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March 31, 2015 | December 31, 2014 | ||||||
(Unaudited - In thousands) | |||||||
Equity Method: | |||||||
Partner companies | $ | 140,096 | $ | 134,861 | |||
Private equity funds | 1,133 | 1,128 | |||||
141,229 | 135,989 | ||||||
Cost Method: | |||||||
Partner companies | 5,024 | 6,774 | |||||
Private equity funds | 2,215 | 2,364 | |||||
7,239 | 9,138 | ||||||
Advances to partner companies | 16,953 | 9,065 | |||||
$ | 165,421 | $ | 154,192 | ||||
Loan participations receivable | $ | 3,851 | $ | 3,855 |
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Carrying Value | Fair Value Measurement at March 31, 2015 | ||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||
(Unaudited - In thousands) | |||||||||||||||
Cash and cash equivalents | $ | 85,086 | $ | 85,086 | $ | — | $ | — | |||||||
Marketable securities—held-to-maturity: | |||||||||||||||
Commercial paper | $ | 2,899 | $ | 2,899 | $ | — | $ | — | |||||||
U.S. treasury bills | 1,503 | 1,503 | — | — | |||||||||||
Government agency bonds | 502 | 502 | — | — | |||||||||||
Certificates of deposit | 40,228 | 40,228 | — | — | |||||||||||
Total marketable securities | $ | 45,132 | $ | 45,132 | $ | — | $ | — |
Carrying Value | Fair Value Measurement at December 31, 2014 | ||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||
(Unaudited - In thousands) | |||||||||||||||
Cash and cash equivalents | $ | 111,897 | $ | 111,897 | $ | — | $ | — | |||||||
Marketable securities—held-to-maturity: | |||||||||||||||
Commercial paper | $ | 6,596 | $ | 6,596 | $ | — | $ | — | |||||||
U.S. treasury bills | 1,503 | 1,503 | — | — | |||||||||||
Government agency bonds | 503 | 503 | — | — | |||||||||||
Certificates of deposit | 36,026 | 36,026 | — | — | |||||||||||
Total marketable securities | $ | 44,628 | $ | 44,628 | $ | — | $ | — |
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• | during any calendar quarter commencing after the calendar quarter ending on December 31, 2012, if the last reported sale price of the common stock for at least 20 trading days during the period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; |
• | during the five business day period after any five consecutive trading day period in which the trading price per $1,000 principal amount of notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our common stock and the conversion rate on such trading day; |
• | if the notes have been called for redemption; or |
• | upon the occurrence of specified corporate events. |
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Three months ended March 31, | |||||||
2015 | 2014 | ||||||
(Unaudited - In thousands) | |||||||
General and administrative expense | $ | 257 | $ | 520 | |||
$ | 257 | $ | 520 |
1) | performance-based; |
2) | market-based; and |
3) | service-based. |
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Healthcare | |||
Partner Company | Safeguard Primary Ownership as of March 31, 2015 | Accounting Method | |
AdvantEdge Healthcare Solutions, Inc. | 40.1% | Equity | |
Aventura, Inc. | 19.9% | Equity | |
Dabo Health, Inc. | 15.3% | Cost | |
Good Start Genetics, Inc. | 29.8% | Equity | |
InfoBionic, Inc. | 27.8% | Equity | |
Medivo, Inc. | 34.5% | Equity | |
NovaSom, Inc. | 31.7% | Equity | |
Propeller Health, Inc. | 24.6% | Equity | |
Putney, Inc. | 28.3% | Equity | |
Quantia, Inc. | 42.3% | Equity | |
Syapse, Inc. | 27.0% | Equity | |
