甲骨文 (ORCL) 2003 Q2 法說會逐字稿

Good afternoon ladies and gentlemen. Welcome to the SeeBeyond announces (ph) the actual second-quarter results conference call. At this time all participants are in a listen-only mode. Later we will conduct a question-and-answer session. I would now like to turn the call over to Ms. Andrea Williams, Senior Director of Investor Relations. Ms. Williams you may begin.

各位女士、先生，下午好。歡迎參加 SeeBeyond 公布（音）實際第二季業績的電話會議。此刻所有與會者皆處於僅收聽模式。稍後我們將進行問答環節。現在我想把電話會議交給投資人關係資深總監 Andrea Williams 女士。Williams 女士，您可以開始了。

Good afternoon everyone. Thank you for participating in today's conference call. To discuss SeeBeyond's final second-quarter 2003 results. With us today are Jim Demetrios, CEO of SeeBeyond; Barry Plaga, Chief Financial Officer; and Carg Mohr, President and COO. Following management's comments, we'll open up the call for questions. Now I would like to read the Safe Harbor disclaimer and other securities laws related statements. The following conference call includes statements that are not historical in nature and as such are intended to be forward-looking statements for purposes of the Safe Harbor provided by the Securities Litigation Reform Act. These statements, including those related to estimated revenue, growth, estimated loss per share levels of the third quarter of 2003, the expected timing of profitability on a quarterly basis, the expected level of future customer demand, and the success of efforts to secure new customers, control costs, and release new products are all statements based on SeeBeyond's current expectations, assumptions, estimates, and projections, its industry, and its future prospects. The Company would like to remind you that these statements are predictions and that actual events and results may differ materially from those forward-looking statements based on certain risks, including market acceptance of our products and services, risks relating to customer adoption of the Company's new SeeBeyond ICanSuite (ph) 5.0, the discretionary decision to released new versions of SeeBeyond products, release of competitive products, and changes in the mix of products and service revenue, among other factors. The forward-looking statements contained in this earnings release and earnings conference call are also subject other risks and uncertainties, including those more fully described in the company's filings with the SEC. These include its annual report filed on form 10-K for the year ended December 30, 2002 and its quarterly report on form 10-Q. The Company does not undertake to update any forward-looking statements.

各位下午好。感謝各位參加今天的電話會議。我們將討論 SeeBeyond 2003 年第二季最終業績。今天與會者包括 SeeBeyond 執行長 Jim Demetrios；財務長 Barry Plaga；以及總裁兼營運長 Carg Mohr。管理層發言後，我們將開放提問。現在我想宣讀「安全港」聲明及其他與證券法相關的聲明。以下電話會議包含非歷史性陳述，因此依《證券訴訟改革法》所提供之安全港條款，屬於前瞻性陳述。這些陳述，包括與 2003 年第三季預估營收、成長、每股預估虧損水準、預期按季度達成獲利的時間點、未來客戶需求的預期水準，以及爭取新客戶、控制成本與推出新產品等努力之成功與否相關的陳述，均係基於 SeeBeyond 目前對其產業與未來前景的期望、假設、估計與預測。本公司提醒各位，這些陳述屬於預測，實際事件與結果可能因若干風險而與前瞻性陳述存在重大差異，風險包括但不限於：市場對我們產品與服務的接受度、客戶採用公司新版 SeeBeyond ICanSuite（音）5.0 的相關風險、是否自行決定發布 SeeBeyond 產品新版本、競爭產品的推出，以及產品與服務營收組合的變化等因素。本次新聞稿與業績電話會議所包含的前瞻性陳述亦受其他風險與不確定性影響，詳見公司向美國證券交易委員會（SEC）提交之文件中的更完整說明。其中包括截至 2002 年 12 月 30 日止年度之 Form 10-K 年報，以及 Form 10-Q 季報。本公司不承諾更新任何前瞻性陳述。

Non-GAAP financial measures statement -- please note that on this call, we will provide you with several financial metrics determined on a non-GAAP or pro forma basis. These items, together with the corresponding GAAP numbers and the reconciliation to GAAP, where practicable are contained in today's press release which reposted on our web site at www.seebeyond.com and also furnished to the SEC on form 8-K. Please note as well that on this call, we will discuss historical financial and other statistical information regarding our business and operations. Some of this information is included in today's press release which we have posted on our web site and also furnished to the SEC on form 8-K. The remainder of the information will be available on our web site by accessing a replay of this call. Now, I'd like to turn the call over to Jim.

