Borland Revenues Increase 7% in 2002 Second Quarter; Pro Forma Operating Income Rises 14%.Business Editors SCOTTS VALLEY, Calif.--(BUSINESS WIRE)--July 25, 2002 Borland Software Corporation (company) Borland Software Corporation - A company that sells a variety of PC software development and database systems. Borland was founded in 1983 and initially became famous for their low-cost software, particularly Turbo Pascal, Turbo C, and Turbo Prolog. (Nasdaq NM: BORL) today announced its financial results for the second quarter and six-month period ended June June: see month. 30, 2002. Revenues Rise 7% in Second Quarter For the 2002 second quarter, revenues increased 7% to $59.7 million from $56.0 million for the second quarter of 2001. License revenues rose 5% to $50.1 million from $47.5 million a year ago. Gross margins improved to 85% compared with 83% in the second quarter of 2001. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the second quarter was $4.4 million compared with $4.9 million for the second quarter of 2001. Excluding acquisition-related expenses, pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma operating income for the second quarter rose 14% to $6.0 million compared with $5.2 million for the second quarter of 2001. As anticipated, other income for the second quarter decreased to $1.7 million from $3.2 million for the second quarter of 2001. The decline of almost $1.5 million, or $0.02 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, reflects declines in interest rates compared to the year-ago period, despite relatively higher cash and investment balances. Using Generally Accepted Accounting Principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting (GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). ), second quarter 2002 net income including acquisition-related costs was $4.7 million, or $0.06 per diluted share, compared with net income of $6.4 million, or $0.09 per diluted share, for the 2001 second quarter. For the 2002 second quarter, pro forma net income, excluding acquisition-related expenses, was $5.9 million, or $0.08 per diluted share, on 74.6 million weighted average shares outstanding. This compares with pro forma net income of $6.7 million, or $0.09 per diluted share, on 73.9 million weighted average shares outstanding for the second quarter of 2001. "Borland's revenues are up despite these economically challenging times. Our performance this quarter marks our ninth consecutive quarter of profitability and 10th consecutive quarter of positive cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses ," said Dale L. Fuller, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Borland (Borland Software Corporation, Austin, TX, www.borland.com) A software company founded as Borland International in 1983 by Philippe Kahn. The company is noted for its language and development products. It also popularized the desktop accessory for DOS PCs with its Sidekick program. . "Clearly, enterprises today are making fewer major IT purchases and working with what they have. That's where Borland comes in. Our software technology helps enterprises of all sizes --including the Fortune 1000 -- get the most from their current systems while they build for the future. In today's precarious marketplace, customers also gravitate grav·i·tate intr.v. grav·i·tat·ed, grav·i·tat·ing, grav·i·tates 1. To move in response to the force of gravity. 2. To move downward. 3. toward companies that have technology leadership and staying power. Borland has both." Fuller said Borland's consistent financial performance has led more and more customers to see the company as a safe bet for enterprise level software. "Our success is a testament to Borland's focus on being a leader in software technology across Java(TM), Linux Linux Nonproprietary operating system (OS) for digital computers. In 1991 Linus Torvalds of Finland began asking for volunteer programmers over the Internet to collaborate on the development of a UNIX-like OS for personal computers; the “1. (R), Wireless and Web Services (1) Loosely, any online service delivered over the Web. Such usage appears in articles from non-technical sources, but not in IT-oriented publications, because definition #2 below describes the correct use of the term. . In fact, revenue in one of our key businesses, Java, is up 42% year over year," Fuller said. "In addition, despite the current downturn Downturn The transition point between a rising, expanding economy to a falling, contracting one. downturn A decline in security prices or economic activity following a period of rising or stable prices or activity. in the stock market, Borland remains committed to sales growth and enhancing shareholder value as indicated by our recent acquisitions, investments in R&D, share buy-back program and tight control of costs. Borland's growth and stability are driven by affordable best-in-class software technologies that are independent of the underlying hardware and software infrastructure. This combination, coupled with strong execution, makes Borland not just the smart choice for our customers, but a safe choice," Fuller added. During the second quarter, Borland completed the acquisition of Highlander Engineering, launched new versions of major product offerings, and continued to extend its breadth in the application lifecycle management The administration and control of an application from inception to its demise. It embraces requirements management, system design, software development and configuration management and implies an integrated