SAFEGUARD SCIENTIFICS INC, 10-Q filed on 7/29/2016
Quarterly Report
Document and Entity Information
6 Months Ended
Jun. 30, 2016
Jul. 27, 2016
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, 2016 
 
Document Fiscal Year Focus
2016 
 
Document Fiscal Period Focus
Q2 
 
Amendment Flag
false 
 
Entity Common Stock, Shares Outstanding
 
20,224,506 
Trading Symbol
SFE 
 
CONSOLIDATED BALANCE SHEETS (USD $)
In Thousands, unless otherwise specified
Jun. 30, 2016
Dec. 31, 2015
Current Assets:
 
 
Cash and cash equivalents
$ 66,231 
$ 32,838 
Marketable securities
14,462 
31,020 
Prepaid expenses and other current assets
2,345 
5,810 
Total current assets
83,038 
69,668 
Property and equipment, net
2,055 
2,145 
Ownership interests in and advances to partner companies
176,059 
171,601 
Loan participations receivable
2,845 
2,649 
Long-term marketable securities
10,680 
9,743 
Other assets
992 
1,037 
Total Assets
275,669 
256,843 
Current Liabilities:
 
 
Accounts payable
155 
290 
Accrued compensation and benefits
2,556 
3,338 
Accrued expenses and other current liabilities
2,550 
2,789 
Total current liabilities
5,261 
6,417 
Other long-term liabilities
4,010 
3,965 
Convertible senior debentures
51,740 
50,956 
Total Liabilities
61,011 
61,338 
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, 2016 and December 31, 2015
2,157 
2,157 
Additional paid-in capital
817,614 
817,434 
Treasury stock, at cost; 1,350 and 993 shares at June 30, 2016 and December 31, 2015, respectively
(23,759)
(19,570)
Accumulated deficit
(581,118)
(604,270)
Accumulated Other Comprehensive Income (Loss), Net of Tax
(236)
(246)
Total Equity
214,658 
195,505 
Total Liabilities and Equity
$ 275,669 
$ 256,843 
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)
In Thousands, except Per Share data, unless otherwise specified
Jun. 30, 2016
Dec. 31, 2015
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
1,351 
993 
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Income Statement [Abstract]
 
 
 
 
General and administrative expense
$ 4,849 
$ 4,754 
$ 10,077 
$ 9,634 
Operating loss
(4,849)
(4,754)
(10,077)
(9,634)
Other income (loss), net
659 
(15)
659 
(403)
Interest income
527 
640 
947 
1,089 
Interest expense
(1,155)
(1,128)
(2,304)
(2,250)
Equity income (loss)
43,794 
(13,765)
34,299 
(22,427)
Net income (loss) before income taxes
38,976 
(19,022)
23,524 
(33,625)
Income tax benefit (expense)
Net income (loss)
$ 38,976 
$ (19,022)
$ 23,524 
$ (33,625)
Net income (loss) per share:
 
 
 
 
Basic (in dollars per share)
$ 1.92 
$ (0.91)
$ 1.15 
$ (1.61)
Diluted (in dollars per share)
$ 1.70 
$ (0.91)
$ 1.09 
$ (1.61)
Weighted average shares used in computing income (loss) per share:
 
 
 
 
Basic (in shares)
20,333 
20,895 
20,391 
20,878 
Diluted (in shares)
23,539 
20,895 
23,602 
20,878 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Cash Flows from Operating Activities:
 
 
Net cash used in operating activities
$ (10,843)
$ (11,245)
Cash Flows from Investing Activities:
 
 
Proceeds from sales of and distributions from companies
72,824 
11,379 
Acquisitions of ownership interests in companies
(28,329)
(40,545)
Advances and loans to companies
(10,151)
(10,935)
Repayment of advances and loans to companies
56 
55 
Increase in marketable securities
(14,604)
(16,763)
Decrease in marketable securities
30,257 
16,676 
Capital expenditures
(73)
(244)
Net cash provided by (used in) investing activities
49,980 
(40,377)
Cash Flows from Financing Activities:
 
 
Issuance of Company common stock, net
549 
Tax withholdings related to equity-based awards
(355)
Repurchase of Company common stock
(5,389)
Net cash provided by (used in) financing activities
(5,744)
549 
Net change in cash and cash equivalents
33,393 
(51,073)
Cash and cash equivalents at beginning of period
32,838 
111,897 
Cash and cash equivalents at end of period
$ 66,231 
$ 60,824 
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (USD $)
In Thousands, unless otherwise specified
Total
Accumulated Deficit [Member]
AOCI Attributable to Parent [Member]
Common Stock
Additional Paid-in Capital [Member]
Treasury Stock [Member]
Balance at Dec. 31, 2015
$ 195,505 
$ (604,270)
$ (246)
$ 2,157 
$ 817,434 
$ (19,570)
Balance (in shares) at Dec. 31, 2015
 
 
 
 
 
993 
Balance (in shares) at Dec. 31, 2015
 
 
 
21,573 
 
 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
Net income
23,524 
23,524 
 
 
 
 
Stock Issued During Period, Value, Stock Options Exercised
(274)
 
 
 
(767)
493 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period
 
 
 
 
 
(28)
Repurchase of common stock
(5,389)
 
 
 
 
(5,389)
Repurchase of common stock (in shares)
 
 
 
 
 
424 
Issuance of restricted stock, net
 
 
 
(700)
707 
Issuance of restricted stock, net (in shares)
 
 
 
 
 
(38)
Stock-based compensation expense
1,275 
 
 
 
1,275 
 
Other comprehensive income
10 
 
10 
 
 
 
Balance at Jun. 30, 2016
$ 214,658 
$ (581,118)
$ (236)
$ 2,157 
$ 817,614 
$ (23,759)
Balance (in shares) at Jun. 30, 2016
 
 
 
 
 
1,351 
Balance (in shares) at Jun. 30, 2016
 
 
 
