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SAN FRANCISCO, CA -- (Marketwired) -- 04/29/13 -- Advent Software, Inc. (NASDAQ: ADVS), a leading provider of software and services to the global investment management industry, announced today its financial results for the first quarter ended March 31, 2013.

"Advent had a great start to the year, with strong bookings and record operating margin," said Pete Hess, Chief Executive Officer at Advent. "Our focus is to help investment managers thrive by being the best at what our clients expect. Our efforts to accelerate the value we deliver to our clients are being recognized by the market as evidenced by our strong results this quarter."

FIRST QUARTER 2013 RESULTS

GAAP Results for Continuing Operations
The Company reported quarterly revenue of $92.5 million for the first quarter of 2013, compared to $86.9 million in the first quarter of 2012, a 6% increase.

Operating income for the first quarter of 2013 was $16.2 million, or 17.5% of revenue, compared to $11.8 million or 13.6% of revenue for the first quarter of 2012.

Net income for the first quarter of 2013 was $12.1 million compared to $7.3 million in the first quarter of 2012, a 65% increase.

On a fully diluted basis, earnings per share in the first quarter of 2013 were $0.23 compared to $0.14 in the first quarter of 2012, a 67% increase.

Operating cash flow in the first quarter of 2013 was $17.2 million, compared with $13.6 million in the first quarter of 2012, a 27% increase.

Cash, cash equivalents and marketable securities totaled $247 million as of March 31, 2013, compared to $231 million as of December 31, 2012, a 7% increase. Total outstanding debt as of March 31, 2013 was $93 million compared to $95 million as of December 31, 2012. Total deferred revenue as of March 31, 2013 was $177 million, compared to $183 million as of December 31, 2012.

Non-GAAP Results for Continuing Operations
Non-GAAP operating income for the first quarter of 2013 was $26.4 million, or 28.5% of revenue. This represents a 34% increase over the same period last year. On a fully diluted basis, non-GAAP earnings per share were $0.32 in the first quarter of 2013 and represent a 36% increase from non-GAAP diluted earnings per share of $0.24 in the first quarter of 2012. Adjusted EBITDA was $27.8 million for the first quarter of 2013, a 19% increase compared to $23.3 million over the same period in 2012.

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

FIRST QUARTER HIGHLIGHTS

• Record First Quarter Bookings with Strong Renewals: The Annual Contract Value (ACV) of our new contract bookings in the first quarter of 2013 will contribute $8.7 million in annual revenue once the contracts are fully implemented and represent a 17% increase from the first quarter of 2012. The initial renewal rate for the fourth quarter of 2012 was 91%. The renewal rate from the third quarter of 2012 increased by two points to 96% as additional cash was collected.
  
  
• Client Success: Advent had a strong first quarter, with a number of existing clients expanding their relationship with Advent, including Gramercy Funds Management, and many noteworthy new clients around the world, including Investec, Qant Edge, SinoPac Securities, and Welch, Hornsby, & Welch.
  
  
• Award-Winning Solutions & Company: Advent continues to win accolades globally. Advent was awarded "Excellence in Alternative Investments" in the category of "Technology Provider" during the 3rd annual International Alternative Investment Review (IAIR) Hedge Fund Awards, which took place in Hong Kong. Advent was also named "Best Portfolio Management and Accounting Systems" by Markets Media at the inaugural 2013 Markets Choice Awards. Additionally, for the seventh year in a row, Advent has been named one of the Best Places to Work in the Bay Area by the San Francisco Business Times.
  

FINANCIAL GUIDANCE
Advent updates the following financial revenue guidance for the second quarter and operating margin guidance for fiscal year 2013:

--------------------------------------------------------------------------
                      Guidance                        Q2 2013    FY 2013
--------------------------------------------------------------------------
Total Revenue ($M)                                    $93-$95   $373-$379
--------------------------------------------------------------------------
GAAP Operating Margin
(% of revenue)                                          n/a    18.0-18.5%
--------------------------------------------------------------------------
Amortization of Intangibles
(% of revenue)                                          n/a       3.0%
--------------------------------------------------------------------------
Stock Compensation Expense
(% of revenue)                                          n/a       6.0%
--------------------------------------------------------------------------
Restructuring Charges
(% of revenue)                                          n/a       0.5%
--------------------------------------------------------------------------
Non-GAAP Operating Margin
(% of revenue)                                          n/a   27.5 - 28.0%
--------------------------------------------------------------------------
GAAP Effective Tax Rate
(% of Income Before Tax)                                n/a     30% - 35%
--------------------------------------------------------------------------
Non-GAAP Effective Tax Rate
(% of Income Before Tax)                                n/a        35%
--------------------------------------------------------------------------
Operating Cash Flow ($M)                                n/a     $93 - $97
--------------------------------------------------------------------------
Capital Expenditures ($M)                               n/a     $10 - $12
--------------------------------------------------------------------------

