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Advent Software Reports Third Quarter 2014 Results
GAAP Diluted EPS of $0.22, up 22%; Non-GAAP Diluted EPS of $0.37, up 18%; Operating Cash Flow of $28 Million, up 24%
Actualizado el 27 de octubre, 2014 - 21.15hs.
SAN FRANCISCO, CA -- (Marketwired) -- 10/27/14 -- 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 third quarter ended September 30, 2014.
"Advent posted another solid performance in the quarter, with excellent profitability and robust cash flow," said Pete Hess, Chief Executive Officer of Advent. "We had great attendance at AdventConnect, our annual client conference, and clients and prospects responded enthusiastically to the many enhancements we showcased across our solution suite, as evidenced by our strong renewals and healthy bookings this quarter."
THIRD QUARTER 2014 RESULTS
GAAP Results for Continuing Operations
Advent reported quarterly revenue of $99.0 million for the third quarter of 2014, compared to $96.8 million in the third quarter of 2013, a 2% increase.
Operating income for the third quarter of 2014 was $20.2 million, or 20.5% of revenue, compared to operating income of $17.4 million in the third quarter of 2013, a 17% increase.
Net income for the third quarter of 2014 was $12.0 million, compared to net income of $9.8 million in the third quarter of 2013. On a fully diluted basis, earnings per share for the third quarter of 2014 were $0.22 compared to $0.18 in the third quarter of 2013, a 22% increase.
Operating cash flow for the third quarter of 2014 was $28.3 million, compared with $22.8 million in the third quarter of 2013, a 24% increase.
Cash and cash equivalents totaled $37 million as of September 30, 2014, compared to $41 million as of June 30, 2014. Total outstanding debt as of September 30, 2014 was $255 million compared to $280 million as of June 30, 2014.
Deferred revenue as of September 30, 2014 was $184 million, compared to $183 million as of June 30, 2014.
During the quarter, Advent's Board of Directors approved a quarterly dividend of $0.13 per share. The cash dividend payment was made on October 15, 2014 to shareholders of record of Advent's common stock at the close of business on September 30, 2014.
Non-GAAP Results for Continuing Operations
Non-GAAP operating income for the third quarter of 2014 was $32.1 million, or 32.4% of revenue, an 11% increase compared to $29.0 million, or 30.0% of revenue, in the third quarter of 2013.
On a fully diluted basis, non-GAAP earnings per share were $0.37 for the third quarter of 2014 and represent an 18% increase from non-GAAP diluted net income per share of $0.31 in the third quarter of 2013.
The reconciliation between GAAP and non-GAAP financial measures is provided at the end of this press release.
HIGHLIGHTS
- Solid Third Quarter Bookings with Strong Renewals: The Annual Contract Value (ACV) of our new contract bookings in the third quarter of 2014 will contribute $7.2 million in annual revenue once the contracts are fully implemented. The initial renewal rate for the second quarter of 2014 was 95%. The renewal rate from the first quarter of 2014 increased by three points to 97% as additional cash was collected.
- Continued Client Success: New customers added in the third quarter include St. Denis J. Villere & Company, Ziegler Capital Management, LLC, Churchill Management Company, and Prince Street Capital Management, LLC, while Raymond James Investment Services Ltd and Somerset Capital Management Limited deepened their Advent relationships by buying additional products.
- AdventConnect 2014 Showcases Product Upgrades: Advent showcased enhancements across its product suite at AdventConnect including: new capabilities within Geneva® to address regulations like FATCA and AIFMD; improved CRM workflow, platform reporting enhancements, and Salesforce integration for APX; and in Black Diamond(SM), Advent unveiled the new investor experience, along with upgrades to rebalancing and data mining functionality. The company also further strengthened Moxy® and Advent Rules Manager® with enhanced real-time pricing among many other new capabilities.
- Award-Winning Solutions & Company: Advent Portfolio Exchange® (APX) was awarded "Best Client Reporting System" at the Systems in the City Awards 2014 ceremony in London.
