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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-K

(Mark One)

For the Fiscal Year Ended December 31, 2003

OR

For the Transition Period from              to             .

Commission File No. 000-26937

QUEST SOFTWARE, INC.

(Exact Name of Registrant as Specified in its Charter)

Registrant’s Telephone Number, Including Area Code: (949) 754-8000

Securities Registered Pursuant to Section 12(b) of the Act: None

Securities Registered Pursuant to Section 12(g) of the Act: Common Stock

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  x    No  ¨

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein and will not be contained, to the best of Registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.  ¨

Indicate by check mark whether the Registrant is an accelerated filer (as defined in Exchange Act Rule 12b-2).    Yes  x    No  ¨

The aggregate market value of the voting stock held by non-affiliates of the Registrant was approximately $593.9 million as of June 30, 2003, based upon the closing sale price reported for that date on the NASDAQ National Market. Shares of Common Stock held by each officer and director and by each person who owns 5% or more of the outstanding Common Stock have been excluded because such persons may be deemed to be affiliates. This determination of affiliate status is not necessarily conclusive for other purposes.

As of March 1, 2004, 93,973,422 shares of the Registrant’s common stock were outstanding.

Documents Incorporated by Reference

Portions of the Registrant’s definitive proxy statement, to be delivered to shareholders in connection with the Registrant’s 2004 Annual Meeting of Shareholders, are incorporated by reference into Part III of this Report.

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Forward-Looking Information

Discussions under the captions “Business,” “Risk Factors,” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” include or may include forward-looking statements within the meaning of the federal securities laws. We have based these forward-looking statements on currently available information and our current beliefs, expectations and projections about future events. All forward-looking statements contained herein are subject to numerous risks and uncertainties. Our actual results and the timing of certain events could differ materially from those projected in the forward looking statements due to a number of factors discussed under the heading “Risk Factors” in this Report and in our other filings with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should the underlying estimates or assumptions prove incorrect, actual results or outcomes may vary significantly from those suggested by forward-looking information. Any forward-looking statements contained in this document are based on information available at the time of filing and we make no undertaking to update any of these forward-looking statements.

PART I

Item 1.    Business

Introduction

Quest Software develops, sells and supports software products that improve our customers’ ability to develop, deploy and manage their packaged and custom software applications and associated software infrastructure components such as databases, application servers and operating systems. Quest fits generally into a category of software companies referred to as “Independent Software Vendors,” or “ISVs,” which are companies whose products support other vendors’ software or hardware products. We focus on delivering products for widely adopted applications and infrastructure components such as:

We generate revenues by licensing our products, principally on a perpetual basis, and by providing support, maintenance and implementation services for these products. Our products improve the quality of service of our customers’ key software applications and component infrastructure. Examples of our products’ benefits include the improvement of application and database code quality, the detection, diagnosis and resolution of hardware and software performance problems, the provision of database replication and failover capabilities and the simplified administration of large, multi-user Microsoft deployments. Our products can significantly reduce customers’ capital and operating expenses by minimizing hardware, software and/or personnel costs.

Our traditional focus has been on the Oracle database management system, and we are currently recognized as a leading Oracle ISV. Enterprises must contend with the demands of ever increasing data, and much of this data is stored in database management systems such as Oracle, IBM’s DB2 and Microsoft’s SQL Server. These trends create demand for our database tools that can improve the utilization and reliability of large-scale databases and of the developers and database administrators and other personnel responsible for maintaining reliability and performance.

Over the last four years, we have emphasized acquisitions and internal development of products supporting platforms other than the Oracle database. In March 2000, we acquired Foglight Software, Inc., and its Foglight monitoring product has become our primary Application Performance Management product. In September 2000,

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we acquired FastLane Technologies Inc. and its products for migration and management of Microsoft Active Directory and Exchange environments. In November 2002, we acquired Sitraka and its development tools and Application Performance Management products for J2EE applications. Revenues from these and other acquired and internally developed products have reduced the percentage of total revenues generated by our Oracle-only products to approximately 50.0% in fiscal 2003 as compared to approximately 60.0% in fiscal 2001.

