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Genesys Telecommunications Laboratories Inc – ‘10-Q’ for 3/31/99

As of: Monday, 5/17/99 · For: 3/31/99 · Accession #: 929624-99-958 · File #: 0-22605

  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 5/17/99  Genesys Telecoms Laboratories Inc 10-Q        3/31/99    2:51K                                    Donneley R R & S… Inc/FA

Quarterly Report — Form 10-Q
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                      17     92K 
 2: EX-27       Financial Data Schedule                                2      6K

10-Q — Quarterly Report
Document Table of Contents

Page	(sequential)	\|	(alphabetic)	Top
			Alternative Formats (Word, et al.) Changes in Securities and Use of Proceeds Defaults Upon Senior Securities Exhibits and Reports on Form 8-K Financial Statements General and administrative Legal Proceedings License Management's Discussion and Analysis of Financial Condition and Results of Operations Merger costs Non-recurring charges Notes to Condensed Consolidated Financial Statements Other Information Provision for income taxes Quantitative and Qualitative Disclosures About Market Risk Research and development Sales and marketing Service Signatures Submission of Matters to a Vote of Security Holders
1	1st Page - Filing Submission
3	Item 1. Financial Statements
7	Notes to Condensed Consolidated Financial Statements
10	Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
11	License
"	Service
12	Research and development
"	Sales and marketing
13	General and administrative
"	Merger costs
"	Non-recurring charges
"	Provision for income taxes
15	Item 3. Quantitative and Qualitative Disclosures About Market Risk
16	Item 1. Legal Proceedings
"	Item 2. Changes in Securities and Use of Proceeds
"	Item 3. Defaults Upon Senior Securities
"	Item 4. Submission of Matters to a Vote of Security Holders
"	Item 5. Other Information
"	Item 6. Exhibits and Reports on Form 8-K
17	Signatures

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SECURITIES AND EXCHANGE COMMISSION  
Washington, D.C. 20549  

----------------  

FORM 10-Q 

(Mark One)                                                                      
[X]QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE  
ACT OF 1934                                                               

For the quarterly period ended March 31, 1999                               

OR                                                                          

[_]TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES          
EXCHANGE ACT OF 1934                                                      

For the transition period from ___________ to ____________                  

Commission File Number 000-22605  

----------------  

GENESYS TELECOMMUNICATIONS LABORATORIES, INC. 
(Exact name of registrant as specified in its charter)  

                                                                [Download Table]
                                                                        
          California                                      94-3120525    
(State or other jurisdiction of                         (IRS Employer   
incorporation or organization)                       Identification No.)

1155 Market Street, San Francisco, California 94103 
(Address of principal executive offices)  

(415) 437-1100  
(Registrant's telephone number, including area code)  

Not Applicable  
(Former name, former address and former fiscal year, if changed since last  
report) 

Indicate by check mark whether the registrant (1) has filed all reports     
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of   
1934 during the preceding 12 months (or for such shorter period that the        
registrant was required to file such reports), and (2) has been subject to      
such filing requirements for the past 90 days. Yes [_] No [_]                   

Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date:                                

                                                                [Download Table]

                                                         Outstanding at  
Title of each class                                      March 31, 1999  
-------------------                                     -----------------
                                                                         
Common Stock, no par value............................. 23,755,822 Shares

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GENESYS TELECOMMUNICATIONS LABORATORIES, INC. 

FISCAL THIRD QUARTER 1999 FORM 10-Q 

TABLE OF CONTENTS 

                                                                [Download Table]

                                                                          Page
                                                                          ----

                        PART I. FINANCIAL INFORMATION                         

                                                                              
ITEM 1. Financial Statements...........................................     1 
        Management's Discussion and Analysis of Financial Condition and       
ITEM 2. Results of Operations..........................................     8 
ITEM 3. Quantitative and Qualitative Disclosures About Market Risk.....    13 

                          PART II. OTHER INFORMATION                          

ITEM 1. Legal Proceedings..............................................    14 
ITEM 2. Changes in Securities and Use of Proceeds......................    14 
ITEM 3. Defaults Upon Senior Securities................................    14 
ITEM 4. Submission of Matters to a Vote of Security Holders............    14 
ITEM 5. Other Information..............................................    14 
ITEM 6. Exhibits and Reports on Form 8-K...............................    15 
SIGNATURES..............................................................   16 

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PART I

FINANCIAL INFORMATION 

                                                                [Download Table]

                                                                         Page
                                                                         ----
                                                                             
ITEM 1. Financial Statements                                                 
        Condensed Consolidated Financial Statements:                         
        Condensed Consolidated Balance Sheets as of March 31, 1999 and       
        June 30, 1998..................................................    2 
        Condensed Consolidated Statements of Operations for the Three        
        and Nine Months Ended March 31, 1999 and 1998..................    3 
        Condensed Consolidated Statements of Cash Flows for the Nine         
        Months Ended March 31, 1999 and 1998...........................    4 
        Notes to Condensed Consolidated Financial Statements...........    5 

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GENESYS TELECOMMUNICATIONS LABORATORIES, INC. 

