FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One) |
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ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the quarterly period ended September 30, 2004 |
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OR |
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o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the Transition Period from to |
Commission File Number 000-30093
Websense, Inc.
(Exact name of registrant as specified in its charter)
Delaware |
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51-0380839 |
(State or other jurisdiction of incorporation or organization) |
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(I.R.S. Employer Identification No.) |
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10240 Sorrento Valley Road |
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San Diego, California 92121 |
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858-320-8000 |
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(Address of principal executive offices, zip code and 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 r egistrant is an accelerated filer (as defined in Rule 12-b-2 of the Exchange Act): Yes ý No o
The number of shares outstanding of the registrant’s Common Stock, $.01 par value, as of October 29, 2004 was 23,343,783.
Websense, Inc.
Form 10-Q
For the Period Ended September 30, 2004
TABLE OF CONTENTS
i
Part I – Financial Information
Item 1. Consolidated Financial Statements (Unaudited)
Websense, Inc.
(Unaudited and in thousands)
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September 30, |
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December 31, |
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(See Note 1) |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
33,143 |
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$ |
35,324 |
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Marketable securities |
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192,791 |
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147,535 |
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Accounts receivable, net of allowance for doubtful accounts |
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27,647 |
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27,999 |
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Deferred income taxes |
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8,733 |
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8,733 |
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Other current assets |
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1,759 |
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1,271 |
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Total current assets |
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264,073 |
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220,862 |
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Property and equipment, net |
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3,655 |
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2,997 |
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Deferred income taxes, less current portion |
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8,672 |
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8,672 |
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Deposits and other assets |
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457 |
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418 |
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Total assets |
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$ |
276,857 |
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$ |
232,949 |
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Liabilities and stockholders’ equity |
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Current liabilities: |
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Accounts payable |
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$ |
963 |
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$ |
743 |
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Accrued payroll and related benefits |
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5,473 |
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5,241 |
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Other accrued expenses |
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5,259 |
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3,835 |
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Income taxes payable |
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7,272 |
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241 |
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Current portion of deferred revenue |
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78,572 |
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65,480 |
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Total current liabilities |
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97,539 |
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75,540 |
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Deferred revenue, less current portion |
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33,614 |
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28,480 |
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Stockholders’ equity: |
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Common stock |
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241 |
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228 |
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Additional paid-in capital |
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137,236 |
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120,639 |
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Treasury stock |
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(25,242 |
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(7,684 |
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Retained earnings |
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33,771 |
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15,731 |
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Accumulated other comprehensive income (loss) |
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(302 |
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15 |
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Total stockholders’ equity |
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145,704 |
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128,929 |
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Total liabilities and stockholders’ equity |
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$ |
276,857 |
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$ |
232,949 |
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See accompanying notes.
1
Websense, Inc.
Consolidated Statements of Income
(Unaudited and in thousands, except per share amounts)
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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September 30, |
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September 30, |
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2004 |
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2003 |
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2004 |
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2003 |
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Revenue |
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$ |
28,917 |
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$ |
21,006 |
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$ |
80,171 |
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$ |
59,034 |
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