Over the last three years we have worked to integrate many of our point products into integrated product suites or workbenches aimed at particular IT functions, such as database administration, application administration or Exchange administration. The first of these integrated product suites were Quest Central for Oracle and Quest Central for UDB.

In addition to integrating point products into a management suite for a given domain, such as Oracle or Exchange, we have worked to deliver tools for cross-platform management. In the fourth quarter of 2003, for example, we introduced Quest Central for Databases, which we believe is the first database management solution to combine rich domain-specific functionality and full performance management into a single console (or User Interface) for heterogeneous database environments including Oracle, DB2 (distributed and mainframe) and Microsoft SQL Server. Most medium-to-large enterprises employ applications, databases and other systems components from multiple vendors, creating the need for a comprehensive heterogeneous database management environment. Employing a common console for database administrators responsible for managing these disparate systems helps to minimize database differences.

We are likewise pursuing a heterogeneous platform management strategy with our Application Performance Management products. Key enterprise applications are highly complex and require substantial investment, personnel and expertise in their development, deployment and management. Application Performance Management involves measuring service levels provided by an application, such as application response times and application outages, and providing the capabilities to diagnose the root causes of performance problems and the means to correct or eliminate them. Because the predominance of enterprise packaged and custom-developed applications run in multi-vendor environments, the need exists for heterogeneous management tools that have deep monitoring, reporting and diagnostic capabilities for all the components of the application stack. Our Application Performance Management strategy comprises three integrated product areas that detect, diagnose and resolve application performance issues in the major packaged applications, databases and application servers.

We invest a significant portion of revenues in our product engineering capabilities, and approximately one-third of our employees work in product development, quality assurance or technical documentation roles. In building our products, we stress technical innovation and depth, ease of deployment, ease of use and tangible, readily articulated customer benefits. We sell our products primarily via our direct sales channel, supplemented by indirect sales through systems integrators and value added resellers. We operate in North and South America, Europe, Australia and Japan.

We are a California corporation incorporated in 1987. Our principal offices are located at 8001 Irvine Center Drive, Irvine, California 92618.

Products

We currently market over 50 products, which we have grouped into three main categories: Database Management; Application Performance Management; and Microsoft Infrastructure Management. Major products in these categories are described as follows.

Database Management

TOAD^® and SQL Navigator^®.    These tools improve the productivity and capability of application developers working in the Oracle PL/SQL environment. We provide a complete and integrated development

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environment for coding stored procedures, schemas and SQL scripts from one intuitive graphical user interface. Debugging, SQL tuning, change analysis, and general administration features improve the quality and performance of database applications before they enter production.

Quest Central^™ for Databases.    Administrating large databases in production involves many tedious, error-prone and repetitive tasks. To simplify these tasks and increase the accuracy and effectiveness of database administrators (“DBAs”), we have developed Quest Central^™ for Databases. Quest Central for Databases is an integrated workbench for Oracle, DB2 (mainframe and distributed) and Microsoft SQL Server databases that combines four functional components into one suite: Database Administration, Performance Diagnostics, SQL Tuning, and “live” or traditional Space. Quest Central for Databases provides a consistent look and feel for the management of Oracle, DB2 and SQL Server databases, reducing cross training costs and enabling DBAs to manage more databases without adding resources.

SharePlex^®.    In many cases, an organization’s data can be its most valuable resource. Ensuring that data remains available during an unplanned outage, disaster, or even planned downtime for maintenance can be imperative to an organization’s success. SharePlex provides real-time replication of Oracle databases for customers who need to ensure a current, secondary copy of their transactional Oracle database is available if the primary database goes down. Many customers use SharePlex to offload management reporting, so the activity no longer compromises the performance of transaction processing. Finally, SharePlex is also frequently used to eliminate end user disruption by providing access to data during the migration of operating systems, hardware platforms and major application releases.

Application Performance Management

Our Application Performance Management products include our Foglight and Spotlight products, and for custom J2EE applications, our PerformaSure and JProbe products. We also combine these products into Application Performance Management Suites which pair business-centric views of applications with deep domain expertise to both measure and improve the performance of packaged and custom applications.

