UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the Quarter ended March 31, 2004 |
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OR |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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0-28252 |
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(Commission File Number) |
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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 |
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(I.R.S. Employer |
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585 Broadway, |
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Redwood City, California |
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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
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). Yes ý No o
As of May 3, 2004 there were 33,468,632 shares of the Registrant’s Common Stock issued and outstanding.
BROADVISION, INC. AND SUBSIDIARIES
FORM 10-Q
Quarter Ended March 31, 2004
TABLE OF CONTENTS
2
BROADVISION,
INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In thousands, except per share data)
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March 31, |
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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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$ |
76,480 |
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$ |
78,776 |
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Accounts receivable, less allowance for doubtful accounts and reserves of $2,422 as of March 31, 2004 and $3,022 as of December 31, 2003 |
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14,294 |
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15,380 |
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Prepaids and other |
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4,167 |
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5,346 |
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Total current assets |
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94,941 |
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99,502 |
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Property and equipment, net |
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14,037 |
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15,400 |
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Restricted cash |
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18,784 |
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19,827 |
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Equity investments |
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1,665 |
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1,565 |
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Goodwill |
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53,421 |
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53,421 |
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Other intangibles, net |
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3,013 |
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3,013 |
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Other assets |
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2,327 |
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2,354 |
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Total assets |
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$ |
188,188 |
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$ |
195,082 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Bank borrowings and current portion of long-term debt |
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$ |
28,003 |
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$ |
27,977 |
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Accounts payable |
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7,632 |
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9,186 |
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Accrued expenses |
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33,274 |
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34,761 |
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Unearned revenue |
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7,258 |
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7,596 |
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Deferred maintenance |
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19,668 |
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19,234 |
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Total current liabilities |
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95,835 |
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98,754 |
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Long-term debt, net of current portion |
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776 |
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969 |
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Other noncurrent liabilities |
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83,675 |
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87,409 |
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Total liabilities |
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180,286 |
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187,132 |
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Commitments and Contingencies (Note 4) |
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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, $0.0001 par value; 2,000,000 shares authorized; 33,462 shares issued and outstanding as of March 31, 2004 and 33,198 shares issued and outstanding as of December 31, 2003 |
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3 |
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3 |
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Additional paid-in capital |
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1,213,490 |
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1,212,671 |
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Accumulated other comprehensive loss, net of tax |
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(49 |
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(49 |
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Accumulated deficit |
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(1,205,542 |
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(1,204,675 |
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Total stockholders’ equity |
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7,902 |
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7,950 |
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Total liabilities and stockholders’ equity |
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$ |
188,188 |
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$ |
195,082 |
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See Accompanying Notes to Condensed Consolidated Financial Statements
3
BROADVISION,
INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS
OF OPERATIONS
AND COMPREHENSIVE INCOME (LOSS)
(In thousands, except per share data; unaudited)
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Three
Months Ended |
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2004 |
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2003 |
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Revenues: |
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Software licenses |
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$ |
7,840 |
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$ |
7,975 |
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Services |
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13,049 |
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16,480 |
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Total revenues |
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20,889 |
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24,455 |
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Cost of revenues: |
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Cost of software licenses |
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578 |
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388 |
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Cost of services |
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6,277 |
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6,558 |
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Total cost of revenues |
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6,855 |
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6,946 |
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Gross profit |
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14,034 |
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17,509 |
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Operating expenses: |
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Research and development |
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4,888 |
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6,151 |
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Sales and marketing |
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6,866 |
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6,832 |
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