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SAN FRANCISCO, CA -- (Marketwired) -- 02/02/15 -- 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 fourth quarter and fiscal year ended December 31, 2014.

FOURTH QUARTER AND FULL YEAR 2014 RESULTS

GAAP Results for Continuing Operations

The Company reported quarterly revenue of $100.7 million for the fourth quarter of 2014, compared to $97.6 million in the fourth quarter of 2013, a 3% increase. Revenue for the year ended December 31, 2014 was $396.8 million, compared to $383.0 million recorded in 2013, a 4% increase.

Operating income for the fourth quarter of 2014 was $22.4 million, or 22.3% of revenue, compared to $18.4 million or 18.9% of revenue for the fourth quarter of 2013. Operating income for the year ended December 31, 2014 was $83.7 million, or 21.1% of revenue, compared to $46.1 million, or 12.0% of revenue, for 2013. Advent's operating income for fiscal year 2013 included recapitalization charges of $6.0 million and stock compensation expense of $48.2 million, of which $26.7 million was due to the modification of equity awards.

Net income for the fourth quarter of 2014 was $14.7 million compared to $11.0 million in the fourth quarter of 2013, a 33% increase. Net income for the year ended December 31, 2014 was $50.3 million compared to $28.8 million for 2013, a 75% increase. On a fully diluted basis, earnings per share in the fourth quarter of 2014 were $0.27, compared to $0.20 in the fourth quarter of 2013. On a fully diluted basis, earnings per share for the year ended December 31, 2014 were $0.94, compared to $0.54 for 2013.

Operating cash flow in the fourth quarter of 2014 was $43.6 million, compared with $36.7 million in the fourth quarter of 2013, a 19% increase. Operating cash flow for the year ended December 31, 2014 totaled $115.2 million, compared with $98.6 million in 2013, a 17% increase.

Cash, cash equivalents, and marketable securities totaled $38.0 million as of December 31, 2014, compared to $33.8 million as of December 31, 2013. Total outstanding debt as of December 31, 2014 was $220 million compared to $305 million as of December 31, 2013. Deferred revenue as of December 31, 2014 was $204 million, compared to $194 million as of December 31, 2013.

Non-GAAP Results for Continuing Operations

Non-GAAP operating income for the fourth quarter of 2014 was $31.2 million, or 31.0% of revenue. This represents an 8% increase compared to $28.9 million, or 29.6% of revenue, in the fourth quarter of 2013. Non-GAAP operating income for the year ended December 31, 2014 was $125.8 million, or 31.7% of revenue. This represents a 9% increase compared to $115.3 million of non-GAAP operating income, or 30.1% of revenue, for 2013.

On a fully diluted basis, non-GAAP earnings per share were $0.36 in the fourth quarter of 2014 and represent a 13% increase from non-GAAP diluted net income per share of $0.32 in the fourth quarter of 2013. On a fully diluted basis, non-GAAP earnings per share were $1.44 for the year ended December 31, 2014, a 9% increase compared to $1.32 per share for 2013.

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

FOURTH QUARTER AND FULL YEAR 2014 HIGHLIGHTS

Strong Performance Across Key Metrics: Annualized recurring run rate was $383.4 million as of December 31, 2014, an increase of 7% over the prior year. The average full year renewal rate for the year ended December 31, 2014 was 98%, compared with 97% in 2013, an increase of 80 basis points. The Annual Contract Value (ACV) of our new contract bookings in the fourth quarter of 2014 will contribute $10.1 million in annual revenue once the contracts are fully implemented. This represents a 15% increase compared to $8.8 million of ACV in the fourth quarter of 2013.

Recognition as Market Leader in Investment Management Software: Advent's solutions received many industry awards and global honors during the fourth quarter. Advent was named "Best Fund Accounting and Reporting Software" at the HFM US Hedge Fund Services Awards 2014. Advent's Geneva® was named "Best Buy-Side Portfolio Accounting Platform," and Advent Portfolio Exchange® (APX) in conjunction with Advent Direct® Investor Management was named "Best Buy-Side CRM Platform" in the Buy-Side Technology Awards 2014. Internationally, Advent was recognized as "Best Technology Provider" at the Investment Week Fund Services Awards 2014 and as "Best Portfolio Management Solution" and "Best Client Communications and Reporting Solution" at the inaugural WealthBriefing Gulf Co-operation Council (GCC) Region Awards 2014 ceremony held in Dubai.

