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 |
(I.R.S. Employer | |
| incorporation or organization) |
Identification No.) |
| Page | ||||
| PART I. |
FINANCIAL INFORMATION |
|||
| Item 1. |
Unaudited Condensed Consolidated Financial Statements: |
|||
| 3 | ||||
| 4 | ||||
| 5 | ||||
| 6 | ||||
| Item 2. |
15 | |||
| Item 3. |
34 | |||
| Item 4. |
34 | |||
| Item 5. |
35 | |||
| PART II. |
36 | |||
| 39 | ||||
| September 30, 2002 |
December 31, 2001 |
|||||||
| (unaudited) |
||||||||
| ASSETS |
||||||||
| Current assets: |
||||||||
| Cash and cash equivalents |
$ |
266,356 |
|
$ |
240,421 |
| ||
| Restricted cash, current |
|
8,654 |
|
|
8,103 |
| ||
| Accounts receivable, net |
|
76,276 |
|
|
87,523 |
| ||
| Deferred taxes |
|
9,979 |
|
|
9,900 |
| ||
| Other current assets |
|
14,979 |
|
|
12,832 |
| ||
| |
|
|
|
|
| |||
| Total current assets |
|
376,244 |
|
|
358,779 |
| ||
| Goodwill |
|
75,361 |
|
|
13,648 |
| ||
| Other intangible assets, net |
|
12,097 |
|
|
6,973 |
| ||
| Property and equipment, net |
|
36,018 |
|
|
36,046 |
| ||
| Restricted cashlong term |
|
10,570 |
|
|
1,149 |
| ||
| Deposits and other assets |
|
4,964 |
|
|
4,874 |
| ||
| |
|
|
|
|
| |||
| Total assets |
$ |
515,254 |
|
$ |
421,469 |
| ||
| |
|
|
|
|
| |||
| LIABILITIES AND SHAREHOLDERS EQUITY |
||||||||
| Current liabilities: |
||||||||
| Accounts payable |
$ |
16,025 |
|
$ |
19,972 |
| ||
| Accrued payroll and related expenses |
|
38,776 |
|
|
37,417 |
| ||
| Deferred revenue |
|
71,476 |
|
|
59,741 |
| ||
| Income taxes payable |
|
7,397 |
|
|
15,035 |
| ||
| Other current liabilities |
|
41,959 |
|
|
30,808 |
| ||
| Notes payablecurrent portion |
|
2,656 |
|
|
2,656 |
| ||
| |
|
|
|
|
| |||
| Total current liabilities |
|
178,289 |
|
|
165,629 |
| ||
| Notes and escrows payable |
|
10,613 |
|
|
1,717 |
| ||
| Long-term deferred rent |
|
7,105 |
|
|
1,457 |
| ||
| Commitments and contingencies |
||||||||
| Shareholders equity |
||||||||
| Ordinary shares, Euro 0.10 nominal value ($0.10 as of September 30, 2002 and $0.09 U.S. as of December 31,
2001): |
||||||||
| Authorized 81,436 at September 30, 2002 and 86,011 at December 31, 2001; |
||||||||
| Issued and outstanding63,358 at September 30, 2002 and 61,928 at December 31, 2001 |
|
6,719 |
|
|
6,589 |
| ||
| Additional paid-in capital |
|
164,542 |
|
|
149,889 |
| ||
| Treasury stock, 818 shares at September 30, 2002 and December 31, 2001. |
|
(9,049 |
) |
|
(9,049 |
) | ||
| Retained earnings |
|
167,222 |
|
|
139,455 |
| ||
| Accumulated other comprehensive loss |
|
(10,187 |
) |
|
(34,218 |
) | ||
| |
|
|
|
|
| |||
| Total shareholders equity |
|
319,247 |
|
|
252,666 |
| ||
| |
|
|
|
|
| |||
| Total liabilities and shareholders equity |
$ |
515,254 |
|
$ |
421,469 |
| ||
| |
|
|
|
|
| |||
| Three Months Ended September 30 |
Nine Months Ended September
30 |
|||||||||||||||
| 2002 |
2001 |
2002 |
2001 |
|||||||||||||
| (unaudited) |
||||||||||||||||
| Revenues: |
||||||||||||||||
