TIBCO Software Reports Third Quarter Results

Record Q3 Total Revenue of $271 million; Non-GAAP EPS of $0.28

Palo Alto, Calif.


19 September, 2013


TIBCO Software Inc. (NASDAQ: TIBX) today announced results for its fiscal third quarter, which ended on September 1, 2013.

Total revenue for the third quarter of fiscal 2013 was $270.9 million and net income was $21.3 million, or $0.13 per diluted share. This compares to total revenue of $255.0 million and net income of $26.1 million, or $0.15 per diluted share, as reported for the third quarter of fiscal 2012.

On a non-GAAP basis, net income for the third quarter of fiscal 2013 was $46.3 million or $0.28 per diluted share, compared with $45.9 million or $0.27 per diluted share for the third quarter of fiscal 2012. Non-GAAP operating income for the third quarter of fiscal 2013 was $64.2 million, resulting in a non-GAAP operating margin of 23.7%. This compares to non-GAAP operating income of $68.8 million, or a 27.0% non-GAAP operating margin in the third 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 27% for the third quarters of fiscal 2013 and 2012, respectively.

"We saw further signs of operational improvement this quarter, as our focus on execution generated renewed growth in our infrastructure business," said Vivek Ranadivé, TIBCO's chairman and chief executive officer. "Across an expanding set of industries, the world's leading companies are calling on TIBCO for innovative solutions to big data challenges and their own version of the Two-Second Advantage. Given the opportunity before us, we will continue to invest for growth and innovation, particularly in the areas of integration, analytics and cloud."

Third Quarter Fiscal 2013 Highlights

  • Total revenue of $270.9 million;
  • License revenue of $105.2 million;
  • Non-GAAP operating margin of 23.7%;
  • Non-GAAP EPS of $0.28;
  • Cash flow from operations of $58.3 million;
  • Broad mix of business across major industries including Financial Services, Retail, Life Sciences, Telecommunications, Manufacturing, Energy, Transportation & Logistics, Insurance, Government;
  • TIBCO closed 140 deals over $100k and had 18 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 third 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 October 19, 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 47967789.

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 efficient claims or trade processing, 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.

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 third 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, TIBCO's ability to deliver growth, and TIBCO's ability to capitalize on the opportunities in the marketplace, 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 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, 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 June 2, 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