[X] |
Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
¨ |
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
| Republic of France |
None | |
| (State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
| Page | ||||
| PART I. FINANCIAL INFORMATION |
||||
| Item 1. |
Unaudited Condensed Consolidated Financial Statements: |
|||
| 3 | ||||
| 4 | ||||
| 5 | ||||
| 6 | ||||
| Item 2. |
12 | |||
| Item 3. |
29 | |||
| 30 | ||||
| 35 | ||||
| June 30, 2002 |
December 31, 2001 |
|||||||
| (unaudited) |
||||||||
| ASSETS |
||||||||
| Current assets: |
||||||||
| Cash and cash equivalents |
$ |
324,845 |
|
$ |
240,421 |
| ||
| Restricted cash, current |
|
8,103 |
|
|
8,103 |
| ||
| Accounts receivable, net |
|
79,997 |
|
|
87,523 |
| ||
| Deferred taxes |
|
9,981 |
|
|
9,900 |
| ||
| Other current assets |
|
14,017 |
|
|
12,832 |
| ||
| |
|
|
|
|
| |||
| Total current assets |
|
436,943 |
|
|
358,779 |
| ||
| Goodwill, net |
|
13,870 |
|
|
13,648 |
| ||
| Other intangible assets, net |
|
5,734 |
|
|
6,973 |
| ||
| Property and equipment, net |
|
37,548 |
|
|
36,046 |
| ||
| Restricted cashlong term |
|
315 |
|
|
1,149 |
| ||
| Deposits and other assets |
|
5,400 |
|
|
4,874 |
| ||
| |
|
|
|
|
| |||
| Total assets |
$ |
499,810 |
|
$ |
421,469 |
| ||
| |
|
|
|
|
| |||
| LIABILITIES AND SHAREHOLDERS EQUITY |
||||||||
| Current liabilities: |
||||||||
| Accounts payable |
$ |
18,450 |
|
$ |
19,972 |
| ||
| Accrued payroll and related expenses |
|
34,431 |
|
|
37,417 |
| ||
| Deferred revenue |
|
73,798 |
|
|
59,741 |
| ||
| Other current liabilities |
|
55,697 |
|
|
48,499 |
| ||
| |
|
|
|
|
| |||
| Total current liabilities |
|
182,376 |
|
|
165,629 |
| ||
| Long-term liabilities |
|
2,913 |
|
|
3,174 |
| ||
| Shareholders equity |
||||||||
| Ordinary shares, Euro 0.10 nominal value ($0.10 U.S. as of June 30, 2002): |
||||||||
| Authorized 88,154 at June 30, 2002 and 86,011 at December 31, 2001; |
||||||||
| Issued and outstanding63,054 at June 30, 2002 and 61,928 at December 31, 2001. |
|
6,689 |
|
|
6,589 |
| ||
| Additional paid-in capital |
|
162,495 |
|
|
149,889 |
| ||
| Treasury stock, 818 shares at June 30, 2002 and December 31, 2001 |
|
(9,049 |
) |
|
(9,049 |
) | ||
| Retained earnings |
|
162,354 |
|
|
139,455 |
| ||
| Accumulated other comprehensive income |
|
(7,968 |
) |
|
(34,218 |
) | ||
| |
|
|
|
|
| |||
| Total shareholders equity |
|
314,521 |
|
|
252,666 |
| ||
| |
|
|
|
|
| |||
| Total liabilities and shareholders equity |
$ |
499,810 |
|
$ |
421,469 |
| ||
| |
|
|
|
|
| |||
| Three Months Ended June 30 |
Six Months Ended June 30 |
|||||||||||||||
| 2002 |
2001 |
2002 |
2001 |
|||||||||||||
| Revenues: |
(unaudited) | |||||||||||||||
| License fees |
$ |
60,939 |
|
$ |
61,012 |
|
$ |
124,090 |
|
$ |
121,613 |
| ||||
| Services |
|
50,257 |
|
|
40,493 |
|
|
94,644 |
|
|
78,170 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Total revenues |
|
111,196 |
|
|
101,505 |
|
|
218,734 |
|
|
199,783 |
| ||||
| Cost of revenues: |
||||||||||||||||
| License fees |
|
519 |
|
|
464 |
|
|
1,062 |
|
|
1,066 |
| ||||
| Services |
|
