Seguridad Mania.com - España y América Latina

SAN FRANCISCO, CA -- (Marketwired) -- 05/07/15 -- Advent Software, Inc. (NASDAQ: ADVS), a leading provider of software and services to the global investment management industry, announced today its financial results for the first quarter ended March 31, 2015.

"Advent's business achieved record quarterly revenue in the first quarter, and we continued to deliver on our commitment to helping our clients thrive with new releases of our flagship products," said Pete Hess, Chief Executive Officer, Advent Software. "We look forward to sharing our enhancements and updates at AdventConnect, our annual client conference, in Las Vegas next month."

FIRST QUARTER 2015 RESULTS

GAAP Results for Continuing Operations
The Company reported quarterly revenue of $103.3 million for the first quarter of 2015, compared to $96.8 million in the first quarter of 2014, a 7% increase.

Operating income for the first quarter of 2015 was $10.2 million, or 9.9% of revenue, compared to $19.3 million or 20.0% of revenue for the first quarter of 2014. Advent's results for the first quarter of 2015 included transaction-related fees associated with the pending merger with SS&C Technologies Holdings, Inc. These third-party costs, on a pre-tax basis, totaled $8.4 million. Additionally, in the first quarter of 2015, Advent's results included $2.6 million in restructuring charges related to personnel and facilities restructuring, and incremental expense of $1.6 million from accelerated depreciation not included in restructuring from the decision to shrink our real estate footprint during 2015.

Net income for the first quarter of 2015 was $5.1 million, compared to $10.9 million in the first quarter of 2014. On a fully diluted basis, earnings per share in the first quarter of 2015 were $0.09, compared to $0.20 in the first quarter of 2014. Net income and earnings per share were also negatively impacted by the additional transaction-related fees, restructuring costs and accelerated depreciation expense incurred in the first quarter of 2015.

Operating cash flow in the first quarter of 2015 was $6.6 million, compared with $20.9 million in the first quarter of 2014. The operating cash flow in the first quarter of 2015 was negatively impacted by the payment of transaction-related fees and by slower collections in February and March of 2015.

Cash, cash equivalents and marketable securities totaled $28 million as of March 31, 2015, compared to $38 million as of December 31, 2014. Total outstanding debt as of March 31, 2015 was $205 million compared to $220 million as of December 31, 2014.

Deferred revenue as of March 31, 2015 was $198 million, compared to $188 million as of March 31, 2014.

Non-GAAP Results for Continuing Operations
Non-GAAP operating income for the first quarter of 2015 was $29.7 million, or 28.8% of revenue. This represents a 2% increase compared to $29.2 million in the first quarter of 2014.

On a fully diluted basis, non-GAAP earnings per share were $0.34 in the first quarter of 2015 and represent a 4% increase from $0.33 in the first quarter of 2014.

Non-GAAP operating income and earnings per share in the first quarter of 2015 were negatively impacted by $1.6 million of accelerated depreciation.

The reconciliation between GAAP and non-GAAP financial measures is provided at the end of this press release.

ABOUT ADVENT
Over the last 30 years of industry change, our core mission to help our clients focus on their unique strategies and deliver exceptional investor service has never wavered. With unparalleled precision and ahead of the curve solutions, we've helped nearly 4,300 firms in more than 50 countries -- from established global institutions to small start-up practices -- to grow their business and thrive. Advent technology helps firms minimize risk, work together seamlessly, and discover new opportunities in a constantly evolving world. Together with our clients, we are shaping the future of investment management. For more information on Advent products visit http://www.advent.com.

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 in the United States of America (GAAP), please see the accompanying tables entitled "Reconciliation of Selected Continuing Operations' GAAP Measures to Non-GAAP Measures".

