|By Marketwired .||
|December 20, 2012 04:05 PM EST||
PALO ALTO, CA -- (Marketwire) -- 12/20/12 -- TIBCO Software Inc. (NASDAQ: TIBX) today announced results for its fourth quarter and fiscal year, which ended on November 30, 2012.
Total revenue for the fourth quarter of fiscal 2012 was $296.5 million and net income was $48.8 million, or $0.29 per diluted share. This compares to total revenue of $289.5 million and net income of $51.9 million, or $0.30 per diluted share, as reported for the fourth quarter of fiscal 2011.
On a non-GAAP basis, net income for the fourth quarter of fiscal 2012 was $70.7 million or $0.42 per diluted share, compared with $72.2 million or $0.42 per diluted share for the fourth quarter of fiscal 2011. Non-GAAP operating income for the fourth quarter of fiscal 2012 was $98.2 million, resulting in a non-GAAP operating margin of 33%. This compares to non-GAAP operating income of $99.8 million, or a 34% non-GAAP operating margin in the fourth quarter of fiscal 2011. Non-GAAP results exclude amortization of acquired intangible assets, stock-based compensation expense, acquisition related and other expenses and restructuring activities and assumes a non-GAAP effective tax rate of 26% for fiscal 2012 and 28% for fiscal 2011.
"Despite weakness in our Americas infrastructure business in Q4, TIBCO delivered another record year of revenue and profitability in 2012," said Vivek Ranadivé, TIBCO's chairman and chief executive officer. "As we enter 2013, we are confident about our market position and see many avenues of growth for our business. The world continues to accelerate its shift towards operating in real-time, requiring companies to find more and better ways to integrate their businesses and understand the information and events that drive performance. This trend continues to create demand for our event-driven platform. Our focus in the new year is on investing for innovation and growth, delivering extreme value to our customers, and executing with consistency."
Fourth Quarter Fiscal 2012 Highlights
- Total revenue of $296.5 million;
- License revenue of $136.3 million;
- Non-GAAP operating margin of 33%;
- Non-GAAP EPS of $0.42;
- Cash flow from operations of $72.0 million;
- Strong mix of business across major industries including Financial Services, Energy, Telecommunications, Life Sciences, Manufacturing, and Retail; and
- TIBCO closed 195 deals over $100k and had 25 deals over $1 million.
Full Year Fiscal 2012 Highlights
- Record total revenue of $1,024.6 million;
- License revenue of $410.3 million;
- Non-GAAP operating margin of 27%;
- Record non-GAAP EPS of $1.15, vs. $1.01 for fiscal 2011;
- Cash flow from operations of $237.4 million; and
- Repurchased 7.6 million shares.
Conference Call Details
TIBCO has scheduled a conference call for 4:30 pm ET / 1:30 pm PT today to discuss its fourth quarter results. The conference call will be hosted by InterCall and may be accessed over the internet at www.tibco.com or via dial-in at 877-293-9114 or 706-758-2055. Please join the conference call at least 10 minutes early to register. A replay of the conference call will be available until midnight PT on January 20, 2013 at www.tibco.com or via dial-in at 800-585-8367 or 404-537-3406. The pass code for both the call and the replay is 77950749.
TIBCO Software Inc. (NASDAQ: TIBX) is a provider of infrastructure software for companies to use on-premise or as part of cloud computing environments. Whether it's optimizing claims, processing trades, cross-selling products based on real-time customer behavior, or averting a crisis before it happens, TIBCO provides companies the two-second advantage® -- the ability to capture the right information at the right time and act on it preemptively for a competitive advantage. More than 4,000 customers worldwide rely on TIBCO to manage information, decisions, processes and applications in real time. Learn more at www.tibco.com.
TIBCO, two-second advantage, and TIBCO Software are trademarks or registered trademarks of TIBCO Software Inc. in the United States and/or other countries. All other product and company names and marks mentioned in this document are the property of their respective owners and are mentioned for identification purposes only.
About Non-GAAP Financial Information
This press release includes non-GAAP financial measures. For a description of these non-GAAP financial measures, including the reasons management uses each measure, and reconciliations of these non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with Generally Accepted Accounting Principles (GAAP), please see the section entitled "About Non-GAAP Financial Measures" and the accompanying table entitled "Reconciliation of GAAP to Non-GAAP Measures."