非 GAAP 財務衡量指標聲明——請注意，在本次電話會議中，我們將向各位提供若干以非 GAAP 或備考（pro forma）基礎計算的財務指標。這些項目連同對應的 GAAP 數字，以及在可行的情況下與 GAAP 的調節表，均載於今日新聞稿中；該新聞稿已重新張貼於我們的網站 www.seebeyond.com，並以 Form 8-K 形式提交給 SEC。另請注意，在本次電話會議中，我們也將討論與本公司業務與營運相關的歷史財務及其他統計資訊。其中部分資訊已包含於今日新聞稿中，我們已張貼於網站並以 Form 8-K 形式提交給 SEC。其餘資訊將可透過在我們網站上收聽本次電話會議的重播取得。現在，我想把電話交給 Jim。

Thank you Andrea. As you have already seen in our press release, final second-quarter 2003 results are as follows. SeeBeyond reported total revenue of 28.9 million, license revenue of 7.1 million, and a GAAP net loss of 21 cents per share. Pro forma net loss was 13 cents per share for the second quarter. In addition, we ended the second quarter with 80.1 million in cash and a 64 day DSO. The second quarter of 2003 was a very disappointing quarter for SeeBeyond. We encountered a difficult deal-closing environment throughout the quarter, culminating in a very tough June when our sales teams -- particularly here in the U.S. -- did not perform as we had expected. Obviously, SeeBeyond wanted to do much better than we did in the second quarter. Nevertheless, we believe our performance was generally indicative of a larger structural change in the marketplace. A change for which we have been anticipating and preparing for the last few years. As of our Q2 and the Q2's of others, I've demonstrated the IP spending environment -- particularly for integration software is not improving. It is worsening. It is clear that customers need business solutions beyond the traditional integration software, we and our competitors have been offering. Having seen this change coming, SeeBeyond has spent the last few years developing and bringing to the market and new thoroughly differentiated platform that is several generations ahead of traditional EAI software currently available, from SeeBeyond or other companies in the industry. This new product is SeeBeyond's ICAN -- Integrated Composite Application Network -- 5.0 Suite which we introduced in March of this year to a very positive analyst, media, and customer response. SeeBeyond's ICAN 5.0 Suite is generally being used now by several strategic early-adopter customers and will be generally released during the current quarter.

謝謝你，Andrea。如各位已在我們的新聞稿中看到，2003 年第二季最終業績如下。SeeBeyond 公布總營收 2,890 萬美元，授權（license）營收 710 萬美元，GAAP 每股淨損 0.21 美元。第二季備考每股淨損為 0.13 美元。此外，我們在第二季末的現金為 8,010 萬美元，DSO 為 64 天。2003 年第二季對 SeeBeyond 而言是非常令人失望的一季。我們在整個季度都面臨艱難的成交環境，並在 6 月達到高峰；當時我們的銷售團隊——尤其是在美國——表現未如我們預期。顯然，SeeBeyond 希望第二季能做得更好。儘管如此，我們認為我們的表現大致反映了市場上更大規模的結構性變化。而這項變化，我們在過去幾年一直在預期並為之準備。從我們第二季以及其他公司的第二季表現來看，我已說明 IT 支出環境——尤其是整合軟體方面——並未改善。反而正在惡化。很明顯，客戶需要超越傳統整合軟體的商業解決方案，而我們與競爭對手一直以來所提供的正是傳統整合軟體。看到這項變化即將到來，SeeBeyond 在過去幾年投入開發並推向市場一個全新、徹底差異化的平台，其技術世代領先目前可取得的傳統 EAI 軟體數個世代，不論是 SeeBeyond 或產業內其他公司皆然。這項新產品是 SeeBeyond 的 ICAN——Integrated Composite Application Network（整合式複合應用網路）——5.0 套件；我們於今年 3 月推出後，獲得分析師、媒體與客戶非常正面的回應。SeeBeyond 的 ICAN 5.0 套件目前已由數家策略性早期採用客戶使用，並將於本季內正式全面發布。

Realizing it was not enough simply to bring a newly-evolved product suite to market, SeeBeyond has also embarked on a reorganization of its sales, marketing, and alliance teams. We're happy to report that this reorganization is well under way. As you saw this morning, we hired Mike Manspach (ph) as Senior Vice President of Marketing, succeeding Kate Mitchell in this position. With more than 13 years of experience -- most recently with SeeCommerce (ph), Mike brings to SeeBeyond a track record of success in positioning new and differentiated technology effectively in the marketplace. To assure that our SeeBeyond ICAN 5.0 outreach to existing and new customers is handled at the most senior level, we have established a strategic position of a Chief Customer Officer, which will be filled by Kate Mitchell pelandre. Our former SVP of Marketing and Business Development Kate, really has worked with our customers, partners, analysts, and media on a global basis for more than 40 years to help achieve appropriate visibility for SeeBeyond as a universally recognized technology leader. Now she'll be working directly with senior executives at new and existing customer organizations to enumerate the business advantages of our ICAN 5.0 Suite.