CONDENSED CONSOLIDATED BALANCE SHEETS 
(In thousands)

                                                                [Download Table]

                                                            March 31,  June 30, 
                                                              1999       1998   
                                                           ----------- -------- 
                                                           (Unaudited)          
                                                                                
                          ASSETS                                                

Current assets:                                                                 
  Cash and cash equivalents...............................  $ 40,671   $ 30,256 
  Short-term investments..................................    19,485     16,985 
  Accounts receivable, net................................    38,875     28,007 
  Prepaid expenses and other..............................    11,245      8,314 
                                                            --------   -------- 
    Total current assets..................................   110,276     83,562 
Property and equipment, net...............................    16,954     14,675 
Other assets..............................................     8,039      6,463 
                                                            --------   -------- 
                                                            $135,269   $104,700 
                                                            ========   ======== 
           LIABILITIES AND SHAREHOLDERS' EQUITY                                 

Current liabilities:                                                            
  Note payable............................................  $    --    $    243 
  Current portion of long-term obligations................        35         33 
  Accounts payable........................................     2,053      4,520 
  Accrued payroll and related benefits....................    11,515      3,702 
  Other accrued liabilities...............................    10,898      5,674 
  Deferred revenues.......................................    19,603     16,805 
                                                            --------   -------- 
    Total current liabilities.............................    44,104     30,977 
                                                            --------   -------- 
Long-term obligations.....................................        76        102 
                                                            --------   -------- 
Shareholders' equity:                                                           
  Common stock............................................    91,455     72,356 
  Shareholder notes receivable............................       (90)      (440)
  Cumulative translation adjustment.......................      (492)      (188)
  Retained earnings.......................................       216      1,893 
                                                            --------   -------- 
    Total shareholders' equity............................    91,089     73,621 
                                                            --------   -------- 
                                                            $135,269   $104,700 
                                                            ========   ======== 

The accompanying notes are an integral part of these condensed consolidated 
financial statements. 

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GENESYS TELECOMMUNICATIONS LABORATORIES, INC. 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS 
(In thousands, except per share amounts)

                                                                [Download Table]

                                                Quarter Ended    Nine Months   
                                                  March 31,    Ended March 31, 
                                               --------------- ----------------
                                                1999    1998    1999     1998  
                                               ------- ------- -------  -------
                                                 (Unaudited)     (Unaudited)   
                                                                               
Revenues:                                                                      
  License..................................... $29,687 $18,263 $79,379  $47,206
  Service.....................................   6,219   4,473  17,753   10,918
                                               ------- ------- -------  -------
    Total revenues............................  35,906  22,736  97,132   58,124
                                               ------- ------- -------  -------
Cost of revenues:                                                              
  License.....................................   1,350     969   3,565    2,471
  Service.....................................   4,487   2,907  13,047    6,957
                                               ------- ------- -------  -------
    Total cost of revenues....................   5,837   3,876  16,612    9,428
                                               ------- ------- -------  -------
Gross margin..................................  30,069  18,860  80,520   48,696
                                               ------- ------- -------  -------
Operating expenses:                                                            
  Research and development....................   6,260   4,047  17,808   10,773
  Sales and marketing.........................  13,472   9,408  34,978   24,803
  General and administrative..................   2,881   2,194   8,094    6,075
  Merger costs................................     --      --      --       905
  Non-recurring charges.......................     --      --   15,488      -- 
                                               ------- ------- -------  -------
    Total operating expenses..................  22,613  15,649  76,368   42,556
                                               ------- ------- -------  -------
Income from operations........................   7,456   3,211   4,152    6,140
Interest and other income (expense), net......     184     436   1,068    1,165
                                               ------- ------- -------  -------
Income before provision for income taxes......   7,640   3,647   5,220    7,305
Provision for income taxes....................   2,674   1,276   6,898    2,386
                                               ------- ------- -------  -------
Net income (loss)............................. $ 4,966 $ 2,371 $(1,678) $ 4,919
                                               ======= ======= =======  =======
Basic net income (loss) per share............. $  0.21 $  0.11 $ (0.07) $  0.24
                                               ======= ======= =======  =======
Diluted net income (loss) per share........... $  0.19 $  0.09 $ (0.07) $  0.18
                                               ======= ======= =======  =======
Basic weighted average common shares..........  23,600  21,400  23,100   20,900
                                               ======= ======= =======  =======
Diluted weighted average common shares........  26,300  26,800  23,100   26,900
                                               ======= ======= =======  =======

The accompanying notes are an integral part of these consolidated financial 
statements. 

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GENESYS TELECOMMUNICATIONS LABORATORIES, INC. 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 
(in thousands)

                                                                [Download Table]

                                                              For the Nine     
                                                              Months Ended     
                                                                March 31,      
                                                            ------------------ 
                                                              1999      1998   
                                                            --------  -------- 
                                                               (Unaudited)     
                                                                               
Cash flows from operating activities:                                          
  Net income (loss)........................................ $ (1,678) $  4,919 
  Adjustments to reconcile net income (loss) to net cash                       
   provided by (used in) operating activities:                                 
    Deferred stock compensation expense....................      332       358 
    Depreciation and amortization..........................    6,909     2,616 
    Provision for doubtful accounts........................      200       678 
    Non-cash portion of Non-recurring charges..............    8,676       --  
  Changes in operating assets and liabilities:                                 
    Accounts receivable....................................  (11,068)   (4,814)
    Prepaid expenses and other.............................   (2,931)   (1,827)
    Accounts payable.......................................   (2,467)     (124)
    Accrued payroll and related benefits...................    1,351     2,446 
    Other accrued liabilities..............................   11,686       149 
    Deferred revenues......................................    2,798     3,450 
                                                            --------  -------- 
      Net cash provided by operating activities............   13,808     7,851 
                                                            --------  -------- 
Cash flows from investing activities:                                          
  Purchases of short-term investments......................  (29,558)  (23,611)
  Sales of short-term investments..........................   27,058       --  
  Purchases of property and equipment......................   (7,528)   (7,015)
  (Increase) decrease in other assets......................   (3,157)   (1,258)
                                                            --------  -------- 
      Net cash used in investing activities................  (13,185)  (31,884)
                                                            --------  -------- 
Cash flows from financing activities:                                          
  Repayments of note payable...............................      --       (241)
  Principal payments on capital lease obligations..........     (241)      (56)
  Repayments of long-term obligations......................      (26)     (818)
  Proceeds from sales of common stock......................   10,059     2,310 
                                                            --------  -------- 
      Net cash provided by used in financing activities....    9,792     1,195 
                                                            --------  -------- 
Net increase (decrease) in cash and cash equivalents.......   10,415   (22,838)
Cash and cash equivalents:                                                     
  Beginning of Period......................................   30,256    47,160 
                                                            --------  -------- 
  End of Period............................................ $ 40,671  $ 24,322 
                                                            ========  ======== 

The accompanying notes are an integral part of these condensed consolidated 
financial statements. 