FINANCIAL GUIDANCE
Advent updates the following financial guidance for the fourth quarter and fiscal year 2014:
----------------------------------------------------------------------------
Guidance Q4 2014 FY 2014
----------------------------------------------------------------------------
Total Revenue ($M) $99 - $102 $395 - $398
----------------------------------------------------------------------------
GAAP Operating Margin n/a 20.5% - 21.0%
----------------------------------------------------------------------------
Stock Compensation Expense (% of revenue) n/a 8.0%
----------------------------------------------------------------------------
Amortization of Intangibles (% of revenue) n/a 2.0%
----------------------------------------------------------------------------
Restructuring (% of revenue) n/a 1.0%
----------------------------------------------------------------------------
Non-GAAP Operating Margin n/a 31.5% - 32.0%
----------------------------------------------------------------------------
Operating Cash Flow ($M) n/a $105 - $115
----------------------------------------------------------------------------
Capital Expenditures ($M) n/a $8 - $11
----------------------------------------------------------------------------
Effective Tax Rate (GAAP) n/a 35% - 40%
----------------------------------------------------------------------------
Effective Tax Rate (non-GAAP) n/a 35%
----------------------------------------------------------------------------
INVESTOR CALL
Advent Software, Inc. will host its Q3 2014 quarterly earnings conference call at 5:00 p.m. Eastern time today. The Q3 2014 earnings presentation and trended disclosures file, which include highlights and detailed financial information, are currently available at http://investor.advent.com. To participate via phone, please dial 877-546-5020 and request conference ID # 79682130. Telephone replay will be available through midnight November 6, 2014. The replay number for domestic callers is 888-286-8010, and for international callers is 617-801-6888, with the conference ID of # 32551486. The conference call will also be webcast live and then archived on http://investor.advent.com.
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" and "Reconciliation of Projected Continuing Operations' GAAP Operating Income % to Non-GAAP Operating Income %".
FORWARD-LOOKING STATEMENTS
The financial projections under Financial Guidance and any other forward-looking statements included in this presentation 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® and Advent Rules Manager® 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)
September 30 December 31
2014 2013
------------- -------------
ASSETS
Current assets:
Cash and cash equivalents $ 36,692 $ 33,828
Accounts receivable, net 55,280 58,717
Deferred taxes, current 24,897 24,898
Prepaid expenses and other 24,724 30,114
Current assets of discontinued operation - 100
------------- -------------
Total current assets 141,593 147,657
Property and equipment, net 28,502 31,698
Goodwill 205,178 207,818
Other intangibles, net 21,004 27,392
Deferred taxes, long-term 21,213 23,020
Other assets 14,055 17,372
Noncurrent assets of discontinued operation 1,337 1,337
------------- -------------
Total assets $ 432,882 $ 456,294
============= =============
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Accounts payable $ 10,155 $ 5,348
Dividends payable 6,712 -
Accrued liabilities 34,677 41,625
Deferred revenues 176,288 186,107
Current portion of long-term debt 20,000 20,000
Current liabilities of discontinued
operation 632 600
------------- -------------
Total current liabilities 248,464 253,680
Deferred revenues, long-term 7,250 7,809
Long-term income taxes payable 7,667 7,667
Long-term debt 235,000 285,000
Other long-term liabilities 8,447 11,171
Noncurrent liabilities of discontinued
operation 2,324 2,782
------------- -------------
Total liabilities 509,152 568,109
------------- -------------
Stockholders' deficit:
Common stock 516 513
Additional paid-in capital 58,394 42,533
Accumulated deficit (142,765) (165,870)
Accumulated other comprehensive income 7,585 11,009
------------- -------------
Total stockholders' deficit (76,270) (111,815)
------------- -------------
Total liabilities and stockholders'
deficit $ 432,882 $ 456,294
============= =============
ADVENT SOFTWARE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(GAAP, Unaudited)
Three Months Ended Nine Months Ended
September 30 September 30
-------------------- --------------------
2014 2013 2014 2013
--------- --------- --------- ---------
Net revenues:
Recurring revenues $ 90,689 $ 88,116 $ 272,352 $ 260,862
Non-recurring revenues 8,293 8,651 23,804 24,518