| License fees |
$ |
53,736 |
|
$ |
55,293 |
|
$ |
177,826 |
|
$ |
176,906 |
| ||||
| Services |
|
56,146 |
|
|
43,907 |
|
|
150,790 |
|
|
122,077 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Total revenues |
|
109,882 |
|
|
99,200 |
|
|
328,616 |
|
|
298,983 |
| ||||
| Cost of revenues: |
||||||||||||||||
| License fees |
|
742 |
|
|
532 |
|
|
1,804 |
|
|
1,598 |
| ||||
| Services |
|
18,036 |
|
|
15,712 |
|
|
52,723 |
|
|
46,868 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Total cost of revenues |
|
18,778 |
|
|
16,244 |
|
|
54,527 |
|
|
48,466 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Gross margin |
|
91,104 |
|
|
82,956 |
|
|
274,089 |
|
|
250,517 |
| ||||
| Operating expenses: |
||||||||||||||||
| Sales and marketing |
|
56,056 |
|
|
50,419 |
|
|
162,897 |
|
|
146,896 |
| ||||
| Research and development |
|
20,262 |
|
|
13,447 |
|
|
53,255 |
|
|
40,014 |
| ||||
| General and administrative |
|
8,144 |
|
|
5,073 |
|
|
21,489 |
|
|
17,899 |
| ||||
| Acquired in-process technology |
|
2,000 |
|
|
|
|
|
2,000 |
|
|
|
| ||||
| Restructuring |
|
|
|
|
|
|
|
3,756 |
|
|
|
| ||||
| Goodwill amortization |
|
|
|
|
1,122 |
|
|
|
|
|
3,369 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Total operating expenses |
|
86,462 |
|
|
70,061 |
|
|
243,397 |
|
|
208,178 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Income from operations |
|
4,642 |
|
|
12,895 |
|
|
30,692 |
|
|
42,339 |
| ||||
| Interest and other income, net |
|
4,435 |
|
|
2,093 |
|
|
15,318 |
|
|
7,886 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Income before provision for income taxes |
|
9,077 |
|
|
14,988 |
|
|
46,010 |
|
|
50,225 |
| ||||
| Provision for income taxes |
|
(4,209 |
) |
|
(5,696 |
) |
|
(18,243 |
) |
|
(19,438 |
) | ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Net income |
$ |
4,868 |
|
$ |
9,292 |
|
$ |
27,767 |
|
$ |
30,787 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Net income per ADS and sharebasic |
$ |
0.08 |
|
$ |
0.15 |
|
$ |
0.45 |
|
$ |
0.51 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| ADS and shares used in computing net income per ADS & per sharebasic |
|
62,295 |
|
|
60,823 |
|
|
61,827 |
|
|
60,919 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Net income per ADS and sharediluted |
$ |
0.08 |
|
$ |
0.15 |
|
$ |
0.43 |
|
$ |
0.48 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| ADS and shares and common share equivalents used in computing net income per ADS & per
sharediluted |
|
63,801 |
|
|
63,762 |
|
|
64,095 |
|
|
64,510 |
| ||||
| Nine Months Ended September 30, |
||||||||
| 2002 |
2001 |
|||||||
| Cash flows from operating activities: |
||||||||
| Net income |
$ |
27,767 |
|
$ |
30,787 |
| ||
| Adjustments to reconcile net income to net |
||||||||
| Cash provided by operating activities: |
||||||||
| Depreciation and amortization |
|
13,259 |
|
|
13,217 |
| ||
| Acquired in-process technology |
|
2,000 |
|
|
|
| ||
| Deferred income taxes |
||||||||