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TIBCO Software Reports Q3 GAAP EPS of $0.09, Non-GAAP EPS of $0.13

Q3 License Revenue Grows 13% Sequentially; Non-GAAP Operating Margin Increases to 22%

PALO ALTO, CA -- (Marketwire) -- 09/24/09 -- TIBCO Software Inc. (NASDAQ: TIBX) today announced results for its third fiscal quarter, which ended on August 30, 2009.

Total revenue for the third quarter of fiscal 2009 was $150.3 million and GAAP net income was $14.9 million, or $0.09 per diluted share. This compares to total revenue of $162.3 million and GAAP net income of $11.1 million, or $0.06 per diluted share, as reported for the third quarter of fiscal 2008.

On a non-GAAP basis, net income for the third quarter of fiscal 2009 was $22.1 million or $0.13 per diluted share, compared with $19.6 million or $0.11 per diluted share for the third quarter of fiscal 2008. Non-GAAP operating income for the third quarter of fiscal 2009 was $32.5 million, resulting in a non-GAAP operating margin of 22%. This compares to non-GAAP operating income of $28.7 million, or a 18% non-GAAP operating margin in the third quarter of fiscal 2008. Non-GAAP results exclude stock-based compensation expense, amortization of acquired intangible assets, and assume a non-GAAP effective tax rate of 32% and 33% for the third quarters of fiscal 2009 and 2008, respectively.

"During Q3, we exceeded guidance targets for revenue and profitability, we repurchased $50 million of stock, and we acquired DataSynapse, a leader in the grid and cloud computing space," said Vivek Ranadivé, TIBCO's chairman and CEO. "Year to date, we have demonstrated strong operating leverage in our model by delivering an incremental $0.08 in non-GAAP EPS over the first three quarters of 2008. Looking forward, we are well-positioned to benefit from the accelerating shift away from database-centric architectures designed to handle transactions and towards bus-based architectures designed to handle events."

Third Quarter Fiscal 2009 Highlights

 

--  Total revenue was $150.3 million;
--  License revenue was $57.3 million;
--  Continued strong mix of business across industries including Financial
    Services, Telecommunications, Energy, Government, Manufacturing,
    Transportation & Logistics, and Insurance;
--  TIBCO closed 85 deals over $100k and had 17 deals over $1 million;
--  TIBCO expanded its business with leading companies in Q3 such as
    Activision Blizzard, Auchan, Bank of Nova Scotia, Bed Bath & Beyond,
    Jefferies & Company, Inc., Las Vegas Sands, Microsoft, National
    Semiconductor, and OXY.
    

 

Conference Call Details

TIBCO has scheduled a conference call for 4:30 pm ET / 1:30 pm PT today to discuss its third quarter results. The conference call will be hosted by Thomson Reuters and may be accessed over the Internet at www.tibco.com or via dial-in at (888) 329-8903 or (719) 457-2702. Please join the conference call at least 10 minutes early to register. A replay of the conference call will be available until midnight on October 24, 2009 at www.tibco.com or via dial-in at (888) 203-1112 or (719) 457-0820. The pass code for both the call and the replay is 6409040.

About TIBCO

TIBCO's technology digitized Wall Street in the '80s with event-driven "Information Bus" software, which helped make real-time business a strategic differentiator in the '90s. Today, TIBCO's infrastructure software gives customers the ability to constantly innovate by connecting applications and data in a service-oriented architecture, streamlining activities through business process management, and giving people the information and intelligence tools they need to make faster and smarter decisions, what we call The Power of Now®. TIBCO serves more than 3,000 customers around the world with offices in more than 20 countries and an ecosystem of over 200 partners. Learn more at www.tibco.com.

TIBCO, The Power of Now 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 the third quarter of fiscal year 2009 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 our ability to benefit from the shift towards bus-based architectures 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: the current uncertainty in global economic conditions and its effect on the demand for enterprise software and services; and competitive factors, including but not limited to competition from alternative business models, industry consolidation and new product introductions. Additional information regarding potential risks is provided in our filings with the SEC, including our most recent Annual Report on Form 10-K for the year ended November 30, 2008 and Quarterly Report on Form 10-Q for the quarter ended May 31, 2009. TIBCO assumes no obligation to update the forward-looking statements included in this release.

 

                            TIBCO Software Inc.
                  Condensed Consolidated Balance Sheets
                                (unaudited)
                              (in thousands)


                                                   August 30,  November 30,
                                                      2009        2008
                                                   ----------- -----------

                          ASSETS

Current assets:
  Cash and cash equivalents                        $   285,103 $   254,400
  Short-term investments                                 1,771      13,073
  Accounts receivable, net                             100,099     133,191
  Prepaid expenses and other current assets             46,758      49,994
                                                   ----------- -----------
    Total current assets                               433,731     450,658

Property and equipment, net                             97,168     103,531
Goodwill                                               371,312     343,942
Acquired intangible assets, net                         89,440      80,437
Long-term deferred income tax assets                    79,293      70,135
Other assets                                            41,518      39,865
                                                   ----------- -----------
    Total assets                                   $ 1,112,462 $ 1,088,568
                                                   =========== ===========

           LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
  Accounts payable                                 $    12,924 $    15,030
  Accrued liabilities                                   81,703      90,980
  Accrued excess facilities costs                        5,804       6,572
  Deferred revenue                                     141,836     140,221
  Current portion of long-term debt                      2,118       2,033
                                                   ----------- -----------
    Total current liabilities                          244,385     254,836

Accrued excess facilities costs, less current
 portion                                                 2,461       5,594
Long-term deferred revenue                              14,964      12,007
Long-term deferred income tax liabilities               13,208      15,329
Long-term income tax liabilities                        14,412      12,439
Long-term debt, less current portion                    40,925      42,525
Other long-term liabilities                              4,046       3,837
                                                   ----------- -----------
    Total long-term liabilities                         90,016      91,731
                                                   ----------- -----------
    Total liabilities                                  334,401     346,567
                                                   ----------- -----------

Minority interest                                          610         358

Total stockholders' equity                             777,451     741,643
                                                   ----------- -----------
    Total liabilities and stockholders' equity     $ 1,112,462 $ 1,088,568
                                                   =========== ===========





                            TIBCO Software Inc.
              Condensed Consolidated Statements of Operations
                                (unaudited)
                (in thousands, except net income per share)


                           Three Months Ended         Nine Months Ended
                        ------------------------  ------------------------
                         August 30,   August 31,   August 30,   August 31,
                           2009         2008         2009         2008
                        -----------  -----------  -----------  -----------
Revenue:
  License               $    57,257  $    67,542  $   152,563  $   182,991
  Service and
   maintenance               92,995       94,795      273,255      275,956
                        -----------  -----------  -----------  -----------
      Total revenue         150,252      162,337      425,818      458,947
                        -----------  -----------  -----------  -----------

Cost of revenue:
   License                    6,050        7,193       20,353       21,957
   Service and
    maintenance              32,253       38,083       95,902      111,941
                        -----------  -----------  -----------  -----------
      Total cost of
       revenue               38,303       45,276      116,255      133,898
                        -----------  -----------  -----------  -----------
Gross profit                111,949      117,061      309,563      325,049
                        -----------  -----------  -----------  -----------

Operating expenses:
   Research and
    development              26,449       28,496       77,843       80,706
   Sales and marketing       50,657       55,683      144,228      166,525
   General and
    administrative           11,227       13,468       33,172       40,257
   Amortization of
    acquired intangible
    assets                    3,107        4,156       10,559       12,531
                        -----------  -----------  -----------  -----------
      Total operating
       expenses              91,440      101,803      265,802      300,019
                        -----------  -----------  -----------  -----------
Income from operations       20,509       15,258       43,761       25,030

  Interest income               219        1,925        2,053        7,427
  Interest expense             (673)        (810)      (2,212)      (2,528)
  Other income
   (expense), net               471         (319)       1,672         (287)
                        -----------  -----------  -----------  -----------
Income before provision
 for income taxes and
 minority interest           20,526       16,054       45,274       29,642

Provision for income
 taxes                        5,629        4,917       14,579        9,391

Minority interest, net
 of tax                          31           24          126          131
                        -----------  -----------  -----------  -----------
Net income              $    14,866  $    11,113  $    30,569  $    20,120
                        ===========  ===========  ===========  ===========

Net income per share:

 Basic                  $      0.09  $      0.06  $      0.18  $      0.11
                        ===========  ===========  ===========  ===========
 Diluted                $      0.09  $      0.06  $      0.18  $      0.11
                        ===========  ===========  ===========  ===========
Shares used to compute
 net income per share:

   Basic                    168,036      179,094      170,318      182,496
                        ===========  ===========  ===========  ===========
   Diluted                  172,194      183,154      172,473      186,402
                        ===========  ===========  ===========  ===========





                            TIBCO Software Inc.
              Condensed Consolidated Statements of Cash Flows
                                (unaudited)
                              (in thousands)



                                             Nine Months Ended
                                           ---------------------
                                           August 30,  August 31,
                                             2009        2008
                                           ---------   ---------

Cash flows from operating activities:
  Net income                               $  30,569   $  20,120
  Adjustments to reconcile net income to
   net cash provided by
   operating activities:
     Depreciation of property and
      equipment                               11,175      11,957
     Amortization of acquired intangible
      assets                                  20,567      24,319
     Stock-based compensation                 17,155      15,618
     Deferred income tax                      (7,662)    (20,484)
     Tax benefits related to stock benefit
      plans                                   11,995      13,050
     Excess tax benefits from stock-based
      compensation                            (7,960)    (10,812)
     Minority interest, net of tax               126         131
     Other non-cash adjustments, net           1,125         583
  Changes in assets and liabilities:
     Accounts receivable                      33,470      49,504
     Prepaid expenses and other assets         3,553      12,277
     Accounts payable                         (2,976)      2,071
     Accrued liabilities and excess
      facilities costs                       (21,076)     (2,659)
     Deferred revenue                         (4,774)       (855)
                                           ---------   ---------
       Net cash provided by operating
        activities                            85,287     114,820
                                           ---------   ---------