Foglight^® and Spotlight^®.    Foglight is a 24x7 application monitoring solution that provides a holistic view of an entire application and its related components, including application servers, web servers, databases and operating systems. Foglight offers an array of specialized cartridges focused on ERP and CRM applications to provide a complete monitoring solution for a distributed IT environment. Foglight will alert appropriate IT personnel of existing or threatened nonconforming operating conditions so that they can take preventative or corrective actions. Our series of complementary Spotlight diagnostic products allow IT personnel to drill down deeply into the many components of an application, database or other layer of the application stack to identify the root causes of a problem. With these Application Performance Management solutions, administrators can spend less time in reactive mode and more time focusing on improving and managing their IT infrastructures through notification of potential problems before end users are affected, monitoring transaction response time, resolving problems through real-time diagnostics and maintaining strict service level agreements.

PerformaSure^™ and JProbe^™.    Custom-developed J2EE applications require a unique set of performance management solutions to assure performance and reliability across the entire application lifecycle. We provide an integrated solution designed to help all the stakeholders in J2EE application performance management accelerate the detection, diagnosis and resolution of business-threatening performance issues. Our PerformaSure and JProbe solutions provide comprehensive coverage, from code optimization in development, through pre-production testing in quality assurance, to 24x7 performance monitoring once the application goes into production. PerformaSure gives J2EE performance investigators a transaction-centric view of performance so issues may be rapidly identified and repaired before they impact customer experience. A complete performance toolkit for Java code tuning, JProbe helps developers diagnose and resolve performance bottlenecks, memory leaks, excessive garbage collection, threading issues and coverage deficiencies in their J2EE and J2SE applications.

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Microsoft Infrastructure Management

Microsoft applications and platforms are the global standard for desktop productivity applications. Our products enable IT personnel to more effectively migrate to, manage and administer Microsoft Windows 2000, Exchange and Active Directory environments. Our Microsoft Infrastructure Management products fall into the following four solution sets:

Quest^® Management Suite for Windows^®.    An integrated Microsoft Management Console (MMC), the Quest Management Suite for Windows improves the security, simplifies the delegated administration, and enhances the performance of Windows and Active Directory environments. Designed as a solution that Windows and Active Directory administrators can open and use all day, the Quest Management Suite for Windows combines Quest ActiveRoles, Quest Reporter and Spotlight on Active Directory to provide a comprehensive delegation model, reporting/auditing system and expert resolution advice for teams managing complex Microsoft infrastructures.

Quest^® Management Suite for Exchange.    In today’s business world, email use is growing at a staggering rate, leading to increased traffic, storage and support issues. The Quest Management Suite for Exchange provides a comprehensive set of tools to intelligently manage this growth and the related spending for mission critical Exchange infrastructures. The Suite’s features enable mailbox and public folder management, distribution list management, usage analysis, and diagnostics to optimize investment and performance in Exchange environments. This allows administrators and managers to better target investments, enforce corporate policy, enhance customer service, reduce administrative costs and improve troubleshooting efficiency. Additional functionality and integration is available for customers who have chosen Microsoft Operations Manager (MOM) as their unattended monitoring solution.

Quest^® Migration Suite.    The Quest Migration Suite provides a complete solution to help organizations rapidly transition from one platform to another. Whether it is an Exchange migration, a migration from Windows NT4 to Active Directory or NDS to Active Directory, the Quest Migration Suite provides the tools to accomplish migration tasks quickly, accurately and most importantly, without disruption to end users.

Quest^® Consolidator.    Quest Consolidator helps organizations examine their Windows storage from any angle and take corrective action. This data migration solution contains agentless storage analytics, which help organizations determine how much data they have, where it is, who owns it and when it was last used. This allows companies to determine where the “junk” data is, and provides methods to offload unused files, balance data loads or consolidate servers to make the most of their storage resources.

In January 2004, we announced a definitive agreement to acquire Aelita Software, a privately held software company, a leading provider of systems management solutions that improve the productivity, system availability and security of Microsoft Active Directory and Microsoft Exchange environments. With the proposed acquisition of Aelita, we expect to add breadth and depth to our Microsoft expertise and product portfolio and deliver a comprehensive set of product solutions that enable customers to manage today’s complex Microsoft infrastructures throughout their entire lifecycle. The combined product offering will deliver the robust solutions customers require to better administer, migrate, consolidate, recover and audit their Microsoft Active Directory and Exchange environments.

