Seguridad Mania.com - España y América Latina

PALO ALTO, CA -- (Marketwire) -- 06/28/12 -- TIBCO Software Inc. (NASDAQ: TIBX) today announced results for its second fiscal quarter, which ended on Sunday, June 3, 2012.

Total revenue for the second quarter of fiscal 2012 was $247.4 million and net income was $26.5 million, or $0.16 per diluted share. This compares to total revenue of $216.4 million and net income of $21.0 million, or $0.12 per diluted share, as reported for the second quarter of fiscal 2011.

On a non-GAAP basis, net income for the second quarter of fiscal 2012 was $43.6 million or $0.26 per diluted share, compared with $36.3 million or $0.21 per diluted share for the second quarter of fiscal 2011. Non-GAAP operating income for the second quarter of fiscal 2012 was $61.8 million, an increase of 22% over non-GAAP operating income of $50.8 million in the second quarter of fiscal 2011. 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 assume a non-GAAP effective tax rate of 27% and 26% for the second quarter of fiscal years 2012 and 2011, respectively.

"We delivered another quarter of continued growth, with total revenue and license revenue up by 20% and 17% respectively, after adjusting for currency movements," said Vivek Ranadivé, TIBCO's chairman and CEO. "A growing list of customers across industries and geographies are harnessing big data and becoming event-driven through the use of our infrastructure software platform -- whether for new demand generation, improved loyalty program returns, increased operational efficiencies, or superior risk management. In up markets and down, these remain priority initiatives that continue to create opportunities for TIBCO."

Second Quarter Fiscal 2012 Highlights

• Record Q2 total revenue was $247.4 million, up 14% over last year on a reported basis and up 20% on a constant currency basis;
• Record Q2 license revenue was $92.6 million, up 13% over last year on a reported basis and up 17% on a constant currency basis;
• Q2 non-GAAP operating margin was 25%;
• Q2 non-GAAP EPS was $0.26, up 24% over last year;
• Repurchased 3.6 million shares;
• Diversified mix of business across industries including Financial Services, Communications, Manufacturing, Energy, Life Sciences, Healthcare, and Retail;
• TIBCO closed 137 deals over $100k and had 20 deals over $1 million; and
• TIBCO expanded its business with leading companies and agencies in the second quarter such as Beijing Jurassic, DBS Bank, Dunkin' Brands, Equinix, ING Insurance, NFU Mutual, Nielsen, Novo Nordisk, Reed Smith LLP, Reliance Industries, and Vodafone Egypt.

Conference Call Details

TIBCO has scheduled a conference call for 4:30 pm ET / 1:30 pm PT today to discuss its second quarter results. The conference call will be hosted by InterCall and may be accessed over the internet at www.tibco.com or via dial-in at 877-293-9114 or 706-758-2055. Please join the conference call at least 10 minutes early to register. A replay of the conference call will be available until midnight PT on July 28, 2012 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 88581564.

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 second quarter of fiscal year 2012 may differ materially from the preliminary results presented in this release due to factors that include, but are not limited to, risks associated with the final review of the results and preparation of financial statements. In addition, forward-looking statements such as statements regarding the ability of TIBCO's platform to help customers become event-driven, improve loyalty program performance, increase supply chain efficiencies, and deliver superior risk management, and TIBCO's belief that these will remain priority initiatives that create opportunities for TIBCO in up markets and down, are subject to risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. These risks include but are not limited to: risks arising from adverse changes and uncertainty in domestic and global economies, TIBCO's ability to develop products that address changing market demands, the impact of competition from alternative business models and new product introductions, TIBCO's ability to offer differentiated products that capitalize on current technology trends, 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, 2011 and Quarterly Report on Form 10-Q for the quarter ended March 4, 2012. TIBCO assumes no obligation to update the forward-looking statements included in this release.

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

                                                    June 3,    November 30,
                                                      2012          2011
                                                 ------------- -------------

                     ASSETS

Current assets:
  Cash and cash equivalents                      $     647,104 $     308,148
  Short-term investments                                   205           225
  Accounts receivable, net                             175,436       196,419
  Prepaid expenses and other current assets             64,862        61,864
                                                 ------------- -------------
    Total current assets                               887,607       566,656

Property and equipment, net                             93,526        89,871
Goodwill                                               516,687       451,821
Acquired intangible assets, net                        140,156        97,258
Long-term deferred income tax assets                   114,267        78,656
Other assets                                            64,069        48,676
                                                 ------------- -------------
    Total assets                                 $   1,816,312 $   1,332,938
                                                 ============= =============

             LIABILITIES AND EQUITY

Current liabilities:
  Accounts payable                               $      24,921 $      25,802
  Accrued liabilities                                  118,281       129,168
  Accrued restructuring costs                              997         6,792
  Deferred revenue                                     231,634       210,234
  Current portion of long-term debt                      2,463         2,397
                                                 ------------- -------------
    Total current liabilities                          378,296       374,393