21,573 
 
 
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Statement (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Statement of Comprehensive Income [Abstract]
 
 
 
 
Net income
$ 38,976 
$ (19,022)
$ 23,524 
$ (33,625)
Share of other comprehensive income of equity method investments
20 
10 
Total comprehensive income (loss)
$ 38,996 
$ (19,022)
$ 23,534 
$ (33,625)
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 2015 Annual Report on Form 10-K.
Adoption of Accounting Standards Update 2016-09
In March 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09"). While the effective date of ASU 2016-09 is for fiscal years beginning after December 15, 2016, earlier adoption is permitted and the Company has chosen to adopt the amendments in ASU 2016-09 during the second quarter of 2016. This standard simplifies or clarifies several aspects of the accounting for equity-based payment awards, including the income tax consequences, classification of awards as either equity or liabilities, and classification in the Consolidated Statements of Cash Flows. Certain of these changes are required to be applied retrospectively, while other changes are required to be applied prospectively. The impact of early adoption resulted in the following:
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.
There were no other material impacts to the Company's results of operations or liquidity as a result of adopting ASU 2016-09.
Retrospective Adoption of Accounting Guidance
In the first quarter of 2016, the Company adopted accounting guidance that required retrospective adjustment to previously issued financial statements.  All prior period data presented in the Company's Consolidated Financial Statements reflect the retrospective adoption of this guidance.
In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs ("ASU 2015-03"). ASU 2015-03 specifies that debt issuance costs related to a note shall be reported in the balance sheet as a direct reduction from the face amount of the note.  The Company adopted ASU 2015-03 in the first quarter of 2016.  As a result of the adoption of ASU 2015-03, the Company reclassified its capitalized debt issuance costs previously recorded within Other assets to a contra-liability reducing Convertible senior debentures on the Consolidated Balance Sheets.  The reclassification was $0.8 million as of December 31, 2015.  ASU 2015-03 had no effect on the Company's results of operations or liquidity.
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, 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


The Company recognized an impairment charge of $1.7 million related to AppFirst, Inc. which is reflected in Equity income (loss) in the Consolidated Statements of Operations for the three and six months ended June 30, 2016. The impairment was due to the shutdown of AppFirst's operations and sale of its assets. The amount of the impairment was determined based on the difference between the carrying value of the Company's investment in AppFirst and the proceeds received on the sale of AppFirst's assets in June 2016. The adjusted carrying value of the Company's investment in AppFirst is $0 at June 30, 2016.
In June 2016, the Company sold its ownership interests in Bridgevine, Inc. The Company received cash proceeds of $5.0 million and recognized a gain of $0.4 million on the transaction which is included in Other income (loss), net in the Consolidated Statements of Operations for the three and six months ended June 30, 2016.
In April 2016, Putney, Inc. was acquired by Dechra Pharmaceuticals Plc. The Company received cash proceeds of $58.2 million, excluding $0.4 million which will be held in escrow until August 2016 and $0.6 million which will be held in escrow until April 2017. The Company recognized a gain of $55.2 million on the transaction, which is included in Equity income (loss) in the Consolidated Statements of Operations for the three and six months ended June 30, 2016.
In April 2015, DriveFactor, Inc. was acquired by CCC Information Services, Inc. The Company received $9.1 million in initial cash proceeds in connection with the transaction. The Company recognized a gain of $6.1 million on the transaction, which is included in Equity income (loss) in the Consolidated Statements of Operations for the three and six months ended June 30, 2015. In April 2016, the Company received $1.1 million which was released from escrow resulting in a gain of $1.1 million which is included in Equity income (loss) in the Consolidated Statements of Operations for the three and six months ended June 30, 2016.
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. This amount was included in Prepaid expenses and other current assets in the Consolidated Balance Sheets as of March 31, 2016 as the Company had earned such amount as of March 31, 2016. In January 2016, the Company received $4.1 million in connection with the expiration of the escrow period related to the transaction, which was included in Prepaid expenses and other current assets in the Consolidated Balance Sheets as of December 31, 2015 as the Company had earned such amount as of December 31, 2015.








The Company discloses aggregate summarized statements of operations for any partner companies accounted for under the equity method that are deemed significant. The following table provides significant partner company operations information for the six months ended June 30, 2016 and 2015. The partner company results of operations have been compiled from respective partner company financial statements, reflect certain historical adjustments, and are reported on a one quarter lag.
 
