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8-K - 8-K - TIBCO SOFTWARE INC | d744495d8k.htm |
Exhibit 99.1
Media Contact: | Investor Contact: | |||
Leslie Moore | Lindsay Andrews | |||
TIBCO Software Inc. | Sard Verbinnen & Co. | |||
(650) 846-5025 | (415) 618-8750 | |||
lmoore@tibco.com | landrews@sardverb.com |
TIBCO SOFTWARE REPORTS SECOND QUARTER RESULTS
Q2 Total Non-GAAP Revenue of $254 million; Non-GAAP EPS of $0.14
PALO ALTO, Calif., June 19, 2014 - TIBCO Software Inc. (NASDAQ: TIBX) today announced results for its fiscal second quarter, which ended on June 1, 2014.
On a GAAP basis, total revenue for the second quarter of fiscal 2014 was $252.3 million, up 3% from the second quarter of fiscal year 2013, and software revenue was $82.3 million, down 4%. Within software revenue, license revenue was $76.5 million, down 7%, while subscription revenue was $5.8 million, up 63% from last year. Net income was $1.6 million, or $0.01 per diluted share, compared to $8.7 million, or $0.05 per diluted share, in the second quarter of fiscal 2013.
On a non-GAAP basis, total revenue for the second quarter of fiscal 2014 was $254.0 million, up 3%, and software revenue was $84.0 million, down 2%. Subscription revenue within software revenue more than doubled to $7.5 million from last year and is adjusted by $1.7 million for the acquisition-related accounting effects on deferred revenue. Non-GAAP operating income for the second quarter of fiscal 2014 was $38.7 million, resulting in a non-GAAP operating margin of 15.2% compared to $45.3 million, or a margin of 18.4% in the second quarter of fiscal 2013. Net income was $23.0 million or $0.14 per diluted share, compared with $29.7 million or $0.18 per diluted share. Net income assumes non-GAAP effective tax rates of 32% and 26% for the second quarters of fiscal 2014 and 2013, respectively. Non-GAAP results are adjusted for acquisition-related accounting effects on deferred revenue from acquisitions and exclude amortization of acquired tangible assets, stock-based compensation expense, acquisition and other related expenses, restructuring activities and non-cash interest expense related to convertible debt.
Although we achieved record second quarter revenue, our results fell short of our expectations and we are aggressively focusing on making strategic, operational and organizational changes to address our execution challenges and position TIBCO for sustained growth, said Vivek Ranadivé, TIBCOs chairman and chief executive officer. We see a large and growing opportunity ahead of us in big data, where our technologies can integrate both static and real-time data sources to enable fast data solutions. These are systems that companies use to create more responsive and customized digital experiences for their customers, fostering greater loyalty and unlocking new avenues for revenue generation.
Second Quarter Fiscal 2014 Highlights
| Total Non-GAAP revenue of $254.0 million; |
| Non-GAAP Software revenue of $84.0 million; comprised of license revenue of $76.5 million; and subscription revenue of $7.5 million; |
| Non-GAAP operating margin of 15.2%; |
| Non-GAAP EPS of $0.14; |
| Cash flow from operations of $18.0 million; |
| Broad mix of business across major industries including financial services, telecommunications, energy, transportation & logistics, manufacturing, government, retail, and insurance; |
| TIBCO closed 127 deals over $100k and had 13 deals over $1 million in license revenue. |
Reclassifications
During the second quarter of 2014, TIBCO adopted a revised presentation, which TIBCO believes better reflects the companys evolving product and service offerings and increases the visibility of emerging consumption models. A change was made to rename license revenue to software revenue and to present license revenue and subscription revenue as software revenue. A corresponding change was made to present cost of license revenue as cost of software revenue and to present cost of license revenue and cost of subscription revenue as cost of software revenue. This change in presentation does not affect total revenue, total cost of revenue or gross margin. Conforming changes have been made for all prior periods presented.
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 706-679-0841. Please join the conference call at least 10 minutes early to register. A replay of the conference call will be available until midnight ET on July 19, 2014 at www.tibco.com or via dial-in at 800-585-8367 or 404-537-3406. The passcode for both the call and the replay is 54923755.