Legal Notice Regarding Forward-Looking Statements
This release contains forward-looking statements within the meaning of the "safe harbor" provisions of the federal securities laws. The final financial results for fourth quarter of fiscal year 2012 may differ materially from the preliminary results presented in this release due to factors that include, but are not limited to, risks associated with the final review of the results and preparation of financial statements. In addition, forward-looking statements such as statements regarding future avenues of growth for TIBCO's business, growing demand for TIBCO's event-driven platform, TIBCO's ability to invest in innovation and growth, TIBCO's ability to deliver extreme value to customers, and TIBCO's ability to execute with consistency, are subject to risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. These risks include but are not limited to: risks arising from adverse changes and uncertainty in domestic and global economies, TIBCO's ability to develop products that address changing market demands, the impact of competition from alternative business models and new product introductions, TIBCO's ability to offer differentiated products that capitalize on current technology trends, the impact of competition from companies that are larger or have greater resources than TIBCO, and TIBCO's ability to execute on its strategy. Additional information regarding potential risks is provided in TIBCO's filings with the SEC, including its most recent Annual Report on Form 10-K for the year ended November 30, 2011 and Quarterly Report on Form 10-Q for the quarter ended September 2, 2012. TIBCO assumes no obligation to update the forward-looking statements included in this release.
TIBCO Software Inc. Condensed Consolidated Balance Sheets (unaudited) (in thousands) November 30, ------------------------ 2012 2011 ----------- ----------- ASSETS Current assets: Cash and cash equivalents $ 727,309 $ 308,148 Short-term investments 34,411 225 Accounts receivable, net 234,100 196,419 Prepaid expenses and other current assets 61,174 61,864 ----------- ----------- Total current assets 1,056,994 566,656 Property and equipment, net 98,474 89,871 Goodwill 532,290 451,821 Acquired intangible assets, net 123,261 97,258 Long-term deferred income tax assets 64,549 78,656 Other assets 71,340 48,676 ----------- ----------- Total assets $ 1,946,908 $ 1,332,938 =========== =========== LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 22,809 $ 25,802 Accrued liabilities 133,596 129,168 Accrued restructuring costs 893 6,792 Deferred revenue 263,476 210,234 Current portion of long-term debt 35,711 2,397 ----------- ----------- Total current liabilities 456,485 374,393 Accrued restructuring costs, less current portion 643 1,050 Long-term deferred revenue 25,543 14,876 Long-term deferred income tax liabilities 3,208 4,540 Long-term income tax liabilities 26,263 20,772 Other long-term liabilities 4,015 2,445 Long-term debt, less current portion - 65,711 Convertible debt 524,466 - ----------- ----------- Total long-term liabilities 584,138 109,394 ----------- ----------- Total liabilities 1,040,623 483,787 ----------- ----------- Total equity 906,285 849,151 ----------- ----------- Total liabilities and equity $ 1,946,908 $ 1,332,938 =========== =========== TIBCO Software Inc. Condensed Consolidated Statements of Operations (unaudited) (in thousands, except net income per share) Three Months Ended Year Ended November 30, November 30, ---------------------- ---------------------- 2012 2011 2012 2011 ---------- ---------- ---------- ---------- Revenue: License $ 136,307 $ 134,706 $ 410,306 $ 377,618 Service and maintenance 160,220 154,805 614,307 542,628 ---------- ---------- ---------- ---------- Total revenue 296,527 289,511 1,024,613 920,246 ---------- ---------- ---------- ---------- Cost of revenue: License 11,554 9,743 41,363 35,309 Service and maintenance 64,035 59,604 241,452 212,066 ---------- ---------- ---------- ---------- Total cost of revenue 75,589 69,347 282,815 247,375 ---------- ---------- ---------- ---------- Gross profit 220,938 220,164 741,798 672,871 ---------- ---------- ---------- ---------- Operating expenses: Research and development 39,255 38,271 154,535 143,173 Sales and marketing 85,557 81,752 317,001 285,366 General and administrative 17,960 16,330 70,868 59,990 Amortization of acquired intangible assets 4,813 4,596 19,654 19,149 Acquisition related and other 502 154 2,672 1,840 Restructuring adjustment (201) 8,816 (648) 8,926 ---------- ---------- ---------- ---------- Total operating expenses 147,886 149,919 564,082 518,444 ---------- ---------- ---------- ---------- Income from operations 73,052 70,245 177,716 154,427 Interest income 267 198 1,109 1,374 Interest expense (8,823) (1,083) (23,396) (4,020) Other income (expense), net (357) 83 (115) (1,846) ---------- ---------- ---------- ---------- Income before provision for income taxes and noncontrolling interest 64,139 69,443 155,314 149,935 Provision for income taxes 15,300 17,504 33,200 37,300 ---------- ---------- ---------- ---------- Net income 48,839 51,939 122,114 112,635 Less: Net income attributable to noncontrolling interest 51 61 107 229 ---------- ---------- ---------- ---------- Net income attributable to TIBCO Software Inc. $ 48,788 $ 51,878 $ 122,007 $ 112,406 ========== ========== ========== ========== Net income per share attributable to TIBCO Software Inc.: Basic $ 0.30 $ 0.32 $ 0.76 $ 0.70 ========== ========== ========== ========== Diluted $ 0.29 $ 0.30 $ 0.72 $ 0.65 ========== ========== ========== ========== Shares used to compute net income per share attributable to TIBCO Software Inc.: Basic 160,115 161,586 160,330 161,469 ========== ========== ========== ========== Diluted 169,284 171,978 169,698 173,272 ========== ========== ========== ========== TIBCO Software Inc. Condensed Consolidated Statements of Cash Flows (unaudited) (in thousands) Year Ended November 30, ------------------------ 2012 2011 ----------- ----------- Cash flows from operating activities: Net income $ 122,114 $ 112,635 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation of property and equipment 14,931 13,145 Amortization of acquired intangible assets 35,553 34,661 Amortization of debt discount and transaction costs 11,465 772 Stock-based compensation 61,146 48,867 Deferred income tax (20,351) 1,266 Tax benefits related to stock benefit plans 24,561 8,552 Excess tax benefits from stock-based compensation (30,311) (41,950) Other non-cash adjustments, net 1,486 476 Changes in assets and liabilities: Accounts receivable (37,171) (3,312) Prepaid expenses and other assets (1,880) 4,859 Accounts payable (3,036) 501 Accrued liabilities and restructuring costs (1,542) 7,015 Deferred revenue 60,395 20,563 ----------- ----------- Net cash provided by operating activities 237,360 208,050 ----------- ----------- Cash flows from investing activities: Purchases of short-term investments (41,409) (76) Maturities and sales of short-term investments 7,229 1,451 Acquisitions, net of cash acquired (132,209) (63,610) Purchases of property and equipment (23,723) (13,971) Restricted cash pledged as security (1,169) (3,234) Other investing activities, net 326 - ----------- ----------- Net cash used in investing activities (190,955) (79,440) ----------- ----------- Cash flows from financing activities: Proceeds from issuance of convertible debt, net 584,450 - Proceeds from revolving credit facility, net 116,648 30,000 Principal payments on debt (152,397) (2,269) Proceeds from issuance of common stock 33,417 80,610 Repurchases of the Company's common stock (220,265) (194,059) Withholding taxes related to restricted stock net share settlement (18,212) (17,922) Excess tax benefits from stock-based compensation 30,311 41,950 ----------- ----------- Net cash provided by (used in) financing activities 373,952 (61,690) ----------- ----------- Effect of foreign exchange rate changes on cash and cash equivalents (1,196) (2,761) ----------- ----------- Net change in cash and cash equivalents 419,161 64,159 Cash and cash equivalents at beginning of period 308,148 243,989 ----------- ----------- Cash and cash equivalents at end of period $ 727,309 $ 308,148 =========== ===========
About Non-GAAP Financial Measures
TIBCO provides non-GAAP measures for operating income, net income and net income per share data as supplemental information regarding TIBCO's business performance. TIBCO believes that these non-GAAP financial measures are useful to investors because they exclude non-operating charges. TIBCO's management excludes these non-operating charges when it internally evaluates the performance of TIBCO's business and makes operating decisions, including internal budgeting, performance measurement and the calculation of bonuses and discretionary compensation, because these measures provide a consistent method of comparison to historical periods. Moreover, management believes these non-GAAP measures reflect the essential revenue generation activities of TIBCO. Accordingly, management excludes stock-based compensation related to employee stock options, amortization of acquired intangible assets, costs related to formal restructuring activities, acquisition-related and other expenses, non-cash interest expense related to convertible debt, gains and losses on equity investments, and the income tax effects of the foregoing, as well as adjustments for the impact of changes in the valuation allowance recorded against TIBCO's deferred tax assets when making operational decisions.