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
)
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 2016, the Company acquired a 23.4% interest in Aktana, Inc. for $5.5 million. 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 June and January 2016, the Company deployed an aggregate of $2.0 million into InfoBionic, Inc. The Company had previously deployed an aggregate of $9.5 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 June and January 2016, the Company funded an aggregate of $1.2 million of convertible bridge loans to AppFirst, Inc. The Company had previously deployed an aggregate of $11.6 million in AppFirst. The Company impaired its ownership interest in AppFirst in June 2016 due to the shutdown of AppFirst's operations and sale of its assets in June 2016, which generated cash proceeds to the Company of $0.9 million. The adjusted carrying value of the Company's investment in AppFirst is $0 as of June 30, 2016. The Company accounted for its interest in AppFirst under the equity method.
In June 2016, the Company funded $0.3 million of a convertible bridge loan to Lumesis, Inc. The Company had previously deployed an aggregate of $5.6 million in Lumesis. Lumesis is a financial technology company focused on providing business efficiency, data and regulatory solutions to the municipal bond marketplace. The Company accounts for its interest in Lumesis under the equity method.
In April and March 2016, the Company funded an aggregate of $1.0 million of convertible loans to NovaSom, Inc. The Company had previously deployed an aggregate of $21.0 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 April 2016, the Company deployed an additional $5.0 million into Transactis, Inc. The Company had previously deployed $9.5 million in Transactis. Transactis provides electronic billing and payment solutions. The Company accounts for its interest in Transactis under the equity method.
In April 2016, the Company funded $1.8 million of a convertible bridge loan to Good Start Genetics, Inc. The Company had previously deployed an aggregate of $12.0 million in Good Start Genetics. Good Start Genetics is a molecular genetics information company transforming the standard of care in reproductive medicine and family medicine. The Company accounts for its interest in Good Start Genetics under the equity method.
In March 2016, the Company funded $1.0 million of a convertible bridge loan to Hoopla Software, Inc. The Company had previously deployed an aggregate of $3.8 million in Hoopla. Hoopla provides cloud-based software that helps sales organizations inspire and motivate sales team performance. The Company accounts for its interest in Hoopla under the equity method.
In March and January 2016, the Company deployed an aggregate of $4.0 million into Full Measure Education, Inc. The Company had previously deployed $4.0 million in Full Measure. Full Measure is a technology company dedicated to the higher education industry. The Company accounts for its interest in Full Measure under the equity method.
In January 2016, the Company deployed an additional $4.4 million into WebLinc, Inc. The Company had previously deployed an aggregate of $6.6 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 January 2016, the Company funded $2.0 million of a convertible loan to Spongecell, Inc. The Company had previously deployed an aggregate of $14.0 million in Spongecell. Spongecell is a creative technology company that allows brand advertisers to create personal connections on a global scale. The Company accounts for its interest in Spongecell under the equity method.
In January 2016, the Company deployed an additional $7.5 million into Syapse, Inc. The Company had previously deployed $5.8 million in Syapse. Syapse is a software company that enables healthcare providers to deploy precision medicine programs. The Company accounts for its interest in Syapse under the equity method.
In January 2016, the Company funded $2.0 million of a convertible bridge loan to Clutch Holdings, Inc. The Company had previously deployed an aggregate of $12.3 million in Clutch. Clutch provides consumer management technology that delivers customer intelligence and consumer engagement solutions to premium brands. The Company accounts for its interest in Clutch 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, 2016 and December 31, 2015:
   
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

 
$

 
$


As of June 30, 2016, $14.5 million of marketable securities had contractual maturities which were less than one year and $10.7 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.
Convertible Debentures and Credit Arrangements
Convertible Debentures and Credit Arrangements
Convertible Debentures and Credit Arrangements
Convertible Senior Debentures
In November 2012, the Company issued $55.0 million principal amount of its 5.25% convertible senior debentures due 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. At June 30, 2016, the fair value of the $55.0 million outstanding 2018 Debentures was approximately $55.5 million, based on the midpoint of the bid and ask prices as of such date. At June 30, 2016, the carrying amount of the equity component was $6.4 million, the principal amount of the liability component was $55.0 million, the unamortized discount was $2.6 million, unamortized debt issuance costs were $0.6 million and the net carrying value of the liability component was $51.7 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 $0.3 million of such expense for the three months ended June 30, 2016 and 2015 and $0.6 million for the six months ended June 30, 2016 and 2015. The effective interest rate on the 2018 Debentures is 8.7%.
Credit Arrangements
The Company is party to a loan agreement with a commercial bank which provides it with a revolving credit facility in the maximum aggregate amount of $25.0 million in the form of borrowings, guarantees and issuances of letters of credit, subject to a $20.0 million sublimit. Actual availability under the credit facility is based on the amount of cash maintained at the bank as well as the value of the Company’s public and private partner company interests. This credit facility bears interest at the prime rate for outstanding borrowings, subject to an increase in certain circumstances. Other than for limited exceptions, the Company is required to maintain all of its depository and operating accounts at the bank. The credit facility, as amended December 29, 2015, matures on December 19, 2016. Under the credit facility, 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 which was required in connection with the sale of CompuCom Systems in 2004. Availability under the Company’s revolving credit facility at June 30, 2016 was $18.7 million.
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,
   
2016
 
2015
 
2016
 
2015
 
(Unaudited - In thousands)
General and administrative expense
$
467

 
$
735

 
$
1,275

 
$
992

   
$
467

 
$
735

 
$
1,275

 
$
992


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, 2016, 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, 2016 and 2015, the Company did not issue any performance-based options to employees. During the six months ended June 30, 2016 and 2015, no performance-based options vested. During the six months ended June 30, 2016 and 2015, no performance-based options were canceled or forfeited. The Company recorded compensation expense related to performance-based options of $0.0 million for both the three months ended June 30, 2016 and 2015, and $0.1 million and $0.0 million for the six months ended June 30, 2016 and 2015, respectively. The maximum number of unvested shares at June 30, 2016 attainable under these grants was 453 thousand shares.
Service-based awards 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 awards is the period over which the award vests. During the six months ended June 30, 2016 and 2015, the Company issued 11 thousand and 21 thousand service-based options, respectively, to employees. During the six months ended June 30, 2016 and 2015, 8 thousand and 6 thousand service-based options, respectively, were canceled or forfeited. The Company recorded compensation expense related to service-based options of $0.0 million and $0.1 million for the three months ended June 30, 2016 and 2015, respectively, and $0.1 million and $0.2 million for the six months ended June 30, 2016 and 2015, 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, 2016 and 2015, the Company did not issue any performance-based stock units to employees. Under the 2015 and 2014 performance-based award plans, 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 described above are exceeded. At June 30, 2016, the liability associated with such potential cash payments was $0.0 million.
During the six months ended June 30, 2016 and 2015, the Company issued 40 thousand and 39 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, 2016 and 2015, the Company did not issue any restricted stock awards.
Total compensation expense for deferred stock units, performance-based stock units and restricted stock was $0.5 million and $0.6 million for the three months ended June 30, 2016 and 2015, respectively, and $1.1 million and $0.8 million for the six months ended June 30, 2016 and 2015, 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, 2016 and 2015. 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 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. The benefit of the net operating loss that would have been recognized in the three and six months ended June 30, 2015 was offset by changes in the valuation allowance. During the six months ended June 30, 2016, 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,
   