Sales, Marketing and Distribution

We market and sell our products and services worldwide primarily through our direct sales organization. At December 31, 2003, we had approximately 300 direct sales representatives. We reduced the number of sales representatives by over 50 in mid-2003 to reduce our direct sales expenses. Approximately three-fourths of our sales representatives are field sales persons. We have over 130 pre-sales systems engineers who work with these field sales teams to provide technical assistance and demonstrations to sales prospects. The remaining one-fourth of our sales representatives are telesales representatives, who sell products such as our Oracle and J2EE development tools that are generally evaluated through internet downloads. We supplement our direct sales

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organization with indirect sales channels such as value added resellers and systems integrators. We also employ local resellers in certain international territories not covered by our local sales offices.

We have opened sales offices in the major cities of the United States, Europe and Australia to facilitate close contact between current and potential customers and our field sales organization, which includes sales teams as well as pre- and post-sales technical consultants. In 2003, we began to expand our direct sales efforts into Asia with the opening of a sales office in Japan.

Our marketing efforts are designed to create awareness and generate demand for our products. To achieve these goals, we participate in industry trade shows, technical conferences and seminars and publish technical and educational articles in industry journals. Advertising has to date not been a key major part of our marketing programs, other than targeted advertisements in technical magazines and journals.

Our professional services organization complements our direct sales organization by providing customers with a full range of support services, including implementations, consulting services and training. We believe that professional services are important to customer satisfaction and the development of long-term customer relationships.

Customer Service and Support

A high level of customer service and support is critical to the successful marketing and sale of our products and the development of long-term customer relationships. We have a reputation for providing a high level of customer support and believe this is a competitive differentiator. Enrollment in our support, maintenance and enhancement program is annual and entitles a customer to:

Annual maintenance, support and enhancement fees generally range from 20% to 25% of the initial purchase cost, depending on the product and the level of problem resolution support purchased. Customer support is provided domestically through our offices in Irvine and internationally through our offices in Europe and Canada.

Research and Development

We believe that strong research and product development capabilities are essential to enhancing our core technologies and developing additional products. Innovative capabilities, strong product engineering and rich user interfaces are typical Quest attributes. We target ease of implementation and ease of use in designing our products. Our commitment to ongoing product development is reflected in our investments in research and development, which were $63.3 million, $60.1 million and $67.4 million for the years ended December 31, 2001, 2002 and 2003, respectively. We have actively recruited key software engineers and developers with expertise in the areas of Oracle technologies, Java, Microsoft infrastructure technologies, ERP and CRM systems, IBM database technologies and document management. Complementing these individuals, our senior management has extensive background in applications, database management, monitoring, and enterprise and system software industries.

Competition

The market for application management solutions is emerging rapidly, and, as a result, is intensely competitive and characterized by rapidly changing technology and evolving standards. Pricing pressures have

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increased over the past year, reflecting both competition and IT spending contraction. We expect competition to continue to increase both from existing competitors and new market entrants. We believe that our ability to compete effectively depends on many factors, including:

We compete in some cases with the vendors of databases, applications and other systems that we manage; for example, Oracle provides various tools for managing its databases that are competitive with our offerings. Competition from Oracle with certain of our Database Management products including SharePlex and Quest Central for Oracle has increased over the last 24 months and continues to increase with Oracle’s introduction of the next version of its database, known as Oracle 10G. Oracle 10G is claimed to have enhanced capabilities in the functions competitive with Quest Central for Oracle and with certain Oracle monitoring capabilities of Foglight. For the reasons discussed below, if Oracle 10G does provide capabilities closely equivalent to those of Quest Central for Oracle, our revenues from that product line would likely be materially adversely affected.

In some cases these platform vendor-provided tools are bundled with the platform and in other cases they are separately chargeable products, albeit at significantly lower price points. The inclusion of the functionality of our software as standard features of the underlying database solution or application supported by our products or sale at much lower cost could erode our revenues, particularly if the competing products and features were of comparable capability to our products. Even if the functionality provided as standard features or lower costs by these system providers is more limited than that of our software, there can be no assurance that a significant number of customers would not elect to accept more limited functionality in lieu of purchasing our products. Moreover, there is substantial risk that the mere announcements of competing products or features by large competitors such as Oracle could result in the delay or cancellation of customer orders for our products in anticipation of the introduction of such new products or features.

