Qumu Corporation (NASDAQ:QUMU) Q2 2020 Earnings Conference Call - Final Transcript

Jul 28, 2020 • 04:30 pm ET


Qumu Corporation (NASDAQ:QUMU) Q2 2020 Earnings Conference Call - Final Transcript


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Good afternoon, and welcome to the Qumu Second Quarter 2020 Conference Call. My name is Justin, and I'll be your operator for this call. Joining me for today's call is the Company's Chairman, Neil Cox; President and CEO, T.J. Kennedy; and CFO, Dave Ristow.

After the market closed today at Qumu, it's issued a press release announcing its financial results for the second quarter ended June 30, 2020, a copy of which is available on the Investor Relations section of the company's website at Qumu. During today's call, management will make certain statements with respect to the company's expected financial results, the impact of COVID-19 on the use and adoption of the video and the enterprise, the company's go-to-market strategy and efforts designed to increase the company's traction and penetration with customers. These statements are forward-looking statements and involve a number of risks and uncertainties that could cause actual results to differ materially.

Please note these forward-looking statements reflect management's opinions only as of the date of this call, and the company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Please refer to Qumu's SEC filing, specifically Form 10-K and 10-Q and financial results press release for a more detailed description of risk factors that may affect the company's results.

During the call today, management will discuss adjusted EBITDA and non-GAAP financial measures. In the company's press release and filings with the SEC, both of which are posted on the company's website, you will find additional disclosures regarding this non-GAAP measure, including a reconciliation of this measure with its comparable GAAP measure. Non-GAAP financial measures are not intended to be considered in isolation form, a substitute for, or superior to GAAP results. The company encourages you to consider all measures when analyzing its performance.

I would now like to remind everyone that this call is being recorded and will be made available for replay via a link available in the Investor Relations section of Qumu's website.

Now I would like to turn the call over to the company's Chairman, Mr. Neil Cox. Sir, please proceed.

Neil Cox

Thank you, operator, and good afternoon, everyone. It's a pleasure to have the opportunity to speak with you today. After the market closed, we issued our financial results for the second quarter ended June 30, 2020.

As you can see from our earnings release, second quarter marked an exceptionally strong period for Qumu, both operationally and financially. The $9.3 million in quarterly revenue is the highest Qumu has achieved in several years and is the direct result of a swelling demand for our best-in-class software platform in a now largely remote work environment.

On the general level, the COVID-19 pandemic has impacted the global economy collectively as well as all of us personally. The ongoing digital transformation initiatives at the enterprise level, which many projected would take years to fully materialize, have arrived nearly overnight. At Qumu, we are experiencing one way