set of tools for developing and controlling the project. space. Second quarter revenues were once again driven by its leadership position in the Java development market. Java revenues increased 42% over the second quarter of 2001 and represented 43% of total second quarter 2002 revenues. Borland's Java business benefited from the launches of JBuilder(TM) 7, Borland (R) Enterprise Studio for Java(TM) 4, JBuilder Enterprise, Sybase Edition, and JBuilder(TM) MobileSet 3. The Borland Rapid Application Development (RAD (1) (Rapid Application Development) Developing systems incrementally and delivering working pieces every three to four months, rather than waiting until the entire project is programmed before implementing it. ) business was down 28% when compared with the second quarter of 2001, during which Delphi 6 was launched. Financial performance in the RAD business, which represented the company's second largest revenue generator generator, in electricity, machine used to change mechanical energy into electrical energy. It operates on the principle of electromagnetic induction, discovered (1831) by Michael Faraday. with 22% of total revenues, is closely aligned with the release of new products. No new RAD products were launched in the second quarter of 2002. Earlier this week, Borland announced the launch of Borland(R) Kylix(TM) 3 with full support for the industry-standard C++ programming language. Kylix 3 is the first RAD solution that enables C++ developers to quickly create high-performance GUI (Graphical User Interface) A graphics-based user interface that incorporates movable windows, icons and a mouse. The ability to resize application windows and change style and size of fonts are the significant advantages of a GUI vs. a character-based interface. client, database, Web, and Web Services applications for the Linux operating system operating system (OS) Software that controls the operation of a computer, directs the input and output of data, keeps track of files, and controls the processing of computer programs. . According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. research firm IDC, C and C++ continue to be the leading primary languages for application development, and C++ is the development language of choice for Linux developers. Borland's Enterprise business remained relatively constant compared with the second quarter of 2001 and generated 19% of total second quarter 2002 revenues. Revenue from this business was driven primarily by OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and sales. Also contributing to the Enterprise revenue were sales of Borland's small-footprint, highly scalable, robust databases, Interbase(R) and JDataStore(TM). Services revenues increased 14% compared with the year-ago second quarter and represented 16% of total second quarter 2002 revenues. Borland benefits from a global geographic presence and multiple distribution channels. Compared with the second quarter of 2001, the Asia/Pacific region grew 38%, while EMEA (Europe, Middle East, Africa) Refers to that region of the world. For example, one might see products packaged differently for the UK, EMEA and Asia Pacific markets. increased 3%, and the Americas remained flat. As a percent of total second quarter 2002 revenues, Asia/Pacific represented 20%, EMEA 35%, and Americas 45%. Solid Balance Sheet At June 30, 2002, Borland's financial position remains strong, with cash, cash equivalents, and short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. investments reaching $305.9 million and no long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. . During the quarter, the company repurchased approximately 330,000 shares of Borland common stock at a cost of approximately $3.4 million. Days sales outstanding In accountancy, Days Sales Outstanding is a company's average collection period. A low figure indicates that the company collects its outstanding receivables quickly. Typically it is looked at either quarterly or yearly (90 or 365 days). (DSOs) for the second quarter were 67. This compares with DSOs of 65 in the first quarter of 2002 and 70 days for the second quarter of 2001. The slight increase is attributable to more enterprise-level deals closing late in the quarter, plus a larger percentage of European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying , which generally follow a longer payment cycle. Compared with a year ago, deferred revenue increased $5.2 million, or 24%, from $21.5 million. On a sequential basis, deferred revenues rose by $1.5 million, or 6%, to $26.8 million. Frederick A. Ball, Borland's executive vice president and CFO See Chief Financial Officer. , said, "In the second quarter, we believe we made the appropriate choices between investing assets to support our growth and managing costs in this tough economic environment. The company also generated approximately $10.2 million in free cashflow from operations, further strengthening our balance sheet. With no long-term debt, a healthy cash position, and a solid product pipeline, Borland is well positioned to emerge an even stronger competitor once this economy improves. "As stewards of corporate assets, our ongoing goal is to achieve disciplined growth while advancing our strategy to emerge as the leading independent provider of technology solutions used to develop, deploy, integrate, and manage software applications across all major platforms," concluded Mr. Ball. Revenues Increase 8% for Six-month Period For the first six months of 2002, revenues increased 8% to $116.8 million