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PALO ALTO, CA -- (Marketwired) -- 09/19/13 -- TIBCO Software Inc. (NASDAQ: TIBX) today announced results for its fiscal third quarter, which ended on September 1, 2013.

Total revenue for the third quarter of fiscal 2013 was $270.9 million and net income was $21.3 million, or $0.13 per diluted share. This compares to total revenue of $255.0 million and net income of $26.1 million, or $0.15 per diluted share, as reported for the third quarter of fiscal 2012.

On a non-GAAP basis, net income for the third quarter of fiscal 2013 was $46.3 million or $0.28 per diluted share, compared with $45.9 million or $0.27 per diluted share for the third quarter of fiscal 2012. Non-GAAP operating income for the third quarter of fiscal 2013 was $64.2 million, resulting in a non-GAAP operating margin of 23.7%. This compares to non-GAAP operating income of $68.8 million, or a 27.0% non-GAAP operating margin in the third quarter of fiscal 2012. Non-GAAP results exclude amortization of acquired intangible assets, stock-based compensation expense, acquisition related and other expenses, restructuring activities and non-cash interest expense related to convertible debt and assumes non-GAAP effective tax rates of 23% and 27% for the third quarters of fiscal 2013 and 2012, respectively.

"We saw further signs of operational improvement this quarter, as our focus on execution generated renewed growth in our infrastructure business," said Vivek Ranadivé, TIBCO's chairman and chief executive officer. "Across an expanding set of industries, the world's leading companies are calling on TIBCO for innovative solutions to big data challenges and their own version of the Two-Second Advantage. Given the opportunity before us, we will continue to invest for growth and innovation, particularly in the areas of integration, analytics and cloud."

Third Quarter Fiscal 2013 Highlights

• Total revenue of $270.9 million;
• License revenue of $105.2 million;
• Non-GAAP operating margin of 23.7%;
• Non-GAAP EPS of $0.28;
• Cash flow from operations of $58.3 million;
• Broad mix of business across major industries including Financial Services, Retail, Life Sciences, Telecommunications, Manufacturing, Energy, Transportation & Logistics, Insurance, Government;
• TIBCO closed 140 deals over $100k and had 18 deals over $1 million.

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 InterCall and may be accessed over the internet at www.tibco.com or via dial-in at 877-293-9114 or 706-679-0841. Please join the conference call at least 10 minutes early to register. A replay of the conference call will be available until midnight ET on October 19, 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 47967789.

About TIBCO
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 third quarter of fiscal year 2013 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 TIBCO's ability to improve its sales execution, TIBCO's ability to deliver growth, and TIBCO's ability to capitalize on the opportunities in the marketplace, 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 achieve improved performance and accelerate growth from its investments for growth and innovation, 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, and the impact of competition from companies that are larger or have greater resources than TIBCO. 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, 2012 and Quarterly Report on Form 10-Q for the quarter ended June 2, 2013. TIBCO assumes no obligation to update the forward-looking statements included in this release.

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


                                               September 1,    November 30,
                                                   2013            2012
                                              --------------  --------------

                    ASSETS

Current assets:
  Cash and cash equivalents                   $      666,211  $      727,309
  Short-term investments                              57,686          34,411
  Accounts receivable, net                           183,131         234,100
  Prepaid expenses and other current assets           66,750          61,174
                                              --------------  --------------
    Total current assets                             973,778       1,056,994

Property and equipment, net                           95,792          98,474
Goodwill                                             557,809         532,290
Acquired intangible assets, net                      120,499         123,261
Long-term deferred income tax assets                  90,222          64,549
Other assets                                          75,712          71,340
                                              --------------  --------------
    Total assets                              $    1,913,812  $    1,946,908
                                              ==============  ==============

            LIABILITIES AND EQUITY

Current liabilities:
  Accounts payable                            $       28,827  $       22,809
  Accrued liabilities                                110,067         133,596
  Accrued restructuring costs                          5,314             893
  Deferred revenue                                   253,357         263,476
  Current portion of long-term debt                        -          35,711
                                              --------------  --------------
    Total current liabilities                        397,565         456,485

Accrued restructuring costs, less current
 portion                                                 203             643
Long-term deferred revenue                            26,323          25,543
Long-term deferred income tax liabilities              2,213           3,208
Long-term income tax liabilities                      52,005          26,263
Other long-term liabilities                            4,509           4,015
Convertible debt                                     536,062         524,466
                                              --------------  --------------
    Total long-term liabilities                      621,315         584,138
                                              --------------  --------------
    Total liabilities                              1,018,880       1,040,623
                                              --------------  --------------

Total equity                                         894,932         906,285
                                              --------------  --------------
    Total liabilities and equity              $    1,913,812  $    1,946,908
                                              ==============  ==============