About TIBCO
TIBCO Software Inc. (NASDAQ: TIBX) is a global leader in infrastructure and business intelligence software. Whether its optimizing inventory, cross-selling products, or averting crisis before it happens, TIBCO uniquely delivers the Two-Second Advantage® the ability to capture the right information at the right time and act on it preemptively for a competitive advantage. With a broad mix of innovative products and services, TIBCO is the strategic technology partner trusted by businesses around the world. Learn more about TIBCO at www.tibco.com.
TIBCO, TIBCO Software and Two-Second Advantage are trademarks or registered trademarks of TIBCO Software Inc. or its subsidiaries in the United States and/or other countries. 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.
Use of 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 Information 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 actual results for the second quarter of fiscal year 2014 included in our Quarterly Report on Form 10-Q may differ materially from the 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 whether the strategic, operational and organizational changes we make will address our execution challenges and position TIBCO for sustained growth 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, TIBCOs ability to achieve improved performance and accelerate growth from its investments for growth and innovation, the impact of competition from alternative business models and new product introductions, TIBCOs ability to offer compelling, differentiated products, and the impact of competition from companies that are larger or have greater resources than TIBCO. Additional information regarding potential risks is provided in TIBCOs filings with the SEC, including its most recent Annual Report on Form 10-K for the year ended November 30, 2013 and Quarterly Report on Form 10-Q for the quarter ended March 2, 2014. 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 1, 2014 |
November 30, 2013 |
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ASSETS | ||||||||
Current assets: |
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Cash and cash equivalents |
$ | 405,169 | $ | 662,109 | ||||
Short-term investments |
175,851 | 83,842 | ||||||
Accounts receivable, net |
212,489 | 231,194 | ||||||
Prepaid expenses and other current assets |
100,003 | 74,725 | ||||||
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Total current assets |
893,512 | 1,051,870 | ||||||
Property and equipment, net |
107,904 | 101,050 | ||||||
Goodwill |
712,328 | 582,091 | ||||||
Acquired intangible assets, net |
159,626 | 119,418 | ||||||
Long-term deferred income tax assets |
65,643 | 78,853 | ||||||
Other assets |
67,582 | 72,831 | ||||||
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Total assets |
$ | 2,006,595 | $ | 2,006,113 | ||||
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LIABILITIES AND EQUITY | ||||||||
Current liabilities: |
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Accounts payable |
$ | 32,113 | $ | 37,701 | ||||
Accrued liabilities |
102,246 | 125,112 | ||||||
Accrued restructuring costs |
2,716 | 5,819 | ||||||
Deferred revenue |
279,946 | 258,315 | ||||||
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Total current liabilities |
417,021 | 426,947 | ||||||
Long-term deferred revenue |
26,698 | 24,036 | ||||||
Long-term deferred income tax liabilities |
2,979 | 1,334 | ||||||
Long-term income tax liabilities |
57,154 | 55,733 | ||||||
Other long-term liabilities |
7,145 | 4,788 | ||||||
Convertible debt |
548,123 | 540,022 | ||||||
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Total long-term liabilities |
642,099 | 625,913 | ||||||
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Total liabilities |
1,059,120 | 1,052,860 | ||||||
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Total equity |
947,475 | 953,253 | ||||||
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Total liabilities and equity |
$ | 2,006,595 | $ | 2,006,113 | ||||
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TIBCO Software Inc.
