PALO ALTO, Calif., Dec. 21 /PRNewswire-FirstCall/ -- TIBCO Software Inc.
(Nasdaq: TIBX), a leading business integration and process management software
company that enables real-time business, today announced results for its
fourth fiscal quarter and year ended November 30, 2005. Total revenues for the
fourth quarter were $134.4 million. License revenues for the fourth quarter
were $66.8 million. Fiscal year 2005 revenues were $445.9 million. Net income
for the quarter calculated in accordance with generally accepted accounting
principles was $26.6 million or $0.12 per share on a fully diluted basis.
TIBCO had non-GAAP net income for the fourth fiscal quarter of $21.8
million and $53.3 million for the year. TIBCO's non-GAAP net income per share
on a fully diluted basis was $0.10 per share for the quarter and $0.24 for the
year. Non-GAAP results exclude stock-based compensation charges, restructuring
charges and amortization of acquired intangibles and assume a non-GAAP
effective tax rate of 38%.
"With a record quarter of revenue, we have given a strong finish to the
year and created good momentum for Fiscal 2006," said Vivek Ranadive, Chairman
and CEO of TIBCO Software. "I believe the current strength and leadership of
our products in the areas of SOA, BPM and Predictive Analytics, coupled with
our continued focus on their evolution, positions us well to take advantage of
the growing importance of and opportunity for infrastructure software."
Highlights for TIBCO's Fourth Fiscal Quarter of 2005
During Q4, TIBCO added 89 new customers and made significant sales to both
new and existing customers, including Union Pacific Railroad, Embratel Group,
Seagate Technology, Inc., Harvard Pilgrim Health Care and Allstate Insurance
Company.
Stock Repurchase Program
TIBCO's Board of Directors has approved an eighteen-month stock repurchase
program pursuant to which TIBCO may repurchase up to $100 million of its
outstanding common stock from time to time on the open market or through
privately negotiated transactions. The timing and amount of any repurchases
will depend upon market conditions and other corporate considerations.
Conference Call Details
TIBCO Software has scheduled a conference call for 5:00 p.m. Eastern Time
today to discuss its fourth fiscal quarter results. The conference call will
be hosted by CCBN and may be accessed over the Internet at
http://www.tibco.com or via dial-in at 800-500-0177 or 719-457-2679. Please
join the conference call at least 10 minutes early to register. A replay of
the conference call will be available through midnight on January 21, 2005 at
http://www.tibco.com or via dial-in at 888-203-1112 or 719-457-0820. The pass code
for both the call and the replay is 8328748.
About TIBCO Software
TIBCO Software Inc. is a leading business integration and process
management software company that enables real-time business. Real-Time
Business is about helping companies become more cost-effective, more agile and
more efficient. TIBCO has delivered the value of Real-Time Business, what
TIBCO calls The Power of Now(R), to over 2,000 customers around the world and
in a wide variety of industries. For more information on TIBCO's proven
enterprise backbone, business integration, business process management, and
business optimization solutions, TIBCO can be reached at +1-650-846-1000 or on
the Web at http://www.tibco.com. TIBCO is headquartered in Palo Alto, CA.
NOTE: TIBCO, the TIBCO logo, The Power of Now 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.
Use of Non-GAAP Financial Information
TIBCO provides non-GAAP net income and net income per share data as
additional measures of its operating results. TIBCO believes that non-GAAP
financial measures of income provide useful information to management and
investors regarding certain additional financial and business trends relating
to the company's financial condition and results of operations. For example,
the non-GAAP results are an indication of TIBCO's baseline performance before
gains, losses or other charges that are considered by management to be outside
the company's core business operational results. In addition, these non-GAAP
results are among the primary indicators management uses as a basis for
planning for and forecasting of future periods. These measures are not in
accordance with, or an alternative for, generally accepted accounting
principles in the United States and may be different from non-GAAP measures
used by other companies.
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, including, without
limitation, statements regarding the momentum in TIBCO's business and TIBCO's
ability to take advantage of future opportunities in the infrastructure
software market. Actual results could differ materially from such forward-
looking statements if demand for integration software or economic conditions
affecting the market for integration software fluctuate or if TIBCO is unable
to compete successfully with new or existing competitors. In addition,
TIBCO's intentions with regard to the stock repurchase program may be affected
by a number of factors which include the market price of TIBCO's stock,
general business and market conditions, and management's determination of
alternative needs and uses of TIBCO's cash resources. 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, 2004 and Quarterly Report on Form 10-Q for the quarter ended
August 28, 2005. TIBCO assumes no obligation to update the forward-looking
statements included in this release.