2016
 
2015
 
2016
 
2015
 
(Unaudited - In thousands, except per share data)
Basic:
   
 
   
 
   
 
   
Net income (loss)
$
38,976

 
$
(19,022
)
 
$
23,524

 
$
(33,625
)
Weighted average common shares outstanding
20,333

 
20,895

 
20,391

 
20,878

Net income (loss) per share
$
1.92

 
$
(0.91
)
 
$
1.15

 
$
(1.61
)
 
 
 
 
 
 
 
 
Diluted:
 
 
 
 
 
 
 
Net income (loss)
$
38,976

 
$
(19,022
)
 
$
23,524

 
$
(33,625
)
Interest on convertible senior debentures
1,119

 

 
2,229

 

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

 
$
(19,022
)
 
$
25,753

 
$
(33,625
)
 
 
 
 
 
 
 
 
Number of shares used in basic per share computation
20,333

 
20,895

 
20,391

 
20,878

Convertible senior debentures
3,034

 

 
3,034

 

Unvested restricted stock and DSUs
148

 

 
155

 

Employee stock options
24

 

 
22

 

Weighted average common shares outstanding
23,539

 
20,895

 
23,602

 
20,878

 
 
 
 
 
 
 
 
Net income (loss) per share
$
1.70

 
$
(0.91
)
 
$
1.09

 
$
(1.61
)

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 months ended June 30, 2016 and 2015 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, 2016 and 2015, options to purchase 0.7 million and 1.2 million shares of common stock, respectively, at prices ranging from $7.41 to $19.95 and $7.14 to $19.95, respectively, were excluded from the calculations.
At June 30, 2016, unvested performance-based stock units convertible into 0.5 million shares of stock were excluded from the calculations. At June 30, 2015, unvested restricted stock, performance-based stock units and DSUs convertible into 0.5 million shares of stock were excluded from the calculations.
At June 30, 2015, 3.0 million shares of common stock, representing the effect of the assumed conversion of the 2018 Debentures, were excluded from the calculations.
Diluted earnings per share for the six months ended June 30, 2016 and 2015 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, 2016 and 2015, options to purchase 0.7 million and 1.2 million shares of common stock, respectively, at prices ranging from $7.41 to $19.95 and $7.14 to $19.95, respectively, were excluded from the calculations.
At June 30, 2016, unvested performance-based stock units convertible into 0.5 million shares of stock were excluded from the calculations. At June 30, 2015, unvested restricted stock, performance-based stock units and DSUs convertible into 0.5 million shares of stock for both periods were excluded from the calculations.
At June 30, 2015, 3.0 million shares of common stock, representing the effect of the assumed conversion of the 2018 Debentures, were excluded from the calculations.
Operating Segments
Operating Segments
Operating Segments
As of June 30, 2016, the Company held interests in 27 non-consolidated partner companies which are included in the Healthcare and Technology segments. The Company’s active partner companies by segment were as follows as of June 30, 2016:
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


Results of the Healthcare and Technology segments reflect the equity income (loss) of their respective equity method partner companies, other income (loss) associated with cost method partner companies and the gains or losses on the sale of the interests in their respective partner companies.
Management evaluates the Healthcare and Technology segments’ performance based on net income (loss) which is impacted by the number of partner companies accounted for under the equity method, the Company’s voting ownership percentage in these partner companies and the net results of operations of these partner companies, any impairment charges and gain (loss) on the sale of the interests in equity and cost method partner companies.
Other Items include certain expenses which are not identifiable to the operations of the Company’s operating segments. Other Items primarily consist of general and administrative expenses related to corporate operations, including employee compensation, insurance and professional fees, including legal and finance, interest income, interest expense and other income (loss), equity income (loss) related to certain private equity fund ownership interests and income taxes. Other Items also include interest earned on mezzanine loans, gain (loss) on the mark-to-market of our warrant participations, and impairment on debt and equity participation interests in which the Company participates with Penn Mezzanine as well as equity income (loss) associated with the Company's interest in the management company and general partner of Penn Mezzanine, a mezzanine lender focused on lower middle-market, Mid-Atlantic companies. Penn Mezzanine is not making any new loans and has two remaining loans in which the Company has participating interests.
As of June 30, 2016 and December 31, 2015, all of the Company’s assets were located in the United States.
Segment assets in Other Items included primarily cash, cash equivalents, and marketable securities totaling $91.4 million and $73.6 million at June 30, 2016 and December 31, 2015, respectively.
   
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
)
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, 2016 which related to one of the Company's private equity holdings.
Under certain circumstances, the Company may be required to return a portion or all the distributions it received as a general partner of a private equity fund (“clawback”). The maximum clawback the Company could be required to return due to its general partner interest is approximately $1.3 million, of which $1.0 million was reflected in Accrued expenses and other current liabilities and $0.3 million was reflected in Other long-term liabilities on the Consolidated Balance Sheets at June 30, 2016. The Company’s ownership in the fund is 19%. The clawback liability is joint and several; therefore 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.
 
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 $2.2 million was included in Other long-term liabilities on the Consolidated Balance Sheet at June 30, 2016.
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 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, 2016.
In June 2011, the Company's former partner company, Advanced BioHealing, Inc. (“ABH”) was acquired by Shire plc. Prior to the expiration of the escrow period in March 2012, Shire plc 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. No further proceeds will be distributed to the Company or other former owners until the validity of such claims is determined. The Company presently views it as unlikely that it will receive any portion of such amount in the short- or long-term. In connection with the above-referenced investigation, in July 2015 the Company received a Civil Investigation Demand-Documentary Material from the DOJ regarding ABH and Safeguard’s relationship with ABH. Safeguard intends to cooperate with the investigation.
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. The Company repurchased 0.4 million shares at an aggregate cost of $5.4 million during the six months ended June 30, 2016.
Ownership Interests in and Advances to Partner Companies and Funds (Tables)
The following summarizes the carrying value of the Company’s ownership interests in and advances to partner companies.   
   