Product Upgrades Across the Advent Portfolio: Advent announced global availability of new releases to several key products that include compelling new functionality for asset and wealth management firms, alternative managers, family offices, and administrators. The updated products include Geneva®, Black Diamond(SM), Advent Portfolio Exchange® (APX), Moxy®, Advent Rules Manager®, and Advent Revenue Center®. In 2014, Advent introduced Advent Direct® Investor Management, the first solution to be released to selected clients on the Advent Direct® cloud platform.

INVESTOR CALL
Advent Software, Inc. has cancelled its Q4 and full year 2014 earnings conference call originally scheduled for 5:00 p.m. Eastern time today. The Company will be participating in a conference call hosted by SS&C Technologies Holdings, Inc. this afternoon at 5:30 p.m. ET. To join this call, dial (877) 312-8798 (US and Canada) or (253) 237-1193 (International), and request the "SS&C to Acquire Advent Software conference call"; conference ID# 77079438. Alternatively, a live audio webcast can be accessed via http://investor.ssctech.com. To expedite the registration process, you may pre-register for the event by clicking here. A replay of the conference call will be available one hour after the conference call, for 48 hours. The dial-in number is (855) 859-2056 (US and Canada) or (404) 537-3406 (International); access code# 77079438.

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 over 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 herein 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 include: 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 2013 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, the Advent logo, Advent Software, Geneva®, Advent Portfolio Exchange®, Moxy®, Advent Revenue Center®, Advent Rules Manager®, Advent Direct® are registered trademarks, and Black Diamond is a mark, of Advent Software, Inc. Any other company names or marks mentioned herein are those of their respective owners.

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

                                                December 31    December 31
                                                    2014           2013
                                               -------------  -------------
ASSETS
  Current assets:
  Cash and cash equivalents                    $      28,784  $      33,828
  Short-term marketable securities                     7,298              -
  Accounts receivable, net                            61,870         58,717
  Deferred taxes, current                             28,275         24,898
  Prepaid expenses and other                          24,984         30,114
  Current assets of discontinued operation                 -            100
                                               -------------  -------------
    Total current assets                             151,211        147,657
Property and equipment, net                           27,995         31,698
Goodwill                                             202,290        207,818
Other intangibles, net                                18,803         27,392
Long-term marketable securities                        1,874              -
Deferred taxes, long-term                             18,358         23,020
Other assets                                          13,245         17,372
Noncurrent assets of discontinued operation            1,093          1,337
                                               -------------  -------------

    Total assets                               $     434,869  $     456,294
                                               =============  =============

LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
  Accounts payable                             $      12,041  $       5,348
  Dividends payable                                    6,750              -
  Accrued liabilities                                 36,541         41,625
  Deferred revenues                                  197,144        186,107
  Income taxes payable                                   132              -
  Current portion of long-term debt                   20,000         20,000
  Current liabilities of discontinued
   operation                                             572            600
                                               -------------  -------------
    Total current liabilities                        273,180        253,680
Deferred revenues, long-term                           6,972          7,809
Long-term income taxes payable                         9,513          7,667
Long-term debt                                       200,000        285,000
Other long-term liabilities                            7,821         11,171
Noncurrent liabilities of discontinued
 operation                                             2,170          2,782
                                               -------------  -------------

    Total liabilities                                499,656        568,109
                                               -------------  -------------

Stockholders' deficit:
  Common stock                                           519            513
  Additional paid-in capital                          61,455         42,533
  Accumulated deficit                               (130,234)      (165,870)
  Accumulated other comprehensive income               3,473         11,009
                                               -------------  -------------
    Total stockholders' deficit                      (64,787)      (111,815)
                                               -------------  -------------