TIBCO Software Inc.
Non-GAAP Consolidated Statements of Operations
Impact of Non-GAAP Adjustments on Reported Net Income
(Unaudited)
(in thousands, except per share data)
Three Months ended
November 30, 2005
Non-GAAP
GAAP Adjustments(1) As Adjusted
Revenue $134,431 $-- $134,431
Cost of revenue 34,186 (1,330) 32,856
Gross profit 100,245 1,330 101,575
Operating expenses:
Research and development 21,604 -- 21,604
Sales and marketing 36,683 (19) 36,664
General and administrative 10,051 -- 10,051
Restructuring charges -- -- --
Amortization of acquired
intangibles 2,397 (2,397) --
Total operating expenses 70,735 (2,416) 68,319
Income from operations 29,510 3,746 33,256
Interest and other income, net 1,898 -- 1,898
Income before income taxes 31,408 3,746 35,154
Provision for (benefit from)
income taxes (2) 4,821 8,538 13,359
Net income $26,587 $(4,792) $21,795
Net income per share - Basic $0.13 $0.10
Shares used to compute net income
per share - Basic 211,444 211,444
Net income per share - Diluted $0.12 $0.10
Shares used to compute net income
per share - Diluted 220,513 220,513
Year ended
November 30, 2005
Non-GAAP
GAAP Adjustments(1) As Adjusted
Revenue $445,910 $-- $445,910
Cost of revenue 124,193 (5,973) 118,220
Gross profit 321,717 5,973 327,690
Operating expenses:
Research and development 73,136 (9) 73,127
Sales and marketing 140,370 (104) 140,266
General and administrative 37,320 (1) 37,319
Restructuring charges 3,905 (3,905) --
Amortization of acquired
intangibles 8,912 (8,912) --
Total operating expenses 263,643 (12,931) 250,712
Income from operations 58,074 18,904 76,978
Interest and other income, net 9,007 -- 9,007
Income before income taxes 67,081 18,904 85,985
Provision for (benefit from) income
taxes (2) (5,474) 38,148 32,674
Net income $72,555 $(19,244) $53,311
Net income per share - Basic $0.34 $0.25
Shares used to compute net income
per share - Basic 213,263 213,263
Net income per share - Diluted $0.32 $0.24
Shares used to compute net income
per share - Diluted 223,977 223,977
(1) The following table summarizes the adjustments presented:
Three Months ended Year ended
November 30, 2005 November 30, 2005
Net income, GAAP $26,587 $72,555
Stock-based compensation 19 129
Amortization of acquired
intangibles 3,727 14,870
Restructuring charges -- 3,905
Provision for income taxes (8,538) (38,148)
Net income, non-GAAP $21,795 $53,311
(2) The estimated non-GAAP effective tax rate for 2005 of 38% has been
used to adjust the provision for income taxes for non-GAAP purposes.
TIBCO Software Inc.
Consolidated Statements of Operations
(Unaudited)
(in thousands, except per share data)
Three Months ended Year ended
November 30, November 30, November 30, November 30,
2005 2004 2005 2004
Revenue:
License revenue:
Non-related
parties $66,753 $66,336 $187,850 $197,753
Related parties -- 4,214 16,038 16,333
Total license
revenue 66,753 70,550 203,888 214,086
Service and
maintenance revenue:
Non-related parties 64,457 50,599 228,539 155,864
Related parties 1,233 2,996 6,973 12,692
Reimbursable expenses 1,988 1,514 6,510 4,578
Total service and
maintenance
revenue 67,678 55,109 242,022 173,134
Total revenue 134,431 125,659 445,910 387,220
Cost of revenue:
Cost of license 3,542 3,940 12,694 11,587
Cost of service
and maintenance 30,644 26,761 111,499 81,610
Total cost of
revenue 34,186 30,701 124,193 93,197
Gross Profit 100,245 94,958 321,717 294,023
Operating expenses:
Research and
development 21,604 17,954 73,136 61,100
Sales and
marketing 36,683 36,997 140,370 123,486
General and
administrative 10,051 9,767 37,320 29,048
Acquired in-process
research &
development -- -- -- 2,200
Restructuring charges -- 2,186 3,905 2,186
Amortization of
acquired
intangibles 2,397 2,053 8,912 5,253
Total operating
expenses 70,735 68,957 263,643 223,273
Income from operations 29,510 26,001 58,074 70,750
Interest income 3,786 2,310 13,318 8,436
Interest expense (671) (693) (2,711) (2,771)
Other income
(expense), net (1,217) (1,086) (1,600) (2,700)
Income before
income taxes 31,408 26,532 67,081 73,715
Provision for
(benefit from)
income taxes 4,821 8,308 (5,474) 28,795
Net income $26,587 $18,224 $72,555 $44,920
Net income per
share - Basic $0.13 $0.09 $0.34 $0.22
Shares used to
compute net income
per share - Basic 211,444 212,432 213,263 207,506
Net income per
share - Diluted $0.12 $0.08 $0.32 $0.20
Shares used to
compute net income
per share - Diluted 220,513 227,628 223,977 220,927
TIBCO Software Inc.
