TIBCO Software Reports Fourth Quarter and Fiscal Year 2013 Results

Record Full Year Revenue of $1.1 Billion; Non-GAAP EPS of $1.06 <br> Record Fourth Quarter Revenue of $315 Million; Non-GAAP EPS of $0.42

Palo Alto, CA


19 December, 2013


TIBCO Software Inc. (NASDAQ: TIBX) today announced results for its fourth quarter and fiscal year, which ended on November 30, 2013.

Total revenue for the fourth quarter of fiscal 2013 was $315.5 million and net income was $44.5 million, or $0.27 per diluted share. This compares to total revenue of $296.5 million and net income of $48.8 million, or $0.29 per diluted share, as reported for the fourth quarter of fiscal 2012.

On a non-GAAP basis, net income for the fourth quarter of fiscal 2013 was $70.8 million or $0.42 per diluted share, compared with $70.7 million or $0.42 per diluted share for the fourth quarter of fiscal 2012. Non-GAAP operating income for the fourth quarter of fiscal 2013 was $95.3 million, resulting in a non-GAAP operating margin of 30.2%. This compares to non-GAAP operating income of $98.2 million, or a 33.1% non-GAAP operating margin in the fourth 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 23% and 24% for the fourth quarters of fiscal 2013 and 2012, respectively.

"We saw strong, accelerating growth in the Americas and a return to growth in Asia this quarter, while closing a record 31 deals over $1 million in license revenue worldwide," said Vivek Ranadivé, TIBCO Chairman and CEO. "We are building momentum as we enter 2014, and I am very optimistic about our prospects in the year ahead."

Fourth Quarter Fiscal 2013 Highlights

  • Record total revenue of $315.5 million;
  • Record license revenue of $139.7 million;
  • Non-GAAP operating margin of 30.2%;
  • Non-GAAP EPS of $0.42;
  • Cash flow from operations of $59.6 million;
  • Broad mix of business across major industries including Financial Services, Telecommunications, Energy, Transportation & Logistics, Retail, Life Sciences, and Manufacturing; and
  • TIBCO closed 193 deals over $100k and had 31 deals over $1 million in license revenue.

Full Year Fiscal 2013 Highlights

  • Record total revenue of $1,070.0 million;
  • License revenue of $405.5 million;
  • Non-GAAP operating margin of 23.3%;
  • Non-GAAP EPS of $1.06;
  • Cash flow from operations of $206.0 million; and
  • Repurchased 6 million shares.

Conference Call Details

TIBCO has scheduled a conference call for 4:30 pm ET / 1:30 pm PT today to discuss fourth quarter and full year 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 10 minutes early to register. A replay of the conference call will be available until midnight ET on January 19, 2014 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 19900317.

TIBCO Software Inc. (NASDAQ: TIBX) is a global leader in infrastructure and business intelligence software. Whether it's 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, 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 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 sales execution, and TIBCO's ability to build and maintain momentum, 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 and Quarterly Report on Form 10-Q for the quarter ended September 1, 2013. TIBCO assumes no obligation to update the forward-looking statements included in this release.

TIBCO Software Inc.

Lloyd Berry

Public Relations

+1 650 846 8862