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

Company discloses aggregate summarized statements of operations for any partner companies accounted for under the equity method that are deemed significant. The following table provides significant partner company operations information for the six months ended June 30, 2016 and 2015. The partner company results of operations have been compiled from respective partner company financial statements, reflect certain historical adjustments, and are reported on a one quarter lag.
 
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
)
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, 2016 and December 31, 2015:
   
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

 
$

 
$

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,
   
2016
 
2015
 
2016
 
2015
 
(Unaudited - In thousands)
General and administrative expense
$
467

 
$
735

 
$
1,275

 
$
992

   
$
467

 
$
735

 
$
1,275

 
$
992

At June 30, 2016, 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,
   
2016
 
2015
 
2016
 
2015
 
(Unaudited - In thousands, except per share data)
Basic:
   
 
   
 
   
 
   
Net income (loss)
$
38,976

 
$
(19,022
)
 
$
23,524

 
$
(33,625
)
Weighted average common shares outstanding
20,333

 
20,895

 
20,391

 
20,878

Net income (loss) per share
$
1.92

 
$
(0.91
)
 
$
1.15

 
$
(1.61
)
 
 
 
 
 
 
 
 
Diluted:
 
 
 
 
 
 
 
Net income (loss)
$
38,976

 
$
(19,022
)
 
$
23,524

 
$
(33,625
)
Interest on convertible senior debentures
1,119

 

 
2,229

 

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

 
$
(19,022
)
 
$
25,753

 
$
(33,625
)
 
 
 
 
 
 
 
 
Number of shares used in basic per share computation
20,333

 
20,895

 
20,391

 
20,878

Convertible senior debentures
3,034

 

 
3,034

 

Unvested restricted stock and DSUs
148

 

 
155

 

Employee stock options
24

 

 
22

 

Weighted average common shares outstanding
23,539

 
20,895

 
23,602

 
20,878

 
 
 
 
 
 
 
 
Net income (loss) per share
$
1.70

 
$
(0.91
)
 
$
1.09

 
$
(1.61
)
Operating Segments (Tables)
The Company’s active partner companies by segment were as follows as of June 30, 2016:
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
)
General (Details) (USD $)
Jan. 1, 2016
Dec. 31, 2015
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
 
 
Cumulative effect adjustment
 
$ 0 1
Deferred finance costs, noncurrent, net
 
800,000 
Accumulated Deficit [Member]
 
 
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
 
 
Cumulative effect adjustment
$ 400,000 
$ 372,000 1
Ownership Interests in and Advances to Partner Companies and Funds - Carrying Value (Detail) (USD $)
Jun. 30, 2016
Dec. 31, 2015
Investments In And Advances To Affiliates [Line Items]
 
 
Equity method investments
$ 158,439,000 
$ 151,840,000 
Cost method investments
2,906,000 
6,990,000 
Advances to partner companies
14,714,000 
12,771,000 
Investments in and advance to affiliates, subsidiaries, associates, and joint ventures
176,059,000 
171,601,000 
Partner companies
 
 
Investments In And Advances To Affiliates [Line Items]
 
 
Equity method investments
157,944,000 
150,898,000 
Cost method investments
1,200,000 
5,024,000 
Private equity funds
 
 
Investments In And Advances To Affiliates [Line Items]
 
 
Equity method investments
495,000 
942,000 
Cost method investments
$ 1,706,000 
$ 1,966,000 
Ownership Interests in and Advances to Partner Companies and Funds - Narrative (Detail) (USD $)
6 Months Ended 1 Months Ended 3 Months Ended 6 Months Ended 1 Months Ended 3 Months Ended 6 Months Ended 1 Months Ended 3 Months Ended 6 Months Ended 1 Months Ended 3 Months Ended 6 Months Ended 1 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Dec. 31, 2015
Jun. 30, 2016
AppFirst, Inc.
Jun. 30, 2016
AppFirst, Inc.
Jun. 30, 2016
AppFirst, Inc.
Jun. 30, 2016
Bridgevine Inc [Member]
Jun. 30, 2016
Bridgevine Inc [Member]
Jun. 30, 2016
Bridgevine Inc [Member]
Apr. 30, 2016
Putney, Inc.
Jun. 30, 2016
Putney, Inc.
Jun. 30, 2016
Putney, Inc.
Apr. 30, 2016
Drive Factor [Member]
Apr. 30, 2015
Drive Factor [Member]
Jun. 30, 2016
Drive Factor [Member]
Jun. 30, 2015
Drive Factor [Member]
Jun. 30, 2016
Drive Factor [Member]
Jun. 30, 2015
Drive Factor [Member]
Apr. 30, 2016
Thing Worx Inc
Jan. 31, 2016
Thing Worx Inc
Jun. 30, 2016
Thing Worx Inc
Apr. 30, 2017
Scenario, Forecast [Member]
Putney, Inc.
Jul. 31, 2016
Scenario, Forecast [Member]
Putney, Inc.
Investment [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Asset Impairment Charges
 
 
 
 
$ 1,700,000 
$ 1,700,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity method investments
158,439,000 
 
151,840,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Proceeds from sale of business
72,824,000 
11,379,000 
 
900,000 
 
 
5,000,000 
 
 
58,200,000 
 
 
1,100,000 
9,100,000 
 
 
 
 
3,300,000 
4,100,000 
 
 
 
Gain on sale of business
 
 
 
 
 
 
 
