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PALO ALTO, CA -- (Marketwire) -- 09/20/12 -- TIBCO Software Inc. (NASDAQ: TIBX) today announced results for its third fiscal quarter, which ended on Sunday, September 2, 2012.

Total revenue for the third quarter of fiscal 2012 was $255.0 million and net income was $26.1 million, or $0.15 per diluted share. This compares to total revenue of $229.0 million and net income of $23.5 million, or $0.14 per diluted share, as reported for the third quarter of fiscal 2011.

On a non-GAAP basis, net income for the third quarter of fiscal 2012 was $45.9 million or $0.27 per diluted share, compared with $39.4 million or $0.23 per diluted share for the third quarter of fiscal 2011. Non-GAAP operating income for the third quarter of fiscal 2012 was $68.8 million, an increase of 19% over non-GAAP operating income of $57.6 million in the third 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 30% for the third quarter of fiscal years 2012 and 2011, respectively.

"We continue to steadily build our business, with total revenue and license revenue up by 18% and 14% respectively over the prior year period, after adjusting for currency movements," said Vivek Ranadivé, TIBCO's chairman and CEO. "By marrying mobile, social, cloud and on-premise data streams, our infrastructure software platform provides the backbone for data-in-motion, the ability to make sense of data-at-rest, and the powerful context needed in the 21st century. TIBCO is in a strategic position to benefit as IT shifts to event-driven architectures and business looks for its two-second advantage -- or the ability to anticipate change and opportunity before and as it happens."

Third Quarter Fiscal 2012 Highlights

• Record Q3 total revenue was $255.0 million, up 11% over last year on a reported basis and up 18% on a constant currency basis;
• Record Q3 license revenue was $99.1 million, up 9% over last year on a reported basis and up 14% on a constant currency basis;
• Q3 non-GAAP operating margin was 27%;
• Q3 non-GAAP EPS was $0.27, up 19% over last year;
• Repurchased 1.2 million shares;
• Q3 total deferred revenue was $280.1 million, up 21% over last year and up 10% over Q2 of 2012;
• Diversified mix of business, with eight different industries comprising 5% or more of business, including Financial Services, Communications, Life Sciences, Energy, Manufacturing, Government, Transportation & Logistics, and Retail.
• TIBCO closed 134 deals over $100k and had 16 deals over $1 million.

Conference Call Details

TIBCO has scheduled a conference call for 4:30 pm ET / 1:30 pm PT today to discuss its third quarter results. The conference call will be hosted by InterCall and may be accessed over the internet at www.tibco.com or via dial-in at 877-293-9114 or 706-758-2055. 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 October 20, 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 28093687.

About TIBCO

TIBCO Software Inc. (NASDAQ: TIBX) is a provider of infrastructure software for companies to use on-premise or as part of cloud computing environments. Whether it's optimizing claims, processing trades, cross-selling products based on real-time customer behavior, or averting a crisis before it happens, TIBCO provides companies the two-second advantage™ -- the ability to capture the right information at the right time and act on it preemptively for a competitive advantage. More than 4,000 customers worldwide rely on TIBCO to manage information, decisions, processes and applications in real time. Learn more at www.tibco.com.

TIBCO, two-second advantage, and TIBCO Software are trademarks or registered trademarks of TIBCO Software Inc. in the United States and/or other countries. All other product and company names and marks mentioned in this document are the property of their respective owners and are mentioned for identification purposes only.

About Non-GAAP Financial Information

This press release includes non-GAAP financial measures. For a description of these non-GAAP financial measures, including the reasons management uses each measure, and reconciliations of these non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with Generally Accepted Accounting Principles (GAAP), please see the section entitled "About Non-GAAP Financial Measures" and the accompanying table entitled "Reconciliation of GAAP to Non-GAAP Measures."