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GENESYS TELECOMMUNICATIONS LABORATORIES, INC. 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS  
(Unaudited) 

1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS                                  

The accompanying condensed consolidated financial statements have been      
prepared by Genesys Telecommunications Laboratories, Inc. (the Company)         
without audit and reflect all adjustments which are, in the opinion of          
management, necessary for a fair presentation of the financial position and     
the results of operations of the Company for the interim periods. The           
statements have been prepared in accordance with the regulations of the         
Securities and Exchange Commission (SEC). Accordingly, they do not include all  
information and footnotes required by generally accepted accounting             
principles. The results of operations for the three and nine months ended       
March 31, 1999 are not necessarily indicative of the operating results to be    
expected for the full fiscal year or future operating periods. The information  
included in this report should be read in conjunction with the audited          
consolidated financial statements and notes thereto for the fiscal year ended   
June 30, 1998 and the risk factors as set forth in the Company's Annual Report  
on Form 10-K, including, without limitation, risks relating to limited          
operating history, potential fluctuations in quarterly operating results,       
lengthy sales cycle, lengthy implementation cycle, dependence on third party    
consultants, dependence on new products, rapid technological change,            
competition, product concentration, management of growth, dependence on third-  
party resellers, customer concentration, dependence on emerging CTI market,     
risks associated with international sales and operations, dependence on key     
personnel, government regulation of immigration, dependence on ability to       
integrate with third-party technology, product liability, protection of         
intellectual property, concentration of stock ownership, possible volatility    
of stock price, shares eligible for future sale, registration rights, effect    
of certain charter provisions, anti-takeover effects of provisions of the by-   
laws and uncertainty as to use of proceeds. Any party interested in reviewing   
these publicly available documents should write to the SEC or the Chief         
Financial Officer of the Company.                                               

2. CONSOLIDATION                                                                

The consolidated financial statements include the accounts of the Company   
and its wholly owned subsidiaries. All intercompany accounts and transactions   
have been eliminated.                                                           

3. NET INCOME (LOSS) PER SHARE                                                  

In February 1998, the Financial Accounting Standards Board issued Statement 
of Financial Accounting Standards No. 128, "Earnings per Share" ("SFAS 128"),   
which was adopted by the Company in the quarter ended December 31, 1997, and    
in accordance with this standard all prior periods presented have been          
restated to conform to its provisions. Under the new requirements for           
calculating earnings per share, the dilutive effect of potential common shares  
is excluded from basic net income (loss) per share. Diluted net income (loss)   
per share is computed using the weighted average number of common and           
potential common shares outstanding during the period. Potential common shares  
consist of preferred stock (using the "if converted" method) and stock options  
and warrants (using the treasury stock method). Potential common shares are     
excluded from the dilutive computation only if their effect is anti-dilutive.   
In February 1998, the Securities and Exchange Commission issued Staff           
Accounting Bulletin 98, which included SEC requirements related to the          
adoption of SFAS 128. The Company applied these provisions to the calculation   
of basic and diluted weighted average shares outstanding for all periods        
presented in the accompanying statements of operations.                         

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GENESYS TELECOMMUNICATIONS LABORATORIES, INC. 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS--(Continued) 

Basic and Diluted Weighted Average Common and Potential Common Shares       
presented in the accompanying statements of operations (as rounded) are         
comprised of the following (in thousands):                                      

                                                                [Download Table]

                                           Quarter Ended Nine Months Ended
                                             March 31,       March 31,    
                                           ------------- -----------------
                                            1999   1998    1999     1998  
                                           ------ ------ -------- --------
                                                                          
BASIC WEIGHTED AVERAGE COMMON SHARES.....  23,500 21,400   23,100   20,900
                                           ====== ====== ======== ========
Weighted average options and warrants for                                 
 common stock............................   2,800  5,400      --     6,000
                                           ------ ------ -------- --------
DILUTED WEIGHTED AVERAGE COMMON SHARES...  26,300 26,800   23,100   26,900
                                           ====== ====== ======== ========

Potential weighted average common shares totaling approximately 3.2 million 
have been excluded from diluted weighted average common shares for the nine     
months ended March 31, 1999, as their inclusion would be anti-dilutive.         

4. NON-RECURRING CHARGES                                                        

Executive Management Additions and Acquisition of Plato Software Corporation  

In December 1998, the Company hired Ori Sasson as its Chief Executive       
Officer and elected him as a member of the Board of Directors of Genesys. In    
connection with the hiring of Mr. Sasson, the Company also completed the        
acquisition of Plato Software Corporation, a Delaware corporation ("Plato"), a  
company in which Mr. Sasson was a principal shareholder. The merger was         
completed pursuant to an Agreement and Plan of Reorganization ("Merger          
Agreement") dated as of December 9, 1998. As Plato did not have significant     
operations or revenue prior to the acquisition, the Company has treated the     
purchase as the acquisition of an asset.                                        