FORWARD-LOOKING STATEMENTS
Any forward-looking statements included in this presentation, including comments regarding product releases, enhancements and updates reflect management's best judgment based on factors currently known and involve risks and uncertainties; our actual results may differ materially from those discussed here. These risks and uncertainties including the pending acquisition of Advent by SS&C Technologies Holdings, Inc., potential fluctuations in new contract bookings, renewal rates, operating results and future growth rates; continued market acceptance of our products; the successful development, release and market acceptance of new products and product enhancements; uncertainties and fluctuations in the financial markets; the Company's ability to declare future dividends; the Company's ability to satisfy contractual performance requirements and other risks detailed from time to time in our SEC reports including, but not limited to, our quarterly reports on Form 10-Q and our 2014 Annual Report on Form 10-K. The Company disclaims any intention or obligation to publicly update or revise any forward-looking statements including any guidance, whether as a result of events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Advent, Advent Software, and the Advent and logo composite are registered trademarks of Advent Software, Inc.

                           ADVENT SOFTWARE, INC.
                   CONDENSED CONSOLIDATED BALANCE SHEETS
                               (In thousands)
                             (GAAP, Unaudited)

                                                  March 31     December 31
                                                    2015           2014
                                               -------------  -------------
ASSETS
Current assets:
  Cash and cash equivalents                    $      23,490  $      28,784
  Short-term marketable securities                     4,296          7,298
  Accounts receivable, net                            62,495         61,870
  Deferred taxes, current                             31,777         28,275
  Prepaid expenses and other                          29,673         24,984
                                               -------------  -------------
    Total current assets                             151,731        151,211
Property and equipment, net                           26,070         27,995
Goodwill                                             198,554        202,290
Other intangibles, net                                16,736         18,803
Long-term marketable securities                            -          1,874
Deferred taxes, long-term                             18,178         18,358
Other assets                                          12,464         13,245
Noncurrent assets of discontinued operation            1,093          1,093
                                               -------------  -------------

    Total assets                               $     424,826  $     434,869
                                               =============  =============

LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
  Accounts payable                             $      11,397  $      12,041
  Dividends payable                                        -          6,750
  Accrued liabilities                                 37,548         36,541
  Deferred revenues                                  191,740        197,144
  Income taxes payable                                 1,233            132
  Current portion of long-term debt                   20,000         20,000
  Current liabilities of discontinued
   operation                                             614            572
                                               -------------  -------------
    Total current liabilities                        262,532        273,180
Deferred revenues, long-term                           6,273          6,972
Long-term income taxes payable                         9,513          9,513
Long-term debt                                       185,000        200,000
Other long-term liabilities                            9,555          7,821
Noncurrent liabilities of discontinued
 operation                                             2,008          2,170
                                               -------------  -------------

    Total liabilities                                474,881        499,656
                                               -------------  -------------

Stockholders' deficit:
  Common stock                                           527            519
  Additional paid-in capital                          75,925         61,455
  Accumulated deficit                               (125,186)      (130,234)
  Accumulated other comprehensive (loss)
   income                                             (1,321)         3,473
                                               -------------  -------------
    Total stockholders' deficit                      (50,055)       (64,787)
                                               -------------  -------------

    Total liabilities and stockholders'
     deficit                                   $     424,826  $     434,869
                                               =============  =============



                           ADVENT SOFTWARE, INC.
              CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                   (In thousands, except per share data)
                             (GAAP, Unaudited)

                                                Three Months Ended March 31
                                               ----------------------------
                                                    2015           2014
                                               -------------  -------------
Net revenues:
Recurring revenues                             $      96,174  $      89,129
Non-recurring revenues                                 7,090          7,675
                                               -------------  -------------

  Total net revenues                                 103,264         96,804

Cost of revenues (1):
Recurring revenues                                    21,501         18,627
Non-recurring revenues                                 7,431          8,055
Amortization of developed technology                   1,570          1,800
                                               -------------  -------------

  Total cost of revenues                              30,502         28,482
                                               -------------  -------------

Gross margin                                          72,762         68,322

Operating expenses (1):
Sales and marketing                                   19,664         19,729
Product development                                   19,557         17,639
General and administrative                            11,457         10,558
Amortization of other intangibles                        798            909
Transaction-related fees                               8,444              -
Restructuring charges                                  2,643            174
                                               -------------  -------------

  Total operating expenses                            62,563         49,009
                                               -------------  -------------

Income from continuing operations                     10,199         19,313
Interest and other income (expense), net                (897)        (2,225)
                                               -------------  -------------

