SIEBEL SYSTEMS, INC.
Consolidated Balance Sheets
(In thousands, except per share data)
March 31, December 31,
2002 2001
Assets
Current assets:
Cash, cash equivalents and
short-term investments $ 1,877,855 $ 1,656,655
Marketable equity securities 8,827 8,254
Accounts receivable, net 369,161 396,297
Deferred income taxes 61,241 58,131
Prepaids and other 54,425 70,766
------------- -------------
Total current assets 2,371,509 2,190,103
Property and equipment, net 346,551 353,242
Goodwill 78,824 72,869
Intangible assets, net 16,772 19,000
Other assets 56,112 56,905
Deferred income taxes 52,725 52,725
------------- -------------
Total assets $ 2,922,493 $ 2,744,844
============= =============
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 19,391 $ 14,395
Accrued expenses 356,269 350,282
Deferred revenue 273,046 241,017
------------- -------------
Total current liabilities 648,706 605,694
Capital lease obligations 20,222 3,048
Convertible subordinated
debentures 300,000 300,000
------------- -------------
Total liabilities 968,928 908,742
------------- -------------
Stockholders' equity:
Common stock; $0.001 par value;
2,000,000 shares authorized;
473,229 and 466,950 shares
issued and outstanding,
respectively 473 467
Additional paid-in capital 1,416,452 1,357,422
Notes receivable from
stockholders (422) (422)
Deferred compensation (6,873) (8,362)
Accumulated other comprehensive
income (1,509) 6,174
Retained earnings 545,444 480,823
------------- -------------
Total stockholders' equity 1,953,565 1,836,102
------------- -------------
Total liabilities and
stockholders' equity $ 2,922,493 $ 2,744,844
============= =============
SIEBEL SYSTEMS, INC.
Consolidated Statements of Operations
(In thousands, except per share data)
Three Months Ended
March 31,
2002 2001
-----------------------------
Revenues:
Software $ 246,047 $ 335,101
Professional services, maintenance
and other 231,800 263,649
---------- ----------
Total revenues 477,847 598,750
---------- ----------
Cost of revenues:
Software 5,295 4,361
Professional services, maintenance
and other 126,014 172,675
---------- ----------
Total cost of revenues 131,309 177,036
---------- ----------
Gross margin 346,538 421,714
---------- ----------
Operating expenses:
Product development 49,064 48,133
Sales and marketing 165,345 211,959
General and administrative 41,751 54,226
---------- ----------
Total operating expenses 256,160 314,318
---------- ----------
Operating income 90,378 107,396
Other income, net 10,593 14,699
---------- ----------
Income before income taxes 100,971 122,095
Income taxes 36,350 45,174
---------- ----------
Net income $ 64,621 $ 76,921
========== ==========
Diluted net income per share $ 0.12 $ 0.15
========== ==========
Shares used in diluted net income
per share computation 542,990 519,873
========== ==========
Basic net income per share $ 0.14 $ 0.17
========== ==========
Shares used in basic net income
per share computation 470,489 448,025
========== ==========
*T
Note: Effective January 1, 2002, the Company adopted the
provisions of Statement of Financial Accounting Standards No. 142
"Goodwill and Other Intangible Assets" (SFAS 142). Under SFAS 142,
goodwill is no longer amortized, beginning January 1, 2002. If the
non-amortization provisions of SFAS 142 had been effective in 2001,
net income, diluted net income per share, and basic net income per
share for the three months ended March 31, 2001, would have been
$80,428, $0.15, and $0.18, respectively.
Effective January 1, 2002, the Company adopted the provisions of
Financial Accounting Standards Board Topic D-103 regarding income
statement presentation of rebillable out-of-pocket expenses (Topic
D-103). Topic D-103 requires that certain out-of-pocket expenses
rebilled to customers be recorded as revenue versus an offset to the
related expense. Prior period financial statements have been
reclassified to conform to this presentation, as required by Topic
D-103.
--30--nj/sf* pw/sf
CONTACT: Siebel Systems, Inc.
Kenneth A. Goldman, 650/295-5656
Investor.relations@siebel.com
KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: INTERNET NETWORKING SOFTWARE EARNINGS
SOURCE: Siebel Systems
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