Accrued restructuring costs, less current
 portion                                                   966         1,050
Long-term deferred revenue                              21,904        14,876
Long-term deferred income tax liabilities               58,173         4,540
Long-term income tax liabilities                        24,174        20,772
Other long-term liabilities                              2,542         2,445
Long-term debt, less current portion                    34,463        65,711
Convertible debt                                       516,998             -
                                                 ------------- -------------
    Total long-term liabilities                        659,220       109,394
                                                 ------------- -------------
    Total liabilities                                1,037,516       483,787
                                                 ------------- -------------

Total equity                                           778,796       849,151
                                                 ------------- -------------
    Total liabilities and equity                 $   1,816,312 $   1,332,938
                                                 ============= =============



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

                            Three Months Ended         Six Months Ended
                         ------------------------  ------------------------
                           June 3,      May 29,      June 3,      May 29,
                             2012         2011         2012         2011
                         -----------  -----------  -----------  -----------
Revenue:
  License                $    92,581  $    81,974  $   174,896  $   152,059
  Service and
   maintenance               154,782      134,447      298,169      249,703
                         -----------  -----------  -----------  -----------
    Total revenue            247,363      216,421      473,065      401,762
                         -----------  -----------  -----------  -----------

Cost of revenue:
  License                      9,401        9,710       18,441       18,637
  Service and
   maintenance                59,486       52,017      116,536       96,037
                         -----------  -----------  -----------  -----------
    Total cost of
     revenue                  68,887       61,727      134,977      114,674
                         -----------  -----------  -----------  -----------
Gross profit                 178,476      154,694      338,088      287,088
                         -----------  -----------  -----------  -----------

Operating expenses:
  Research and
   development                38,605       36,175       75,926       68,861
  Sales and marketing         78,923       68,909      154,641      131,432
  General and
   administrative             17,407       15,573       35,002       28,490
  Amortization of
   acquired intangible
   assets                      5,653        5,030       10,201        9,921
  Acquisition related
   and other                     929          278        1,325          823
  Restructuring
   adjustment                   (400)           -         (519)         (33)
                         -----------  -----------  -----------  -----------
    Total operating
     expenses                141,117      125,965      276,576      239,494
                         -----------  -----------  -----------  -----------

Income from operations        37,359       28,729       61,512       47,594

  Interest income                221          448          476          930
  Interest expense            (4,395)        (951)      (5,860)      (1,997)
  Other income
   (expense), net                572       (1,136)       1,548       (1,426)
                         -----------  -----------  -----------  -----------
Income before provision
 for income taxes and
 noncontrolling interest      33,757       27,090       57,676       45,101

Provision for income
 taxes                         7,200        6,000       10,500        7,996

                         -----------  -----------  -----------  -----------
Net income                    26,557       21,090       47,176       37,105

Less: Net income
 attributable to
 noncontrolling interest          65           44           43          106

                         -----------  -----------  -----------  -----------
Net income attributable
 to TIBCO Software Inc.  $    26,492  $    21,046  $    47,133  $    36,999
                         ===========  ===========  ===========  ===========

Net income per share
 attributable to TIBCO
 Software Inc.:
  Basic                  $      0.17  $      0.13  $      0.29  $      0.23
                         ===========  ===========  ===========  ===========
  Diluted                $      0.16  $      0.12  $      0.28  $      0.21
                         ===========  ===========  ===========  ===========

Shares used to compute
 net income per share
 attributable to TIBCO
 Software Inc.:
  Basic                      160,437      161,911      160,949      161,207
                         ===========  ===========  ===========  ===========
  Diluted                    169,477      174,666      170,172      174,076
                         ===========  ===========  ===========  ===========



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

                                                     Six Months Ended
                                               ----------------------------
                                                  June 3,        May 29,
                                                    2012           2011
                                               -------------  -------------

Cash flows from operating activities:
  Net income                                   $      47,176  $      37,105
  Adjustments to reconcile net income to net
   cash provided by operating activities:
    Depreciation of property and equipment             7,050          6,310
    Amortization of acquired intangible assets        17,365         19,664
    Amortization of debt discount and
     transaction costs                                 2,210            386
    Stock-based compensation                          29,718         23,268
    Deferred income tax                               (9,281)        (9,342)
    Tax benefits related to stock benefit
     plans                                             9,406         10,739
    Excess tax benefits from stock-based
     compensation                                    (16,484)       (26,737)
    Other non-cash adjustments, net                      531           (146)
  Changes in assets and liabilities:
    Accounts receivable                               16,751         17,516
    Prepaid expenses and other assets                  4,290          3,237
    Accounts payable                                    (981)        (1,222)
    Accrued liabilities and restructuring
     costs                                           (20,373)       (21,504)
    Deferred revenue                                  29,563         24,064
                                               -------------  -------------
      Net cash provided by operating
       activities                                    116,941         83,338
                                               -------------  -------------