INVESTOR CALL

Advent Software, Inc. will host its Q1 2013 quarterly earnings conference call at 5:00 p.m. Eastern time today. The Q1 2013 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 (866) 515-2911 and request conference ID #63438590. Telephone replay will be available through midnight May 6, 2013. The replay number for domestic callers is (888) 286-8010, and for international callers is (617) 801-6888, with the conference ID of #63296730.

The conference call will also be webcast live and then archived on http://investor.advent.com.

ABOUT ADVENT
Advent Software, Inc. (www.advent.com), a global firm, has provided trusted solutions to the world's leading financial professionals since 1983. Firms in more than 60 countries use Advent technology. Advent's quality software, data, services and tools enable financial professionals to improve service and communication to their clients, allowing them to grow their business while controlling costs. Advent is the only financial services software company to be awarded the Service Capability and Performance certification for being a world-class support organization. For more information on Advent products visit http://www.advent.com/about/resources/demos/pr.

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 accompanying tables entitled "Reconciliation of Selected Continuing Operations' GAAP Measures to Non-GAAP Measures."

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 Advent Portfolio Exchange®, Geneva®, and Moxy® 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 satisfy contractual performance requirements; difficulties in integrating merged businesses, such as Syncova Solutions Limited and Black Diamond Performance Reporting LLC, and achieving expected synergies and results; 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 2012 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 and Advent Software are registered trademarks of Advent Software, Inc. All other company names or marks mentioned herein are those of their respective owners.

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

                                                   March 31     December 31
                                                     2013          2012
                                                 ------------  ------------
ASSETS
Current assets:
  Cash and cash equivalents                      $     76,122  $     58,217
  Short-term marketable securities                    108,620       111,192
  Accounts receivable, net                             55,481        61,069
  Deferred taxes, current                              18,928        18,934
  Prepaid expenses and other                           26,693        25,868
  Current assets of discontinued operation                 88            88
                                                 ------------  ------------
    Total current assets                              285,932       275,368
Property and equipment, net                            35,156        37,269
Goodwill                                              204,314       206,932
Other intangibles, net                                 34,210        38,205
Long-term marketable securities                        61,837        61,552
Deferred taxes, long-term                              22,509        24,524
Other assets                                           12,548        12,994
Noncurrent assets of discontinued operation             1,609         1,609
                                                 ------------  ------------

    Total assets                                 $    658,115  $    658,453
                                                 ============  ============

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
  Accounts payable                               $      4,267  $      5,190
  Accrued liabilities                                  31,825        37,096
  Deferred revenues                                   169,356       174,388
  Income taxes payable                                  4,058         5,593
  Current portion of long-term debt                    10,000        10,000
  Current liabilities of discontinued operation           319           262
                                                 ------------  ------------
    Total current liabilities                         219,825       232,529
Deferred revenues, long-term                            8,055         8,787
Long-term income taxes payable                          5,335         5,335
Long-term debt                                         82,500        85,000
Other long-term liabilities                            12,504        13,139
Noncurrent liabilities of discontinued operation        3,619         3,804
                                                 ------------  ------------

    Total liabilities                                 331,838       348,594
                                                 ------------  ------------


Stockholders' equity:
  Common stock                                            508           505
  Additional paid-in capital                          461,599       453,585
  Accumulated deficit                                (142,226)     (154,261)
  Accumulated other comprehensive income                6,396        10,030
                                                 ------------  ------------
    Total stockholders' equity                        326,277       309,859
                                                 ------------  ------------

    Total liabilities and stockholders' equity   $    658,115  $    658,453
                                                 ============  ============



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


                                                       Three Months Ended
                                                            March 31
                                                     ----------------------
                                                        2013        2012
                                                     ----------  ----------

Net revenues:
Recurring revenues                                   $   84,483  $   78,720
Non-recurring revenues                                    8,007       8,184
                                                     ----------  ----------

