Call Start: 17:00
Call End: 17:17
Q4 2012 Earnings Call
January 30, 2013 05:00 PM ET
Shin-Yuan Tzou - VP, Strategy & Product Management
Peter Chu - CFO
Previous Statements by BVSN
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I would now like to turn the conference over to Peter Chu. Please go ahead.
Good afternoon everyone. My name is Peter Chu, Vice President of Strategy and Products and Marketing at BroadVision. Welcome to our 2012 Q4 Financial Results Announcement and Conference Call. I will first provide our standard cautionary comments on forward-looking statements and other legal matters. Next, Dr. Shin-Yuan Tzou, our CFO, will review the fourth quarter results which were announced in a press release earlier this afternoon. Next I will provide product and marketing updates and wrap up with a summary.
As always we will be pleased to take your questions following the formal portion of the call. During the course of this conference call BroadVision may make forward-looking statements. All forward-looking statements included in this call are based upon information available to BroadVision as of the date of this call, including statements regarding our expectations of future financial results and product releases and BroadVision assumes no obligation to update or correct any such forward-looking statements. These statements are not guarantees of future performance and actual results could differ materially from BroadVision’s current expectations.
Actual future results may be impacted by various important factors including without limitation, changes in the market, competitive environment and macroeconomic conditions. Additional information on potential factors that could affect the company’s financial results is included in the company’s periodic reports on Forms 10-K and 10-Q and other documents filed with the SEC.
All statements and information can also be found on our website at www.broadvision.com under the Company tab, under Investor Information, under Press Releases page. You can also view our SEC filings and historical financial results under the Company tab under Investor Information under the section SEC Filings on that page.
Now I will turn the call over to Shin-Yuan.
Thanks Peter. Now our Q4 ’12 results in terms of P&L, balance sheet and other operating highlights. Q4 total revenues were $4.1 million, with $1.3 million in license, $1.9 million in maintenance and $0.9 million in consulting services. Sequentially this compares to Q3's share of total revenues of $3.6 million with $1.3 million in licenses, $1.7 million in maintenance and $0.6 million in consulting services. In comparison Q4’11 total revenues were $4.2 million with $1.6 million in licenses, $2.0 million in maintenance and $0.6 million in consulting services. Q4 2012 revenues by region were 41% Americas, 34% EMEA and 25% APJ, compared to 44% Americas, 35% EMEA and 21% APJ in Q3 ’12 and 43% Americas, 36% EMEA and 21% APJ in Q3 ’11.
As we have discussed in the past, we expect our earning to fluctuate somewhat from quarter-to-quarter mainly due to our software. On a GAAP basis, total operating costs plus costs on revenues were $5.5 million in Q4 ’12, compared to $4.9 million in Q3 ’12 and $5.3 million in in Q4 '11.
In Q4 '12 we generated a GAAP net loss of 1.1 million or $0.25 per basic and the diluted share compared to the net loss of 0.7 million or 1 penny per basic and a diluted share in Q3 '12 and a net loss of 1.8 million or $0.40 per basic and a diluted share in Q4 '11.
Looking at our four main cost centers, first cost of goods sold concentrated mainly in cost of services was $1.3 million in Q4 '12, compared to 1.2 million in Q3 '12. Second, R&D expenses for Q4 '12, was 1.6 million, same as in Q3 '12. Sales and marketing expenses for Q4 '12 was 1.5 million compared to 1.3 million in Q3 '12. Finally, G&A expense for Q4 '12 was 0.9 million same as in Q3 '12.
As of December 31st '12 we have $62.3 million of cash and cash equivalents and short term investments with no long term debt, compared to 52.0 million at the end of Q3 '12. Q4 '12 cash included $1 million previously classified as restricted cash which was cashed to a letter of credit for the security deposit of our old headquarter office lease. The security deposit was released in Q4 after the expiration of the lease. We have no exposure in any auction rate securities or ARS.
Accounts receivable were 4.0 million at the end of Q4 '12, compared to $2.2 million at the end of Q3 '12. Days sales outstanding in Q4 '12 was 91 days compared to 55 days in Q3 '12. Prepaid expenses and other current assets were $1.1 million at the end of Q4 '12, compared to $2.1 million at the end of Q3 '12. The decrease is due to the release of $1 million cash as mentioned above.
Other noncurrent assets were 0.5 million at the end Q4 '12, same as Q3 '12. Accounts payable was 0.7 million at the end of Q4 '12, same as Q3 '12. Accrued expenses were $2.2 million at the end of Q4 '12, compared to $2.0 million in Q3 '12.