We also compete with other vendors of database, application and systems management tools. Public companies with whom we compete include:

Some of our competitors and potential competitors have greater name recognition, a larger installed customer base company-wide and significantly greater financial, technical, marketing, and other resources than we do. Competitors may also be able to respond more quickly to new or emerging technologies and changes in customer requirements or devote greater resources to the development, promotion and sale of their products than we can.

Because there are relatively low barriers to entry in the software market, we may encounter additional competition as other established and emerging companies enter our field and introduce new products and technologies. Venture capitalists and others have funded numerous application, database and systems management companies over the last five years. Accordingly, it is likely that new competitors or alliances among current and new competitors will emerge and rapidly gain acceptance.

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There can be no assurance that we will be able to compete successfully against current and future competitors. Increased competition could result in price reductions, fewer customer orders, reduced gross margins and loss of market share, any of which could materially affect our business, operating results or financial condition.

Proprietary Rights

Our success and ability to compete depend on our capacity to develop and maintain the proprietary aspects of our technology. We rely on a combination of trademark, trade secret, copyright, patent law and contractual restrictions to protect the proprietary aspects of our technology. We seek to protect our source code for our software, documentation and other written materials under trade secret and copyright laws. We license our software pursuant to signed or shrink-wrap license agreements, which impose restrictions on the licensee’s ability to utilize the software. Finally, we seek to avoid disclosure of our intellectual property by requiring employees and consultants with access to our proprietary information to execute confidentiality agreements with us and by restricting access to our source code. We currently hold several trademark registrations and have numerous trademark applications in the United States and certain foreign countries.

Employees

As of December 31, 2003, we employed 1,735 full-time employees, including 692 in sales and marketing, 54 in professional services, 658 in research and development, 131 in customer service and support and 200 in general and administrative. We believe that our future success will depend in large part upon our continuing ability to attract and retain highly skilled managerial, sales, marketing, customer support and research and development personnel. Like other software companies, we face intense competition for such personnel, and we have at times experienced and continue to experience difficulty in recruiting qualified personnel. There can be no assurance that we will be successful in attracting, assimilating and retaining other qualified personnel in the future. None of our employees are represented by a labor union; we have never experienced any work stoppages and we believe that our relationships with our employees are good.

Website

Our website is located at www.quest.com. We make available, free of charge on or through our website, our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and all amendments to those reports as soon as reasonably practicable after such material is electronically filed with or furnished to the Securities and Exchange Commission. Information contained on our website is not part of this annual report on Form 10-K.

Item 2.    Properties

Our headquarters and our principal administrative, sales, marketing, support and research and development facilities are currently located in two leased buildings comprising approximately 135,100 square feet of space in Irvine, California. In addition, we lease facilities in Canada, Australia, Israel and Russia for research and development activities. We also operate in leased facilities throughout North America, including Toronto, Chicago, Atlanta, Ottawa and Houston. Our international subsidiaries and branches operate in leased facilities worldwide, including Australia, the United Kingdom and Germany.

In February 2004, we entered into an agreement to purchase a building in Aliso Viejo, California comprising approximately 78,000 square feet and an agreement to lease approximately 57,000 square feet of space in an adjacent building for a ten-year term commencing in December 2005. The lease agreement includes an option, exercisable until November 15, 2004, to purchase this building. We intend to move all of our Irvine

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operations into these two buildings in stages over the next six quarters. See “Liquidity and Capital Resources” in Item 7 “Managements Discussion and Analysis of Financial Condition and Results of Operations” for additional discussion about costs associated with this move.

Item 3.    Legal Proceedings

On July 2, 2002, Computer Associates International, Inc. (“CA”) filed a complaint against us and four of our employees in the U.S. District Court for the Northern District of Illinois alleging copyright infringement and trade secret misappropriation in connection with the development of the database administration component of our Quest Central for DB2 product and seeking injunctive relief and unspecified money damages. The complaint was amended in May 2003 to add another Quest employee as a defendant and to assert breach of contract claims against three of the individual defendants. In October 2003, CA filed a motion for preliminary injunction. We responded to this motion in January 2004, arguing that CA cannot meet the requirements for injunctive relief. In connection with our response, we sought leave to assert a counterclaim for a declaratory judgment of invalidity of CA’s copyright registrations. Rulings on these motions are not expected until late in the second quarter of 2004. If CA’s motion is granted, we would be preliminarily enjoined from licensing Quest Central for DB2. We are vigorously defending CA’s claims and do not believe that this matter will have a material adverse effect on our results of operations or financial condition.