TIBCO believes that providing the non-GAAP measures that management uses to its investors is useful to investors for a number of reasons. The non-GAAP measures provide a consistent basis for investors to understand TIBCO's financial performance on a trended basis across historical periods. In addition, it allows investors to evaluate TIBCO's performance using the same methodology and information as that used by TIBCO's management.
Non-GAAP measures are subject to material limitations as these measures are not in accordance with, or a substitute for, GAAP and thus TIBCO's definition may be different from similar non-GAAP measures used by other companies and/or analysts. However, TIBCO's management compensates for these limitations by providing the relevant disclosure of the items excluded in the calculation of non-GAAP operating income, non-GAAP net income and non-GAAP net income per share. In addition, some items such as restructuring charges that are excluded from non-GAAP net income and non-GAAP earnings per share can have a material impact on cash flows and stock compensation charges can have a significant impact on earnings. Management compensates for these limitations by evaluating the non-GAAP measure together with the most directly comparable GAAP measure. TIBCO has historically provided non-GAAP measures to the investment community as a supplement to its GAAP results, to enable investors to evaluate TIBCO's business performance in the way that management does.
The non-GAAP adjustments, and the basis for excluding them, are outlined below:
Amortization of Intangible Assets
TIBCO has incurred amortization of intangible assets, included in its GAAP financial statements, related to various acquisitions TIBCO has made. Management excludes these items, for the purposes of calculating non-GAAP operating income, non-GAAP net income and non-GAAP net income per share. TIBCO believes that eliminating this expense from its non-GAAP measures is useful to investors, because the amortization of intangible assets can be inconsistent in amount and frequency and is significantly impacted by the timing and magnitude of TIBCO's acquisition transactions, which also vary substantially in frequency from period to period.
TIBCO incurs stock-based compensation expense. TIBCO excludes this item for the purposes of calculating non-GAAP operating income, non-GAAP net income and non-GAAP net income per share because it is a non-cash expense that TIBCO believes is not reflective of its business performance. The nature of the stock-based compensation expense also makes it very difficult to estimate prospectively, since the expense will vary with changes in the stock price and market conditions at the time of new grants, varying valuation methodologies, subjective assumptions and different award types, making the comparison of current results with forward-looking guidance potentially difficult for investors to interpret. The tax effects of stock-based compensation expenses may also vary significantly from period to period, without any change in underlying operational performance, thereby obscuring the underlying profitability of operations relative to prior periods. Finally, TIBCO believes that non-GAAP measures of profitability that exclude stock-based compensation are widely used by analysts and investors in the software industry.
Acquisition-related and Other Expenses
TIBCO incurs acquisition-related and other expenses which consist of costs incurred after the issuance of a definitive term sheet for a particular transaction (whether or not such transaction is ultimately completed, remains in process or is not completed) and include legal, banker, accounting and other advisory fees of third parties and severance costs for employees of the acquired company that are terminated within 90 days of the acquisition date. Management excludes these items, for the purposes of calculating non-GAAP operating income, non-GAAP net income and non-GAAP net income per share. TIBCO believes that eliminating these expenses from its non-GAAP measures is useful to investors, because it generally would not have otherwise incurred such expenses in the periods presented as part of its continuing operations. The acquisition-related and other expenses are not recurring with respect to past transactions, can be inconsistent in amount and frequency from period to period and are significantly impacted by the timing and magnitude of TIBCO's acquisitions. While these expenses are not recurring with respect to past transactions, TIBCO generally will incur these expenses in connection with any future acquisitions.
TIBCO incurs restructuring expenses, included in its GAAP presentation of operating expense, primarily due to workforce related charges such as payments for severance and benefits and estimated costs of exiting and terminating facility lease commitments related to a formal restructuring plan. TIBCO excludes these items, for the purposes of calculating non-GAAP operating income, non-GAAP net income and non-GAAP net income per share, when it evaluates the continuing business performance of TIBCO. TIBCO believes that these items are not consistently recurring and do not necessarily reflect expected future operating expense, nor does TIBCO believe that they provide a meaningful evaluation of current versus past business results or the expense levels required to support TIBCO's operating plan.