Pursuant to the Merger Agreement, the Company issued 202,500 shares of its  
Common Stock in exchange for all outstanding shares of Plato Common Stock, and  
issued options to purchase 47,500 shares of Genesys Common Stock in exchange    
for all outstanding Plato Stock options. A total of 50,000 shares have been     
placed into an escrow subject to the satisfaction of all representations and    
warranties under the terms and conditions of the Merger Agreement. The Company  
recorded the fair value of net assets purchased from Plato, which consisted of  
certain technology to be incorporated into the Genesys products, totaling       
$382,000 as of December 31, 1998.                                               

As the acquisition of Plato was consummated in connection with the election 
of Ori Sasson as Chief Executive Officer and a member of the Board of           
Directors of the Company, in December 1998 the Company recorded as expense the  
portion of the shares and options issued that represented compensation to Mr.   
Sasson and other Plato employees. Deferred compensation totaling $800,000       
related to unvested options will be amortized over the remaining vesting        
period of the options of approximately 4 years. In addition, the Company        
recorded as expense its reimbursement to Mr. Sasson of the tax liabilities      
associated with this compensation. The total amount of compensation expense     
and related tax reimbursements associated with this transaction was             
approximately $12.4 million, and was reflected as part of the non-recurring     
charge in the Company's financial statements.                                   

Compensation to Former President and Chief Financial Officer                  

The Company recorded $3.1 million of non-recurring charges in the quarter   
ended December 31, 1998 related to an employment and severance agreement dated  
December 11, 1998 with its former President and Chief Financial Officer.        

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GENESYS TELECOMMUNICATIONS LABORATORIES, INC. 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS--(Continued) 

4. LITIGATION                                                                   

In November 1998, GeoTel Communications Corporation ("GeoTel") and the      
Company settled the litigation between them concerning GeoTel's United States   
Patent No. 5,546,452 on terms which both companies believe not to be material   
to their financial results. Pursuant to the settlement, GeoTel will receive     
license fees from Genesys for ongoing revenues generated from certain products  
in exchange for a nonexclusive, irrevocable license to use the technology       
covered by GeoTel's 452 Patent or any related patent in all present and future  
Genesys products which incorporate such technology.                             

5. RECENTLY ISSUED ACCOUNTING STANDARDS                                         

In October 1998, the American Institute of Certified Public Accountants     
issued Statement of Position 97-2 "Software Revenue Recognition" ("SOP 97-2"),  
which was adopted by the Company in its first fiscal quarter of 1999. SOP 97-2  
clarifies and amends certain provisions of Statement of Position 91-1,          
"Software Revenue Recognition". The adoption of the provisions of SOP 97-2 did  
not have a material impact on the Company's financial position or results of    
operations.                                                                     

In June 1998, the Financial Accounting Standards Board issued Statement of  
Financial Accounting Standards No. 130, "Reporting Comprehensive Income"        
("SFAS 130"), which was adopted by the Company in its first quarter of fiscal   
1999. Accordingly, the Company is required to disclose, in financial statement  
format, all non-owner changes in equity. Such changes include, for example,     
cumulative foreign currency translation adjustments, certain minimum pension    
liabilities and unrealized gains and losses on available-for-sale securities.   
The Company's only reconciling item to comprehensive income from net income is  
cumulative translation adjustments resulting from foreign currency exchange     
rates, the net effect of which is immaterial to the Company's financial         
statements for the periods presented.                                           

In June 1998, the Financial Accounting Standards Board issued Statement of  
Financial Accounting Standards No. 131, "Disclosures about Segments of an       
Enterprise and Related Information" ("SFAS 131"), which establishes standards   
for reporting information about operating segments in annual financial          
statements and interim financial reports. It also establishes standards for     
related disclosures about products and services, geographic areas and major     
customers. As defined in SFAS 131, operating segments are components of an      
enterprise about which separate financial information is available that is      
evaluated regularly by the chief operating decision-maker in deciding how to    
allocate resources and in assessing performance. Generally, financial           
information is required to be reported on the basis that is used internally     
for evaluating segment performance and deciding how to allocate resources to    
segments. The Company will adopt SFAS 131 for the year ended June 30, 1999.     
The Company believes the adoption of SFAS 131 will not have a material impact   
on its financial statements.                                                    

In June 1998, the Financial Accounting Standards Board issued Statement of  
Financial Accounting Standards No. 133, "Accounting for Derivative Instruments  
and Hedging Activities" ("SFAS 133") which establishes accounting and           
reporting standards for derivative instruments and hedging activities. The      
Company does not expect the adoption of SFAS 133, required beginning the first  
fiscal quarter of 2000, to have a material effect on its consolidated           
financial statements.                                                           

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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION             
AND RESULTS OF OPERATIONS                                                       

Overview                                                                        

Genesys Telecommunications Laboratories, Inc ("Genesys" or the "Company") is
a leading provider of enterprise-wide customer interaction, computer telephony  
and e-mail software solutions. The Company's products allow an organization to  
optimally manage its customer interactions and employee communications to       
increase productivity, lower costs and achieve greater customer satisfaction    
and loyalty. To accomplish this, Genesys' software-based solutions integrate    
and extend the capabilities of an organization's computer, telecommunications   
and database systems, bringing together what were once disparate technologies.  
The Company believes that as customer interactions are increasingly viewed as   
strategic to an organization's mission, call center capabilities will be        
extended beyond traditional agent, site and switch boundaries, transforming     
the entire enterprise into a customer interaction network.                      