400,000 
500,000 
 
55,200,000 
55,200,000 
 
 
1,100,000 
6,100,000 
1,100,000 
 
 
3,300,000 
 
 
Amount held in escrow
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
600,000 
400,000 
Revenue
13,298,000 
11,080,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross profit
12,917,000 
10,564,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
$ 13,721,000 
$ (415,000)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Acquisitions of Ownership Interests in Partner Companies and Funds (Detail) (USD $)
6 Months Ended 1 Months Ended 6 Months Ended 21 Months Ended 1 Months Ended 6 Months Ended 37 Months Ended 1 Months Ended 52 Months Ended 2 Months Ended 56 Months Ended 1 Months Ended 20 Months Ended 1 Months Ended 67 Months Ended 1 Months Ended 50 Months Ended 3 Months Ended 12 Months Ended 1 Months Ended 17 Months Ended 1 Months Ended 47 Months Ended 1 Months Ended 18 Months Ended 1 Months Ended 34 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Dec. 31, 2015
Jun. 30, 2016
Aktana, Inc.
Jun. 30, 2016
InfoBionic
Dec. 31, 2015
InfoBionic
Jun. 30, 2016
AppFirst, Inc.
Jun. 30, 2016
AppFirst, Inc.
Dec. 31, 2015
AppFirst, Inc.
Jun. 30, 2016
Lumesis, Inc.
May 31, 2016
Lumesis, Inc.
Apr. 30, 2016
Novasom, Inc.
Feb. 29, 2016
Novasom, Inc.
Apr. 30, 2016
Transactis
Mar. 31, 2016
Transactis
Apr. 30, 2016
Good Start Genetics, Inc.
Mar. 31, 2016
Good Start Genetics, Inc.
Mar. 31, 2016
Hoopla Software, Inc.
Feb. 29, 2016
Hoopla Software, Inc.
Mar. 31, 2016
Full Measure
Dec. 31, 2015
Full Measure
Jan. 31, 2016
WebLinc
Dec. 31, 2015
WebLinc
Jan. 31, 2016
Spongecell
Dec. 31, 2015
Spongecell
Jan. 31, 2016
Syapse, Inc.
Dec. 31, 2015
Syapse, Inc.
Jan. 31, 2016
Clutch Holdings, LLC
Dec. 31, 2015
Clutch Holdings, LLC
Schedule of Equity Method Investments [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ownership interest under equity method, percentage
 
 
 
23.40% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Payments to acquire equity method investments
$ 28,329,000 
$ 40,545,000 
 
$ 5,500,000 
$ 2,000,000 
$ 9,500,000 
 
 
$ 11,600,000 
 
$ 5,600,000 
 
$ 21,000,000 
$ 5,000,000 
$ 9,500,000 
 
$ 12,000,000 
 
$ 3,800,000 
$ 4,000,000 
$ 4,000,000 
$ 4,400,000 
$ 6,600,000 
 
$ 14,000,000 
$ 7,500,000 
$ 5,800,000 
 
$ 12,300,000 
Proceeds from sales of and distributions from companies
72,824,000 
11,379,000 
 
 
 
 
900,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity method investments
158,439,000 
 
151,840,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Convertible bridge loan
 
 
 
 
 
 
 
$ 1,200,000 
 
$ 300,000 
 
$ 1,000,000 
 
 
 
$ 1,800,000 
 
$ 1,000,000 
 
 
 
 
 
$ 2,000,000 
 
 
 
$ 2,000,000 
 
Fair Value Measurements - Carrying Value and Fair Value of Certain Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (Fair Value, Measurements, Recurring, USD $)
In Thousands, unless otherwise specified
Jun. 30, 2016
Dec. 31, 2015
Level 1
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Cash and cash equivalents
$ 66,231 
$ 32,838 
Total marketable securities
25,142 
40,763 
Level 2
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Cash and cash equivalents
Total marketable securities
Level 3
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Cash and cash equivalents
Total marketable securities
Carrying (Reported) Amount, Fair Value Disclosure
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Cash and cash equivalents
66,231 
32,838 
Total marketable securities
25,142 
40,763 
Government agency bonds |
Level 1
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Total marketable securities
614 
1,329 
Government agency bonds |
Level 2
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Total marketable securities
Government agency bonds |
Level 3
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Total marketable securities
Government agency bonds |
Carrying (Reported) Amount, Fair Value Disclosure
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Total marketable securities
614 
1,329 
Certificates of deposit |
Level 1
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Total marketable securities
24,528 
39,434 
Certificates of deposit |
Level 2
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Total marketable securities
Certificates of deposit |
Level 3
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Total marketable securities
Certificates of deposit |
Carrying (Reported) Amount, Fair Value Disclosure
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Total marketable securities
$ 24,528 
$ 39,434 
Fair Value Measurements - Narrative (Detail) (USD $)
In Thousands, unless otherwise specified
Jun. 30, 2016
Dec. 31, 2015
Fair Value Disclosures [Abstract]
 
 
Marketable securities, current
$ 14,462 
$ 31,020 
Marketable securities, non current
$ 10,680 
$ 9,743 
Convertible Debentures and Credit Arrangements - Convertible Senior Debentures Narrative (Detail) (USD $)
3 Months Ended 6 Months Ended
Dec. 31, 2015
Jun. 30, 2016
Convertible Senior Debentures due 2018
Jun. 30, 2015
Convertible Senior Debentures due 2018
Jun. 30, 2016
Convertible Senior Debentures due 2018
Jun. 30, 2015
Convertible Senior Debentures due 2018
Nov. 30, 2012
Convertible Senior Debentures due 2018
Debt Instrument [Line Items]
 
 
 
 
 
 
Aggregate face value of convertible senior debentures
 
$ 55,000,000 
 
$ 55,000,000 
 
$ 55,000,000.0 
Interest rate on debentures
 
 
 
 
 
5.25% 
Fair value of debentures outstanding
 
55,500,000 
 
55,500,000 
 
 
Gross carrying amount of equity component
 
6,400,000 
 
6,400,000 
 
 
Unamortized discount
 
2,600,000 
 
2,600,000 
 
 
Deferred finance costs, noncurrent, net
800,000 
600,000 
 
600,000 
 
 
Carrying value of liability component
 
51,700,000 
 
51,700,000 
 
 
Amortization of debt discount (premium)
 