    Total net revenues                                   92,490      86,904

Cost of revenues (1):
Recurring revenues                                       16,412      16,926
Non-recurring revenues                                    9,568       9,668
Amortization of developed technology                      2,499       2,541
                                                     ----------  ----------

    Total cost of revenues                               28,479      29,135
                                                     ----------  ----------

    Gross margin                                         64,011      57,769

Operating expenses (1):
Sales and marketing                                      17,204      18,446
Product development                                      16,962      16,799
General and administrative                               10,360       9,669
Amortization of other intangibles                           957         956
Restructuring charges                                     2,315         104
                                                     ----------  ----------

    Total operating expenses                             47,798      45,974
                                                     ----------  ----------

Income from continuing operations                        16,213      11,795
Interest and other income (expense), net                   (303)       (172)
                                                     ----------  ----------

Income from continuing operations before income taxes    15,910      11,623
Provision for income taxes                                3,853       4,306
                                                     ----------  ----------

    Net income from continuing operations            $   12,057  $    7,317

Discontinued operation:
    Net loss from discontinued operation (net of
     applicable taxes of $(15) and $(15),
     respectively)                                          (22)        (23)

                                                     ----------  ----------
Net income                                           $   12,035  $    7,294
                                                     ==========  ==========

Basic net income (loss) per share (2):
    Continuing operations                            $     0.24  $     0.14
    Discontinued operation                                (0.00)      (0.00)
                                                     ----------  ----------
      Total operations                               $     0.24  $     0.14
                                                     ==========  ==========

Diluted net income (loss) per share (2):
    Continuing operations                            $     0.23  $     0.14
    Discontinued operation                                (0.00)      (0.00)
                                                     ----------  ----------
      Total operations                               $     0.23  $     0.14
                                                     ==========  ==========

Weighted average shares used to compute net income
 per share:
    Basic                                                50,563      51,024
    Diluted                                              52,598      53,363

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

    Cost of recurring revenues                       $      488  $      585
    Cost of non-recurring revenues                          382         331
                                                     ----------  ----------
      Total cost of revenues                                870         916

    Sales and marketing                                   1,523       1,657
    Product development                                   1,326       1,460
    General and administrative                            1,298         856
                                                     ----------  ----------
      Total operating expenses                            4,147       3,973
                                                     ----------  ----------

    Total stock-based employee compensation expense  $    5,017  $    4,889
                                                     ==========  ==========

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



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


                                                       Three Months Ended
                                                            March 31
                                                     ----------------------
                                                        2013        2012
                                                     ----------  ----------
Cash flows from operating activities:
  Net income                                         $   12,035  $    7,294
  Adjustment to net income for discontinued operation
   net loss                                                  22          23
                                                     ----------  ----------
  Net income from continuing operations                  12,057       7,317

  Adjustments to reconcile net income to net cash
   provided by operating activities from continuing
   operations:
    Stock-based compensation                              5,017       4,889
    Excess tax benefit from stock-based compensation       (403)     (1,493)
    Depreciation and amortization                         6,400       6,377
    Amortization of debt issuance costs                      98          95
    Provision for doubtful accounts                         219          52
    Provision for sales reserves                             68         497
    Deferred income taxes                                 1,724         (27)
    Other                                                   (45)       (151)
                                                     ----------  ----------
        Effect of statement of operations adjustments    13,078      10,239
    Changes in operating assets and liabilities:
      Accounts receivable                                 5,368       2,471
      Prepaid and other assets                              204      (1,264)
      Accounts payable                                     (953)        434
      Accrued liabilities                                (5,600)     (8,325)
      Deferred revenues                                  (5,833)     (1,029)
      Income taxes payable                               (1,131)      3,746
                                                     ----------  ----------
        Effect of changes in operating assets and
         liabilities                                     (7,945)     (3,967)
                                                     ----------  ----------

Net cash provided by operating activities from
 continuing operations                                   17,190      13,589

Cash flows from investing activities:
  Cash used in acquisitions, net of cash acquired             -        (700)
  Purchases of property and equipment                      (959)     (1,951)
  Capitalized software development costs                      -        (342)
  Purchases of marketable securities                    (39,715)    (33,595)
  Sales and maturities of marketable securities          41,371      34,224
                                                     ----------  ----------

Net cash provided by (used in) investing activities
 from continuing operations                                 697      (2,364)