Legal Notice Regarding Forward-Looking Statements

This release contains forward-looking statements within the meaning of the "safe harbor" provisions of the federal securities laws. The final financial results for third quarter of fiscal year 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 TIBCO's ability to continue to build its business, TIBCO's ability to benefit from a shift to event-driven architectures with its infrastructure software platform, and TIBCO's belief that this shift will remain a priority that creates 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 June 3, 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)


                                                 September 2,  November 30,
                                                     2012           2011
                                                -------------  -------------

                     ASSETS

Current assets:
  Cash and cash equivalents                     $     675,274  $     308,148
  Short-term investments                                  196            225
  Accounts receivable, net                            206,985        196,419
  Prepaid expenses and other current assets            72,704         61,864
                                                -------------  -------------
    Total current assets                              955,159        566,656

Property and equipment, net                            94,862         89,871
Goodwill                                              530,779        451,821
Acquired intangible assets, net                       131,904         97,258
Long-term deferred income tax assets                  115,393         78,656
Other assets                                           71,586         48,676
                                                -------------  -------------
    Total assets                                $   1,899,683  $   1,332,938
                                                =============  =============

             LIABILITIES AND EQUITY

Current liabilities:
  Accounts payable                              $      25,940  $      25,802
  Accrued liabilities                                 127,462        129,168
  Accrued restructuring costs                           1,139          6,792
  Deferred revenue                                    257,302        210,234
  Current portion of long-term debt                    36,323          2,397
                                                -------------  -------------
    Total current liabilities                         448,166        374,393

Accrued restructuring costs, less current
 portion                                                  666          1,050
Long-term deferred revenue                             22,826         14,876
Long-term deferred income tax liabilities              58,224          4,540
Long-term income tax liabilities                       26,513         20,772
Other long-term liabilities                             2,883          2,445
Long-term debt, less current portion                        -         65,711
Convertible debt                                      520,715              -
                                                -------------  -------------
    Total long-term liabilities                       631,827        109,394
                                                -------------  -------------
    Total liabilities                               1,079,993        483,787
                                                -------------  -------------

Total equity                                          819,690        849,151
                                                -------------  -------------
    Total liabilities and equity                $   1,899,683  $   1,332,938
                                                =============  =============



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


                         Three Months Ended           Nine Months Ended
                     --------------------------  --------------------------
                     September 2,   August 28,   September 2,   August 28,
                         2012          2011          2012          2011
                     ------------  ------------  ------------  ------------
Revenue:
  License            $     99,103  $     90,853  $    273,999  $    242,912
  Service and
   maintenance            155,918       138,120       454,087       387,823
                     ------------  ------------  ------------  ------------
    Total revenue         255,021       228,973       728,086       630,735
                     ------------  ------------  ------------  ------------

Cost of revenue:
  License                  11,368         6,929        29,809        25,566
  Service and
   maintenance             60,881        56,425       177,417       152,462
                     ------------  ------------  ------------  ------------
    Total cost of
     revenue               72,249        63,354       207,226       178,028
                     ------------  ------------  ------------  ------------
Gross profit              182,772       165,619       520,860       452,707
                     ------------  ------------  ------------  ------------

Operating expenses:
  Research and
   development             39,354        36,041       115,280       104,902
  Sales and
   marketing               76,803        72,182       231,444       203,614
  General and
   administrative          17,906        15,170        52,908        43,660
  Amortization of
   acquired
   intangible assets        4,640         4,632        14,841        14,553
  Acquisition
   related and other          845           863         2,170         1,686
  Restructuring
   adjustment                  72           143          (447)          110
                     ------------  ------------  ------------  ------------
    Total operating
     expenses             139,620       129,031       416,196       368,525
                     ------------  ------------  ------------  ------------

Income from
 operations                43,152        36,588       104,664        84,182

  Interest income             366           246           842         1,176
  Interest expense         (8,713)         (940)      (14,573)       (2,937)
    Other income
     (expense), net        (1,306)         (503)          242        (1,929)
                     ------------  ------------  ------------  ------------
Income before
 provision for
 income taxes and
 noncontrolling
 interest
                           33,499        35,391        91,175        80,492

Provision for income
 taxes                      7,400        11,800        17,900        19,796

                     ------------  ------------  ------------  ------------
Net income                 26,099        23,591        73,275        60,696

Less: Net income
 attributable to
 noncontrolling
 interest                      13            62            56           168