Condensed Consolidated Statements of Operations
(unaudited)
(in thousands, except net income per share)
Three Months Ended | Six Months Ended | |||||||||||||||
June 1, 2014 |
June 2, 2013 |
June 1, 2014 |
June 2, 2013 |
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Revenue: |
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Software |
$ | 82,321 | $ | 85,711 | $ | 168,828 | $ | 167,254 | ||||||||
Service and maintenance |
169,978 | 160,135 | 336,349 | 316,382 | ||||||||||||
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Total revenue |
252,299 | 245,846 | 505,177 | 483,636 | ||||||||||||
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Cost of revenue: |
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Software |
14,272 | 12,799 | 28,454 | 25,509 | ||||||||||||
Service and maintenance |
65,185 | 61,172 | 128,535 | 122,099 | ||||||||||||
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Total cost of revenue |
79,457 | 73,971 | 156,989 | 147,608 | ||||||||||||
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Gross profit |
172,842 | 171,875 | 348,188 | 336,028 | ||||||||||||
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Operating expenses: |
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Research and development |
42,697 | 42,575 | 86,313 | 84,200 | ||||||||||||
Sales and marketing |
90,330 | 85,224 | 176,121 | 165,313 | ||||||||||||
General and administrative |
18,771 | 17,924 | 35,256 | 36,849 | ||||||||||||
Amortization of acquired intangible assets |
4,813 | 4,713 | 9,856 | 9,034 | ||||||||||||
Acquisition related and other |
873 | 568 | 908 | 895 | ||||||||||||
Restructuring adjustment |
1,821 | (22 | ) | 1,062 | (15 | ) | ||||||||||
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Total operating expenses |
159,305 | 150,982 | 309,516 | 296,276 | ||||||||||||
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Income from operations |
13,537 | 20,893 | 38,672 | 39,752 | ||||||||||||
Interest income |
243 | 225 | 522 | 423 | ||||||||||||
Interest expense |
(8,566 | ) | (8,663 | ) | (17,086 | ) | (17,445 | ) | ||||||||
Other income (expense), net |
(684 | ) | (569 | ) | (1,007 | ) | (1,411 | ) | ||||||||
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Income before provision for income taxes |
4,530 | 11,886 | 21,101 | 21,319 | ||||||||||||
Provision for income taxes |
3,000 | 3,100 | 7,400 | 3,000 | ||||||||||||
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Net income |
1,530 | 8,786 | 13,701 | 18,319 | ||||||||||||
Less: Net income attributable to noncontrolling interest |
(22 | ) | 71 | | 99 | |||||||||||
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Net income attributable to TIBCO Software Inc. |
$ | 1,552 | $ | 8,715 | $ | 13,701 | $ | 18,220 | ||||||||
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Net income per share attributable to TIBCO Software Inc.: |
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Basic |
$ | 0.01 | $ | 0.05 | $ | 0.08 | $ | 0.11 | ||||||||
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Diluted |
$ | 0.01 | $ | 0.05 | $ | 0.08 | $ | 0.11 | ||||||||
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Shares used to compute net income per share attributable to TIBCO Software Inc.: |
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Basic |
162,984 | 160,877 | 162,642 | 161,199 | ||||||||||||
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Diluted |
166,858 | 167,507 | 167,114 | 168,320 | ||||||||||||
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TIBCO Software Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited)
(in thousands)
Six Months Ended | ||||||||
June 1, 2014 |
June 2, 2013 |
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Cash flows from operating activities: |
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Net income |
$ | 13,701 | $ | 18,319 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: |
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Depreciation of property and equipment |
9,455 | 7,839 | ||||||
Amortization of acquired intangible assets |
20,197 | 17,377 | ||||||
Amortization of debt discount and transaction costs |
9,851 | 9,460 | ||||||
Stock-based compensation |
23,323 | 31,335 | ||||||
Deferred income tax |
2,171 | (15,007 | ) | |||||
Tax benefits related to stock benefit plans |
3,824 | 5,278 | ||||||
Excess tax benefits from stock-based compensation |
(8,119 | ) | (7,139 | ) | ||||
Other non-cash adjustments, net |
652 | 506 | ||||||
Changes in assets and liabilities: |
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Accounts receivable |
22,451 | 43,573 | ||||||
Prepaid expenses and other assets |
22,432 | (2,633 | ) | |||||
Accounts payable |
(5,973 | ) | 10,698 | |||||
Accrued and tax liabilities including restructuring costs |
(54,446 | ) | (17,264 | ) | ||||
Deferred revenue |
11,399 | (14,264 | ) | |||||
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Net cash provided by operating activities |
70,918 | 88,078 | ||||||
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Cash flows from investing activities: |
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Purchases of short-term investments |
(192,570 | ) | (38,261 | ) | ||||
Maturities and sales of short-term investments |
101,118 | 8,829 | ||||||