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


                         Three Months Ended           Nine Months Ended
                     --------------------------  --------------------------
                     September 1,  September 2,  September 1,  September 2,
                         2013          2012          2013          2012
                     ------------  ------------  ------------  ------------
Revenue:
  License            $    105,209  $     99,103  $    265,738  $    273,999
  Service and
   maintenance            165,650       155,918       488,757       454,087
                     ------------  ------------  ------------  ------------
    Total revenue         270,859       255,021       754,495       728,086
                     ------------  ------------  ------------  ------------

Cost of revenue:
  License                  12,407        11,368        34,776        29,809
  Service and
   maintenance             65,566        60,881       190,805       177,417
                     ------------  ------------  ------------  ------------
    Total cost of
     revenue               77,973        72,249       225,581       207,226
                     ------------  ------------  ------------  ------------
Gross profit              192,886       182,772       528,914       520,860
                     ------------  ------------  ------------  ------------

Operating expenses:
  Research and
   development             43,391        39,354       127,591       115,280
  Sales and marketing      84,082        76,803       249,395       231,444
  General and
   administrative          13,697        17,906        50,546        52,908
  Amortization of
   acquired
   intangible assets        4,991         4,640        14,025        14,841
  Acquisition related
   and other                  630           845         1,525         2,170
  Restructuring
   adjustment               8,886            72         8,871          (447)
                     ------------  ------------  ------------  ------------
    Total operating
     expenses             155,677       139,620       451,953       416,196
                     ------------  ------------  ------------  ------------

Income from
 operations                37,209        43,152        76,961       104,664

  Interest income             249           366           672           842
  Interest expense         (8,411)       (8,713)      (25,856)      (14,573)
  Other income
   (expense), net             153        (1,306)       (1,258)          242
                     ------------  ------------  ------------  ------------
Income before
 provision for income
 taxes and
 noncontrolling
 interest                  29,200        33,499        50,519        91,175

Provision for income
 taxes                      7,900         7,400        10,900        17,900

                     ------------  ------------  ------------  ------------
Net income                 21,300        26,099        39,619        73,275

Less: Net income
 attributable to
 noncontrolling
 interest                      49            13           148            56
                     ------------  ------------  ------------  ------------
Net income
 attributable to
 TIBCO Software Inc. $     21,251  $     26,086  $     39,471  $     73,219
                     ============  ============  ============  ============

Net income per share
 attributable to
 TIBCO Software Inc.:
  Basic              $       0.13  $       0.16  $       0.25  $       0.46
                     ============  ============  ============  ============
  Diluted            $       0.13  $       0.15  $       0.24  $       0.43
                     ============  ============  ============  ============
Shares used to
 compute net income
 per share
 attributable to
 TIBCO Software Inc.:
  Basic                   160,638       159,308       161,012       160,402
                     ============  ============  ============  ============
  Diluted                 166,999       169,165       167,879       169,836
                     ============  ============  ============  ============



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


                                                     Nine Months Ended
                                               ----------------------------
                                                September 1,   September 2,
                                                    2013           2012
                                               -------------  -------------

Cash flows from operating activities:
  Net income                                   $      39,619  $      73,275
    Adjustments to reconcile net income to net
     cash provided by operating activities:
    Depreciation of property and equipment            11,616         10,992
    Amortization of acquired intangible assets        26,965         26,719
    Amortization of debt discount and
     transaction costs                                14,258          6,820
    Stock-based compensation                          39,245         45,130
    Deferred income tax                              (13,292)       (20,183)
    Tax benefits related to stock benefit
     plans                                             9,691         14,455
    Excess tax benefits from stock-based
     compensation                                    (13,442)       (20,612)
    Other non-cash adjustments, net                    1,179            905
  Changes in assets and liabilities:
    Accounts receivable                               49,181        (12,079)
    Prepaid expenses and other assets                (19,568)        (8,975)
    Accounts payable                                   7,207            159
    Accrued liabilities and restructuring
     costs                                             4,864         (5,576)
    Deferred revenue                                 (11,119)        54,285
                                               -------------  -------------
      Net cash provided by operating
       activities                                    146,404        165,315
                                               -------------  -------------

Cash flows from investing activities:
  Purchases of short-term investments                (38,261)             -
  Maturities and sales of short-term
   investments                                        15,346              -
  Acquisitions, net of cash acquired                 (53,917)      (132,209)
  Purchases of property and equipment                (10,695)       (16,366)
  Restricted cash pledged as security                   (835)        (1,169)
  Other investing activities, net                       (212)           376
                                               -------------  -------------
      Net cash used in investing activities          (88,574)      (149,368)
                                               -------------  -------------