Executive Management Additions and Acquisition of Plato Software Corporation    

In December 1998, the Company appointed Ori Sasson as its Chief Executive   
Officer and elected him as a member of the Board of Directors of Genesys. In    
connection with the hiring of Mr. Sasson, the Company also completed the        
acquisition of Plato Software Corporation, a Delaware corporation ("Plato"), a  
company in which Mr. Sasson was a principal shareholder. The merger was         
completed pursuant to an Agreement and Plan of Reorganization ("Merger          
Agreement") dated as of December 9, 1998. As Plato did not have significant     
operations or revenue prior to the acquisition, the Company has treated the     
purchase as the acquisition of an asset.                                        

Pursuant to the Merger Agreement, the Company issued 202,500 shares of its  
Common Stock in exchange for all outstanding shares of Plato Common Stock, and  
issued options to purchase 47,500 shares of Genesys Common Stock in exchange    
for all outstanding Plato stock options. A total of 50,000 shares have been     
placed into an escrow subject to the satisfaction of all representations and    
warranties under the terms and conditions of the Merger Agreement. The Company  
recorded the fair value of net assets purchased from Plato, which consisted of  
certain technology to be incorporated into the Genesys products, totaling       
$382,000 as of December 31, 1998.                                               

As the acquisition of Plato was consummated in connection with the election 
of Ori Sasson as Chief Executive Officer and a member of the Board of           
Directors of the Company, the Company recorded as expense the portion of the    
shares and options issued that represented compensation to Mr. Sasson and       
other Plato employees. Deferred compensation totaling $800,000 related to       
unvested options will be amortized over the remaining vesting period of the     
options of approximately 4 years. In addition, the Company recorded as expense  
its reimbursement to Mr. Sasson of the tax liabilities associated with this     
compensation. The total amount of compensation expense and related tax          
reimbursements associated with this transaction was approximately               
$12.4 million, and was reflected as part of a non-recurring charge in the       
Company's financial statements.                                                 

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Results of Operations                                                           

The following table sets forth statement of operations data of the Company  
expressed as a percentage of total revenues for the years and periods           
indicated.                                                                      

                                                                [Download Table]

                                                       Three                    
                                                      Months      Nine Months   
                                                       Ended         Ended      
                                                     March 31,     March 31,    
                                                    ------------  ------------- 
                                                    1999   1998   1999    1998  
                                                    -----  -----  -----   ----- 
                                                                                
Revenues:                                                                       
License............................................  82.7%  80.3%  81.7%   81.2%
Service............................................  17.3   19.7   18.3    18.8 
                                                    -----  -----  -----   ----- 
  Total revenues................................... 100.0  100.0  100.0   100.0 
                                                    -----  -----  -----   ----- 
Cost of revenues:                                                               
License............................................   3.8    4.2    3.7     4.3 
Service............................................  12.5   12.8   13.4    12.0 
                                                    -----  -----  -----   ----- 
  Total cost of revenues...........................  16.3   17.0   17.1    16.2 
                                                    -----  -----  -----   ----- 
Gross margin.......................................  83.7   83.0   82.9    83.8 
                                                    -----  -----  -----   ----- 
Operating expenses:                                                             
Research and development...........................  17.4   17.8   18.4    18.5 
Sales and marketing................................  37.5   41.4   36.0    42.7 
General and administrative.........................   8.0    9.6    8.3    10.5 
Merger-related costs...............................   0.0    0.0    0.0     1.6 
Non-recurring charges..............................   0.0    0.0   15.9     0.0 
                                                    -----  -----  -----   ----- 
  Total operating expenses.........................  62.9   68.8   78.6    73.2 
                                                    -----  -----  -----   ----- 
Income from operations.............................  20.8   14.1    4.3    10.6 
Interest and other income (expense), net...........   0.5    1.9    1.1     2.0 
Income before provision for income taxes...........  21.3   16.0    5.4    12.6 
Provision for income taxes.........................   7.4    5.6    7.1     4.1 
                                                    -----  -----  -----   ----- 
Net income (loss)..................................  13.8%  10.4%  (1.7)%   8.5%
                                                    =====  =====  =====   ===== 

Revenues                                                                        

License. License revenues increased by 62.6% from $18.3 million in the three
months ended March 31, 1998 to $29.7 million in the three months ended March    
31, 1999. License revenues increased by 68.2% from $47.2 million in the first   
nine months of fiscal 1998 to $79.4 million in the first nine months of fiscal  
1999. This increase resulted from the market's growing acceptance of the        
Company's products and underlying technology, an expansion of the Company's     
product offerings, and a significant increase in the Company's sales,           
marketing and customer service organizations. The Company does not believe      
that the historical growth rates of license revenues will be sustainable or     
are indicative of future results.                                               

Service. Service revenues primarily comprise fees from consulting, post-    
contract support and, to a lesser extent, training services. Service revenues   
increased by 39.0% from $4.5 million in the three months ended March 31, 1998   
to $6.2 million in the three months ended March 31, 1999. Service revenues      
increased by 62.6% from $10.9 million in the first nine months of fiscal 1998   
to $17.8 million in the first nine months of fiscal 1999. The Company's         
software license agreements often provide for maintenance, consulting and       
training. Accordingly, increases in licensing activity and the Company's        
installed base of products have resulted in increases in revenues from          
services related to maintenance, consulting and training.                       

Service revenues are largely dependent upon the extent to which product     
implementations are performed by internal professional services personnel       
versus third party organizations such as systems integrators. To the extent     

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that the Company utilizes more internal resources to perform product            
implementations, service revenues could increase as a percentage of total       
revenues. Conversely, if the Company utilizes to a greater extent third-party   
organizations such as systems integrators to implement the Company's products,  
service revenues may decrease as a percentage of total revenues. Maintenance    
revenues as a percentage of total revenues are expected to increase due to      
continued expansion of the Company's installed base. The Company does not       
believe that the historical growth rates of service revenues will be            
sustainable or are indicative of future results.                                