Trice Medical, Inc. | 27.7% | Equity |
Technology | |||
Partner Company | Safeguard Primary Ownership as of March 31, 2015 | Accounting Method | |
AppFirst, Inc. | 34.3% | Equity | |
Apprenda, Inc. | 21.4% | Equity | |
Beyond.com, Inc. | 38.2% | Equity | |
Bridgevine, Inc. | 17.2% | Cost | |
CloudMine, Inc. | 30.1% | Equity | |
Clutch Holdings, Inc. | 29.6% | Equity | |
DriveFactor, Inc. | 40.6% | Equity | |
Full Measure Education, Inc. | 25.4% | Equity | |
Hoopla Software, Inc. | 25.6% | Equity | |
Lumesis, Inc. | 45.3% | Equity | |
MediaMath, Inc. | 20.7% | Equity | |
Pneuron Corporation | 27.6% | Equity | |
Spongecell, Inc. | 23.0% | Equity | |
Transactis, Inc. | 24.8% | Equity | |
WebLinc, Inc. | 29.2% | Equity |
Three months ended March 31, 2015 | |||||||||||||||||||
Healthcare | Technology | Total Segments | Other Items | Total | |||||||||||||||
(Unaudited - In thousands) | |||||||||||||||||||
Operating loss | $ | — | $ | — | $ | — | $ | (4,880 | ) | $ | (4,880 | ) | |||||||
Other loss, net | (239 | ) | — | (239 | ) | (149 | ) | (388 | ) | ||||||||||
Interest income | — | — | — | 449 | 449 | ||||||||||||||
Equity income (loss) | (4,042 | ) | (4,772 | ) | (8,814 | ) | 152 | (8,662 | ) | ||||||||||
Net loss | (4,281 | ) | (4,772 | ) | (9,053 | ) | (5,550 | ) | (14,603 | ) | |||||||||
Segment Assets: | |||||||||||||||||||
March 31, 2015 | 65,804 | 96,269 | 162,073 | 141,365 | 303,438 | ||||||||||||||
December 31, 2014 | 62,292 | 88,408 | 150,700 | 167,754 | 318,454 |
Three months ended March 31, 2014 | |||||||||||||||||||
Healthcare | Technology | Total Segments | Other Items | Total | |||||||||||||||
(Unaudited - In thousands) | |||||||||||||||||||
Operating loss | $ | — | $ | — | $ | — | $ | (5,239 | ) | $ | (5,239 | ) | |||||||
Other income (loss), net | 30,379 | — | 30,379 | (5 | ) | 30,374 | |||||||||||||
Interest income | — | — | — | 470 | 470 | ||||||||||||||
Equity income (loss) | 10,622 | (3,585 | ) | 7,037 | (229 | ) | 6,808 | ||||||||||||
Net income (loss) | 41,001 | (3,585 | ) | 37,416 | (6,097 | ) | 31,319 |
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March 31, 2015 | December 31, 2014 | ||||||
(Unaudited - In thousands) | |||||||
Equity Method: | |||||||
Partner companies | $ | 140,096 | $ | 134,861 | |||
Private equity funds | 1,133 | 1,128 | |||||
141,229 | 135,989 | ||||||
Cost Method: | |||||||
Partner companies | 5,024 | 6,774 | |||||
Private equity funds | 2,215 | 2,364 | |||||
7,239 | 9,138 | ||||||
Advances to partner companies | 16,953 | 9,065 | |||||
$ | 165,421 | $ | 154,192 | ||||
Loan participations receivable | $ | 3,851 | $ | 3,855 |
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Carrying Value | Fair Value Measurement at March 31, 2015 | ||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||
(Unaudited - In thousands) | |||||||||||||||
Cash and cash equivalents | $ | 85,086 | $ | 85,086 | $ | — | $ | — | |||||||
Marketable securities—held-to-maturity: | |||||||||||||||
Commercial paper | $ | 2,899 | $ | 2,899 | $ | — | $ | — | |||||||
U.S. treasury bills | 1,503 | 1,503 | — | — | |||||||||||
Government agency bonds | 502 | 502 | — | — | |||||||||||
Certificates of deposit | 40,228 | 40,228 | — | — | |||||||||||
Total marketable securities | $ | 45,132 | $ | 45,132 | $ | — | $ | — |
Carrying Value | Fair Value Measurement at December 31, 2014 | ||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||
(Unaudited - In thousands) | |||||||||||||||