After we announced on July 23, 2003 that we would restate certain financial results as a result of our discovery of a computational error relating to an error in the method used to translate foreign currency denominated accounts into U.S. Dollars at historical rates, numerous separate complaints purporting to be class actions were filed in the United States District Court for the Central District of California alleging that we and some of our officers and directors violated provisions of the Securities Exchange Act of 1934. Orders designating a lead plaintiff and consolidating the federal class action complaints were issued by the U. S. District Court in late October 2003, and an amended consolidated class action complaint was filed in January 2004. The consolidated amended complaint contains varying allegations, including allegations that we made materially false and misleading statements with respect to our financial results for 2002 and the quarter ended March 31, 2003 included in our filings with the SEC and press releases. In addition, one complaint purporting to be a derivative action has been filed in California state court against some of our directors and officers. This complaint is based on the same facts and circumstances described in the consolidated amended class action complaints and generally alleges that the named directors and officers breached their fiduciary duties by failing to oversee adequately our financial reporting. Each of the complaints generally seek an unspecified amount of damages. The cases are in the very preliminary stages and we will vigorously defend these claims; however, it is not possible for us to quantify the extent of our potential liability, if any. Accordingly, no amounts have been accrued in the accompanying financial statements. Our motions to dismiss the federal class action complaint and the derivative action are expected to be filed during the second quarter of 2004. An unfavorable outcome in any of these cases could have a material adverse effect on our business, financial condition, results of operations and cash flow. In addition, defending any litigation may be costly and divert management’s attention from the day-to-day operations of our business.

We are a party to other litigation, which we consider to be routine and incidental to our business. Management does not expect the results of any of these actions to have a material adverse effect on our results of operations or financial condition.

In the normal course of our business, we enter into certain types of agreements that require us to indemnify or guarantee the obligations of other parties. These commitments include (i) intellectual property indemnities to licensees of our software products, (ii) indemnities to certain lessors under office space leases for certain claims arising from our use or occupancy of the related premises, or for the obligations of our subsidiaries under leasing arrangements, (iii) indemnities to customers, vendors and service providers for claims based on negligence or willful misconduct of our employees and agents, and (iv) indemnities to our directors and officers to the maximum extent permitted under applicable law. The terms and duration of these commitments varies and, in

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some cases, may be indefinite, and certain of these commitments do not limit the maximum amount of future payments we could become obligated to make thereunder; accordingly, our actual aggregate maximum exposure related to these types of commitments cannot be reasonably estimated. Historically, we have not been obligated to make significant payments for obligations of this nature, and no liabilities have been recorded for these obligations in the accompanying consolidated balance sheets as the fair value of these obligations issued during the twelve months ended December 31, 2003 was not significant to our financial position, results of operations, or cash flows.

Item 4.    Submission of Matters to a Vote of Security Holders

No matters were submitted to a vote of security holders during the fourth quarter of 2003.

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PART II

Item 5.    Market for the Registrant’s Common Equity and Related Shareholder Matters

Our common stock is listed on the NASDAQ National Market under the symbol “QSFT.” The following table sets forth the high and low sale prices on the NASDAQ National Market for our common stock for the periods indicated.

On March 1, 2004, the closing price of our common stock on the NASDAQ National Market was $16.18 per share. As of March 2, 2004, there were 234 holders of record of our common stock (not including beneficial holders of shares held in “street name”).

We have never declared or paid any cash dividends on our common stock and do not expect to do so in the foreseeable future. We currently intend to retain all available funds for use in the operation and expansion of our business. Any future determination to pay dividends will be at the discretion of our board of directors and will depend on our results of operations, financial conditions, contractual and legal restrictions and other factors the board deems relevant.

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Item 6.    Selected Financial Data