    Total liabilities and stockholders'
     deficit                                   $     434,869  $     456,294
                                               =============  =============



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

                                  Three Months Ended   Twelve Months Ended
                                      December 31           December 31
                                 --------------------  --------------------
                                    2014       2013       2014       2013
                                 ---------  ---------  ---------  ---------
Net revenues:
Recurring revenues               $  92,937  $  89,019  $ 365,290  $ 349,881
Non-recurring revenues               7,727      8,560     31,530     33,078
                                 ---------  ---------  ---------  ---------

    Total net revenues             100,664     97,579    396,820    382,959

Cost of revenues (1):
Recurring revenues                  21,065     18,417     80,369     70,590
Non-recurring revenues               6,705      8,956     30,380     40,044
Amortization of developed
 technology                          1,594      1,682      6,772      9,087
                                 ---------  ---------  ---------  ---------

    Total cost of revenues          29,364     29,055    117,521    119,721
                                 ---------  ---------  ---------  ---------

    Gross margin                    71,300     68,524    279,299    263,238

Operating expenses (1):
Sales and marketing                 19,309     20,098     74,996     79,065
Product development                 17,727     17,464     69,532     69,718
General and administrative          10,894     10,842     43,010     54,737
Amortization of other intangibles      803        912      3,391      3,775
Recapitalization costs                   -          -          -      6,041
Restructuring charges                  135        811      4,628      3,770
                                 ---------  ---------  ---------  ---------

    Total operating expenses        48,868     50,127    195,557    217,106
                                 ---------  ---------  ---------  ---------

Income from continuing operations   22,432     18,397     83,742     46,132
Interest and other income
 (expense), net                     (1,365)    (2,603)    (6,961)    (7,213)
                                 ---------  ---------  ---------  ---------

Income from continuing operations
 before income taxes                21,067     15,794     76,781     38,919
Provision for income taxes           6,369      4,777     26,518     10,167
                                 ---------  ---------  ---------  ---------

    Net income from continuing
     operations                  $  14,698  $  11,017  $  50,263  $  28,752

Discontinued operation:
    Net (loss) income from
     discontinued operation (net
     of applicable taxes of $6,
     $(16), $(32) and $34,
     respectively)                       5        (18)       (51)        50

                                 ---------  ---------  ---------  ---------
Net income                       $  14,703  $  10,999  $  50,212  $  28,802
                                 =========  =========  =========  =========

Basic net income (loss) per share
 (2):
    Continuing operations        $    0.28  $    0.22  $    0.98  $    0.56
    Discontinued operation           (0.00)     (0.00)     (0.00)     (0.00)
                                 ---------  ---------  ---------  ---------
      Total operations           $    0.28  $    0.22  $    0.97  $    0.56
                                 =========  =========  =========  =========

Diluted net income (loss) per
 share (2):
    Continuing operations        $    0.27  $    0.20  $    0.94  $    0.54
    Discontinued operation           (0.00)     (0.00)     (0.00)     (0.00)
                                 ---------  ---------  ---------  ---------
      Total operations           $    0.27  $    0.20  $    0.94  $    0.54
                                 =========  =========  =========  =========

Weighted average shares used to
 compute net income (loss) per
 share:
    Basic                           51,780     51,105     51,546     51,207
    Diluted                         54,072     53,844     53,608     53,378

Cash dividends declared per
 common share                    $    0.13  $       -  $    0.39  $    9.00

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

    Cost of recurring revenues   $     780  $     844  $   3,250  $   3,491
    Cost of non-recurring
     revenues                          314        563      1,335      3,253
                                 ---------  ---------  ---------  ---------
      Total cost of revenues         1,094      1,407      4,585      6,744

    Sales and marketing              2,269      2,345     10,026     13,265
    Product development              1,882      1,922      7,735      8,863
    General and administrative       1,555      1,908      7,025     19,307
                                 ---------  ---------  ---------  ---------
      Total operating expenses       5,706      6,175     24,786     41,435
                                 ---------  ---------  ---------  ---------