Consolidated Balance Sheets
(Unaudited)
(in thousands)
November 30, November 30,
2005 2004
ASSETS
Current assets:
Cash and cash equivalents $208,756 $180,849
Short-term investments 268,882 292,686
Accounts receivable, net 121,159 109,002
Accounts receivable from related
parties 1,243 2,886
Other current assets 18,111 16,984
Total current assets 618,151 602,407
Property and equipment, net 116,457 118,058
Long-term deferred income tax assets 27,440 --
Other assets 34,559 32,389
Goodwill 261,075 265,137
Acquired intangibles, net 64,742 64,820
Total assets $1,122,424 $1,082,811
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $9,656 $7,058
Accrued liabilities 59,872 84,429
Accrued restructuring and excess
facilities costs 6,390 9,489
Deferred revenue 82,300 60,633
Current portion of long-term debt 1,798 1,708
Total current liabilities 160,016 163,317
Accrued excess facilities costs, less
current portion 23,599 29,878
Long-term deferred income tax
liabilities 13,875 18,991
Long-term debt, less current portion 48,345 50,143
Other long-term liabilities 2,970 --
Total liabilities 248,805 262,329
Total stockholders' equity 873,619 820,482
Total liabilities and
stockholders' equity $1,122,424 $1,082,811
TIBCO Software Inc.
Consolidated Statements of Cash Flows
(Unaudited)
(in thousands)
Year ended
November 30, November 30,
2005 2004
Cash flows from operating
activities:
Net income $72,555 $44,920
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation and amortization of
property and equipment 14,990 13,152
Amortization of acquired
intangibles 14,870 11,955
Loss on disposal of property and
equipment 109 --
Write-off in-process research and
development -- 2,200
Stock-based compensation 129 236
Realized loss on investments, net 275 402
Deferred income tax (21,893) 666
Tax benefits related to
acquisitions 1,149 4,315
Tax benefits related to stock
options 15,851 6,006
Changes in assets and liabilities:
Accounts receivable (8,764) (36,817)
Accounts receivable from related
parties 1,643 (73)
Other assets (2,853) 4,410
Accounts payable 2,774 1,315
Accrued liabilities, restructuring
and excess facilities costs (26,823) 16,461
Deferred revenue 18,816 5,592
Net cash provided by
operating activities 82,828 74,740
Cash flows from investing
activities:
Purchases of short-term investments (231,489) (530,754)
Sales and maturities of short-term
investments 254,917 757,085
Cash used in acquisition, net of
cash received (24,849) (115,009)
Purchases of property and equipment,
net (14,946) (7,101)
Purchases of private equity
investments (382) (454)
Restricted cash and short-term
investments pledged as security (465) 4,565
Net cash provided by
(used for)
investing activities (17,214) 108,332
Cash flows from financing
activities:
Proceeds from exercise of stock
options 13,559 24,452
Proceeds from employee stock
purchase program 4,042 5,047
Repurchase of the Company's common
stock (48,300) (115,702)
Principal payments on long term debt (1,708) (1,626)
Net cash used for financing
activities (32,407) (87,829)
Effect of exchange rate changes on
cash (5,300) 2,328
Net change in cash and cash
equivalents 27,907 97,571
Cash and cash equivalents at
beginning of year 180,849 83,278
Cash and cash equivalents at end of
year $208,756 $180,849
SOURCE TIBCO Software Inc.
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Related links:
http://www.tibco.com
CONTACT:
media, Holly Lawrence, +1-650-846-8463, or
hlawrenc@tibco.com, or investors, Michael Magaro,
+1-650-846-5747, or mmagaro@tibco.com, both of TIBCO Software
Inc.
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