Acquisitions, net of cash acquired |
(182,828 | ) | (4,261 | ) | ||||
Purchases of property and equipment |
(15,677 | ) | (5,768 | ) | ||||
Other investing activities, net |
1,381 | (380 | ) | |||||
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Net cash used in investing activities |
(288,576 | ) | (39,841 | ) | ||||
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Cash flows from financing activities: |
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Principal payments on debt |
| (35,711 | ) | |||||
Proceeds from issuance of common stock |
17,289 | 9,255 | ||||||
Repurchases of the Companys common stock |
(56,003 | ) | (81,208 | ) | ||||
Withholding taxes related to restricted stock net share settlement |
(8,473 | ) | (9,899 | ) | ||||
Excess tax benefits from stock-based compensation |
8,119 | 7,139 | ||||||
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Net cash used in financing activities |
(39,068 | ) | (110,424 | ) | ||||
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Effect of foreign exchange rate changes on cash and cash equivalents |
(214 | ) | (2,353 | ) | ||||
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Net change in cash and cash equivalents |
(256,940 | ) | (64,540 | ) | ||||
Cash and cash equivalents at beginning of period |
662,109 | 727,309 | ||||||
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Cash and cash equivalents at end of period |
$ | 405,169 | $ | 662,769 | ||||
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About Non-GAAP Financial Information
TIBCO provides non-GAAP measures for revenue, operating income, net income and net income per share data as supplemental information regarding TIBCOs business performance. 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 TIBCOs financial performance on a trended basis across historical periods. In addition, it allows investors to evaluate TIBCOs performance using the same methodology and information as used by TIBCOs management. TIBCOs management excludes these non-operating charges when it internally evaluates the performance of TIBCOs 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 from revenue the acquisition-related accounting adjustment to deferred revenue assumed in business combinations and 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, as well as the income tax effects of the foregoing.
Non-GAAP measures are subject to material limitations as these measures are not in accordance with, or a substitute for GAAP and thus TIBCOs definition may be different from similar non-GAAP measures used by other companies or analysts. Management compensates for these limitations by evaluating the non-GAAP measure together with the most directly comparable GAAP measure.
The non-GAAP adjustments, and the basis for excluding them, are outlined below:
Acquisition-related Revenue Adjustment
Business combination accounting rules require TIBCO to reduce the deferred revenue assumed in a business combination to the fair value of the future obligations from subscription and maintenance contracts assumed. As such, GAAP revenue subsequent to an acquisition of a business does not reflect the full amount of revenue of these assumed subscription and maintenance contracts that would have otherwise been recorded had the acquisition not occurred. This non-GAAP adjustment is intended to include, and thus reflect, the full amount of such revenue. Management includes this item, for the purposes of calculating non-GAAP revenue, non-GAAP operating income, non-GAAP net income and non-GAAP net income per share. TIBCOs management believes this adjustment to revenue is useful to investors as a measure of ongoing performance of its business because although it does not control if customers renew their subscription or maintenance contracts TIBCO has historically experienced high renewal rates on subscription and maintenance contracts.
Amortization of Intangible Assets
TIBCO incurs amortization expense from intangible assets, related to acquisitions TIBCO has made in the past. Management excludes these items, for the purposes of calculating non-GAAP operating income, non-GAAP net income and non-GAAP net income per share. The amortization of intangible assets can be inconsistent in amount and frequency and is significantly impacted by the timing and magnitude of TIBCOs 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 can be inconsistent in amount from period to period. The stock-based compensation expense can be significantly impacted by the type of compensation instrument, the vesting conditions and judgment used to assess if these conditions will be met in the future. 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 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 TIBCOs acquisitions. While these expenses are not recurring with respect to past transactions, TIBCO generally will incur these expenses in connection with any future acquisitions.
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 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 TIBCOs 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 excludes this expense from its non-GAAP measures, 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.
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 TIBCOs operating plan.
TIBCO Software Inc.
