BVSN

BroadVision, Inc. (BVSN)

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BroadVision, Inc. (BVSN)

Q1 2013 Earnings Call

April 24, 2013 5:00 p.m. ET

Executives

Shin-Yuan Tzou - CFO

Peter Chu - VP, Strategy & Product Management

Presentation

Operator

Hello and welcome to the BroadVision Q1 Year 2013 Earnings Announcement and Investor Conference Event. Throughout the call all participants will be in a listen-only mode. Afterwards there will be a question-and-answer session. (Operator Instructions) Today, I am pleased to present Peter Chu. Please begin your event.

Peter Chu

Thank you. Good afternoon everyone. My name is Peter Chu, Vice President of Strategy, Products and Marketing at BroadVision. Welcome to our 2013 Q1 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 first quarter results which were announced in a press release earlier this afternoon. Next I will provide product and marketing updates and then 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 the 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 investor Information tab and press release page. You can also view our SEC filings and historical financial results under the company investor information tab, SEC filings page.

Now I will turn the call over to Shin-Yuan.

Shin-Yuan Tzou

Thanks, Peter. Now our 2013 results in terms of P&L, balance sheet and other operating highlights. Revenues, Q1 total revenues were $3.8 million with $1.6 million in licenses, $1.6 million in maintenance and $0.6 million in consulting services. Sequentially, this compares to Q4 '12 total revenue of $4.1 million with $1.3 million in licenses, $1.9 million in maintenance and $0.9 million in consulting services. In comparison, Q1 '12 total revenues were $3.8 million with $1.4 million in licenses, $1.7 million in maintenance and $0.7 million in consulting services.

Q1 '13 revenues by region were 49% Americas, 49% EMEA, and 22% APJ, compared to 41% Americas, 34% EMEA, and 25% APJ in Q4 '12, and 43% Americas, 33% EMEA, and 21% APJ in Q1 '12. As we have discussed in the past, we expect our geographical mix to fluctuate somewhat from quarter-to-quarter mainly due to our small footprint.

On a GAAP basis, our total operating cost plus cost of revenue were $5.4 million in Q1 '13 compared to $5.5 million in Q4 '12 and $5.5 million in Q1 '12. In Q1 '13, we generated a GAAP net loss of $2.1 million or $0.46 per basic and diluted share compared to a net loss of $1.1 million or $0.25 per basic and diluted share in Q4 '12, and net loss of $1.3 million or $0.29 per basic and diluted share in Q1 '12.

Looking at all four main cost centers. First cost of goods sold, concentrated mainly on cost of services, was $1.2 million in Q1 '13 compared to $1.3 million in Q4 '12. Second, R&D expenses for Q1 '13 was $1.7 million compared to $1.6 million in Q4 '12. Sales and marketing expenses in Q1 '13 was $1.4 million compared to $1.5 million in Q4 '12. Finally, G&A expenses for Q1 '13 was $1.1 million compared to $0.9 million in Q4 '12.

Balance sheet. As of March 31st '13, we had $51.4 million of cash and cash equivalents and short-term investments with no long term debt, compared to $52.3 million at the end of Q4 '12. Accounts receivable were $2.4 million at the end of Q1 '13 compared to $4.0 million at the end of Q4 '12. Days sales outstanding in Q1 '13 was 56 days compared to 91 days in Q4 '12. Prepaid expenses and other current assets were $1.1 million at the end of Q1 '13, same as in Q4 '12.

Other current assets were $0.5 million at the end Q1 '13, same as in Q4 '12. Accounts payable was $0.8 million at the end of Q1 '13 compared to $0.7 million in Q4 '12. Accrued expenses were $2.0 million at the end of Q1 '13, compared to $2.2 million in Q4 '12. Deferred maintenance was $3.5 million at the end of Q1 '13 compared to $3.8 million in Q4 '12. Earned revenue were $2.4 million at the end of Q1 '13, compared to $2.3 million in Q4 '12. Other noncurrent liabilities were $1.0 million at the end of Q1 '13 compared to $1.2 million in Q4 '12.

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