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SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549

## FORM 8-K

CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934

Date of report (Date of earliest event reported): December 18, 2003

|Borland Software Corporation                      
|--------------------------------------------------
|                                                  
|(Exact Name of Registrant as Specified in Charter)

|Delaware                                       |  | 0-16096                  |  | 94-2895440                       
|---------------------------------------------- |  | ------------------------ |  | ---------------------------------
|                                               |  |                          |  |                                  
|(State or Other Jurisdiction of Incorporation) |  | (Commission File Number) |  | (IRS Employer Identification No.)

|100 Enterprise Way, Scotts Valley, California 95066-3249                      
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|                                                                              
|(Address of Principal Executive Offices)                            (Zip Code)

Registrant's telephone number, including area code: (831) 431-1000

|                                                             
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|                                                             
|(Former Name or Former Address, if Changed Since Last Report)

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| | Item 9. | Regulation FD Disclosure. | 
| | ------- | ------------------------- | 

| | Borland
Software Corporation today confirms prior guidance that its revenues for the quarter
ending December 31, 2003 to be in the range of $71  $75 million. Borland further
expects GAAP earnings per share to be in the range of $(0.08) to $(0.12) for the
quarter. This compares to previous guidance of GAAP earnings per share in the range of
$(0.04) to $(0.06). The expected increase in loss from previous guidance is due to costs
associated with the reduction in force described below. As previously announced, Borland
expects Non-GAAP earnings per share to be in the range of $0.03 to $0.05. A
reconciliation of anticipated GAAP earnings per share to anticipated Non-GAAP earnings
per share is set forth below. As noted below in our Safe Harbor Statement, we remind you
that a large portion of software sales, particularly sales to enterprise customers, tend
to occur toward the end of a given quarter. | 
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 

| | Looking
forward to 2004, Borland today initiated a reduction in force covering approximately 120
employees worldwide as part of implementing the ALM strategy and accelerating our new
go-to-market model. The changes will also streamline operations consistent with our
targeted operating margins. The reductions affected each of the operating departments of
the company without a particular emphasis in any given group. | 
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 

| | Reconciliation
of Anticipated Non-GAAP Results to Anticipated GAAP Results | 
| | -------------------------------------------------------------------------- | 

| | In
calculating Non-GAAP earnings per share, Borland utilizes a Non-GAAP financial measure of
net income that excludes, as applicable, amortization of intangible assets, restructuring
charges, acquisition-related expenses, and other charges. The following table shows our
anticipated Non-GAAP anticipated results for the quarter ending December 31, 2003
reconciled to our anticipated GAAP results for the quarter ending December 31, 2003. | 
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 

|Preliminary estimates (range):    | Per Share
|--------------------------------- | ---------
|
|
|
|GAAP net loss                     |          
|Amortization of intangible assets |          
|Acquisition-related expenses      |          
|Restructuring charges             |          
|                                  |          
|Non-GAAP net income               |          
|                                  |          

| | Non-GAAP
Financial Measures | 
| | --------------------------- | 

| | When
disclosing financial information, Borland provides all information required in accordance
with generally accepted accounting practices (GAAP), but believes that evaluating its
ongoing operating results may be difficult if limited to reviewing only GAAP financial
measures. Accordingly, Borland uses Non-GAAP financial measures of its performance
internally to evaluate its ongoing operations and to allocate resources within the
organization. Borlands management does not itself, nor does it suggest that
investors should, consider such Non-GAAP financial measures in isolation from, or as a
substitute for, financial information prepared in accordance with GAAP. The Non-GAAP
financial measures used by Borland may not be consistent with the presentation of similar
companies in Borlands industry. However, Borland presents such Non-GAAP financial
measures in reporting its financial results to provide investors with an additional tool
to evaluate Borlands operating results in a manner that focuses on what Borland
believes to be its ongoing business operations. Borlands management believes it is
useful for itself and investors to review both GAAP information that includes the
expenses, charges, gains, and losses mentioned below and the Non-GAAP measure of net
income that excludes such charges to have a better understanding of the overall
performance of Borlands business and its ability to perform in subsequent periods. | 
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | 