Reconciliation of GAAP to Non-GAAP Measures
(unaudited)
(in thousands, except net income per share)
Three Months Ended | ||||||||||||||||||||||||
June 1, 2014 | June 2, 2013 | |||||||||||||||||||||||
Revenue | Operating Income |
Net income attributable to TIBCO Software Inc. |
Revenue | Operating Income |
Net income attributable to TIBCO Software Inc. |
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GAAP |
$ | 252,299 | $ | 13,537 | $ | 1,552 | $ | 245,846 | $ | 20,893 | $ | 8,715 | ||||||||||||
Acquisition-related revenue adjustment |
1,701 | 1,701 | 1,701 | | | | ||||||||||||||||||
Amortization of intangible assets - cost of revenue |
5,353 | 5,353 | 4,246 | 4,246 | ||||||||||||||||||||
Amortization of intangible assets - operating expense |
4,813 | 4,813 | 4,713 | 4,713 | ||||||||||||||||||||
Stock-based compensation - cost of revenue |
1,639 | 1,639 | 1,869 | 1,869 | ||||||||||||||||||||
Stock-based compensation - R&D expense |
2,986 | 2,986 | 4,122 | 4,122 | ||||||||||||||||||||
Stock-based compensation - S&M expense |
2,833 | 2,833 | 4,422 | 4,422 | ||||||||||||||||||||
Stock-based compensation - G&A expense |
3,103 | 3,103 | 4,530 | 4,530 | ||||||||||||||||||||
Acquisition related and other |
873 | 873 | 568 | 568 | ||||||||||||||||||||
Non-cash interest expense related to convertible debt |
| 4,069 | | 3,854 | ||||||||||||||||||||
Restructuring adjustment |
1,821 | 1,821 | (22 | ) | (22 | ) | ||||||||||||||||||
Income tax adjustment for non-GAAP |
| (7,791 | ) | | (7,349 | ) | ||||||||||||||||||
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Non-GAAP |
$ | 254,000 | $ | 38,659 | $ | 22,952 | $ | 245,846 | $ | 45,341 | $ | 29,668 | ||||||||||||
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Diluted net income per share attributable to TIBCO Software Inc.: |
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GAAP |
$ | 0.01 | $ | 0.05 | ||||||||||||||||||||
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Non-GAAP |
$ | 0.14 | $ | 0.18 | ||||||||||||||||||||
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Shares used to compute diluted net income per share attributable to TIBCO Software Inc.: |
166,858 | 167,507 | ||||||||||||||||||||||
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Six Months Ended | ||||||||||||||||||||||||
June 1, 2014 | June 2, 2013 | |||||||||||||||||||||||
Revenue | Operating Income |
Net income attributable to TIBCO Software Inc. |
Revenue | Operating Income |
Net income attributable to TIBCO Software Inc. |
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GAAP |
$ | 505,177 | $ | 38,672 | $ | 13,701 | $ | 483,636 | $ | 39,752 | $ | 18,220 | ||||||||||||
Acquisition-related revenue adjustment |
1,701 | 1,701 | 1,701 | | | | ||||||||||||||||||
Amortization of intangible assets - cost of revenue |
10,341 | 10,341 | 8,343 | 8,343 | ||||||||||||||||||||
Amortization of intangible assets - operating expense |
9,856 | 9,856 | 9,034 | 9,034 | ||||||||||||||||||||
Stock-based compensation - cost of revenue |
3,569 | 3,569 | 3,472 | 3,472 | ||||||||||||||||||||
Stock-based compensation - R&D expense |
7,266 | 7,266 | 8,118 | 8,118 | ||||||||||||||||||||
Stock-based compensation - S&M expense |
7,234 | 7,234 | 9,661 | 9,661 | ||||||||||||||||||||
Stock-based compensation - G&A expense |
5,254 | 5,254 | 10,084 | 10,084 | ||||||||||||||||||||
Acquisition related and other |
908 | 908 | 895 | 895 | ||||||||||||||||||||
Non-cash interest expense related to convertible debt |
| 8,101 | | 7,673 | ||||||||||||||||||||
Restructuring adjustment |
1,062 | 1,062 | (15 | ) | (15 | ) | ||||||||||||||||||
Income tax adjustment for non-GAAP |
| (14,485 | ) | | (14,743 | ) | ||||||||||||||||||
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Non-GAAP |
$ | 506,878 | $ | 85,863 | $ | 54,508 | $ | 483,636 | $ | 89,344 | $ | 60,742 | ||||||||||||
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Diluted net income per share attributable to TIBCO Software Inc.: |
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GAAP |
$ | 0.08 | $ | 0.11 | ||||||||||||||||||||
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Non-GAAP |
$ | 0.33 | $ | 0.36 | ||||||||||||||||||||
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Shares used to compute diluted net income per share attributable to TIBCO Software Inc.: |
167,114 | 168,320 | ||||||||||||||||||||||
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