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 |
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For the Quarter ended March 31, 2005 |
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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 May 2, 2005 there were 34,181,112 shares of the Registrant’s Common Stock issued and outstanding.
BROADVISION,
INC. AND SUBSIDIARIES
FORM 10-Q
Quarter Ended March 31, 2005
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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Current assets: |
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Cash and cash equivalents |
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$ |
37,218 |
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$ |
41,851 |
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Accounts receivable, less receivable reserves of $1,250 as of March 31, 2005 and $1,409 as of December 31, 2004 |
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12,740 |
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14,370 |
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Restricted cash, current portion |
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3,156 |
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21,933 |
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Prepaids and other |
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2,509 |
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2,232 |
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Total current assets |
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55,623 |
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80,386 |
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Property and equipment, net |
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3,168 |
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3,566 |
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Restricted cash, net of current portion |
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1,997 |
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2,323 |
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Equity investments |
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338 |
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574 |
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Goodwill |
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56,434 |
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56,434 |
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Other assets |
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1,282 |
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1,370 |
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Total assets |
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$ |
118,842 |
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$ |
144,653 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Bank borrowings and current portion of long-term debt |
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$ |
33,116 |
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$ |
25,566 |
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Accounts payable |
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6,335 |
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7,470 |
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Accrued expenses |
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17,861 |
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40,745 |
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Warrant liability |
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2,382 |
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4,899 |
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Unearned revenue |
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3,107 |
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3,870 |
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Deferred maintenance |
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14,986 |
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15,972 |
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Total current liabilities |
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77,787 |
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98,522 |
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Long-term debt, net of current portion |
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276 |
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7,443 |
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Other non-current liabilities |
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7,036 |
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8,278 |
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Total liabilities |
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85,099 |
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114,243 |
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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, $0.0001 par value; 2,000,000 shares authorized; 34,178 shares issued and outstanding as of March 31, 2005 and 33,951 shares issued and outstanding as of December 31, 2004 |
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3 |
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3 |
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Additional paid-in capital |
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1,214,989 |
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1,214,619 |
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Accumulated other comprehensive loss |
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(127 |
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(172 |
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Accumulated deficit |
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(1,181,122 |
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(1,184,040 |
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Total stockholders’ equity |
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33,743 |
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30,410 |
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Total liabilities and stockholders’ equity |
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$ |
118,842 |
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$ |
144,653 |
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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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2005 |
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2004 |
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Revenues: |
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Software licenses |
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$ |
4,416 |
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$ |
7,840 |
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Services |
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11,951 |
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13,049 |
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Total revenues |
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16,367 |
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20,889 |
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Cost of revenues: |
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Cost of (credit for) software licenses |
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(57 |
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578 |
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Cost of services |
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5,980 |
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6,277 |
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