SeeBeyond 意識到，僅僅將新演進的產品套件推向市場仍不足夠，因此也著手對其銷售、行銷與聯盟團隊進行重整。我們很高興報告，這項重整正在順利推進。如各位今早所見，我們已聘請 Mike Manspach（音）擔任行銷資深副總裁，接替 Kate Mitchell 的職務。Mike 擁有超過 13 年的經驗——最近任職於 SeeCommerce（音）——他為 SeeBeyond 帶來在市場上有效定位全新且具差異化技術的成功實績。為確保我們對既有與新客戶推廣 SeeBeyond ICAN 5.0 的工作能在最高層級進行，我們設立了「首席客戶長」（Chief Customer Officer）的策略性職位，將由 Kate Mitchell pelandre 擔任。我們前任行銷與業務發展資深副總裁 Kate，確實已在全球範圍內與客戶、合作夥伴、分析師與媒體合作超過 40 年，協助 SeeBeyond 取得適當能見度，成為普遍公認的技術領導者。接下來她將直接與新舊客戶組織的高階主管合作，具體闡述我們 ICAN 5.0 套件的商業優勢。

Finally, we made a very significant announcement this afternoon that H. Carvel Moore (ph) has joined SeeBeyond as President and Chief Operations Officer. Carv was formerly President of Novell, Inc. and was responsible for leading all assets of Novell's operations in the Americas, including both the Novell and Cambridge (ph) technology partners businesses which approximated over 600 million in revenue and employed over 1300 people. Prior to Novell, Carv was President, North America for Cambridge technology partners. And prior to that he was the President and COO of Excel Beta Corp. which was acquired by Cambridge technology 1998. At SeeBeyond Carv will oversee worldwide sales, marketing, services, support, and alliances operations. The reason we have hired Carv is that the company has tripled in size in the last four years without a single acquisition. We're the only company in our industry to do that. We are releasing a product this quarter that is unique and has the potential to grow SeeBeyond dramatically. What we need is an executive that has grown and managed the operations of a company our size to a $600 million company. The company needs someone to come in and run the field and lead the customer charge. We needed a senior guy and we got him. Today, we have announced what I believe to be one of the most strategic hires in the Company's history and the hire that will prove to be the problem solver for the company's recent challenges. Carv is here with us by conference call today and would like to take a few minutes to introduce himself and to tell us why he joined SeeBeyond.

最後，我們今天下午發布了一項非常重大的公告：H. Carvel Moore（音）已加入 SeeBeyond，擔任總裁兼營運長。Carv 先前曾任 Novell, Inc. 總裁，負責領導 Novell 在美洲地區營運的所有資產，包括 Novell 與 Cambridge（音）Technology Partners 兩項業務，合計營收約超過 6 億美元，並雇用超過 1,300 名員工。在加入 Novell 之前，Carv 曾任 Cambridge Technology Partners 北美區總裁。再之前，他曾任 Excel Beta Corp. 的總裁兼營運長，該公司於 1998 年被 Cambridge Technology 收購。在 SeeBeyond，Carv 將負責監督全球銷售、行銷、服務、支援以及聯盟合作等營運。我們之所以聘請 Carv，是因為公司在過去四年內在未進行任何併購的情況下，規模成長了三倍。我們是本產業唯一做到這一點的公司。我們本季將推出一項獨特的產品，具備大幅推動 SeeBeyond 成長的潛力。我們需要一位曾將與我們同等規模公司的營運擴張並管理至 6 億美元規模的高階主管。公司需要有人進來掌舵前線，帶領客戶攻勢。我們需要一位資深的人才，而我們找到了他。今天，我們宣布了我認為是公司歷史上最具策略性的招募之一，這項任用也將證明能解決公司近期挑戰的關鍵。Carv 今天透過電話會議與我們同在，他想花幾分鐘自我介紹，並說明他為何加入 SeeBeyond。