Cash flows from investing activities:
  Acquisitions, net of cash acquired                (131,611)       (22,579)
  Purchases of property and equipment                (11,224)        (3,837)
  Restricted cash pledged as security                 (1,149)        (1,852)
  Other investing activities, net                        414          1,348
                                               -------------  -------------
      Net cash used in investing activities         (143,570)       (26,920)
                                               -------------  -------------

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                        (151,182)        (1,119)
  Proceeds from issuance of common stock              17,298         33,324
  Repurchases of the Company's common stock         (188,508)       (72,329)
  Withholding taxes related to restricted
   stock net share settlement                        (15,116)       (15,024)
  Excess tax benefits from stock-based
   compensation                                       16,484         26,737
                                               -------------  -------------
      Net cash provided by (used in) financing
       activities                                    380,074        (28,411)
                                               -------------  -------------

Effect of foreign exchange rate changes on
 cash and cash equivalents                           (14,489)         6,491
                                               -------------  -------------

Net change in cash and cash equivalents              338,956         34,498

Cash and cash equivalents at beginning of
 period                                              308,148        243,989

                                               -------------  -------------
Cash and cash equivalents at end of period     $     647,104  $     278,487
                                               =============  =============

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 has incurred 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 has incurred 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 operating income, 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
                       ---------------------------------------------------
                                June 3,                    May 29,
                                  2012                      2011
                       -------------------------  ------------------------
                                     Net income                Net income
                                    attributable              attributable
                        Operating     to TIBCO     Operating    to TIBCO
                         Income    Software Inc.    Income   Software Inc.
                       ----------  -------------  ---------- -------------


GAAP                   $   37,359  $      26,492  $   28,729 $      21,046

  Amortization of
   intangible assets -
   cost of revenue          3,899          3,899       4,948         4,948
  Amortization of
   intangible assets -
   operating expense        5,653          5,653       5,030         5,030
  Stock-based
   compensation - cost
   of revenue               1,116          1,116         957           957
  Stock-based
   compensation - R&D
   expense                  3,354          3,354       3,003         3,003
  Stock-based
   compensation - S&M
   expense                  4,694          4,694       4,077         4,077
  Stock-based
   compensation - G&A
   expense                  5,231          5,231       3,750         3,750
  Acquisition related
   and other                  929            929         278           278
  Non-cash interest
   expense related to
   convertible debt             -          1,564           -             -
  Restructuring
   adjustment                (400)          (400)          -             -
  Income tax
   adjustment for non-
   GAAP                         -         (8,945)          -        (6,775)

                       ----------  -------------  ---------- -------------
Non-GAAP               $   61,835  $      43,587  $   50,772 $      36,314
                       ==========  =============  ========== =============

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

    GAAP                           $        0.16             $        0.12
                                   =============             =============

    Non-GAAP                       $        0.26             $        0.21
                                   =============             =============
Shares used to compute
 diluted net income
 per share
 attributable to TIBCO
 Software Inc.:                          169,477                   174,666
                                   =============             =============


                                        Six Months Ended
                      ----------------------------------------------------
                               June 3,                    May 29,
                                 2012                       2011
                      -------------------------  -------------------------
                                    Net income                 Net income
                                   attributable               attributable
                       Operating     to TIBCO     Operating     to TIBCO
                        Income    Software Inc.    Income    Software Inc.
                      ----------  -------------  ----------  -------------


GAAP                  $   61,512  $      47,132  $   47,594  $      36,999

  Amortization of
   intangible assets -
   cost of revenue         7,164          7,164       9,743          9,743
  Amortization of
   intangible assets -
   operating expense      10,201         10,201       9,921          9,921
  Stock-based
   compensation - cost
   of revenue              2,398          2,398       1,831          1,831
  Stock-based
   compensation - R&D
   expense                 7,359          7,359       5,652          5,652
  Stock-based
   compensation - S&M
   expense                 9,987          9,987       8,290          8,290
  Stock-based
   compensation - G&A
   expense                 9,976          9,976       7,495          7,495
  Acquisition related
   and other               1,325          1,325         823            823
  Non-cash interest
   expense related to
   convertible debt            -          1,564           -              -
  Restructuring
   adjustment               (519)          (519)        (33)           (33)
  Income tax
   adjustment for non-
   GAAP                        -        (18,425)          -        (17,083)

                      ----------  -------------  ----------  -------------
Non-GAAP              $  109,403  $      78,162  $   91,316  $      63,638
                      ==========  =============  ==========  =============

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

    GAAP                          $        0.28              $        0.21
                                  =============              =============

    Non-GAAP                      $        0.46              $        0.37
                                  =============              =============
Shares used to compute
 diluted net income
 per share
 attributable to TIBCO
 Software Inc.:                         170,172                    174,076
                                  =============              =============