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TIBCO Software Reports First Quarter Results

Total Revenue of $238 million; Non-GAAP EPS of $0.18

Palo Alto, Calif., March 21, 2013 - TIBCO Software Inc. (Nasdaq: TIBX) today announced results for its first fiscal quarter, which ended on March 3, 2013.

Download the full press release.

Total revenue for the first quarter of fiscal 2013 was $237.8 million and net income was $9.5 million, or $0.06 per diluted share. This compares to total revenue of $225.7 million and net income of $20.6 million, or $0.12 per diluted share, as reported for the first quarter of fiscal 2012.

On a non-GAAP basis, net income for the first quarter of fiscal 2013 was $31.1 million or $0.18 per diluted share, compared with $34.6 million or $0.20 per diluted share for the first quarter of fiscal 2012. Non-GAAP operating income for the first quarter of fiscal 2013 was $44.0 million, resulting in a non-GAAP operating margin of 19%. This compares to non-GAAP operating income of $47.6 million, or a 21% non-GAAP operating margin in the first quarter of fiscal 2012. 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 assumes non-GAAP effective tax rates of 19% and 27% for the first quarter of fiscal 2013 and 2012, respectively.

"We remain very focused on continuing the changes we initiated last year to improve our execution," said Vivek Ranadivé, TIBCO's chairman and chief executive officer. "I believe we are making the right moves to steady our performance and deliver our next leg of growth. Our competitive differentiation remains strong, and we are well positioned to benefit from the current trends driving enterprise IT spending, such as 'big data,' especially with our event-driven platform approach to integrating and analyzing data in real-time."

First Quarter Fiscal 2013 Highlights

  • Total revenue of $237.8 million;
  • License revenue of $78.3 million;
  • Non-GAAP operating margin of 19%;
  • Non-GAAP EPS of $0.18;
  • Cash flow from operations of $63.2 million;
  • Broad mix of business across major industries including Financial Services, Communications, Life Sciences, Retail, Energy, Manufacturing, Government, and Transportation & Logistics;
  • TIBCO closed 104 deals over $100k and had 12 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 first 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 April 21, 2013 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 19449674.

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.

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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 first quarter of fiscal year 2013 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 improve its execution, TIBCO's ability to steady its performance and deliver growth, and TIBCO's ability to benefit from current IT trends, 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 implement successfully the changes designed to improve performance and drive growth, 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, 2012. TIBCO assumes no obligation to update the forward-looking statements included in this release.