--------- --------- --------- ---------
Total net revenues 98,982 96,767 296,156 285,380
Cost of revenues (1):
Recurring revenues 20,088 17,782 59,304 52,173
Non-recurring revenues 8,106 11,501 23,675 31,088
Amortization of developed
technology 1,690 2,508 5,178 7,405
--------- --------- --------- ---------
Total cost of revenues 29,884 31,791 88,157 90,666
--------- --------- --------- ---------
Gross margin 69,098 64,976 207,999 194,714
Operating expenses (1):
Sales and marketing 17,658 18,546 55,687 58,967
Product development 16,962 17,369 51,805 52,254
General and administrative 10,846 10,894 32,115 43,895
Amortization of other intangibles 809 953 2,588 2,863
Recapitalization costs - - - 6,041
Restructuring charges (benefit) 2,579 (157) 4,494 2,959
--------- --------- --------- ---------
Total operating expenses 48,854 47,605 146,689 166,979
--------- --------- --------- ---------
Income from continuing operations 20,244 17,371 61,310 27,735
Interest and other income
(expense), net (1,423) (2,977) (5,596) (4,610)
--------- --------- --------- ---------
Income from continuing operations
before income taxes 18,821 14,394 55,714 23,125
Provision for income taxes 6,818 4,561 20,149 5,390
--------- --------- --------- ---------
Net income from continuing
operations $ 12,003 $ 9,833 $ 35,565 $ 17,735
Discontinued operation:
Net (loss) income from
discontinued operation (net
of applicable taxes of
$(14), $(16), $(38) and $45,
respectively) (20) (20) (57) 68
--------- --------- --------- ---------
Net income $ 11,983 $ 9,813 $ 35,508 $ 17,803
========= ========= ========= =========
Basic net income (loss) per share
(2):
Continuing operations $ 0.23 $ 0.19 $ 0.69 $ 0.35
Discontinued operation (0.00) (0.00) (0.00) 0.00
--------- --------- --------- ---------
Total operations $ 0.23 $ 0.19 $ 0.69 $ 0.35
========= ========= ========= =========
Diluted net income (loss) per
share (2):
Continuing operations $ 0.22 $ 0.18 $ 0.66 $ 0.33
Discontinued operation (0.00) (0.00) (0.00) 0.00
--------- --------- --------- ---------
Total operations $ 0.22 $ 0.18 $ 0.66 $ 0.33
========= ========= ========= =========
Weighted average shares used to
compute net income (loss) per
share:
Basic 51,579 51,576 51,464 51,241
Diluted 53,877 53,937 53,574 53,329
Cash dividends declared per
common share $ 0.13 - $ 0.26 -
(1) Includes stock-based employee
compensation expense as follows:
Cost of recurring revenues $ 793 $ 853 $ 2,469 $ 2,647
Cost of non-recurring
revenues 293 578 1,022 2,690
--------- --------- --------- ---------
Total cost of revenues 1,086 1,431 3,491 5,337
Sales and marketing 2,461 2,874 7,757 10,920
Product development 2,005 2,083 5,853 6,941
General and administrative 1,707 2,003 5,470 17,399
--------- --------- --------- ---------
Total operating expenses 6,173 6,960 19,080 35,260
--------- --------- --------- ---------
Total stock-based employee
compensation expense $ 7,259 $ 8,391 $ 22,571 $ 40,597
========= ========= ========= =========
(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)
Nine Months Ended
September 30
------------------------
2014 2013
----------- -----------
Cash flows from operating activities:
Net income $ 35,508 $ 17,803
Adjustment to net income for discontinued
operation net loss (income) 57 (68)
----------- -----------
Net income from continuing operations 35,565 17,735
Adjustments to reconcile net income to net cash
provided by operating activities from
continuing operations:
Stock-based compensation 22,571 40,597
Excess tax benefit from stock-based
compensation (9,003) (4,220)
Depreciation and amortization 16,138 18,903
Amortization of debt issuance costs 1,079 593
Loss on disposal of fixed assets 2,786 -
(Reduction of) provision for doubtful accounts (6) 290
Reduction of sales reserves (538) (196)
Deferred income taxes 10,370 6,281
Other (500) (45)
----------- -----------
Effect of statement of operations
adjustments 42,897 62,203
Changes in operating assets and liabilities:
Accounts receivable 3,443 4,181
Prepaid and other assets 7,789 (860)
Accounts payable 3,919 3,843
Accrued liabilities (12,279) (9,801)
Deferred revenues (9,841) (10,210)
Income taxes payable 84 (5,190)
----------- -----------
Effect of changes in operating assets and
liabilities (6,885) (18,037)
----------- -----------
Net cash provided by operating activities from
continuing operations 71,577 61,901
Cash flows from investing activities:
Purchases of property and equipment (6,845) (2,161)
Capitalized software development costs (1,427) (2,556)
Change in restricted cash (173) -
Purchases of marketable securities - (57,863)
Sales and maturities of marketable securities - 228,619
----------- -----------
Net cash (used in) provided by investing