                     ------------  ------------  ------------  ------------
Net income
 attributable to
 TIBCO Software Inc. $     26,086  $     23,529  $     73,219  $     60,528
                     ============  ============  ============  ============

Net income per share
 attributable to
 TIBCO Software
 Inc.:
  Basic              $       0.16  $       0.15  $       0.46  $       0.37
                     ============  ============  ============  ============
  Diluted            $       0.15  $       0.14  $       0.43  $       0.35
                     ============  ============  ============  ============

Shares used to
 compute net income
 per share
 attributable to
 TIBCO Software
 Inc.:
  Basic                   159,308       161,876       160,402       161,430
                     ============  ============  ============  ============
  Diluted                 169,165       172,957       169,836       173,703
                     ============  ============  ============  ============



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


                                                      Nine Months Ended
                                                 --------------------------
                                                 September 2,   August 28,
                                                     2012          2011
                                                 ------------  ------------

Cash flows from operating activities:
  Net income                                     $     73,275  $     60,696
  Adjustments to reconcile net income to net
   cash provided by operating activities:
    Depreciation of property and equipment             10,992         9,801
    Amortization of acquired intangible assets         26,719        26,788
    Amortization of debt discount and
     transaction costs                                  6,820           579
    Stock-based compensation                           45,130        36,186
    Deferred income tax                               (20,183)        3,406
    Tax benefits related to stock benefit plans        14,455        11,773
    Excess tax benefits from stock-based
     compensation                                     (20,612)      (31,506)
    Other non-cash adjustments, net                       905            85
  Changes in assets and liabilities:
    Accounts receivable                               (12,079)       15,887
    Prepaid expenses and other assets                  (8,975)       (8,962)
    Accounts payable                                      159          (492)
    Accrued liabilities and restructuring costs        (5,576)       (8,380)
    Deferred revenue                                   54,285        28,273
                                                 ------------  ------------
      Net cash provided by operating activities       165,315       144,134
                                                 ------------  ------------

Cash flows from investing activities:
  Acquisitions, net of cash acquired                 (132,209)      (22,579)
  Purchases of property and equipment                 (16,366)       (7,458)
  Restricted cash pledged as security                  (1,169)       (3,978)
  Other investing activities, net                         376         1,365
                                                 ------------  ------------
      Net cash used in investing activities          (149,368)      (32,650)
                                                 ------------  ------------

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                         (151,785)       (1,690)
  Proceeds from issuance of common stock               25,390        42,402
  Repurchases of the Company's common stock          (220,265)     (145,216)
  Withholding taxes related to restricted stock
   net share settlement                               (17,383)      (17,472)
  Excess tax benefits from stock-based
   compensation                                        20,612        31,506
                                                 ------------  ------------
      Net cash provided by (used in) financing
       activities                                     357,667       (90,470)
                                                 ------------  ------------

Effect of foreign exchange rate changes on cash
 and cash equivalents                                  (6,488)        7,212
                                                 ------------  ------------

Net change in cash and cash equivalents               367,126        28,226

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

                                                 ------------  ------------
Cash and cash equivalents at end of period       $    675,274  $    272,215
                                                 ============  ============

About Non-GAAP Financial Measures

TIBCO provides non-GAAP measures for operating income, net income and net income per share data as supplemental information regarding TIBCO's business performance. TIBCO believes that these non-GAAP financial measures are useful to investors because they exclude non-operating charges. TIBCO's management excludes these non-operating charges when it internally evaluates the performance of TIBCO's business and makes operating decisions, including internal budgeting, performance measurement and the calculation of bonuses and discretionary compensation, because these measures provide a consistent method of comparison to historical periods. Moreover, management believes these non-GAAP measures reflect the essential revenue generation activities of TIBCO. Accordingly, management excludes stock-based compensation related to employee stock options, amortization of acquired intangible assets, costs related to formal restructuring activities, acquisition-related and other expenses, non-cash interest expense related to convertible debt, gains and losses on equity investments, and the income tax effects of the foregoing, as well as adjustments for the impact of changes in the valuation allowance recorded against TIBCO's deferred tax assets when making operational decisions.