Cost of Revenues                                                                

License. Cost of license revenues includes the costs of product media,      
product duplication and manuals, as well as allocated labor and overhead costs  
associated with the preparation and shipment of products. Cost of license       
revenues were $1.4 million and $1.0 million in the three months ended March     
31, 1999 and 1998, respectively, and $3.6 million and $2.5 million in the nine  
months ended March 31, 1999 and 1998, respectively. The increase in absolute    
dollar amounts relates primarily to an increase in the volume of products       
shipped by the Company, and the resulting increase in documentation material    
costs and personnel necessary to assemble and ship the products. Also included  
in cost of license revenues is amortization of capitalized software costs       
amounting to approximately $235,000 and $75,000 for the three months ended      
March 31, 1999 and 1998, respectively, and $646,000 and $175,000 for the nine   
months ended March 31, 1999 and 1998, respectively.                             

Service. Cost of service revenues are primarily comprised of employee-      
related costs incurred in providing consulting, post-contract support and       
training services. Cost of service revenues were $4.5 million and $2.9 million  
in the three months ended March 31, 1999 and 1998, respectively, and $13.0      
million and $7.0 million in the nine months ended March 31, 1999 and 1998,      
respectively. The increase in absolute dollars was due primarily to increases   
in consulting, support and training personnel, and increases in overhead costs  
associated with travel, computer equipment and facilities. The cost of service  
revenues as a percentage of service revenues may vary between periods due to    
the mix of services provided by the Company and the resources used to provide   
these services.                                                                 

Operating Expenses                                                              

For the three months ended March 31, 1999 and 1998, the Company's operating 
expenses were $22.6 million and $15.6 million, or 63.0% and 68.8% of total      
revenues, respectively. For the nine months ended March 31, 1999 and 1998,      
operating expenses were $76.4 million and $42.6 million, or 78.6% and 73.2% of  
total revenues, respectively.                                                   

Research and Development. Research and development expenses were $6.3       
million and $4.0 million, or 17.4% and 17.8% of total revenues in the three     
months ended March 31, 1999 and 1998, respectively, and $17.8 million and       
$10.8 million, or 18.3% and 18.5% of total revenues in the nine months ended    
March 31, 1999 and 1998, respectively. These expenses increased in absolute     
dollars primarily as a result of an increase in personnel to support the        
Company's product development activities. The Company expects that research     
and development expenditures will continue to increase in absolute dollars.     

Research and development expenses are generally charged to operations as    
incurred. In accordance with Statement of Financial Accounting Standards No.    
86, the Company capitalized approximately $1.4 million and $800,000 of          
software development costs incurred in the three months ended March 31, 1999    
and 1998, respectively, and $1.9 million and $1.3 million in the nine months    
ended March 31, 1999 and 1998, respectively, related to the development of its  
product suite.                                                                  

Sales and Marketing. Sales and marketing expenses were $13.5 million and    
$9.4 million, representing 37.5% and 41.4% of total revenues in the three       
months ended March 31, 1999 and 1998, respectively, and $35.0 million and       
$24.8 million, or 36.0% and 42.7% of total revenues in the nine months ended    
March 31, 1999 and 1998, respectively. These expenses increased in absolute     
dollars primarily due to the Company's continuing investment in building a      
direct sales force to support the increasing demand for its products, and the   

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Company's investment in expanding its channel sales force in North America,     
Europe and the Asia Pacific. In addition, the Company incurred increased        
marketing expenses associated with the Company's expanding product line,        
including trade shows and promotional expenses. The Company has recently hired  
several senior sales and marketing executives, including a Vice President of    
Worldwide Field Operations, a Vice President of North American Direct Sales, a  
Vice President of EMEA, a Vice President of Asia Pacific and a Vice President   
of North American Channel Sales. The Company expects to hire additional         
personnel in the near future, including a Vice President of Marketing. The      
Company expects an increase in expenses related to the hiring of these and      
other new personnel. The Company expects to continue to expand its direct       
sales and marketing efforts, and therefore, anticipates sales and marketing     
expenditures will continue to increase significantly in absolute dollars.       

General and Administrative. General and administrative expenses were $2.9   
million and $2.2 million, or 8.0% and 9.6% of total revenues in the three       
months ended March 31, 1999 and 1998, respectively, and $8.1 million and $6.1   
million, or 8.3% and 10.5% of total revenues in the nine months ended March     
31, 1999 and 1998, respectively. These expenses increased in absolute dollars   
during these periods principally due to the addition of staff and information   
system investments to support the growth of the Company's business during       
these periods. In addition, the Company has incurred higher legal costs         
associated primarily with general corporate matters, trademark matters and      
patent filings. The Company hired a new Chief Financial Officer in April 1999.  
The Company expects to continue to increase its general and administrative      
staff and to incur other costs necessary to manage a growing organization, and  
accordingly, it expects general and administrative expenses to continue to      
increase in absolute dollars. General and administrative expenses as a          
percentage of total revenues have decreased from 9.6% in the third quarter of   
fiscal 1998 to 8.0% in the third quarter of fiscal 1999, due principally to     
the significant investments made by the Company in 1998 relative to total       
revenues in anticipation of significant growth during fiscal 1998 and 1999.     
The Company expects to continue to increase general and administrative          
expenses in absolute dollars, but expects that these expenses as a percentage   
of total revenues will stabilize.                                               

Merger Costs. The Company incurred $905,000 of merger costs in connection   
with the merger of Forte Advanced Management Software, Inc. during the three    
and nine months ended March 31, 1998. The costs consisted primarily of legal    
and accounting fees.                                                            

Non-recurring Charges. In connection with the hiring of Ori Sasson as the   
Company's Chief Executive Officer, in the nine months ended March 31, 1999 the  
Company recorded non-recurring charges totaling $11.6 million related to        
compensation and tax reimbursements paid or accrued to Mr. Sasson, and an       
additional $802,000 of compensation paid or accrued to certain employees of     
Plato. In addition, the Company recorded $3.1 million of non-recurring charges  
related to an employment and severance agreement dated December 11, 1998 with   
its former President and Chief Financial Officer.                               