from $107.7 million for the same six-month period of 2001. License revenues for the 2002 six-month period rose more than 9% to $97.8 million from $89.9 million a year ago. Gross margin for the 2002 period was 85% versus 84% in the same six-month period of 2001. Including acquisition-related costs, on a GAAP basis, net income for the 2002 six-month period was $9.3 million, or $0.12 per diluted share, compared with net income of $12.3 million, or $0.17 per diluted share, for the 2001 six-month period. Excluding acquisition-related costs, pro forma operating income for the 2002 six-month period increased 21% to $11.5 million compared with $9.5 million for the first six months of 2001. Pro forma net income for the first six months of 2002 was $11.7 million, or $0.16 per diluted share, compared with net income of $12.9 million, or $0.18 per diluted share last year. Guidance for 2002 Third Quarter and Full Year Borland expects revenues to increase approximately 5-10% in the third quarter of 2002 when compared with the third quarter of 2001. Gross margins for the 2002 third quarter are expected to remain in the 83%-85% range, and pro forma operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: are expected to range from 6%-9%. Non-operating income is expected to continue to be impacted by changes in the Federal Funds rate Federal Funds Rate The interest rate at which a depository institution lends immediately available funds (balances at the Federal Reserve) to another depository institution overnight. . Acquisition-related expenses are expected to range from $1.25 million to $1.75 million for the third quarter and balance of the year. Borland's effective tax rate is expected to be 22% for the remainder of the year. Pro forma earnings pro forma earnings Income not necessarily calculated in accordance with generally accepted accounting principles. For example, a company might report pro forma earnings that exclude depreciation expense and nonrecurring expenses such as restructuring costs. per diluted share are expected to be in the range of $0.06 to $0.08 in the third quarter of 2002. Depending on Borland's stock price performance, weighted average diluted shares outstanding could range from 74 million to 76 million, as determined by the Treasury method. Borland anticipates 2002 annual revenues to increase 5%-10% over 2001 revenues and gross margins to remain in the 83%-85% range. Conference Call Information The Borland Software Corporation second quarter 2002 teleconference and simultaneous Webcast is scheduled to begin at 2:30 p.m. Pacific Time, on Thursday, July 25, 2002. To access the live Webcast, please visit www.companyboardroom.com or Borland's Website at www.borland.com at least 30 minutes prior to the call to download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. any necessary audio or plug-in software. About Borland Borland Software Corporation is a leading provider of technology used to develop, deploy, integrate, and manage software applications. Delivering best-in-class technology solutions dedicated to interoperability The capability of two or more hardware devices or two or more software routines to work harmoniously together. For example, in an Ethernet network, display adapters, hubs, switches and routers from different vendors must conform to the Ethernet standard and interoperate with each other. , Borland allows enterprises of all sizes to move into Web based Coming from a Web server. See Web application. computing computing - computer while leveraging legacy systems. From the Fortune 1000 to the Borland Developer Network comprised of millions of developers around the world, Borland provides customers the freedom to develop applications, deploy them anywhere, and integrate and manage them across the enterprise. Borland solutions enable organizations to increase productivity and deliver higher performance projects faster and on budget, while lowering total cost of ownership. Founded in 1983, Borland is headquartered in Scotts Valley, California Scotts Valley is a small city located in eastern Santa Cruz County, California, United States, about ten miles (16 km) south of San Jose and six miles (10 km) north of the beach in the upland slope of the Santa Cruz Mountains. As of the 2000 census, the city population was 11,385. with operations worldwide. To learn more, visit Borland at http://www.borland.com, the community site at http://community.borland.com, or call Borland at (800) 632-2864. All Borland brand and product names are trademarks or registered trademarks of Borland Software Corporation, in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and other countries. All other marks are the property of their respective owners. Pro Forma Adjustments Borland provides pro forma operating income, pro forma net income, and pro forma net income per share data as an alternative for understanding the company's operating results. These measures are not in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with, or an alternative for, generally accepted accounting principals (GAAP) and may be materially different from pro forma measures used by other companies. Borland computes pro forma net income by adjusting GAAP net income after extraordinary items with the impact of amortization of goodwill and intangibles, acquisition-related charges, impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. and restructuring charges restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. , one-time gains and losses, and extraordinary gains and losses, as well as the tax effect of these charges. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement This release contains "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " as defined under the Federal Securities Laws, including the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. All statements that are not historical are forward-looking. Forward-looking statements contained in this release may relate to, but are not limited to, Borland's results for the second quarter and six-month period ended June 30, 2002, and Borland's near-term and long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. outlook. Such forward-looking statements are based on current expectations that involve a number of uncertainties and risks that may cause actual events or results to differ materially. Factors that could cause actual events or results to differ materially include, among others, the following: general economic factors and capital market conditions, general industry trends, the potential effects on Borland of competition in computer software product and services markets, growth rates Growth Rates The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures. Notes: Remember, historically high growth rates don't always mean a high rate of growth looking into the future. in the software and professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. markets that Borland participates in, rapid technological change that can adversely affect the demand for Borland's products, shifts in customer demand, geographic concentration of revenues, market acceptance of new or enhanced products or services developed, marketed or sold by Borland, delays in scheduled product availability dates The date after notification of mobilization by which forces will be marshalled at their home station or mobilization station and available for deployment. See also home station; mobilization; mobilization station. , open source technologies that compete with Borland's products, actions or announcements by competitors, software errors, reduction in sales to or loss of any significant customers, the size and timing of execution of enterprise-level licenses, the ability to successfully integrate acquisitions, Borland's ability to protect its intellectual property rights, dependence on technologies licensed from third parties, Borland's ability to attract and retain qualified personnel, Borland's failure to contain costs and unanticipated further deterioration de·te·ri·o·ra·tion n. The process or condition of becoming worse. of economic and financial conditions in the United States and around the world resulting from geopolitical ge·o·pol·i·tics n. (used with a sing. verb) 1. The study of the relationship among politics and geography, demography, and economics, especially with respect to the foreign policy of a nation. 2. a. conflicts and other consequences of the United States' war against terrorism. These and other risks may be detailed from time to time in Borland's periodic reports filed with the Securities and Exchange Commission, including, but not limited to, its latest Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and its latest Quarterly Report on Form 10-Q Form 10-Q See 10-Q. , copies of which may be obtained from www.sec.gov. Borland is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
BORLAND SOFTWARE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data, unaudited)
Three Months Ended Six Months Ended
-------- -------- -------- --------
June 30, June 30, June 30, June 30,
2002 2001 2002 2001
-------- -------- -------- --------
Revenues
Licenses and other $ 50,095 $ 47,538 $ 97,763 $ 89,945
Services 9,627 8,474 19,036 17,763
-------- -------- -------- --------
Total revenues 59,722 56,012 116,799 107,708
Cost of revenues
Licenses and other 3,557 3,460 7,077 6,440
Services 5,355 6,019 10,390 11,051
-------- -------- -------- --------
Cost of revenues 8,912 9,479 17,467 17,491
Gross profit 50,810 46,533 99,332 90,217
Operating expenses
Research
and development (1) 12,711 11,178 24,660 22,236
Selling, general
and administrative (2) 32,102 30,115 63,135 58,461
Restructuring,
amortization
of intangibles
and merger-related
expenses 1,564 351 3,086 763
-------- -------- -------- --------
Total operating expenses 46,377 41,644 90,881 81,460
Operating income 4,433 4,889 8,451 8,757
Interest income,
net and other 1,700 3,160 3,430 6,608
-------- -------- -------- --------
Income before taxes 6,133 8,049 11,881 15,365
Provision for
income taxes 1,464 1,635 2,615 3,098
-------- -------- -------- --------
Net income $ 4,669 $ 6,414 $ 9,266 $ 12,267
======== ======== ======== ========
Income per share
- Basic (3) $ 0.07 $ 0.10 $ 0.13 $ 0.19
Income per share
- Diluted $ 0.06 $ 0.09 $ 0.12 $ 0.17
Shares used in
the calculation
of basic income
per share 70,406 62,577 70,224 62,405
Shares used in
the calculation
of diluted income
per share 74,632 73,879 75,304 73,070
(1) Research and development expenses for the quarter and six months
ended June 30, 2001 exclude approximately $220 and $440,
respectively, in acquisition-related expenses associated with the
acquisition of Bedouin Software Inc. These expenses have been
included in amortization of intangibles and merger-related
expenses.
(2) Selling, general and administrative expenses for the quarter and
six months ended June 30, 2001 exclude approximately $131 and
$323, respectively, in acquisition-related expenses associated
with the acquisition of Engine Informatica LTD. These expenses
have been included in amortization of intangibles and
merger-related expenses.