Non-Cash Interest Expense Related to Convertible Debt
TIBCO is required to recognize non-cash interest expense related to its 2.25% convertible senior notes issued in April 2012 as an imputed interest expense. Management excludes this incremental non-cash interest expense for purposes of calculating non-GAAP net income and non-GAAP net income per share. Under the relevant accounting guidance, TIBCO is required to separate the conversion option as an equity component from the debt and account for the debt in a manner that reflects TIBCO's non-convertible debt borrowing rate. This results in the debt component of the convertible notes being treated as though it was issued at a discount, with the debt discount being accreted as additional non-cash interest expense over the term of the notes using the effective interest method. TIBCO believes that excluding this expense from its non-GAAP measures is useful to investors because this incremental interest expense does not represent a cash outflow for the company and is not meaningful in evaluating current versus past business results. Finally, TIBCO believes that non-GAAP measures of profitability that exclude non-cash interest accretion expense are widely used by analysts and investors.
TIBCO Software Inc. Reconciliation of GAAP to Non-GAAP Measures (unaudited) (in thousands, except net income per share) Three Months Ended November 30, ------------------------------------------------- 2012 2011 ------------------------ ----------------------- Net income Net income attributable attributable Operating to TIBCO Operating to TIBCO Income Software Income Software Inc. Inc. ---------- ------------ ---------- ------------ GAAP $ 73,052 $ 48,788 $ 70,245 $ 51,878 Amortization of intangible assets - cost of revenue 4,021 4,021 3,277 3,277 Amortization of intangible assets - operating expense 4,813 4,813 4,596 4,596 Stock-based compensation - cost of revenue 1,431 1,431 1,167 1,167 Stock-based compensation - R&D expense 3,887 3,887 2,856 2,856 Stock-based compensation - S&M expense 5,844 5,844 4,350 4,350 Stock-based compensation - G&A expense 4,854 4,854 4,308 4,308 Acquisition related and other 502 502 154 154 Non-cash interest expense related to convertible debt - 3,751 - - Restructuring adjustment (201) (201) 8,816 8,816 Income tax adjustment for non-GAAP - (7,030) - (9,217) ---------- ------------ ---------- ------------ Non-GAAP $ 98,203 $ 70,660 $ 99,769 $ 72,185 ========== ============ ========== ============ Diluted net income per share attributable to TIBCO Software Inc.: GAAP $ 0.29 $ 0.30 ============ ============ Non-GAAP $ 0.42 $ 0.42 ============ ============ Shares used to compute diluted net income per share attributable to TIBCO Software Inc.: 169,284 171,978 ============ ============ Year Ended November 30, ------------------------------------------------- 2012 2011 ------------------------ ----------------------- Net income Net income attributable attributable Operating to TIBCO Operating to TIBCO Income Software Income Software Inc. Inc. ---------- ------------ ---------- ------------ GAAP $ 177,716 $ 122,007 $ 154,427 $ 112,406 Amortization of intangible assets - cost of revenue 15,899 15,899 15,512 15,512 Amortization of intangible assets - operating expense 19,654 19,654 19,149 19,149 Stock-based compensation - cost of revenue 5,142 5,142 4,715 4,715 Stock-based compensation - R&D expense 15,131 15,131 11,441 11,441 Stock-based compensation - S&M expense 21,211 21,211 17,206 17,206 Stock-based compensation - G&A expense 19,662 19,662 15,505 15,505 Acquisition related and other 2,672 2,672 1,840 1,840 Non-cash interest expense related to convertible debt - 9,032 - - Restructuring adjustment (648) (648) 8,926 8,926 Income tax adjustment for non-GAAP - (35,037) - (31,431) ---------- ------------ ---------- ------------ Non-GAAP $ 276,439 $ 194,725 $ 248,721 $ 175,269 ========== ============ ========== ============ Diluted net income per share attributable to TIBCO Software Inc.: GAAP $ 0.72 $ 0.65 ============ ============ Non-GAAP $ 1.15 $ 1.01 ============ ============ Shares used to compute diluted net income per share attributable to TIBCO Software Inc.: 169,698 173,272 ============ ============
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