BVSN

BroadVision, Inc. (BVSN)

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BroadVision, Inc. (BVSN)

Q3 2013 Earnings Conference Call

October 23, 2013 05:00 PM ET

Executives

Peter Chu - Vice President of Strategy, Products & Marketing

Shin-Yuan Tzou - Chief Financial Officer

Analysts

Daniel Pellicano - First Midwest Securities

Presentation

Operator

Welcome to the BroadVision Q3 year 2013 earnings announcement and investor conference event. My name is Richard and I will be your operator for today’s call. At this time all participants are in a listen-only mode. Later we will conduct a question-and-answer session. Please note that this conference is being recorded.

I’ll now turn the call over to Mr. Peter Chu. Mr. Chu, you may begin.

Peter Chu

Thank you, Richard. Good afternoon, everyone. My name is Peter Chu, Vice President of Strategy, Products & Marketing at BroadVision. Welcome to our 2013 Q3 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 third quarter results, which were announced in the press release earlier this afternoon. Next, I will provide products and marketing update, 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 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 SEC Filings page.

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

Shin-Yuan Tzou

Thanks, Peter. Now our Q3 2013 results in terms of P&L, balance sheet and other operating highlights. Revenues; Q3 total revenues were $4.0 million with $1.3 million in licenses, $1.6 million in maintenance and the $1.1 million in consulting services. Sequentially this compares to Q2 '13 total revenues of $4.1 million, with $1.4 million in licenses, $1.8 million in maintenance and the $0.9 million in consulting services.

In comparison, Q3 '12 total revenues were $3.6 million, with $1.3 million in licenses, $1.7 million in maintenance and $0.6 million in consulting services. Q3 '13 revenues by region were 34% Americas, 26% EMEA, and 40% APJ, compared to 44% Americas, 31% EMEA, and 25% APJ in Q2 '13, and 44% Americas, 35% EMEA, and 21% APJ in Q3 '12.

On a GAAP basis, total operating cost plus cost of revenues were $5.3 million in Q3 ’13, compared to $5.5 million in Q2 ’13 and $4.9 million in Q3 ’12. In Q3 ’13, we generated a GAAP net loss of $0.8 million or $0.18 per basic and diluted share, compared to a net loss of $1.1 million or $0.23 per basic and diluted share in Q2 '13, and the net loss of $66,000 or $0.01 per basic and diluted share in Q3 '12.

Q3 ’13 results included foreign exchange gain of $525,000. The company does not engage in active currency trading. The foreign exchange gain was due to book adjustments of certain balance sheet items, primarily our deposits in Europe to reflect the dollar exchange rate fluctuations during the quarter.

Looking at our four main cost centers, first, cost of goods sold, concentrated mainly on cost of services and the cloud hosting was $1.3 million in Q3 ‘13 compared to $1.1 million in Q2 ‘13. Second R&D expense for Q3 ‘13 were $1.8 million same as in Q2 ‘13. Sales and marketing expenses for Q3 ‘13 were $1.3 million compared to $1.5 million in Q2 ‘13.

Finally, G&A expenses for Q3 ‘13 were $0.9 million compared to $1.0 million in Q2 ‘13. Balance sheet, at the end of Q3, 13 we had $47.7 million of cash and cash equivalents and short-term investments with no long-term debt compared to $49.5 million at the end of Q2 ‘13.

Account receivables were $2.6 million at the end of Q3 ‘13 compared to $2.1 million in Q2 ‘13. Days sales outstanding in Q3 ‘13 was 61 days compared to the 49 days in Q2 ‘13.

Prepaid expenses and other current assets were $1.3 million at the end of Q3 ‘13 compared to $1.2 million in Q2 ‘13. Other non-current assets were $0.5 million at the end of Q3 ‘13 same as in Q2 ‘13.

Account payables were $0.6 million at the end of Q3 ‘13 compared to $0.7 million at the end of Q2 ‘13. Accrued expenses were $2.4 million at the end of Q3 ‘13 compared to $2.0 million in Q2 ‘13.

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