Cash and cash equivalents | $ | 111,897 | $ | 111,897 | $ | — | $ | — | |||||||
Marketable securities—held-to-maturity: | |||||||||||||||
Commercial paper | $ | 6,596 | $ | 6,596 | $ | — | $ | — | |||||||
U.S. treasury bills | 1,503 | 1,503 | — | — | |||||||||||
Government agency bonds | 503 | 503 | — | — | |||||||||||
Certificates of deposit | 36,026 | 36,026 | — | — | |||||||||||
Total marketable securities | $ | 44,628 | $ | 44,628 | $ | — | $ | — |
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Three months ended March 31, | |||||||
2015 | 2014 | ||||||
(Unaudited - In thousands) | |||||||
General and administrative expense | $ | 257 | $ | 520 | |||
$ | 257 | $ | 520 |
1) | performance-based; |
2) | market-based; and |
3) | service-based. |
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Healthcare | |||
Partner Company | Safeguard Primary Ownership as of March 31, 2015 | Accounting Method | |
AdvantEdge Healthcare Solutions, Inc. | 40.1% | Equity | |
Aventura, Inc. | 19.9% | Equity | |
Dabo Health, Inc. | 15.3% | Cost | |
Good Start Genetics, Inc. | 29.8% | Equity | |
InfoBionic, Inc. | 27.8% | Equity | |
Medivo, Inc. | 34.5% | Equity | |
NovaSom, Inc. | 31.7% | Equity | |
Propeller Health, Inc. | 24.6% | Equity | |
Putney, Inc. | 28.3% | Equity | |
Quantia, Inc. | 42.3% | Equity | |
Syapse, Inc. | 27.0% | Equity | |
Trice Medical, Inc. | 27.7% | Equity |
Technology | |||
Partner Company | Safeguard Primary Ownership as of March 31, 2015 | Accounting Method | |
AppFirst, Inc. | 34.3% | Equity | |
Apprenda, Inc. | 21.4% | Equity | |
Beyond.com, Inc. | 38.2% | Equity | |
Bridgevine, Inc. | 17.2% | Cost | |
CloudMine, Inc. | 30.1% | Equity | |
Clutch Holdings, Inc. | 29.6% | Equity | |
DriveFactor, Inc. | 40.6% | Equity | |
Full Measure Education, Inc. | 25.4% | Equity | |
Hoopla Software, Inc. | 25.6% | Equity | |
Lumesis, Inc. | 45.3% | Equity | |
MediaMath, Inc. | 20.7% | Equity | |
Pneuron Corporation | 27.6% | Equity | |
Spongecell, Inc. | 23.0% | Equity | |
Transactis, Inc. | 24.8% | Equity | |
WebLinc, Inc. | 29.2% | Equity |
Three months ended March 31, 2015 | |||||||||||||||||||
Healthcare | Technology | Total Segments | Other Items | Total | |||||||||||||||
(Unaudited - In thousands) | |||||||||||||||||||
Operating loss | $ | — | $ | — | $ | — | $ | (4,880 | ) | $ | (4,880 | ) | |||||||
Other loss, net | (239 | ) | — | (239 | ) | (149 | ) | (388 | ) | ||||||||||
Interest income | — | — | — | 449 | 449 | ||||||||||||||
Equity income (loss) | (4,042 | ) | (4,772 | ) | (8,814 | ) | 152 | (8,662 | ) | ||||||||||
Net loss | (4,281 | ) | (4,772 | ) | (9,053 | ) | (5,550 | ) | (14,603 | ) | |||||||||
Segment Assets: | |||||||||||||||||||
March 31, 2015 | 65,804 | 96,269 | 162,073 | 141,365 | 303,438 | ||||||||||||||
December 31, 2014 | 62,292 | 88,408 | 150,700 | 167,754 | 318,454 |
Three months ended March 31, 2014 | |||||||||||||||||||
Healthcare | Technology | Total Segments | Other Items | Total | |||||||||||||||
(Unaudited - In thousands) | |||||||||||||||||||
Operating loss | $ | — | $ | — | $ | — | $ | (5,239 | ) | $ | (5,239 | ) | |||||||
Other income (loss), net | 30,379 | — | 30,379 | (5 | ) | 30,374 | |||||||||||||
Interest income | — | — | — | 470 | 470 | ||||||||||||||
Equity income (loss) | 10,622 | (3,585 | ) | 7,037 | (229 | ) | 6,808 | ||||||||||||
Net income (loss) | 41,001 | (3,585 | ) | 37,416 | (6,097 | ) | 31,319 |
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