UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 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 |
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For the quarterly period ended November 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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For the transition period from to |
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Commission File Number 000-26565
LIBERATE TECHNOLOGIES
(Exact name of registrant as specified in its charter)
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Delaware |
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94-3245315 |
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(State or Other Jurisdiction of Incorporation) |
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(I.R.S. Employer Identification No.) |
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2655 Campus Drive, Suite 250 |
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94403 |
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(Address of principal executive office) |
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(Zip Code) |
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(650) 645-4000 |
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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
105,752,099 shares of the Registrant’s common stock were outstanding as of December 31, 2004.
LIBERATE TECHNOLOGIES
FORM 10-Q
For The Quarterly Period Ended November 30, 2004
TABLE OF CONTENTS
LIBERATE TECHNOLOGIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
Unaudited
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November 30, |
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May 31, |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
207,987 |
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$ |
215,877 |
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Accounts receivable, net |
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3,561 |
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3,143 |
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Prepaid expenses and other current assets |
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1,552 |
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1,817 |
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Total current assets |
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213,100 |
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220,837 |
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Property and equipment, net |
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1,775 |
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1,851 |
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Deferred costs related to warrants |
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1,791 |
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3,583 |
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Restricted cash |
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10,741 |
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10,869 |
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Other assets |
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36 |
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268 |
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Total assets |
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$ |
227,443 |
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$ |
237,408 |
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Liabilities and Stockholders’ Equity |
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Current liabilities: |
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Accounts payable |
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$ |
2,996 |
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$ |
3,102 |
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Accrued liabilities |
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18,967 |
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16,384 |
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Accrued payroll and related expenses |
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958 |
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685 |
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Short-term borrowing from bank |
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— |
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608 |
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Deferred revenues |
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4,391 |
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6,137 |
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Total current liabilities |
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27,312 |
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26,916 |
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Long-term excess facilities charges |
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20,022 |
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19,140 |
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Long-term deferred revenues |
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8,114 |
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— |
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Other long-term liabilities |
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2,416 |
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2,416 |
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Total liabilities |
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57,864 |
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48,472 |
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Commitments and contingencies (Note 5) Stockholders’ equity: |
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Common stock |
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1,057 |
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1,055 |
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Contributed and paid-in-capital |
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1,502,994 |
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1,503,113 |
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Deferred stock-based compensation |
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(7,384 |
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(8,453 |
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Accumulated other comprehensive loss |
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(1,960 |
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(2,112 |
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Accumulated deficit |
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(1,325,128 |
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(1,304,667 |
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Total stockholders’ equity |
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169,579 |
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188,936 |
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Total liabilities and stockholders’ equity |
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$ |
227,443 |
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$ |
237,408 |
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The accompanying notes are an integral part of these condensed consolidated financial statements.
1
LIBERATE TECHNOLOGIES
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
AND COMPREHENSIVE LOSS
(In thousands, except per share data)
Unaudited
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Three months ended |
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Six months ended |
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November 30, |
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November 30, |
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November 30, |
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November 30, |
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Revenues: |
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License and royalty |
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$ |
(490 |
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$ |
(697 |
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$ |
(271 |
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$ |
(1,621 |
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Service |
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1,122 |
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1,885 |
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2,051 |
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4,354 |
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Total revenues |
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632 |
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1,188 |
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1,780 |
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2,733 |
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Cost of revenues: |
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License and royalty |
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18 |
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208 |
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34 |
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359 |
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Service |
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893 |
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1,368 |
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2,272 |
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2,811 |
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Total cost of revenues |
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911 |
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1,576 |
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2,306 |
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3,170 |
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Gross loss |
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(279 |
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(388 |
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(526 |
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(437 |
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Operating expenses: |
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Research and development |
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3,757 |
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3,647 |
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7,599 |
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7,314 |
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Sales and marketing |
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703 |
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1,004 |
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1,304 |
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2,433 |
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General and administrative |
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3,057 |
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