$ 300,000 
$ 300,000 
$ 600,000 
$ 600,000 
 
Debt instrument, interest rate, effective percentage
 
8.70% 
 
8.70% 
 
 
Convertible Debentures and Credit Arrangements - Credit Arrangements Narrative (Detail) (Credit Arrangements, USD $)
6 Months Ended
Jun. 30, 2016
Debt Instrument [Line Items]
 
Maximum aggregate amount of revolving credit facility in the form of borrowings, guarantees and issuances of letters of credit (subject to a $20 million sublimit)
$ 25,000,000.0 
Sublimit facility attached on revolving credit facility
20,000,000 
Amount available for borrowing under revolving credit facility
18,700,000 
After Amendment
 
Debt Instrument [Line Items]
 
Credit facility maturity date
Dec. 19, 2016 
Landlord Of Compu Com Systems Incs Dallas Headquarters
 
Debt Instrument [Line Items]
 
Letter of credit under the credit facility
$ 6,300,000 
Letter of credit expiration date
Mar. 19, 2019 
Stock-Based Compensation - Stock-Based Compensation Expense (Detail) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
 
 
 
 
Stock-based compensation expense
$ 467 
$ 735 
$ 1,275 
$ 992 
General And Administrative Expenses
 
 
 
 
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
 
 
 
 
Stock-based compensation expense
$ 467 
$ 735 
$ 1,275 
$ 992 
Stock-Based Compensation - Narrative (Detail) (USD $)
In Millions, except Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
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]
 
 
 
 
Stock-based compensation expense
0.1 
Stock-based compensation, maximum number of unvested shares
 
 
453,000 
 
Service Based Award
 
 
 
 
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
 
 
 
 
Stock-based compensation expense
0.1 
0.1 
0.2 
Vesting period
 
 
4 years 
 
Expiration period
 
 
8 years 
 
Options issued
 
 
11,000 
21,000 
Options, forfeitures in period
 
 
8,000 
6,000 
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
 
 
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
 
 
40,000 
39,000 
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
$ 0.5 
$ 0.6 
$ 1.1 
$ 0.8 
Income Taxes (Detail) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
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, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Basic:
 
 
 
 
Net income (loss)
$ 38,976 
$ (19,022)
$ 23,524 
$ (33,625)
Weighted average common shares outstanding (in shares)
20,333 
20,895 
20,391 
20,878 
Net income (loss) per share (in dollars per share)
$ 1.92 
$ (0.91)
$ 1.15 
$ (1.61)
Diluted:
 
 
 
 
Interest on convertible senior debentures
1,119 
2,229 
Net income (loss) for dilutive share computation
$ 40,095 
$ (19,022)
$ 25,753 
$ (33,625)
Weighted average common shares outstanding (in shares)
23,539 
20,895 
23,602 
20,878 
Net income (loss) per share (in dollars per share)
$ 1.70 
$ (0.91)
$ 1.09 
$ (1.61)
Restricted Stock Unit And Performance Stock Unit And Deferred Stock Unit
 
 
 
 
Diluted:
 
 
 
 
Unvested restricted stock, DSUs, and employee stock options (in shares)
148 
155 
Employee stock options
 
 
 
 
Diluted:
 
 
 
 
Unvested restricted stock, DSUs, and employee stock options (in shares)
24 
22 
Convertible Senior Debentures due 2018
 
 
 
 
Diluted:
 
 
 
 
Convertible senior debentures (in shares)
3,034 
3,034 
Net Income (Loss) Per Share - Narrative (Detail) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
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 
1.2 
0.7 
1.2 
Shares of common stock at prices ranging, lower limit (in dollars per share)
$ 7.41 
$ 7.14 
$ 7.41 
$ 7.14 
Shares of common stock at prices ranging, upper limit (in dollars per share)
$ 19.95 
$ 19.95 
$ 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)
0.5 
0.5 
0.5 
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)
 
3.0 
 
3.0 
Operating Segments - Narrative (Detail) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2016
Dec. 31, 2015
Segment Reporting Information [Line Items]
 
 
Non-consolidated partner companies
27 
 
Other Items
 
 
Segment Reporting Information [Line Items]
 
 
Total assets included cash, cash equivalents, cash held in escrow, and marketable securities
$ 91.4 
$ 73.6 
Operating Segments - Active Partner Companies by Segment (Detail)
Jun. 30, 2016
Aktana, Inc.
 
Schedule of Equity Method Investments [Line Items]
 
Ownership interest under equity method, percentage
23.40% 
Healthcare |
AdvantEdge Healthcare Solutions, Inc.
 
Schedule of Equity Method Investments [Line Items]
 
Ownership interest under equity method, percentage
40.10% 
Healthcare |
Aktana, Inc.
 
Schedule of Equity Method Investments [Line Items]
 
Ownership interest under equity method, percentage
23.40% 
Healthcare |
Aventura
 
Schedule of Equity Method Investments [Line Items]
 
Ownership interest under equity method, percentage
19.90% 
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
40.50% 
Healthcare |
Medivo, Inc.
 
Schedule of Equity Method Investments [Line Items]
 
Ownership interest under equity method, percentage
34.50% 
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
24.50% 
Healthcare |
Syapse, Inc.
 