17,632 |
|
|
15,728 |
|
|
34,687 |
|
|
31,156 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Total cost of revenues |
|
18,151 |
|
|
16,192 |
|
|
35,749 |
|
|
32,222 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Gross margin |
|
93,045 |
|
|
85,313 |
|
|
182,985 |
|
|
167,561 |
| ||||
| Operating expenses: |
||||||||||||||||
| Sales and marketing |
|
54,658 |
|
|
48,490 |
|
|
106,841 |
|
|
96,477 |
| ||||
| Research and development |
|
16,934 |
|
|
13,574 |
|
|
32,433 |
|
|
26,567 |
| ||||
| General and administrative |
|
7,183 |
|
|
7,053 |
|
|
13,345 |
|
|
12,826 |
| ||||
| Restructuring charge |
|
3,756 |
|
|
|
|
|
3,756 |
|
|
|
| ||||
| Intangible asset amortization |
|
228 |
|
|
|
|
|
560 |
|
|
|
| ||||
| Goodwill amortization |
|
|
|
|
1,115 |
|
|
|
|
|
2,247 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Total operating expenses |
|
82,759 |
|
|
70,232 |
|
|
156,935 |
|
|
138,117 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Income from operations |
|
10,286 |
|
|
15,081 |
|
|
26,050 |
|
|
29,444 |
| ||||
| Interest and other income, net |
|
8,871 |
|
|
2,950 |
|
|
10,883 |
|
|
5,793 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Income before provision for income taxes |
|
19,157 |
|
|
18,031 |
|
|
36,933 |
|
|
35,237 |
| ||||
| Provision for income taxes |
|
(7,279 |
) |
|
(7,032 |
) |
|
(14,034 |
) |
|
(13,742 |
) | ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Net income |
$ |
11,878 |
|
$ |
10,999 |
|
$ |
22,899 |
|
$ |
21,495 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Net income per ADS and sharebasic |
$ |
0.19 |
|
$ |
0.18 |
|
$ |
0.37 |
|
$ |
0.35 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| ADS and shares used in computing net income per ADS & per sharebasic |
|
62,168 |
|
|
61,216 |
|
|
61,707 |
|
|
60,984 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Net income per ADS and sharediluted |
$ |
0.18 |
|
$ |
0.17 |
|
$ |
0.35 |
|
$ |
0.33 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| ADS and shares and common share equivalents used in computing net income per ADS & per sharediluted |
|
64,605 |
|
|
64,686 |
|
|
64,686 |
|
|
64,802 |
| ||||
| Six Months Ended June 30, |
||||||||
| 2002 |
2001 |
|||||||
| Cash flows from operating activities: |
||||||||
| Net income |
$ |
22,899 |
|
$ |
21,494 |
| ||
| Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||
| Depreciation and amortization |
|
8,316 |
|
|
9,122 |
| ||
| Deferred income taxes |
|
57 |
|
|
|
| ||
| Changes in operating assets and liabilities: |
||||||||
| Accounts receivable, net |
|
14,279 |
|
|
8,777 |
| ||
| Current and other assets |
|
277 |
|
|
46 |
| ||
| Accounts payable |
|
(3,268 |
) |
|
(5,420 |
) | ||
| Accrued payroll and related expenses |
|
(5,989 |
) |
|
(2,580 |
) | ||
| Deferred revenue |
|
9,628 |
|
|
5,836 |
| ||
| Other current liabilities |
|
4,990 |
|
|
(2,439 |
) | ||
| |
|
|
|
|
| |||
| Net cash provided by operating activities |
|
51,189 |
|
|
34,836 |
| ||
| Cash flows from investing activities: |
||||||||
| Purchases of property and equipment |
|
(6,460 |
)< | |||||