| | Borland
computes its Non-GAAP financial measure of net income by adjusting GAAP net income to
exclude, as applicable, the impact of restructuring, amortization of intangible assets,
acquisition-related expenses, in-process research and development, and certain income and
one-time charges and benefits. Management believes that the inclusion of this Non-GAAP
financial measure provides consistency and comparability with past reports of financial
results and provides comparability to similar companies in Borlands industry, many
of which present the same or similar Non-GAAP financial measures to investors. Whenever
Borland uses such a Non-GAAP financial measure, it provides a reconciliation of Non-GAAP
financial measures to the most closely applicable GAAP financial measure. Investors are
encouraged to review the related GAAP financial measures and the reconciliation of these
Non-GAAP financial measures to their most directly comparable GAAP financial measure. | 
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 

| | Borland
excludes restructuring charges, including (i) employee severance and other termination
benefits, (ii) lease termination costs and other expenses associated with exiting a
facility, and (iii) other costs associated with terminating contracts, from its Non-GAAP
financial measure of net income. Expenses related to restructuring have, in some cases,
had a significant cash impact and effect on net income as measured in accordance with
GAAP. However, Borlands management believes such restructuring charges are periodic
costs incurred to realign Borlands operating expenses with its anticipated future
revenues and consequently, does not consider these restructuring costs as a normal
component of Borlands expenses related to ongoing operations. As a result, Borlands
management believes it is useful for itself and investors to review both GAAP information
that includes such charges and Non-GAAP measures of net income that exclude these charges
to have a better understanding of the overall performance of Borlands ongoing
business operations and its performance in the periods presented. | 
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 

| | In
accordance with GAAP, Borland regularly amortizes the remaining value of certain
intangible assets over various periods. However, these amortization expenses result in no
ongoing cash expenditures and otherwise have no material impact on Borlands ongoing
business operations. Similarly, from time to time, Borland undertakes strategic
acquisitions and investments. The expenses related to such acquisitions and investments
may or may not result in a significant cash impact or effect on net income as measured in
accordance with GAAP, but their impact is not directly related to Borlands ongoing
business activities in such periods. Consequently, Borland excludes the amortization of
intangible assets, acquisition-related expenses and in-process research and development
expenses, as well as certain one-time charges that do not relate to ongoing operations,
from its Non-GAAP financial measures. Borland believes that examination of both GAAP
information that includes such charges and Non-GAAP financial measures that exclude such
expenses provides management with a comparative measure between product lines when
allocating available resources. In addition, Borland believes that if it did not provide
such Non-GAAP financial information, investors would not have all the necessary data to
analyze Borlands ongoing operations. | 
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 

| | Safe
Harbor Statement | 
| | --------------------- | 

| | This
Current Report on Form 8-K contains forward-looking statements including statements
regarding Borlands anticipated financial results for the quarter ending December
31, 2003. Such forward-looking statements are based on current expectations that involve
a number of uncertainties and risks that may cause actual events or results to differ
materially. Factors that could cause actual events or results to differ materially
include, but are not limited to: potential disruption to our operations and to our sales
efforts as a result of our reduction in force; our ability to sell our solutions during
the year-end holiday season; potential year end freezes on spending by some of our
potential customers; our ability to launch new products to end user customers through our
distribution channels; an increase in our cost of operations as a result of presently
unforeseen expenditures; our ability to forecast revenue, given the fact that a large
portion of software sales (particularly sales to enterprise customers) tend to occur
toward the end of a given quarter; and delays in the execution of enterprise volume
licenses. These and other risks may be detailed from time to time in Borlands
periodic reports filed with the Securities and Exchange Commission, including, but not
limited to, its 2002 Annual Report on Form 10-K, its quarterly reports on Form 10-Q, and
other SEC filings, copies of which may be obtained from http://www.sec.gov/. Borland is
under no obligation to (and expressly disclaims any such obligation to) update any of the
information in this Current Report on Form 8-K if any forward-looking statement later
turns out to be inaccurate whether as a result of new information, future events or
otherwise. | 
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 

| | The
information in this report is being furnished pursuant to Item 9 of Form 8-K and shall
not, except to the extent required by applicable law or regulation, be deemed filed by
Borland for purposes of § 18 of the Securities Exchange Act of 1934, as amended. The
information contained herein shall not be incorporated by reference into any filing with
the Securities and Exchange Commission made by Borland, whether made before or after the
date hereof, regardless of any general incorporation language in such filing. | 
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 

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SIGNATURES

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

| |  | BORLAND SOFTWARE CORPORATION | 
| |  | ---------------------------- | 

| | Date: December 18, 2003 | By: /s/ KENNETH R. HAHN                                  | 
| | ----------------------- | -------------------------------------------------------- | 
| |                         |                                                          | 
| |                         | Name: Kenneth R. Hahn                                    | 
| |                         | Title: Senior Vice President and Chief Financial Officer |