activities from continuing operations (8,445) 166,039
Cash flows from financing activities:
Proceeds from common stock issued from exercises
of stock options 3,171 18,382
Proceeds from common stock issued under the
employee stock purchase plan 3,493 3,211
Excess tax benefits from stock-based
compensation 9,003 4,220
Withholding taxes related to equity award net
share settlement (5,665) (8,043)
Proceeds from debt - 375,000
Repayment of debt (50,000) (120,000)
Payment of cash dividend (6,693) (470,133)
Repurchase of common stock (12,878) (41,256)
Debit issuance costs - (5,725)
----------- -----------
Net cash used in financing activities from
continuing operations (59,569) (244,344)
Net cash transferred to discontinued operation (383) (358)
Effect of exchange rate changes on cash and cash
equivalents (316) (75)
----------- -----------
Net change in cash and cash equivalents from
continuing operations 2,864 (16,837)
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 $ 36,692 $ 41,380
=========== ===========
Nine Months Ended
September 30
------------------------
2014 2013
----------- -----------
Supplemental disclosure of cash flow information:
Noncash investing activities:
Capital expenditures included in accounts
payable $ 1,019 $ 738
Cash flows from discontinued operation of
MicroEdge, Inc.:
Net cash used in operating activities $ (383) $ (358)
Net cash transferred from continuing operations 383 358
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 September 30
-------------------------------------------
2014 2013
--------------------- ---------------------
% of Net % of Net
Amount Revenues Amount Revenues
--------- ---------- --------- ----------
GAAP gross margin $ 69,098 69.8% $ 64,976 67.1%
Amortization of acquired
intangibles 1,194 1,883
Stock-based compensation 1,087 1,431
--------- ---------
Non-GAAP gross margin $ 71,379 72.1% $ 68,290 70.6%
========= =========
GAAP operating income $ 20,244 20.5% $ 17,371 18.0%
Amortization of acquired
intangibles 2,002 2,836
Stock-based compensation 7,259 8,391
Restructuring charges (benefit) 2,579 (157)
Transaction related fees - 565
--------- ---------
Non-GAAP operating income $ 32,084 32.4% $ 29,006 30.0%
========= =========
GAAP net income $ 12,003 $ 9,833
Amortization of acquired
intangibles 2,002 2,836
Stock-based compensation 7,259 8,391
Restructuring charges (benefit) 2,579 (157)
Transaction related fees - 565
Income tax adjustment (1) (3,914) (4,549)
--------- ---------
Non-GAAP net income $ 19,929 $ 16,919
========= =========
GAAP net income $ 12,003 $ 9,833
Net interest 1,741 2,631
Provision for income taxes 6,818 4,561
Depreciation expense 2,825 2,771
Amortization expense 2,499 3,460
Stock-based compensation 7,259 8,391
--------- ---------
Adjusted EBITDA $ 33,145 $ 31,647
========= =========
Diluted net income per share
GAAP $ 0.22 $ 0.18
Non-GAAP $ 0.37 $ 0.31
Shares used to compute diluted
net income per share 53,877 53,937
(1) The estimated non-GAAP effective tax rate was 35% for the three months
ended September 30, 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 PROJECTED CONTINUING OPERATIONS' GAAP OPERATING INCOME %
TO NON-GAAP OPERATING INCOME %
(Preliminary and unaudited)
Advent provides projections for the non-GAAP measure of its continuing
operations' operating income percentage. This non-GAAP measure excludes
certain costs and expenses which we believe is appropriate to enhance an
overall understanding of our past financial performance and also our
prospects for the future. Adjustments to our projected continuing
operations' GAAP results are made with the intent of providing management
and investors a more complete understanding of Advent's underlying
operational results and trends and our marketplace performance. In addition,
these adjusted non-GAAP projections are among the information management
uses as a basis for 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
generally accepted accounting principles in the United States of America.
Twelve Months Ending
December 31, 2014
Continuing Operations
Operating Income %
-----------------------------
Projected GAAP 20.5% to 21.0%
=============================
Projected stock-based compensation
adjustment 8.0%
Projected amortization of acquired
developed technology and other acquired
intangible asset adjustment 2.0%
Projected restructuring charge adjustment 1.0%
-----------------------------
Projected non-GAAP 31.5% to 32.0%
=============================
CONTACTS
Media Contact:
Kendall Reischl
Advent Software, Inc.
(415) 645-1771
Email Contact
Investor Relations Contact:
Justin Ritchie
Advent Software, Inc.
(415) 645-1683
Email Contact
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