TIBCO believes that providing the non-GAAP measures that management uses to its investors is useful to investors for a number of reasons. The non-GAAP measures provide a consistent basis for investors to understand TIBCO's financial performance on a trended basis across historical periods. In addition, it allows investors to evaluate TIBCO's performance using the same methodology and information as that used by TIBCO's management.

Non-GAAP measures are subject to material limitations as these measures are not in accordance with, or a substitute for, GAAP and thus TIBCO's definition may be different from similar non-GAAP measures used by other companies and/or analysts. However, TIBCO's management compensates for these limitations by providing the relevant disclosure of the items excluded in the calculation of non-GAAP operating income, non-GAAP net income and non-GAAP net income per share. In addition, some items such as restructuring charges that are excluded from non-GAAP net income and non-GAAP earnings per share can have a material impact on cash flows and stock compensation charges can have a significant impact on earnings. Management compensates for these limitations by evaluating the non-GAAP measure together with the most directly comparable GAAP measure. TIBCO has historically provided non-GAAP measures to the investment community as a supplement to its GAAP results, to enable investors to evaluate TIBCO's business performance in the way that management does.

The non-GAAP adjustments, and the basis for excluding them, are outlined below:

Amortization of Intangible Assets

TIBCO has incurred amortization of intangible assets, included in its GAAP financial statements, related to various acquisitions TIBCO has made. Management excludes these items, for the purposes of calculating non-GAAP operating income, non-GAAP net income and non-GAAP net income per share. TIBCO believes that eliminating this expense from its non-GAAP measures is useful to investors, because the amortization of intangible assets can be inconsistent in amount and frequency and is significantly impacted by the timing and magnitude of TIBCO's acquisition transactions, which also vary substantially in frequency from period to period.

Stock-based Compensation

TIBCO incurs stock-based compensation expense. TIBCO excludes this item for the purposes of calculating non-GAAP operating income, non-GAAP net income and non-GAAP net income per share because it is a non-cash expense that TIBCO believes is not reflective of its business performance. The nature of the stock-based compensation expense also makes it very difficult to estimate prospectively, since the expense will vary with changes in the stock price and market conditions at the time of new grants, varying valuation methodologies, subjective assumptions and different award types, making the comparison of current results with forward-looking guidance potentially difficult for investors to interpret. The tax effects of stock-based compensation expenses may also vary significantly from period to period, without any change in underlying operational performance, thereby obscuring the underlying profitability of operations relative to prior periods. Finally, TIBCO believes that non-GAAP measures of profitability that exclude stock-based compensation are widely used by analysts and investors in the software industry.

Acquisition-related and Other Expenses

TIBCO incurs acquisition-related and other expenses which consist of costs incurred after the issuance of a definitive term sheet for a particular transaction (whether or not such transaction is ultimately completed, remains in process or is not completed) and include legal, banker, accounting and other advisory fees of third parties and severance costs for employees of the acquired company that are terminated within 90 days of the acquisition date. Management excludes these items, for the purposes of calculating non-GAAP operating income, non-GAAP net income and non-GAAP net income per share. TIBCO believes that eliminating these expenses from its non-GAAP measures is useful to investors, because it generally would not have otherwise incurred such expenses in the periods presented as part of its continuing operations. The acquisition-related and other expenses are not recurring with respect to past transactions, can be inconsistent in amount and frequency from period to period and are significantly impacted by the timing and magnitude of TIBCO's acquisitions. While these expenses are not recurring with respect to past transactions, TIBCO generally will incur these expenses in connection with any future acquisitions.

Restructuring Activities

TIBCO incurs restructuring expenses, included in its GAAP presentation of operating expense, primarily due to workforce related charges such as payments for severance and benefits and estimated costs of exiting and terminating facility lease commitments related to a formal restructuring plan. TIBCO excludes these items, for the purposes of calculating non-GAAP operating income, non-GAAP net income and non-GAAP net income per share, when it evaluates the continuing business performance of TIBCO. TIBCO believes that these items are not consistently recurring and do not necessarily reflect expected future operating expense, nor does TIBCO believe that they provide a meaningful evaluation of current versus past business results or the expense levels required to support TIBCO's operating plan.