    Total stock-based employee
     compensation expense        $   6,800  $   7,582  $  29,371  $  48,179
                                 =========  =========  =========  =========

(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)


                                                       Twelve Months Ended
                                                           December 31
                                                     ----------------------
                                                        2014        2013
                                                     ----------  ----------
Cash flows from operating activities:
  Net income                                         $   50,212  $   28,802
  Adjustment to net income for discontinued
   operation net loss (income)                               51         (50)
                                                     ----------  ----------
  Net income from continuing operations                  50,263      28,752

  Adjustments to reconcile net income to net cash
   provided by operating activities from continuing
   operations:
    Stock-based compensation                             29,371      48,179
    Excess tax benefit from stock-based compensation    (10,257)     (7,477)
    Depreciation and amortization                        21,201      24,393
    Amortization of debt issuance costs                   1,446         947
    Loss on disposal of fixed assets                      2,786           -
    (Reduction of) provision for doubtful accounts          (30)        278
    Reduction of sales reserves                            (521)       (306)
    Deferred income taxes                                11,439       4,589
    Other                                                (1,226)         29
                                                     ----------  ----------
        Effect of statement of operations
         adjustments                                     54,209      70,632
    Changes in operating assets and liabilities:
      Accounts receivable                                (3,123)      2,074
      Prepaid and other assets                            7,910      (1,762)
      Accounts payable                                    5,938          27
      Accrued liabilities                               (11,492)     (6,089)
      Deferred revenues                                  10,720      11,047
      Income taxes payable                                  733      (6,117)
                                                     ----------  ----------
        Effect of changes in operating assets and
         liabilities                                     10,686        (820)
                                                     ----------  ----------

Net cash provided by operating activities from
 continuing operations                                  115,158      98,564

Cash flows from investing activities:
  Purchases of property and equipment                    (8,973)     (5,616)
  Capitalized software development costs                 (1,873)     (1,995)
  Change in restricted cash                                (173)          -
  Purchases of marketable securities                     (9,240)    (57,863)
  Sales and maturities of marketable securities             100     228,619
                                                     ----------  ----------

Net cash (used in) provided by investing activities
 from continuing operations                             (20,159)    163,145

Cash flows from financing activities:
  Proceeds from common stock issued from exercises
   of stock options                                       4,562      19,495
  Proceeds from common stock issued under the
   employee stock purchase plan                           6,362       6,293
  Excess tax benefits from stock-based compensation      10,257       7,477
  Withholding taxes related to equity award net
   share settlement                                      (6,619)    (11,833)
  Proceeds from debt                                          -     375,000
  Repayment of debt                                     (85,000)   (165,000)
  Payment of cash dividend                              (13,405)   (470,133)
  Repurchase of common stock                            (15,141)    (41,256)
  Debit issuance costs                                        -      (5,725)
                                                     ----------  ----------

Net cash used in financing activities from
 continuing operations                                  (98,984)   (285,682)

Net cash transferred to discontinued operation             (347)       (375)

Effect of exchange rate changes on cash and cash
 equivalents                                               (712)        (41)
                                                     ----------  ----------

Net change in cash and cash equivalents from
 continuing operations                                   (5,044)    (24,389)
Cash and cash equivalents of continuing operations
 at beginning of period                                  33,828      58,217
                                                     ----------  ----------

Cash and cash equivalents of continuing operations
 at end of period                                    $   28,784  $   33,828
                                                     ==========  ==========

                                                       Twelve Months Ended
                                                           December 31
                                                     ----------------------
                                                        2014        2013
                                                     ----------  ----------
Supplemental disclosure of cash flow information:
Noncash investing activities:
  Capital expenditures included in accounts payable  $      887  $      131

Cash flows from discontinued operation of MicroEdge,
 Inc.:
  Net cash used in operating activities              $     (347) $     (375)
  Net cash transferred from continuing operations           347         375



                           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 December 31
                                 ------------------------------------------
                                         2014                  2013
                                 --------------------  --------------------
                                             % of Net              % of Net
                                   Amount    Revenues    Amount    Revenues
                                 ---------  ---------  ---------  ---------