Cash flows from financing activities:
  Proceeds from common stock issued from exercises of
   stock options                                          3,492       1,267
  Withholding taxes related to equity award net share
   settlement                                              (896)       (782)
  Repurchase of common stock                                  -      (6,788)
  Repayment of debt                                      (2,500)     (1,250)
  Excess tax benefits from stock-based compensation         403       1,493
                                                     ----------  ----------

Net cash provided by (used in) financing activities
 from continuing operations                                 499      (6,060)

Net cash transferred to discontinued operation             (151)       (142)

Effect of exchange rate changes on cash and cash
 equivalents                                               (330)        280
                                                     ----------  ----------

Net change in cash and cash equivalents from
 continuing operations                                   17,905       5,303
Cash and cash equivalents of continuing operations at
 beginning of period                                     58,217      65,525
                                                     ----------  ----------

Cash and cash equivalents of continuing operations at
 end of period                                       $   76,122  $   70,828
                                                     ==========  ==========


                                                       Three Months Ended
                                                            March 31
                                                     ----------------------
                                                        2013        2012
                                                     ----------  ----------
Supplemental disclosure of cash flow information
Cash flows from discontinued operation:
  Net cash used in operating activities              $     (151) $     (142)
  Net cash provided by investing activities                   -           -
  Net cash transferred from continuing operations           151         142
                                                     ----------  ----------
  Net change in cash and cash equivalents from
   discontinued operation                                     -           -
  Cash and cash equivalents of discontinued operation
   at beginning of period                                     -           -
                                                     ----------  ----------
  Cash and cash equivalents of discontinued operation
   at end of period                                  $        -  $        -
                                                     ==========  ==========

    The cash flows from the discontinued operation, as presented in the
     condensed consolidated statement of cash flows, relate to the
     operations of MicroEdge, Inc.



                           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, income,
 gains and losses 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     Three Months Ended
                                   March 31, 2013         March 31, 2012
                               ---------------------  ---------------------
                                            % of Net               % of Net
                                 Amount     Revenues    Amount     Revenues
                               ----------  ---------  ----------  ---------

GAAP gross margin              $   64,011       69.2% $   57,769       66.5%
  Amortization of acquired
   intangibles                      1,898                  1,896
  Stock-based compensation            870                    916
                               ----------             ----------
Non-GAAP gross margin          $   66,779       72.2% $   60,581       69.7%
                               ==========             ==========

GAAP operating income          $   16,213       17.5% $   11,795       13.6%
  Amortization of acquired
   intangibles                      2,855                  2,852
  Stock-based compensation          5,017                  4,889
  Restructuring charges             2,315                    104
                               ----------             ----------
Non-GAAP operating income      $   26,400       28.5% $   19,640       22.6%
                               ==========             ==========

GAAP net income                $   12,057             $    7,317
  Amortization of acquired
   intangibles                      2,855                  2,852
  Stock-based compensation          5,017                  4,889
  Restructuring charges             2,315                    104
  Income tax adjustment (1)        (5,281)                (2,508)
                               ----------             ----------
Non-GAAP net income            $   16,963             $   12,654
                               ==========             ==========

GAAP net income                $   12,057             $    7,317
  Net interest                        458                    460
  Provision for income taxes        3,853                  4,306
  Depreciation expense              2,945                  2,881
  Amortization expense              3,455                  3,496
  Stock-based compensation          5,017                  4,889
                               ----------             ----------
Adjusted EBITDA                $   27,785             $   23,349
                               ==========             ==========

Diluted net income per share
  GAAP                         $     0.23             $     0.14
  Non-GAAP                     $     0.32             $     0.24

Shares used to compute diluted
 net income per share              52,598                 53,363

(1) The estimated non-GAAP effective tax rate was 35% for the three months
    ended March 31, 2013 and 2012, 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, expenses, gains and losses 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,
                                                          2013
                                                 Continuing Operations
                                                   Operating Income %
                                           ---------------------------------

  Projected GAAP                              18.0%        to       18.5%
                                           =================================

    Projected amortization of acquired
     developed technology and other
     acquired intangible asset adjustment                 3.0%
    Projected stock-based compensation
     adjustment                                           6.0%
    Projected restructuring charge
     adjustment                                           0.5%

                                           ---------------------------------
  Projected non-GAAP                          27.5%        to       28.0%
                                           =================================