Income from continuing operations before
 income taxes                                          9,302         17,088
Provision for income taxes                             4,226          6,181
                                               -------------  -------------

  Net income from continuing operations        $       5,076  $      10,907

Discontinued operation:
  Net loss from discontinued operation (net of
   applicable taxes of $(5) and $(14),
   respectively)                                         (28)           (21)

                                               -------------  -------------
Net income                                     $       5,048  $      10,886
                                               =============  =============

Basic net income (loss) per share (2):
  Continuing operations                        $        0.10  $        0.21
  Discontinued operation                               (0.00)         (0.00)
                                               -------------  -------------
    Total operations                           $        0.10  $        0.21
                                               =============  =============

Diluted net income (loss) per share (2):
  Continuing operations                        $        0.09  $        0.20
  Discontinued operation                               (0.00)         (0.00)
                                               -------------  -------------
    Total operations                           $        0.09  $        0.20
                                               =============  =============

Weighted average shares used to compute net
 income (loss) per share:
  Basic                                               52,411         51,358
  Diluted                                             55,106         53,807

(1) Includes stock-based employee compensation
 expense as follows:

  Cost of recurring revenues                   $         753  $         842
  Cost of non-recurring revenues                         311            375
                                               -------------  -------------
     Total cost of revenues                            1,064          1,217

  Sales and marketing                                  2,380          2,635
  Product development                                  1,502          1,925
  General and administrative                           1,659          1,851
                                               -------------  -------------
     Total operating expenses                          5,541          6,411
                                               -------------  -------------

  Total stock-based employee compensation
   expense                                     $       6,605  $       7,628
                                               =============  =============

(2) Net income (loss) per share is based on actual calculated values and
 totals may not sum due to rounding.



                           ADVENT SOFTWARE, INC.
              CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                               (In thousands)
                                (Unaudited)

                                                Three Months Ended March 31
                                               ----------------------------
                                                    2015           2014
                                               -------------  -------------
Cash flows from operating activities:
  Net income                                   $       5,048  $      10,886
  Adjustment to net income for discontinued
   operation net loss                                     28             21
                                               -------------  -------------
  Net income from continuing operations                5,076         10,907

  Adjustments to reconcile net income to net
   cash provided by operating activities from
   continuing operations:
    Stock-based compensation                           6,605          7,628
    Excess tax benefit from stock-based
     compensation                                     (4,162)        (3,348)
    Depreciation and amortization                      6,499          5,475
    Amortization of debt issuance costs                  367            354
    Reduction of doubtful accounts                       (20)           (12)
    Reduction of sales reserves                          (96)          (250)
    Deferred income taxes                                697           (135)
    Other                                               (538)           130
                                               -------------  -------------
      Effect of statement of operations
       adjustments                                     9,352          9,842
  Changes in operating assets and liabilities:
    Accounts receivable                                 (604)         9,633
    Prepaid and other assets                          (4,062)         2,094
    Accounts payable                                    (650)        (1,999)
    Accrued liabilities                                2,405         (8,151)
    Deferred revenues                                 (6,007)        (5,852)
    Income taxes payable                               1,101          4,401
                                               -------------  -------------
      Effect of changes in operating assets
       and liabilities                                (7,817)           126
                                               -------------  -------------

Net cash provided by operating activities from
 continuing operations                                 6,611         20,875

Cash flows from investing activities:
  Purchases of property and equipment                 (2,026)        (2,085)
  Capitalized software development costs                (490)          (472)
  Change in restricted cash                             (197)             -
  Purchases of marketable securities                  (2,000)             -
  Sales and maturities of marketable
   securities                                          6,831              -
                                               -------------  -------------

Net cash provided by (used in) investing
 activities from continuing operations                 2,118         (2,557)

Cash flows from financing activities:
Proceeds from common stock issued from
 exercises of stock options                            5,000          1,246
Excess tax benefits from stock-based
 compensation                                          4,162          3,348
Withholding taxes related to equity award net
 share settlement                                       (811)        (1,581)
Repayment of debt                                    (15,000)       (10,000)
Payment of cash dividend                              (6,750)             -
                                               -------------  -------------

Net cash used in financing activities from
 continuing operations                               (13,399)        (6,987)