Non-Cash Interest Expense Related to Convertible Debt

TIBCO is required to recognize non-cash interest expense related to its 2.25% convertible senior notes issued in April 2012 as an imputed interest expense. Management excludes this incremental non-cash interest expense for purposes of calculating non-GAAP 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
                           ----------------------------------------------
                                September 2,             August 28,
                                    2012                    2011
                           ----------------------  ----------------------
                                      Net income              Net income
                                     attributable            attributable
                                       to TIBCO                to TIBCO
                           Operating   Software    Operating   Software
                             Income      Inc.        Income      Inc.
                           --------- ------------  --------- ------------


GAAP                       $  43,152 $     26,086  $  36,588 $     23,529

  Amortization of
   intangible assets - cost
   of revenue                  4,714        4,714      2,492        2,492
  Amortization of
   intangible assets -
   operating expense           4,640        4,640      4,632        4,632
  Stock-based compensation
   - cost of revenue           1,313        1,313      1,717        1,717
  Stock-based compensation
   - R&D expense               3,885        3,885      2,933        2,933
  Stock-based compensation
   - S&M expense               5,380        5,380      4,566        4,566
  Stock-based compensation
   - G&A expense               4,832        4,832      3,702        3,702
  Acquisition related and
   other                         845          845        863          863
  Non-cash interest expense
   related to convertible
   debt                            -        3,717          -            -
  Restructuring adjustment        72           72        143          143
  Income tax adjustment for
   non-GAAP                        -       (9,582)         -       (5,132)

                           --------- ------------  --------- ------------
Non-GAAP                   $  68,833 $     45,902  $  57,636 $     39,445
                           ========= ============  ========= ============

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

  GAAP                               $       0.15            $       0.14
                                     ============            ============

  Non-GAAP                           $       0.27            $       0.23
                                     ============            ============
Shares used to compute
 diluted net income per
 share attributable to
 TIBCO Software Inc.:                     169,165                 172,957
                                     ============            ============



                             TIBCO Software Inc.
                 Reconciliation of GAAP to Non-GAAP Measures
                                 (unaudited)
                 (in thousands, except net income per share)


                                           Nine Months Ended
                            -----------------------------------------------
                                  September 2,             August 28,
                                      2012                    2011
                            -----------------------  ----------------------
                                        Net income              Net income
                                       attributable            attributable
                                         to TIBCO                to TIBCO
                            Operating    Software    Operating   Software
                              Income       Inc.        Income      Inc.
                            ---------  ------------  --------- ------------


GAAP                        $ 104,664  $     73,219  $  84,182 $     60,528

  Amortization of
   intangible assets - cost
   of revenue                  11,878        11,878     12,235       12,235
  Amortization of
   intangible assets -
   operating expense           14,841        14,841     14,553       14,553
  Stock-based compensation
   - cost of revenue            3,711         3,711      3,548        3,548
  Stock-based compensation
   - R&D expense               11,244        11,244      8,585        8,585
  Stock-based compensation
   - S&M expense               15,367        15,367     12,856       12,856
  Stock-based compensation
   - G&A expense               14,808        14,808     11,197       11,197
  Acquisition related and
   other                        2,170         2,170      1,686        1,686
  Non-cash interest expense
   related to convertible
   debt                             -         5,281          -            -
  Restructuring adjustment       (447)         (447)       110          110
  Income tax adjustment for
   non-GAAP                         -       (28,008)         -      (22,215)

                            ---------  ------------  --------- ------------
Non-GAAP                    $ 178,236  $    124,064  $ 148,952 $    103,083
                            =========  ============  ========= ============

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

  GAAP                                 $       0.43            $       0.35
                                       ============            ============

  Non-GAAP                             $       0.73            $       0.59
                                       ============            ============
Shares used to compute
 diluted net income per
 share attributable to
 TIBCO Software Inc.:                       169,836                 173,703
                                       ============            ============