TIBCO Software Reports Fourth Quarter and Fiscal Year 2012 Financial Results

Full Year Revenue Exceeds $1 Billion for the First Time; Non-GAAP EPS of $1.15

Palo Alto, Calif.

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20 December, 2012

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TIBCO Software Inc. (NASDAQ: TIBX) today announced results for its fourth quarter and fiscal year, which ended on November 30, 2012.

Total revenue for the fourth quarter of fiscal 2012 was $296.5 million and net income was $48.8 million, or $0.29 per diluted share. This compares to total revenue of $289.5 million and net income of $51.9 million, or $0.30 per diluted share, as reported for the fourth quarter of fiscal 2011.

On a non-GAAP basis, net income for the fourth quarter of fiscal 2012 was $70.7 million or $0.42 per diluted share, compared with $72.2 million or $0.42 per diluted share for the fourth quarter of fiscal 2011. Non-GAAP operating income for the fourth quarter of fiscal 2012 was $98.2 million, resulting in a non-GAAP operating margin of 33%. This compares to non-GAAP operating income of $99.8 million, or a 34% non-GAAP operating margin in the fourth quarter of fiscal 2011. Non-GAAP results exclude amortization of acquired intangible assets, stock-based compensation expense, acquisition related and other expenses and restructuring activities and assumes a non-GAAP effective tax rate of 26% for fiscal 2012 and 28% for fiscal 2011.

"Despite weakness in our Americas infrastructure business in Q4, TIBCO delivered another record year of revenue and profitability in 2012," said Vivek Ranadivé, TIBCO's chairman and chief executive officer. "As we enter 2013, we are confident about our market position and see many avenues of growth for our business. The world continues to accelerate its shift towards operating in real-time, requiring companies to find more and better ways to integrate their businesses and understand the information and events that drive performance. This trend continues to create demand for our event-driven platform. Our focus in the new year is on investing for innovation and growth, delivering extreme value to our customers, and executing with consistency."

Fourth Quarter Fiscal 2012 Highlights

  • Total revenue of $296.5 million;
  • License revenue of $136.3 million;
  • Non-GAAP operating margin of 33%;
  • Non-GAAP EPS of $0.42;
  • Cash flow from operations of $72.0 million;
  • Strong mix of business across major industries including Financial Services, Energy, Telecommunications, Life Sciences, Manufacturing, and Retail; and
  • TIBCO closed 195 deals over $100k and had 25 deals over $1 million.

Full Year Fiscal 2012 Highlights

  • Record total revenue of $1,024.6 million;
  • License revenue of $410.3 million;
  • Non-GAAP operating margin of 27%;
  • Record non-GAAP EPS of $1.15, vs. $1.01 for fiscal 2011;
  • Cash flow from operations of $237.4 million; and
  • Repurchased 7.6 million shares.

Conference Call Details

TIBCO has scheduled a conference call for 4:30 pm ET / 1:30 pm PT today to discuss its fourth 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 January 20, 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 77950749.

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 fourth 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 future avenues of growth for TIBCO's business, growing demand for TIBCO's event-driven platform, TIBCO's ability to invest in innovation and growth, TIBCO's ability to deliver extreme value to customers, and TIBCO's ability to execute with consistency, 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, the impact of competition from companies that are larger or have greater resources than TIBCO, and TIBCO's ability to execute on its strategy. 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 September 2, 2012. TIBCO assumes no obligation to update the forward-looking statements included in this release.

TIBCO Software Inc.

Lindsey Ashjian Torres

Public Relations

+1 650 846 8862

public.relations@tibco.com