Cash flows from financing activities:
  Proceeds from issuance of convertible debt,
   net                                                     -        584,450
  Proceeds from revolving credit facility, net             -        116,648
  Principal payments on debt                         (35,711)      (151,785)
  Proceeds from issuance of common stock              23,089         25,390
  Repurchases of the Company's common stock         (105,289)      (220,265)
  Withholding taxes related to restricted
   stock net share settlement                        (12,467)       (17,383)
  Excess tax benefits from stock-based
   compensation                                       13,442         20,612
                                               -------------  -------------
      Net cash provided by (used in) financing
       activities                                   (116,936)       357,667
                                               -------------  -------------

Effect of foreign exchange rate changes on
 cash and cash equivalents                            (1,992)        (6,488)
                                               -------------  -------------

Net change in cash and cash equivalents              (61,098)       367,126

Cash and cash equivalents at beginning of
 period                                              727,309        308,148

                                               -------------  -------------
Cash and cash equivalents at end of period     $     666,211  $     675,274
                                               =============  =============

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.

Stock-based Compensation
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.

Restructuring Activities
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
                         --------------------------------------------------
                               September 1,              September 2,
                                   2013                      2012
                         ------------------------  ------------------------
                                      Net income                Net income
                                     attributable              attributable
                                       to TIBCO                  to TIBCO
                          Operating    Software     Operating    Software
                           Income        Inc.        Income        Inc.
                         ----------  ------------  ----------  ------------


GAAP                     $   37,209  $     21,251  $   43,152  $     26,086

  Amortization of
   intangible assets -
   cost of revenue            4,597         4,597       4,714         4,714
  Amortization of
   intangible assets -
   operating expense          4,991         4,991       4,640         4,640
  Stock-based
   compensation - cost
   of revenue                 1,914         1,914       1,313         1,313
  Stock-based
   compensation - R&D
   expense                    3,641         3,641       3,885         3,885
  Stock-based
   compensation - S&M
   expense                    3,121         3,121       5,380         5,380
  Stock-based
   compensation - G&A
   expense                     (766)         (766)      4,832         4,832
  Acquisition related
   and other                    630           630         845           845
  Non-cash interest
   expense related to
   convertible debt               -         3,924           -         3,717
  Restructuring
   adjustment                 8,886         8,886          72            72
  Income tax adjustment
   for non-GAAP                   -        (5,932)          -        (9,582)

                         ----------  ------------  ----------  ------------
Non-GAAP                 $   64,223  $     46,257  $   68,833  $     45,902
                         ==========  ============  ==========  ============

Diluted net income per
 share attributable to
 TIBCO Software Inc.:

  GAAP                               $       0.13              $       0.15
                                     ============              ============

  Non-GAAP                           $       0.28              $       0.27
                                     ============              ============
Shares used to compute
 diluted net income per
 share attributable to
 TIBCO Software Inc.:                     166,999                   169,165
                                     ============              ============



                                          Nine Months Ended
                         --------------------------------------------------
                               September 1,              September 2,
                                   2013                      2012
                         ------------------------  ------------------------
                                      Net income                Net income
                                     attributable              attributable
                                       to TIBCO                  to TIBCO
                          Operating    Software     Operating    Software
                           Income        Inc.        Income        Inc.
                         ----------  ------------  ----------  ------------


GAAP                     $   76,961  $     39,471  $  104,664  $     73,219

  Amortization of
   intangible assets -
   cost of revenue           12,940        12,940      11,878        11,878
  Amortization of
   intangible assets -
   operating expense         14,025        14,025      14,841        14,841
  Stock-based
   compensation - cost
   of revenue                 5,386         5,386       3,711         3,711
  Stock-based
   compensation - R&D
   expense                   11,759        11,759      11,244        11,244
  Stock-based
   compensation - S&M
   expense                   12,782        12,782      15,367        15,367
  Stock-based
   compensation - G&A
   expense                    9,318         9,318      14,808        14,808
  Acquisition related
   and other                  1,525         1,525       2,170         2,170
  Non-cash interest
   expense related to
   convertible debt               -        11,597           -         5,281
  Restructuring
   adjustment                 8,871         8,871        (447)         (447)
  Income tax adjustment
   for non-GAAP                   -       (20,676)          -       (28,008)

                         ----------  ------------  ----------  ------------
Non-GAAP                 $  153,567  $    106,998  $  178,236  $    124,064
                         ==========  ============  ==========  ============

Diluted net income per
 share attributable to
 TIBCO Software Inc.:

  GAAP                               $       0.24              $       0.43
                                     ============              ============

  Non-GAAP                           $       0.64              $       0.73
                                     ============              ============
Shares used to compute
 diluted net income per
 share attributable to
 TIBCO Software Inc.:                     167,879                   169,836
                                     ============              ============