Thanks, Jim. And I'm just delighted and excited over the opportunity -- I've been in conversations with Jim and the team for quite some time now. And it's great to finally be here today. What Jim outlined as my role in partnering up with him and focusing on the client side in the operations is what I have been doing for the past several years, not only with my own privately-held company, which was sold, but also as well as Cambridge technology partners and Novell. In all cases, making sure that the company was realinged and ready to execute as strategies involved and products were released in order to get to market quickly and effectively or while they were revising their strategy in its entirety. The areas of my activity -- recently Novell included rebuilding and re-operationalizing sales, operations, processes that support that, the metrics for accountability to make sure that the organization was on the track to performing as well as individual accountability and supporting evolution from a product company to a solutions company. Similarly at Cambridge, I helped drive a change from a company that went from systems integration through the business wave up through its merger with Novell back in 1998. And I'm looking forward to rolling up my sleeves today's my first day, obviously, -- but diving in with Jim and focusing on our partnerships and our alliances, our sales, and operations here at SeeBeyond. I am as I said, I'm delighted -- why did I join here? Well, I saw ICAN 5.0 with Jim down at headquarters a few weeks ago. I'd like to reiterate the comments that he made previously -- about that this is what I saw was a product that is truly differentiated from where the other offerings are currently in the marketplace. And I'm excited for the opportunity to help take that to the clients.

謝謝你，Jim。我對這個機會感到非常高興與振奮——我與 Jim 以及團隊已經洽談相當一段時間了。今天終於能在這裡，真的很棒。Jim 所概述的我的角色——與他搭檔並在營運上聚焦客戶端——正是我過去幾年一直在做的事，不僅是在我自己後來出售的私人公司，也包括在 Cambridge Technology Partners 與 Novell 的經歷。在所有情況下，我的重點都是確保公司重新調整到位並準備好執行：當策略推進、產品發布時，能快速且有效地推向市場；或是在公司全面修訂策略時亦能順利落地。我近期的工作範疇——在 Novell——包括重建並重新運作銷售與營運，以及支援這些工作的流程；建立可追責的衡量指標，確保組織運作回到正軌、落實個人責任，並支援公司從產品型公司演進為解決方案型公司。同樣地，在 Cambridge，我協助推動公司轉型：從系統整合起步，隨著商業浪潮一路發展，直到 1998 年與 Novell 合併。我期待捲起袖子——今天顯然是我第一天——與 Jim 一起深入投入，聚焦我們在 SeeBeyond 的合作夥伴與聯盟、銷售以及營運。如我所說，我很高興——我為什麼加入這裡？幾週前我在總部與 Jim 一起看了 ICAN 5.0。我想重申他先前的評論——我所看到的是一款真正有別於目前市場上其他方案的差異化產品。我也很期待能把它帶給客戶，協助推進落地。

Clearly, the promise of the integration marketplace is still out there. Clients looking to truly leverage their investments they've made up to this point through some very trying times and seeing what 5.0 can do to help enable that. I had the pleasure of meeting most of the senior team that works for Jim as part of the process of getting to know them. And I can tell you I ran into a group of individuals that is committed to excellence and execution here at SeeBeyond. On top of that, it's a tremendous Board of Directors. Each and every director brings I think a wealth of experience and perspective that I haven't seen on Boards like this. And I'm delighted to have the opportunity and the privilege to be working with them. I think lastly, but certainly not least important, is a fantastic customer base, which is global. It's not concentrated in any one area so I'm looking forward to working with Jim and getting out with each of these clients as we drive the 5.0 message to the market here in the near future. So Jim, thanks for the opportunity to introduce myself and I'll kick it back over to you.

顯然，整合市場的承諾仍然存在。客戶希望真正善用他們迄今為止在艱困時期所做的投資，並看看 5.0 能如何協助實現這一點。在彼此熟悉的過程中，我很高興能見到多數在 Jim 底下工作的資深團隊成員。我可以告訴各位，我遇到的是一群在 SeeBeyond 致力於卓越與執行力的夥伴。此外，董事會也非常強大。我認為每一位董事都帶來豐富的經驗與觀點，是我在類似董事會中少見的。我很高興也很榮幸能有機會與他們共事。最後但同樣重要的是，我們擁有極佳且全球化的客戶基礎。客戶並未集中在任何單一地區，因此我期待與 Jim 一起走訪每一位客戶，並在不久的將來把 5.0 的訊息推向市場。所以，Jim，謝謝你讓我有機會自我介紹，我把時間交回給你。