(3) The calculation of net income per share for the quarter and six
months ended June 30, 2001 includes an accretion to the Series C
Preferred Stock of approximately $178 and $397, respectively.
BORLAND SOFTWARE CORPORATION
PROFORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data, unaudited)
Three Months Ended Six Months Ended
-------- -------- -------- --------
June 30, June 30, June 30, June 30,
2002 2001 2002 2001
-------- -------- -------- --------
Revenues
Licenses and other $ 50,095 $ 47,538 $ 97,763 $ 89,945
Services 9,627 8,474 19,036 17,763
-------- -------- -------- --------
Total revenues 59,722 56,012 116,799 107,708
Cost of revenues
Licenses and other 3,557 3,460 7,077 6,440
Services 5,355 6,019 10,390 11,051
-------- -------- -------- --------
Cost of revenues 8,912 9,479 17,467 17,491
Gross profit 50,810 46,533 99,332 90,217
Operating expenses
Research and
development 12,711 11,178 24,660 22,236
Selling, general
and administrative 32,102 30,115 63,135 58,461
Restructuring,
amortization
of intangibles
And merger-related
expenses (1) -- -- -- --
-------- -------- -------- --------
Total operating
expenses 44,813 41,293 87,795 80,697
Operating income 5,997 5,240 11,537 9,520
Interest income,
net and other 1,700 3,160 3,430 6,608
-------- -------- -------- --------
Income before taxes 7,697 8,400 14,967 16,128
Provision for
income taxes (2) 1,837 1,706 3,291 3,251
-------- -------- -------- --------
Net income $ 5,860 $ 6,694 $ 11,676 $ 12,877
======== ======== ======== ========
Income per share
- Basic (3) $ 0.08 $ 0.10 $ 0.17 $ 0.20
Income per share
- Diluted $ 0.08 $ 0.09 $ 0.16 $ 0.18
Shares used in
the calculation
of basic income
per share 70,406 62,577 70,224 62,405
Shares used in
the calculation
of diluted income
per share 74,632 73,879 75,304 73,070
(1) Pro forma income for the quarter and six months ended June 30,
2002 excludes approximately $1,564 and $3,086, respectively, in
acquisition-related expenses associated with the acquisitions of
Redline Software Inc. (VMGEAR) and Bedouin Software Inc. Pro forma
income for the quarter and six months ended June 30 , 2001
excludes approximately $351 and $763, respectively, in
acquisition-related expenses associated with the acquisition of
Bedouin Software Inc. and Engine Informatica LTD. For the quarter
and six months ended June 30, 2002, the acquisition related
expenses included $1,028 and $2,040, respectively, in compensation
expenses that will be paid in the next three years depending on
future revenues derived from the sale of Redline products and the
retention of certain employees of Redline.
(2) Pro forma income for the quarter ended June 30, 2002 and 2001 is
presented based upon our effective tax rate of 23.9% and 20.3% for
the quarters respectively. Accordingly, an adjustment to increase
the provision for income taxes was included in the pro forma
income statement in the amount of $373 and $71 for the quarters
ended June 30, 2002 and 2001, respectively. Pro forma income for
the six months ended June 30, 2002 and 2001 is presented based
upon our effective tax rate of 22% and 20.2%, respectively.
Accordingly, an adjustment to increase the provisions for income
tax was included in the pro forma income statement in the amount
of $676 and $153 for the six months ended June 30, 2002 and 2001,
respectively.
(3) The calculation of net income per share for the quarter and six
months ended June 30, 2001 includes an accretion to the Series C
Preferred Stock of approximately $178 and $397, respectively.
BORLAND SOFTWARE CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)
June 30, December 31,
2002 2001
-------- --------
ASSETS
Cash, cash equivalents
and short-term investments $305,852 $294,370
Accounts receivable, net 44,221 38,405
Property and equipment, net 18,559 18,994
Other assets 25,090 24,054
-------- --------
Total assets $393,722 $375,823
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Deferred revenue $ 26,754 $ 23,859
Other current liabilities 66,020 64,710
-------- --------
Total current liabilities 92,774 88,569
Other long-term liabilities 10,511 10,469
Stockholders' equity 290,437 276,785
-------- --------
Total liabilities and stockholders' equity $393,722 $375,823
======== ========
|
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion