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 September 30, 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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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 October 31, 2004 there were 33,757,341 shares of the Registrant’s Common Stock issued and outstanding.
BROADVISION, INC. AND SUBSIDIARIES
FORM 10-Q
Quarter Ended September 30, 2004
TABLE OF CONTENTS
2
BROADVISION, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
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September 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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$ |
28,144 |
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$ |
78,776 |
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Accounts receivable, less allowance for doubtful accounts and reserves of $1,295 as of September 30, 2004 and $3,022 as of December 31, 2003 |
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12,100 |
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15,380 |
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Restricted cash |
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19,163 |
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— |
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Prepaids and other |
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4,098 |
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5,346 |
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Total current assets |
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63,505 |
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99,502 |
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Property and equipment, net |
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4,383 |
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15,400 |
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Restricted cash, net of current portion |
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1,797 |
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19,827 |
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Equity investments |
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574 |
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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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1,753 |
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2,354 |
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Total assets |
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$ |
128,446 |
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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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$ |
15,774 |
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$ |
27,977 |
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Accounts payable |
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6,730 |
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9,186 |
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Accrued expenses |
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39,858 |
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34,761 |
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Unearned revenue |
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4,297 |
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7,596 |
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Deferred maintenance |
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16,429 |
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19,234 |
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Total current liabilities |
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83,088 |
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98,754 |
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Long-term debt, net of current portion |
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503 |
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969 |
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Other noncurrent liabilities |
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14,100 |
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87,409 |
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Total liabilities |
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97,691 |
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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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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, $0.0001 par value; 2,000,000 shares authorized; 33,743 shares issued and outstanding as of September 30, 2004 and 33,198 shares issued and outstanding as of December 31, 2003 |
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3 |
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3 |
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Additional paid-in capital |
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1,214,273 |
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1,212,727 |
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Accumulated other comprehensive income (loss), net of tax |
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133 |
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(105 |
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Accumulated deficit |
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(1,183,654 |
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(1,204,675 |
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Total stockholders’ equity |
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30,755 |
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7,950 |
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Total liabilities and stockholders’ equity |
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$ |
128,446 |
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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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Nine Months Ended |
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2004 |
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2003 |
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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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$ |
4,654 |
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$ |
5,076 |
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$ |
19,591 |
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$ |
19,875 |
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Services |
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12,570 |
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13,493 |
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