BVSN

BroadVision, Inc. (BVSN)

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BroadVision, Inc. (BVSN)

Q2 2013 Earnings Conference Call

July 31, 2013; 05:00 p.m. ET

Executives

Peter Chu - Vice President of Strategy, Products & Marketing

Dr. Shin-Yuan Tzou - Chief Financial Officer

Analysts

Presentation

Operator

Hello, and welcome to the BroadVision, Q2 Year 2013 Earnings Announcement and Investor Conference Event.

Throughout the call all participants will be in a listen-only mode and afterwards there will be a question-and-answer session. (Operator Instructions).

Today I am pleased to present Peter Chu. Please go ahead with your meeting.

Peter Chu

Thank you and good afternoon everyone. My name is Peter Chu, Vice President of Strategy, Products and Marketing at BroadVision. Welcome to our 2013, Q2 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 second quarter results, which were announced in a press release earlier this afternoon. Next I will provide product and marketing updates and we’ll 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/Investor Information/Press Releases page. You can also view our SEC filings and historical financial results under the company-investor information-SEC filings page.

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

Shin-Yuan

Thanks Peter. Now our Q2 2013 results in terms of P&L, balance sheet and other operating highlights. Q2 total revenue was $4.1 million, with $1.4 million in licenses, $1.8 million in maintenance and $0.9 million in consulting services.

Sequentially this compares to Q1 '13 total revenue of $3.8 million, with $1.6 million in licenses, $1.6 million in maintenance and $0.6 million in consulting services. In comparison, Q2 '12 total revenues were $3.6 million, with $1.2 million in licenses, $1.7 million in maintenance and $0.7 million in consulting services.

Q2 '13 revenues by region were 44% Americas, 31% EMEA, and 25% APJ, compared to 39% Americas, 29% EMEA, and 22% APJ in Q1 '13, and 41% Americas, 38% EMEA, and 21% APJ in Q2 '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.

Expenses: On a GAAP basis, total operating cost plus cost of revenue were $5.4 million in Q12 ’13, same as in Q1 ’13 and Q2 ’12. In Q2 ’13 was generated a GAAP net loss of $1.1 million or $0.23 per basic and diluted share, compared to a net loss of $2.1 million or $0.46 per basic and diluted share in Q1 '13, and a net loss of $2.5 million or $0.54 per basic and diluted share in Q2 '12.

Looking at our four main cost centers; first cost of goods sold, concentrated mainly on cost of services and cloud hosting was $1.1 million in Q2 '13 compared to $1.2 million in Q1 '13. Second, R&D expenses for Q2 '13 was $1.8 million compared to $1.7 million in Q1 '13. Sales and marketing expenses of Q2 '13 was $1.5 million compared to $1.4 million in Q1 '13. Finally, G&A expenses for Q2 '13 was $1.0 million compared to $1.1 million in Q1 '13.

Balance sheet: As of end of June '13 we had $49.5 million of cash and cash equivalents and short-term investments, with no long term debt, compared to $51.4 million at the end of Q1 '13. Accounts receivable were $2.1 million at the end of Q2 '13 compared to $2.4 million at the end of Q1 '13. Day sales outstanding in Q2 '13 was 49 days compared to 56 days in Q1 '13. Prepaid expenses and other current assets were $1.2 million at the end of Q2 '13, compared to $1.1 million in Q1 ’13.

Other non-recurring assets was (inaudible) at the end Q2 '13, same as in Q1 '13. Accounts payable was $0.6 million at the end of Q2 '13 compared to $0.8 million in Q1 '13. Accrued expenses were $2.1 million at the end of Q2 '13, compared to $2.0 million in Q1 '13.

Deferred maintenance was $2.5 million at the end of Q2 '13, compared to $3.5 million in Q1 '13. Earned revenue was $2.3 million at the end of Q2 '13, compared to $2.4 million in Q1 '13. Other non-current liabilities was $0.9 million at the end of Q2 '13 compared to $1.0 million in Q1 '13.

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