GAAP gross margin                $  71,300       70.8% $  68,525       70.2%
  Amortization of acquired
   intangibles                       1,070                 1,177
  Stock-based compensation           1,094                 1,406
                                 ---------             ---------
Non-GAAP gross margin            $  73,464       73.0% $  71,108       72.9%
                                 =========             =========

GAAP operating income            $  22,432       22.3% $  18,397       18.9%
  Amortization of acquired
   intangibles                       1,874                 2,089
  Stock-based compensation           6,800                 7,581
  Restructuring charges                135                   811
                                 ---------             ---------
Non-GAAP operating income        $  31,241       31.0% $  28,878       29.6%
                                 =========             =========

GAAP net income                  $  14,698             $  11,017
  Amortization of acquired
   intangibles                       1,873                 2,089
  Stock-based compensation           6,800                 7,581
  Restructuring charges                135                   811
  Income tax adjustment (1)         (4,087)               (4,420)
                                 ---------             ---------
Non-GAAP net income              $  19,419             $  17,078
                                 =========             =========

GAAP net income                  $  14,698             $  11,017
  Net interest                       1,499                 2,510
  Provision for income taxes         6,369                 4,778
  Depreciation expense               2,666                 2,895
  Amortization expense               2,398                 2,594
  Stock-based compensation           6,800                 7,581
                                 ---------             ---------
Adjusted EBITDA                  $  34,430             $  31,375
                                 =========             =========

Diluted net income per share
  GAAP                           $    0.27             $    0.20
  Non-GAAP                       $    0.36             $    0.32

Shares used to compute diluted
 net income per share               54,072                53,844

(1) The estimated non-GAAP effective tax rate was 35% for the three months
    ended December 31, 2014 and 2013, 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.



                           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.

                                       Twelve Months Ended December 31
                                 ------------------------------------------
                                         2014                  2013
                                 --------------------  --------------------
                                             % of Net              % of Net
                                   Amount    Revenues    Amount    Revenues
                                 ---------  ---------  ---------  ---------

GAAP gross margin                $ 279,299       70.4% $ 263,238       68.7%
  Amortization of acquired
   intangibles                       4,642                 6,841
  Stock-based compensation           4,585                 6,743
                                 ---------             ---------
Non-GAAP gross margin            $ 288,526       72.7% $ 276,822       72.3%
                                 =========             =========

GAAP operating income            $  83,742       21.1% $  46,132       12.0%
  Amortization of acquired
   intangibles                       8,033                10,616
  Stock-based compensation          29,371                48,178
  Restructuring charges              4,629                 3,770
  Recapitalization costs                 -                 6,041
  Transaction related fees               -                   565
                                 ---------             ---------
Non-GAAP operating income        $ 125,775       31.7% $ 115,302       30.1%
                                 =========             =========

GAAP net income                  $  50,263             $  28,752
  Amortization of acquired
   intangibles                       8,033                10,616
  Stock-based compensation          29,371                48,178
  Restructuring charges              4,628                 3,770
  Recapitalization costs                 -                 6,692
  Transaction related fees               -                   565
  Income tax adjustment (1)        (15,067)              (27,892)
                                 ---------             ---------
Non-GAAP net income              $  77,228             $  70,681
                                 =========             =========

GAAP net income                  $  50,263             $  28,752
  Net interest                       7,251                 6,949
  Provision for income taxes        26,518                10,237
  Depreciation expense              11,037                11,531
  Amortization expense              10,164                12,862
  Stock-based compensation          29,371                48,178
                                 ---------             ---------
Adjusted EBITDA                  $ 134,604             $ 118,509
                                 =========             =========

Diluted net income per share
  GAAP                           $    0.94             $    0.54
  Non-GAAP                       $    1.44             $    1.32

Shares used to compute diluted
 net income per share               53,608                53,378

(1) The estimated non-GAAP effective tax rate was 35% for the twelve months
    ended December 31, 2014 and 2013, 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.