Net cash transferred to discontinued operation          (147)          (161)

Effect of exchange rate changes on cash and
 cash equivalents                                       (477)           (34)
                                               -------------  -------------

Net change in cash and cash equivalents from
 continuing operations                                (5,294)        11,136
Cash and cash equivalents of continuing
 operations at beginning of period                    28,784         33,828
                                               -------------  -------------

Cash and cash equivalents of continuing
 operations at end of period                   $      23,490  $      44,964
                                               =============  =============

                                                Three Months Ended March 31
                                               ----------------------------
                                                    2015           2014
                                               -------------  -------------
Supplemental disclosure of cash flow
 information:
Noncash investing activities:
  Capital expenditures included in accounts
   payable                                     $         892  $         469

Cash flows from discontinued operation of
 MicroEdge, Inc.:
  Net cash used in operating activities        $        (147) $        (161)
  Net cash transferred from continuing
   operations                                            147            161



                            ADVENT SOFTWARE, INC.
 RECONCILIATION OF SELECTED CONTINUING OPERATIONS' GAAP MEASURES TO NON-GAAP
                                   MEASURES
                    (In thousands, except per share data)
                                 (Unaudited)

To supplement our condensed consolidated financial statements presented in
accordance with generally accepted accounting principles in the United
States of America (or GAAP), Advent uses non-GAAP measures of continuing
operations' gross margin, operating income, net income and net income per
share, which are adjusted to exclude certain costs, expenses and income we
believe appropriate to enhance an overall understanding of our past
financial performance and also our prospects for the future. These
adjustments to our current period GAAP results are made with the intent of
providing both management and investors a more complete understanding of
Advent's underlying operational results and trends and our marketplace
performance. In addition, these non-GAAP results are among the information
management uses as a basis for our planning and forecasting of future
periods. The presentation of this additional information is not meant to be
considered in isolation or as a substitute for results prepared in
accordance with GAAP.

                                         Three Months Ended March 31
                                 -------------------------------------------
                                          2015                  2014
                                 --------------------- ---------------------
                                             % of Net              % of Net
                                   Amount    Revenues    Amount    Revenues
                                 ---------  ---------- ---------  ----------

GAAP gross margin                $  72,762     70.5%   $  68,322     70.6%
  Amortization of acquired
   intangibles                       1,050                 1,186
  Stock-based compensation           1,064                 1,217
                                 ---------             ---------
Non-GAAP gross margin            $  74,876     72.5%   $  70,725     73.1%
                                 =========             =========

GAAP operating income            $  10,199     9.9%    $  19,313     20.0%
  Amortization of acquired
   intangibles                       1,848                 2,095
  Stock-based compensation           6,605                 7,628
  Restructuring charges              2,643                   174
  Transaction-related fees           8,444                     -
                                 ---------             ---------
Non-GAAP operating income        $  29,739     28.8%   $  29,210     30.2%
                                 =========             =========

GAAP net income                  $   5,076             $  10,907
  Amortization of acquired
   intangibles                       1,848                 2,095
  Stock-based compensation           6,605                 7,628
  Restructuring charges              2,643                   174
  Transaction-related fees           8,444                     -
  Income tax adjustment (1)         (5,869)               (3,264)
                                 ---------             ---------
Non-GAAP net income              $  18,747             $  17,540
                                 =========             =========

GAAP net income                  $   5,076             $  10,907
  Net interest                       1,335                 2,136
  Provision for income taxes         4,226                 6,181
  Depreciation expense               4,130                 2,766
  Amortization expense               2,368                 2,709
  Stock-based compensation           6,605                 7,628
                                 ---------             ---------
Adjusted EBITDA                  $  23,740             $  32,327
                                 =========             =========

Diluted net income per share
  GAAP                           $    0.09             $    0.20
  Non-GAAP                       $    0.34             $    0.33

Shares used to compute diluted
 net income per share               55,106                53,807

(1) The estimated non-GAAP effective tax rate was 35% for the three months
    ended March 31, 2015 and 2014, respectively, and has been used to adjust
    the provision for income taxes for non-GAAP net income and non-GAAP
    diluted net income per share purposes.