Cash flows from investing activities:
   Purchases of short-term investments             -     (37,047)
   Maturities and sales of short-term
    investments                               10,966     121,896
   Acquisitions, net of cash acquired        (26,811)          -
   Purchases of private equity investments         -         (29)
   Proceeds from private equity
    investments                                  117         347
   Purchases of property and equipment        (4,108)     (6,464)
   Restricted cash pledged as security        (2,559)         53
                                           ---------   ---------
       Net cash provided by (used in)
        investing activities                 (22,395)     78,756
                                           ---------   ---------

Cash flows from financing activities:
   Proceeds from issuance of common stock     15,219      10,295
   Repurchases of the Company's common
    stock                                    (64,639)   (110,687)
   Excess tax benefits from stock-based
    compensation                               7,960      10,812
   Principal payments on long-term debt       (1,515)     (1,434)
                                           ---------   ---------
       Net cash used in financing
        activities                           (42,975)    (91,014)
                                           ---------   ---------

Effect of foreign exchange rate changes
 on cash and cash equivalents                 10,786      (2,645)
                                           ---------   ---------

Net change in cash and cash equivalents       30,703      99,917

Cash and cash equivalents at beginning of
 period                                      254,400     170,237

                                           ---------   ---------
Cash and cash equivalents at end of
 period                                    $ 285,103   $ 270,154
                                           =========   =========

 

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, charges for acquired in-process research and development, costs related to formal restructuring activities, 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:

Stock-based Compensation

TIBCO incurs stock-based compensation expense under SFAS 123(R). 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.

Amortization of Acquired 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 Software Inc.
                Reconciliation of GAAP to Non-GAAP Measures
                                (unaudited)
                (in thousands, except net income per share)



                                              Three Months Ended
                                    ---------------------------------------
                                      August 30, 2009     August 31, 2008
                                    ------------------- -------------------
                                    Operating   Net     Operating   Net
                                     Income    Income    Income    Income
                                    --------- --------- --------- ---------

GAAP                                $  20,509 $ 14,866  $  15,258 $ 11,113

  Amortization of intangible assets
   - cost of revenue                    2,873    2,873      3,989    3,989
  Amortization of intangible assets
   - operating expense                  3,107    3,107      4,156    4,156
  Stock-based compensation - cost of
   revenue                                658      658        645      645
  Stock-based compensation - R&D
   expense                              1,486    1,486      1,181    1,181
  Stock-based compensation - S&M
   expense                              1,906    1,906      1,682    1,682
  Stock-based compensation - G&A
   expense                              1,925    1,925      1,749    1,749
  Realized gain on sales of private
   equity investment                        -        -          -     (125)
  Income tax adjustment for
   non-GAAP (1)                             -   (4,765)         -   (4,762)

                                    --------- --------  --------- --------
Non-GAAP                            $  32,464 $ 22,056  $  28,660 $ 19,628
                                    ========= ========  ========= ========

Diluted net income per share:

  GAAP                                        $   0.09            $   0.06
                                              ========            ========
  Non-GAAP                                    $   0.13            $   0.11
                                              ========            ========

Shares used to compute diluted net
 income per share                              172,194             183,154
                                              ========            ========




                                              Nine Months Ended
                                    ---------------------------------------
                                      August 30, 2009     August 31, 2008
                                    ------------------- -------------------
                                    Operating   Net     Operating   Net
                                     Income    Income    Income    Income
                                    --------- --------- --------- ---------

GAAP                                $  43,761 $ 30,569  $  25,030 $ 20,120

  Amortization of intangible assets
   - cost of revenue                   10,008   10,008     11,788   11,788
  Amortization of intangible assets
   - operating expense                 10,559   10,559     12,531   12,531
  Stock-based compensation - cost of
   revenue                              1,900    1,900      1,972    1,972
  Stock-based compensation - R&D
   expense                              4,140    4,140      3,456    3,456
  Stock-based compensation - S&M
   expense                              5,318    5,318      5,089    5,089
  Stock-based compensation - G&A
   expense                              5,797    5,797      5,101    5,101
  Realized gain on sales of private
   equity investment                        -        -          -     (125)
  Income tax adjustment for
   non-GAAP (1)                             -  (11,980)         -  (13,529)

                                    --------- --------  --------- --------
Non-GAAP                            $  81,483 $ 56,311  $  64,967 $ 46,403
                                    ========= ========  ========= ========

Diluted net income per share:

  GAAP                                        $   0.18            $   0.11
                                              ========            ========
  Non-GAAP                                    $   0.33            $   0.25
                                              ========            ========

Shares used to compute diluted net
 income per share                              172,473             186,402
                                              ========            ========



 (1)   The estimated non-GAAP effective tax rate was 32% and 33% for fiscal
       2009 and 2008, respectively, and has been used to adjust the
       provision for income taxes for non-GAAP purposes.

 

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