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TIBCO Software Inc. Reports Operating Results (10-Q)

July 13, 2012 | About:
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10qk

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TIBCO Software Inc. (TIBX) filed Quarterly Report for the period ended 2012-06-03.

Tibco Software Inc. has a market cap of $4.7 billion; its shares were traded at around $27.36 with a P/E ratio of 32 and P/S ratio of 5.1. Tibco Software Inc. had an annual average earning growth of 23.6% over the past 5 years.

Highlight of Business Operations:

For the second quarter of fiscal year 2012, we recorded total revenue of $247.4 million, an increase of 14% from the second quarter of fiscal year 2011. License revenue was $92.6 million, an increase of 13% from the second quarter of fiscal year 2011. In addition, we generated cash flow from operations of $116.9 million in the second quarter of fiscal year 2012. Diluted earnings per share under generally accepted accounting principles in the United States of America (GAAP) was $0.16 in the second quarter of fiscal year 2012 as compared to $0.12 for the second quarter of fiscal year 2011. We ended the quarter with $647.3 million in cash, cash equivalents and short-term investments. We issued $600 million of convertible senior notes and spent $121.0 million to repurchase shares of our common stock during the second fiscal quarter.

Total revenue in the second quarter of fiscal year 2012 increased by $30.9 million, or 14%, compared to the same quarter last year. The increase was primarily comprised of a $10.6 million, or 13%, increase in license revenue and a $20.3 million, or 15%, increase in service and maintenance revenue. Total revenue for the six months ended May 31, 2012 increased by $71.3 million, or 18%, compared to the same period last year.

Cost of license revenue mainly consisted of amortization of developed technology acquired through acquisitions and royalty costs. Cost of license revenue in the second quarter of fiscal year 2012 decreased by $0.3 million, or 3%, compared to the same quarter last year. Cost of license revenue for the six months ended May 31, 2012 decreased by $0.2 million, or 1%, compared to the same period last year.

Service and maintenance revenue in the second quarter of fiscal year 2012 increased by $20.3 million, or 15%, compared to the same quarter last year. Service and maintenance revenue for the six months ended May 31, 2012 increased by $48.5 million, or 19%, compared to the same period last year. Maintenance revenue was 63% and professional services and training revenue was 37% of total service and maintenance revenue for both the three and six months ended May 31, 2012. The increase for the three months and six months ended May 31, 2012 was primarily due to continued growth in our installed software base and an increase in both the number and size of consulting engagements, reflecting our increased focus on providing more services to our customers.

Net cash provided by operating activities in the six months ended May 31, 2012 was $116.9 million, resulting from net income of $47.2 million, $40.5 million in non-cash charges and $29.3 million net change in assets and liabilities. The non-cash charges primarily included depreciation and amortization, stock-based compensation and tax benefits related to stock benefit plans, less deferred income tax and excess tax benefits from stock-based compensation which are recorded in financing activities. Net change in assets and liabilities for the first six months of fiscal year 2012 included a decrease in accounts receivable, a decrease in prepaid expenses and other assets, a decrease in accounts payable, a decrease in accrued liabilities and restructuring costs and an increase in deferred revenue.

Read the The complete Report

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