Provision for Income Taxes                                                      

Excluding the effect of the non-recurring charges, the Company's effective  
tax rate for the three and nine months ended March 31, 1999 was 35%, which the  
Company estimates will be the effective tax rate for the fourth quarter of      
fiscal 1999. Due to permanent limitations on the deductibility for tax          
purposes of executive compensation, the Company did not record any tax benefit  
related to the non-recurring charges recorded during the quarter. The           
Company's effective tax rate for the year ended June 30, 1998 was 34%.          

Year 2000                                                                       

Many computer systems experience problems handling dates beyond the year    
1999. Therefore, some computer hardware and software will need to be modified   
prior to the year 2000 in order to remain functional. The Company is assessing  
both the internal readiness of its computer systems and the compliance of its   
computer products and software sold to customers for handling the year 2000.    
The Company has designed and tested current versions of its products to be      
year 2000 ready. Some of the Company's customers might be running older         

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product versions that might not be year 2000 ready. It is possible that the     
Company may experience increased expenses in addressing migration issues for    
these customers. In addition, there can be no assurances that the Company's     
current products do not contain undetected errors or defects associated with    
year 2000 date functions that may result in material costs to the Company.      
Some commentators have stated that a significant amount of litigation will      
arise out of year 2000 compliance issues. Because of the unprecedented nature   
of such litigation, it is uncertain whether or to what extent the Company may   
be affected by it. Although the Company does not believe that it will incur     
any material costs or experience material disruptions in its business           
associated with preparing its internal systems for the year 2000, there can be  
no assurance that the Company will not experience serious unanticipated         
negative consequences and/or material costs caused by undetected errors or      
defects in the technology used in its internal systems, which are composed      
predominantly of third party software and hardware technology with embedded     
software, and the Company's own software products.                              

Liquidity and Capital Resources                                                 

As of March 31, 1999, the Company's primary sources of liquidity included   
cash and cash equivalents of $40.7 million and short-term investments of $19.5  
million.                                                                        

The Company generated cash from operating activities of $13.8 million in the
nine months ended March 31, 1999 related primarily to an increase in accrued    
liabilities and deferred revenues, which was offset in part by an increase in   
accounts receivable and prepaid expenses. The Company generated cash from       
operating activities of $7.9 million in the nine months ended March 31, 1998    
related primarily to an increase in net income and deferred revenues, offset    
in part by an increase in accounts receivable.                                  

The Company used cash for the net purchase of $2.5 million of short-term    
investments in the nine months ended March 31, 1999. The Company used cash of   
$7.5 million for the purchase of property and equipment in the nine months      
ended March 31, 1999. The Company used cash to purchase $23.6 million of        
short-term investments and $7.0 million of property and equipment in the nine   
months ended March 31, 1998.                                                    

The Company generated cash of $10.1 million and $2.3 million from the sale  
of common stock, primarily from the exercise of stock options, in the nine      
months ended March 31, 1999 and 1998, respectively.                             

The Company has established subsidiaries in foreign countries, including the
United Kingdom, France, Germany, Sweden, South Africa, Canada, Russia, Japan,   
Singapore, South Korea and Australia, which function primarily as sales         
offices in those locations. The Company expects to establish offices in other   
foreign countries as it continues to expand its international operations. The   
capital expenditures necessary to establish a foreign office are not            
significant, and, accordingly, the Company does not expect that the             
establishment of these subsidiaries will have a material adverse effect on its  
liquidity and capital resources.                                                

The Company believes that its existing sources of liquidity will satisfy the
Company's projected working capital and capital requirements for at least the   
next twelve months.                                                             

Quarterly Results of Operations and Forward Looking Statements                  

The Company's quarterly operating results have in the past fluctuated and   
may in the future fluctuate significantly, depending on a number of factors,    
many of which are beyond the Company's control, including: market acceptance    
of the Company products; competition; the size, timing and recognition of       
revenue from significant orders; the Company's ability to develop and market    
new products and product enhancements; new product releases by the Company and  
its competitors and the timing of such releases; the length of sales and        
implementation cycles; the Company's ability to integrate acquired business;    
the Company's success in establishing indirect sales channels and expanding     
its direct sales force; the Company's success in retaining and training third-  
party support personnel; the delay or deferral of significant revenues until    
acceptance of software required by an individual license transaction;           
technological changes in the market for the Company's products; the deferral    
of customer orders in anticipation of new products and product enhancements;    
purchasing patterns                                                             

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of indirect channel partners and customers; changes in pricing policies by the  
Company and its competitors; the mix of revenues derived from the Company's     
direct sales force and various indirect distribution and marketing channels;    
the mix of revenues derived from domestic and international customers;          
seasonality; changes in operating expenses; changes in relationships with       
strategic partners; changes in Company strategy; personnel changes; foreign     
currency exchange rate fluctuations; the ability of the Company to control its  
costs; and general economic factors.                                            