Thank you Carv. We're very excited to have you to be part of the SeeBeyond team. Really, just as the ICAN 5.0 Suite differentiates SeeBeyond in the marketplace, we are confident that our sales and management reorganization will do the same. SeeBeyond is at a pivotal point in its corporate evolution. And we've done this now several times, as we have grown through various stages. We have taken, I think, the steps necessary to strengthen our functional leadership and ensure the success of the 5.0 product suite release and return the company to profitable growth. We look forward to updating you in the coming weeks on a formal basis with the announcement of the release of our new product suite, as well as introducing you directly to some of the new members of our management team.

謝謝你，Carv。我們非常興奮你能成為 SeeBeyond 團隊的一員。確實，就像 ICAN 5.0 套件讓 SeeBeyond 在市場上脫穎而出一樣，我們也有信心，我們的銷售與管理重整同樣會帶來差異化。SeeBeyond 正處於公司演進的關鍵轉折點。而且隨著我們在不同階段成長，我們已經多次走過這樣的轉型。我認為我們已採取必要步驟來強化職能領導，確保 5.0 產品套件成功發布，並讓公司回到獲利性成長。我們期待在未來幾週以正式方式向各位更新：宣布我們新產品套件的發布，同時也會讓各位直接認識我們管理團隊中的一些新成員。

In closing, let me say this. We did not achieve our financial targets in Q2 of 2003. Nonetheless, our entire organization is, if anything, more committed than ever to executing our plan going into the second half of 2003 and beyond. That plan is, number 1, we will maintain and enhance our status as the leading technology company in the marketplace. A status we have clearly demonstrated again with the new ICAN 5.0 Suite. Number two, we're going to maintain our focus on gaining and retaining long-term customers from the global 2000. Just to give you an idea -- our sales force this week had started demonstrating to over 100 sites per week the 5.0 product. Number 3, we will continue to aggressively execute new businesses with our strategic partners. We believe these strategic partners are going to be important to training, educating and implementing and upgrading our customers around the world -- to what is the easiest to use the most comprehensive integration platform in the world. Number four, we will continue to focus relentlessly on controlling costs and obtaining profitability in the near-term. At this time, I would like to turn the call over to Barry Plaga, our CFO, for the second-quarter financial overview. Barry?

最後，讓我說明如下。我們在 2003 年第二季未達成財務目標。儘管如此，我們整個組織對於在 2003 年下半年及其後執行計畫的承諾，若有任何變化，那就是比以往更加堅定。該計畫第一點：我們將維持並強化我們作為市場領先科技公司的地位。我們已透過全新的 ICAN 5.0 套件再次清楚證明了這一地位。第二點：我們將持續聚焦於從全球 2000 大企業中取得並留住長期客戶。舉例來說——本週我們的銷售團隊已開始每週向超過 100 個據點展示 5.0 產品。第三點：我們將持續積極與策略夥伴推進新業務。我們相信，這些策略夥伴將在全球範圍內對客戶的訓練、教育、導入、升級等方面扮演重要角色——以導入這個最易使用、最全面的整合平台。第四點：我們將持續不懈地專注於成本控制，並在短期內達成獲利。此時，我想把電話交給我們的財務長 Barry Plaga，請他進行第二季財務概覽。Barry？

Thanks, Jim. Today, I will cover our operating results for the second quarter ended June 30, 2003. Then, I'll follow-up with a discussion of our forward-looking guidance. We reported total revenue for the second quarter ended June 30 of 28.9 million. Total license revenue for Q2 was 7.1 million which represented 25 percent of our Q2 revenue mix. International revenue represented 41 percent of total revenues for Q2 with Europe representing 30 percent of total revenues and Pac-Asia 11 percent. We executed 64 deals in Q2. Some of the companies that purchased SeeBeyond software in the second quarter were Altrea, Bausch & Lomb, BMW, Bombardier, Cathio AB (ph), Equifax, Ericson, Fox Systems, FronTech, Gymboree, General Motors, IDX, Land's End, Maersk, Nicholas Applegate, Stanley Electric, Vanguard Health Systems, and the American Postal Workers Union. Top five license revenue verticals for Q2 were health care, financial services and insurance, manufacturing, retail, and the energy utility sector.

謝謝，Jim。今天，我將說明截至2003年6月30日止第二季的營運成果。接著，我會進一步討論我們對未來的前瞻性指引。我們公布截至6月30日止第二季的總營收為2,890萬。第二季的授權營收總額為710萬，占第二季營收組合的25%。第二季國際營收占總營收的41%，其中歐洲占總營收的30%，亞太占11%。我們在第二季完成了64筆交易。第二季購買SeeBeyond軟體的公司包括Altrea、Bausch & Lomb、BMW、Bombardier、Cathio AB（音）、Equifax、Ericson、Fox Systems、FronTech、Gymboree、General Motors、IDX、Land's End、Maersk、Nicholas Applegate、Stanley Electric、Vanguard Health Systems，以及美國郵政工人工會。第二季授權營收前五大垂直產業為醫療保健、金融服務與保險、製造業、零售業，以及能源公用事業部門。

In terms of percentages, health care was 29 percent, financial services and insurance 19 percent, manufacturing 18 percent, retail was 8 percent, energy and utilities was 5 percent, and government was 5 percent. Balance or other -- made up of some telco and services companies was 16 percent. SeeBeyond has no 10 percent or more customers during Q2. In terms of partner revenue during Q2, our strategic partners, consulting, and software influenced approximately 55 percent of our licensed revenue. PBC and DeLoyd (ph) consulting were our top two strategic the second-quarter based on licensed revenue instruments.

以百分比來看，醫療保健占29%，金融服務與保險占19%，製造業占18%，零售占8%，能源與公用事業占5%，政府占5%。其餘或其他——由部分電信與服務公司構成——占16%。SeeBeyond在第二季沒有任何單一客戶占比達10%或以上。就第二季的合作夥伴營收而言，我們的策略合作夥伴、顧問服務與軟體影響約占我們授權營收的55%。以授權營收工具計，PBC與DeLoyd（音）顧問公司是第二季我們前兩大策略合作夥伴。

Repeat license revenue in Q2 '03 which is licensed revenue from pre-existing customers was 56 percent. Service revenue for the second quarter was 9.8 million down 13 percent sequentially from 11.2 million in the March quarter and maintenance revenue for the second quarter was 11.9 million an increase of 3 percent for Q1. Overall gross profit for Q2 was 62.4 percent down from 66.2 percent in the March quarter. And this decrease was due to the change in the revenue mix. Services and maintenance margin was 51.3 percent up from 49.4 percent in March. As we continue to reduce overhead infrastructure costs in our services organization. Total operating expenses excluding restructuring charges and non-cash charges for amortization of stock compensation and warrants was 29 million in the second quarter down from 29.7 million in the first quarter of '03.

2003年第二季的重複授權營收（即來自既有客戶的授權營收）占56%。第二季服務營收為980萬，較3月季度的1,120萬按季下降13%；第二季維護營收為1,190萬，較第一季增加3%。第二季整體毛利率為62.4%，低於3月季度的66.2%。此下降係由於營收組合變動所致。服務與維護毛利率為51.3%，高於3月的49.4%。因為我們持續降低服務組織的間接基礎設施成本。第二季總營業費用（不含重整費用，以及股票薪酬與認股權證攤銷等非現金費用）為2,900萬，低於2003年第一季的2,970萬。

R&D expense decreased in Q2 to 10.4 million from 10.6 million. Sales and marketing expense decreased to 14 million from 14.5 million in Q1 and this decrease was attributable to a decrease in discretionary marketing costs and lower sales commissions. G&A expenses remained flat at 4.6 million from Q1 to Q2. Other income and expense for Q2 was 193,000 compared with 170,000 in Q1. On a GAAP basis, net loss for the quarter ended June 30 2003 was $17.3 million or 21 cents per share versus a loss of 7.1 million or 8 cents per share and the prior year's period. Pro forma net loss for Q2 was 10.8 million or 13 cents per share versus a loss of 6.9 million or 8 cents per share in the prior year's period.

第二季研發費用由1,060萬降至1,040萬。銷售與行銷費用由第一季的1,450萬降至1,400萬；此下降主要歸因於可自由裁量的行銷成本降低以及銷售佣金減少。一般與行政（G&A）費用自第一季至第二季維持不變，為460萬。第二季其他收益與費用為193,000，第一季為170,000。依GAAP基準，截至2003年6月30日止季度的淨損為1,730萬（每股21美分），相較於前一年同期淨損710萬（每股8美分）。第二季Pro forma淨損為1,080萬（每股13美分），相較於前一年同期淨損690萬（每股8美分）。