UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
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(Mark One) |
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the Quarter ended June 30, 2002
OR
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
0–28252
(Commission File Number)
BROADVISION, INC.
(Exact name of registrant as specified in its charter)
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Delaware |
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94-3184303 |
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(State or other jurisdiction of incorporation or organization) |
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(I.R.S. Employer Identification Number) |
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585 Broadway, |
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94063 |
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(Address of principal executive offices) |
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(Zip code) |
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(650) 542-5100 |
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(Registrant’s telephone number, including area code) |
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o
As of August 6, 2002, there were 32,173,734 shares of the Registrant’s Common Stock issued and outstanding.
BROADVISION, INC. AND SUBSIDIARIES
FORM 10-Q
Quarter Ended June 30, 2002
TABLE OF CONTENTS
2
BROADVISION, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
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June 30, |
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December 31, |
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(unaudited) |
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ASSETS |
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Cash and cash equivalents |
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$ |
73,822 |
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$ |
75,758 |
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Short-term investments |
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37,559 |
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65,705 |
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Restricted cash |
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10,779 |
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— |
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Accounts receivable, less reserves of $7,615 and $8,194 for 2002 and 2001, respectively |
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20,404 |
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39,768 |
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Prepaids and other |
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10,906 |
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12,816 |
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Total current assets |
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153,470 |
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194,047 |
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Property and equipment, net |
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35,796 |
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67,219 |
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Deferred tax asset |
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— |
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2,857 |
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Long-term investments |
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3,581 |
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22,135 |
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Restricted cash and investments |
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16,595 |
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29,949 |
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Equity investments |
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3,332 |
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5,583 |
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Goodwill and other intangibles, net |
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59,094 |
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60,867 |
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Other assets |
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5,576 |
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9,760 |
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Total assets |
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$ |
277,444 |
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$ |
392,417 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Accounts payable |
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$ |
13,892 |
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$ |
11,276 |
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Accrued expenses |
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49,658 |
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61,712 |
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Unearned revenue |
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18,348 |
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22,580 |
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Deferred maintenance |
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25,369 |
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30,337 |
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Bank borrowings and current portion of long-term debt |
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25,977 |
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977 |
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Total current liabilities |
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133,244 |
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126,882 |
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Long-term debt, net of current portion |
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2,434 |
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2,922 |
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Other noncurrent liabilities |
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24,691 |
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59,466 |
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Total liabilities |
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160,369 |
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189,270 |
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Commitments |
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Stockholders’ equity: |
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Convertible preferred stock, $0.0001 par value; 10,000 shares authorized; none issued and outstanding |
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— |
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— |
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Common stock, $0.0001 par value; 2,000,000 shares authorized; 32,162 and 31,643 shares issued and outstanding for 2002 and 2001, respectively |
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3 |
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3 |
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Additional paid-in capital |
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1,209,871 |
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1,207,071 |
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Accumulated other comprehensive loss, net of tax |
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(1,305 |
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(5,245 |
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Accumulated deficit |
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(1,091,494 |
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(998,682 |
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Total stockholders’ equity |
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117,075 |
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203,147 |
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Total liabilities and stockholders’ equity |
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$ |
277,444 |
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$ |
392,417 |
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See Accompanying Notes to Condensed Consolidated Financial Statements
3
BROADVISION, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE LOSS
(In thousands, except per share amounts; Unaudited)
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Three
Months Ended |
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Six
Months Ended |
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2002 |
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2001 |
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2002 |
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2001 |
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Revenues: |
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Software licenses |
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$ |
10,309 |
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$ |
21,029 |
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$ |
18,488 |
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$ |
64,169 |
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Services |
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19,110 |
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37,006 |
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41,386 |
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86,595 |
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Total revenues |
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29,419 |
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58,035 |
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59,874 |
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150,764 |
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Cost of revenues: |
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Cost of software licenses |
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903 |
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2,655 |
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2,003 |
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4,895 |
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Cost of services |
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10,422 |
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30,595 |
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