FIREPOND, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
April 30, October 31,
2000 1999
ASSETS
Current assets:
Cash and cash equivalents $ 91,984 $ 2,120
Short term investments 16,367 --
Accounts receivable, net 11,713 9,910
Unbilled services 1,006 1,191
Prepaid expenses and
other current assets 1,532 1,265
Total current asset 122,602 14,486
Property and equipment, net 5,984 6,048
Restricted cash 550 550
Long term investments 2,545 --
Other assets 884 576
$ 132,565 $ 21,660
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Line of credit $ -- $ 6,740
Current portion of long-term debt 1,479 1,313
Accounts payable 2,253 3,833
Accrued liabilities 8,974 5,700
Deferred revenue 9,068 8,280
Total current liabilities 21,774 25,866
Long-term debt, less current portion 339 702
Restructuring accrual,
less current portion 14 446
Stockholders' equity (deficit):
Preferred stock -- 191
Common stock 355 101
Additional paid-in capital 189,941 62,380
Accumulated deficit (72,197) (61,793)
Deferred compensation (6,723) (5,893)
Cumulative translation adjustment (897) (327)
Subscription receivables -- (13)
Unrealized loss on investments (41) --
Total stockholders' equity (deficit) 110,438 (5,354)
$ 132,565 $ 21,660
FIREPOND, INC. AND SUBSIDIARIES
PRO FORMA STATEMENTS OF OPERATIONS (1)
(in thousands, except per share data)
(unaudited)
Three Months Six Months
Ended April 30 Ended April 30
2000 1999 2000 1999
Revenue:
Product-related revenue:
License $4,921 $2,410 $8,828 $4,017
Services and maintenance 5,058 1,950 9,516 3,246
Total product-related
revenue 9,979 4,360 18,344 7,263
Custom development services 3,608 4,066 7,220 8,349
Total revenue 13,587 8,426 25,564 15,612
Cost of revenue:
License 138 47 267 93
Product-related services
and maintenance 2,828 1,405 5,111 2,403
Custom development
services 1,407 2,733 3,006 5,734
Total cost of revenue 4,373 4,185 8,384 8,230
Gross profit 9,214 4,241 17,180 7,382
Operating expenses:
Sales and marketing 6,671 6,541 13,089 11,299
Research and
development 3,650 1,828 7,347 3,825
General and
administrative 2,242 1,717 4,204 3,248
Total operating
expenses 12,563 10,086 24,640 18,372
Loss from operations (3,349) (5,845) (7,460) (10,990)
Other income (expense), net 1,472 (78) 927 (313)
Pro forma net loss $(1,877) $(5,923) $(6,533) $(11,303)
Pro forma net loss per share $(0.05) $(0.23) $(0.21) $(0.47)
Pro forma basic and
diluted weighted average
common shares outstanding 34,815 26,088 31,282 24,074
(1) The pro forma results exclude stock-based compensation
expense, reversal of restructuring charge, and loss on extinguishment
of debt, and assume the conversion of convertible preferred stock into
common stock on a weighted average basis for the period in which the
securities were outstanding during the quarters. |
