||||||||||
Equity income (loss) | 43,188 | (8,601 | ) | 34,587 | (288 | ) | 34,299 | ||||||||||||
Net income (loss) | 43,188 | (8,177 | ) | 35,011 | (11,487 | ) | 23,524 | ||||||||||||
Six months ended June 30, 2015 | |||||||||||||||||||
Healthcare | Technology | Total Segments | Other Items | Total | |||||||||||||||
(Unaudited - In thousands) | |||||||||||||||||||
Operating loss | $ | — | $ | — | $ | — | $ | (9,634 | ) | $ | (9,634 | ) | |||||||
Other income (loss), net | (311 | ) | — | (311 | ) | (92 | ) | (403 | ) | ||||||||||
Equity income (loss) | (17,105 | ) | (5,378 | ) | (22,483 | ) | 56 | (22,427 | ) | ||||||||||
Net loss | (17,416 | ) | (5,378 | ) | (22,794 | ) | (10,831 | ) | (33,625 | ) |
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