Schedule of Equity Method Investments [Line Items]
 
Ownership interest under equity method, percentage
29.20% 
Healthcare |
Trice
 
Schedule of Equity Method Investments [Line Items]
 
Ownership interest under equity method, percentage
27.70% 
Healthcare |
Zipnosis
 
Schedule of Equity Method Investments [Line Items]
 
Ownership interest under equity method, percentage
26.20% 
Technology |
Apprenda
 
Schedule of Equity Method Investments [Line Items]
 
Ownership interest under equity method, percentage
29.50% 
Technology |
Beyond.com, Inc
 
Schedule of Equity Method Investments [Line Items]
 
Ownership interest under equity method, percentage
38.20% 
Technology |
Cask Data
 
Schedule of Equity Method Investments [Line Items]
 
Ownership interest under equity method, percentage
34.20% 
Technology |
CloudMine
 
Schedule of Equity Method Investments [Line Items]
 
Ownership interest under equity method, percentage
30.10% 
Technology |
Clutch Holdings, LLC
 
Schedule of Equity Method Investments [Line Items]
 
Ownership interest under equity method, percentage
38.50% 
Technology |
Full Measure
 
Schedule of Equity Method Investments [Line Items]
 
Ownership interest under equity method, percentage
36.00% 
Technology |
Hoopla Software, Inc.
 
Schedule of Equity Method Investments [Line Items]
 
Ownership interest under equity method, percentage
25.60% 
Technology |
Lumesis, Inc.
 
Schedule of Equity Method Investments [Line Items]
 
Ownership interest under equity method, percentage
44.20% 
Technology |
MediaMath, Inc.
 
Schedule of Equity Method Investments [Line Items]
 
Ownership interest under equity method, percentage
20.50% 
Technology |
Pneuron
 
Schedule of Equity Method Investments [Line Items]
 
Ownership interest under equity method, percentage
35.40% 
Technology |
QuanticMind, Inc.
 
Schedule of Equity Method Investments [Line Items]
 
Ownership interest under equity method, percentage
23.60% 
Technology |
Sonobi
 
Schedule of Equity Method Investments [Line Items]
 
Ownership interest under equity method, percentage
22.60% 
Technology |
Spongecell, Inc.
 
Schedule of Equity Method Investments [Line Items]
 
Ownership interest under equity method, percentage
23.00% 
Technology |
Transactis
 
Schedule of Equity Method Investments [Line Items]
 
Ownership interest under equity method, percentage
24.20% 
Technology |
WebLinc
 
Schedule of Equity Method Investments [Line Items]
 
Ownership interest under equity method, percentage
38.00% 
Operating Segments - Segment Data from Operations (Detail) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Dec. 31, 2015
Segment Reporting Information [Line Items]
 
 
 
 
 
Operating loss
$ (4,849)
$ (4,754)
$ (10,077)
$ (9,634)
 
Other income (loss), net
659 
(15)
659 
(403)
 
Equity income (loss)
43,794 
(13,765)
34,299 
(22,427)
 
Net income (loss)
38,976 
(19,022)
23,524 
(33,625)
 
Segment assets
275,669 
 
275,669 
 
256,843 
Healthcare
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
Operating loss
 
Other income (loss), net
(72)
(311)
 
Equity income (loss)
48,184 
(13,063)
43,188 
(17,105)
 
Net income (loss)
48,184 
(13,135)
43,188 
(17,416)
 
Segment assets
56,236 
 
56,236 
 
53,332 
Technology
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
Operating loss
 
Other income (loss), net
424 
424 
 
Equity income (loss)
(4,101)
(606)
(8,601)
(5,378)
 
Net income (loss)
(3,677)
(606)
(8,177)
(5,378)
 
Segment assets
117,622 
 
117,622 
 
119,442 
Reportable Subsegments
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
Operating loss
 
Other income (loss), net
424 
(72)
424 
(311)
 
Equity income (loss)
44,083 
(13,669)
34,587 
(22,483)
 
Net income (loss)
44,507 
(13,741)
35,011 
(22,794)
 
Segment assets
173,858 
 
173,858 
 
172,774 
Other Items
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
Operating loss
(4,849)
(4,754)
(10,077)
(9,634)
 
Other income (loss), net
235 
57 
235 
(92)
 
Equity income (loss)
(289)
(96)
(288)
56 
 
Net income (loss)
(5,531)
(5,281)
(11,487)
(10,831)
 
Segment assets
$ 101,811 
 
$ 101,811 
 
$ 84,069 
Commitments and Contingencies (Detail) (USD $)
1 Months Ended
Oct. 31, 2001
Jun. 30, 2016
Dec. 31, 2015
Commitment Contingencies And Guarantees [Line Items]
 
 
 
Accrued expenses
 
$ 2,550,000 
$ 2,789,000 
Other long-term liabilities
 
4,010,000 
3,965,000 
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
 
2,200,000 
 
Clawback Liability
 
 
 
Commitment Contingencies And Guarantees [Line Items]
 
 
 
Accrued expenses and other current liabilities
 
1,300,000 
 
Accrued expenses
 
1,000,000 
 
Other long-term liabilities
 
300,000 
 
Company's ownership in the funds
 
19.00% 
 
Private equity funds
 
 
 
Commitment Contingencies And Guarantees [Line Items]
 
 
 
Company outstanding guarantees
 
$ 3,800,000 
 
Equity (Details) (USD $)
Share data in Thousands, unless otherwise specified
6 Months Ended
Jun. 30, 2016
Jul. 1, 2015
Equity, Class of Treasury Stock [Line Items]
 
 
Stock repurchased during period, value
$ 5,389,000 
 
Common Stock
 
 
Equity, Class of Treasury Stock [Line Items]
 
 
Stock repurchase program, authorized amount
 
25,000,000 
Repurchase of common stock (in shares)
400 
 
Stock repurchased during period, value
$ 5,400,000 
 
Subsequent Events (Details) (USD $)
6 Months Ended 1 Months Ended 3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Apr. 30, 2016
Putney, Inc.
Jun. 30, 2016
Putney, Inc.
Jun. 30, 2016
Putney, Inc.
Subsequent Event [Line Items]
 
 
 
 
 
Proceeds from sales of and distributions from companies
$ 72,824,000 
$ 11,379,000 
$ 58,200,000 
 
 
Gain on sale of business
 
 
 
$ 55,200,000 
$ 55,200,000