While the Company generally operates with limited backlog, from time to time
it receives orders from customers that are for project development over an      
extended period of time. The Company derives substantially all of its revenues  
from licenses of the Company's platform and related applications software and   
services. The Company believes that the purchase of its products is relatively  
discretionary and generally involves a significant commitment of capital and    
other resources by a customer. The Company's typical order size ranges from     
$200,000 to $400,000; however, several orders during the three months ended     
March 31, 1999 exceeded $500,000 each. The timing of the receipt and shipment   
of a single order can have a significant impact on the Company's revenues and   
results of operations for a particular quarter. In situations requiring         
customer acceptance of implementation, the Company does not recognize license   
revenues upon shipment. As a result, revenue recognition may be delayed in      
many instances. Historically, the Company has often recognized a substantial    
portion of its revenues in the last month of a quarter, with these revenues     
frequently concentrated in the last two weeks of a quarter. As a result,        
product revenues in any quarter are substantially dependent on orders booked    
and shipped in that quarter, and revenues for any future quarter are not        
predictable with any meaningful degree of certainty. Product revenues are also  
difficult to forecast because the market for the Company's software products    
is rapidly evolving, and the Company's sales cycle, which may last from three   
to nine months or more, varies substantially from customer to customer. The     
Company's quarterly revenues are also subject to seasonal fluctuations,         
particularly in the quarter ending in September when reduced activity outside   
North America during the summer months can adversely affect the Company's       
revenues. The Company's expenses are relatively fixed and are based, in part,   
on expectations as to future revenues. Consequently, if future revenue levels   
were below expectations, net income would be disproportionately affected        
because a proportionately smaller amount of the Company's expenses varies with  
its revenues. In addition, the Company expects that sales derived through       
indirect channels, which are more difficult to forecast and generally have      
lower gross margins than direct sales, will increase as a percentage of total   
revenues. Due to all of the foregoing factors, the Company believes that        
period-to-period comparisons of its results of operations are not meaningful    
and should not be relied upon as indications of future performance. It is       
likely that in some future quarter the Company's operating results will be      
below the expectations of public market analysts and investors. In such event,  
the price of the Company's Common Stock would likely be materially adversely    
affected.                                                                       

Because of these factors, the Company believes that period-to-period        
comparisons of its results of operations are not necessarily meaningful and     
that such comparisons should not be relied upon as indications of future        
performance.                                                                    

Certain statements contained in this Quarterly Report on Form 10-Q,         
including, without limitation, statements containing the words "believes,"      
"anticipates," "estimates," "expects," and words of similar import, constitute  
"forward looking statements" within the meaning of Section 21E of the           
Securities Exchange Act of 1934 regarding events, conditions and financial      
trends that may affect the Company's future plans, business strategy, results   
of operations and financial position. Readers are referred to the "Risk         
Factors" section of the Company's Annual Report on Form 10-K filed with the     
Securities and Exchange Commission, which identify important risk factors that  
could cause actual results to differ from those contained in the forward-       
looking statements.                                                             

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK              

Not applicable.                                                             

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PART II. OTHER INFORMATION  

ITEM 1. LEGAL PROCEEDINGS                                                       

In November 1998, GeoTel Communications Corporation ("GeoTel") and the      
Company settled the litigation between them concerning GeoTel's United States   
Patent No. 5,546,452 on terms which both companies believe not to be material   
to their financial results. Pursuant to the settlement, GeoTel will receive     
license fees from Genesys for ongoing revenues generated from certain products  
in exchange for a nonexclusive, irrevocable license to use the technology       
covered by GeoTel's 452 Patent or any related patent in all present and future  
Genesys products which incorporate such technology.                             

ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS                               

During the period covered by this report, there were no changes in the      
rights of holders of any class of securities of the Company and no              
unregistered sales of equity securities.                                        

On June 16, 1997, the Company's registration statement on Form S-1 (SEC File
No. 333-24479) was declared effective. The registration statement registered    
for offer and sale 2,500,000 (2,875,000 shares including over-allotments) of    
the Company's Common Stock, no par value, for an aggregate price of $45         
million ($51.75 million including over-allotments) (the "Offering"). Pursuant   
to the Offering, which was completed in June 1998, the Company sold 2,375,000   
shares, including over-allotments, of Common Stock and certain shareholders of  
the Company sold 500,000 shares of Common Stock. The shares in the Offering     
were sold in a firm commitment underwriting that was co-managed by Goldman      
Sachs & Company, Lehman Brothers and Robertson, Stephens & Company (now known   
as BancBoston Robertson Stephens). The amount of underwriting expenses          
incurred by the Company in connection with the Offering were approximately      
$1,990,500, resulting in net proceeds to the Company in the amount of           
$37,137,000.                                                                    

As of March 31, 1999, none of the net proceeds from the Offering have been  
used by the Company, and the net proceeds are held in cash or high-grade        
short-term investments. The Company's planned use of proceeds is as described   
in the registration statement.                                                  

ITEM 3. DEFAULTS UPON SENIOR SECURITIES                                         

Not applicable.                                                             

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS                     

Not applicable.                                                             

ITEM 5. OTHER INFORMATION                                                       

Not Applicable.                                                             

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K                                        

(a) Exhibits                                                                

                                                                [Download Table]

Exhibit                        
Number  Exhibit                
------- -------                
                               
 27.1   Financial Data Schedule

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the    
registrant has duly caused this report to be signed on its behalf by the        
undersigned thereunto duly authorized.                                          

                              GENESYS TELECOMMUNICATIONS
                        LABORATORIES, INC.

                                       /s/ Christopher Brennan
                                         By: _________________________________
                                           Christopher Brennan
                                           Chief Financial Officer

Date: May 17, 1999                                                              

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Dates Referenced Herein and Documents Incorporated by Reference

		Referenced-On Page
This ‘10-Q’ Filing	Date	First	Last	Other Filings

	6/30/99	9		10-K, 10-K/A
Filed on:	5/17/99	17
For Period End:	3/31/99	1	16
	12/31/98	8	10	10-Q
	12/11/98	8	13
	12/9/98	8	10
	6/30/98	3	13	10-K405
	3/31/98	3	14	10-Q
	12/31/97	7		10-Q, 8-K
	6/16/97	16
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Genesys Telecommunications Laboratories Inc – ‘10-Q’ for 3/31/99

As of: Monday, 5/17/99 · For: 3/31/99 · Accession #: 929624-99-958 · File #: 0-22605

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