BMC Software (NASDAQ: BMC), the recognized global leader in
enterprise IT management, today announced results for the third
quarter of its fiscal 2013.
GAAP net earnings for the third quarter were $106 million, or
$0.70 per diluted share, versus $120 million and $0.71 per diluted
share in the third quarter of fiscal 2012.
Non-GAAP net earnings for the quarter were $151 million, or
$0.99 per diluted share, which reflects a non-GAAP effective tax
rate for the quarter of 25 percent. Non-GAAP net earnings for the
third quarter of fiscal 2012 were $157 million, or $0.93 per
diluted share, which reflects a non-GAAP effective tax rate of 25
percent. The financial tables include a reconciliation between
non-GAAP and GAAP results.
“BMC Software’s strategy, our target markets, our position in
those markets, and our product and technology leadership continue
to present significant opportunities for our company and our
shareholders,” said Bob Beauchamp, BMC’s chairman and chief
executive officer. “Our overall win rate remains high, but we need
to be more consistent and disciplined in how we approach and secure
large, transformational deals, which are a big part of our
go-forward opportunity. In addition, we are scrutinizing the entire
company to improve our operational discipline. This review is
currently underway, and it should position us well as we enter
fiscal year 2014.”
The Company posted the following key results for the third
quarter of fiscal 2013:
- Active SaaS customers more than doubled
year-over-year to approximately 550; SaaS revenue also more than
doubled year-over-year;
- Cloud business continues to grow, with
cloud-related license bookings up 44 percent year-over-year;
- Top 15 MSM deals once again saw an
increase in the spend rate, largely due to our success in selling
more new products to some of our most strategic customers;
- Expanded MSM customer relationships
with 209 new product placements, up 31 percent year-over-year;
- MSM non-GAAP operating income rose by 2
percent year-over-year; non-GAAP operating margin was 62 percent
for the quarter; and
- Professional services revenue rose 16
percent on a year-over-year basis; non-GAAP professional services
gross margin improved substantially, growing by 9 percentage points
year-over-year.
During the third quarter, BMC repurchased a total of 14.3
million shares. As part of the accelerated share repurchase
agreement executed in November, the Company received 13.1 million
shares, which is in addition to 1.2 million shares repurchased for
$50 million earlier in the quarter. The current remaining share
repurchase authorization is $700 million.
“This quarter, BMC Software saw lower-than-expected bookings
from our MSM and ESM business units. Two large MSM renewal
transactions slipped out of the quarter. We believe they will close
in the fourth quarter, as well as a number of other key renewals.
Even with this slippage, we were pleased that our continued
discipline yielded positive operating results for us,” said Steve
Solcher, BMC’s chief financial officer. “In the ESM business, we
also experienced slipped transactions, which were mainly larger and
more transformational in nature. We did, however, continue to
generate double-digit growth in ESM maintenance revenue, with
renewal rates increasing during the quarter. We saw solid increases
in key ESM growth areas, such as cloud and SaaS, as well as
improved performance around the Remedy On–Premise product line, and
we were pleased with the performance of our professional services
business.”
Fiscal 2013 Expectations
For fiscal 2013, BMC expects non-GAAP diluted earnings per share
in the range of $3.35 to $3.45 per share. At the midpoint, this
would represent a 5 percent increase over fiscal 2012.
This range excludes an estimated $1.13 to $1.18 per share for
non-GAAP adjustments, including expenses related to share-based
compensation expense; the amortization of intangible assets;
severance, exit costs and related charges; proxy contest costs; as
well as the related tax impacts of these items.
The Company highlights certain risks, which could impact its
ability to achieve these expectations:
- Uncertainty surrounding the broader
macroeconomic environment, especially in Europe;
- Sales productivity related to the
tenure of our ESM sales organization; and
- Uncertainty related to press coverage
surrounding our strategic review and ongoing press coverage related
to activist investor activity.
The current assumptions underlying our full year fiscal 2013
expectations include:
- FX impact given today’s rates;
- Total bookings flat with the prior
year, with growth on a constant currency basis of low single
digits;
- ESM license bookings decline in the mid
to high single digits, and down low to mid single digits in
constant currency;
- MSM total bookings decline in the low
to mid single digits, and flat to down low single digits in
constant currency;
- Revenue growth in the low single
digits, with growth on a constant currency basis in the low to mid
single digits;
- Non-GAAP operating margin slightly
lower than the prior year;
- Other income at a loss of around $40
million;
- Weighted shares outstanding down high
single to low double digits from the prior year; and
- A non-GAAP tax rate of 25 percent.
BMC expects full year fiscal 2013 cash flow from operations to
be between $735 million and $785 million, which at the midpoint
represents a 5 percent decrease over fiscal 2012, including the
adverse impact from foreign currency exchange rates.
Conference Call
A conference call to discuss the fiscal 2013 third quarter is
scheduled for today, January 28, 2013 at 4:00 pm Central Time.
Those interested in participating may call (913) 312-0711 and use
the pass code BMC. To access a replay of the conference call that
will be available for one week, dial (719) 457-0820 or (888)
203-1112 and use the pass code BMC. A live webcast of the
conference call will be available on the Company's website at
investors.bmc.com. A replay of the webcast will be available within
24 hours and archived on the website.
Use of Non-GAAP Financial Measures
In an effort to provide investors with additional information
regarding the Company’s results as determined by U.S. generally
accepted accounting principles (GAAP), the Company has also
disclosed in this press release and the accompanying tables the
following non-GAAP information: (a) non-GAAP operating expenses,
(b) non-GAAP operating income, (c) non-GAAP operating margin, (d)
non-GAAP net earnings and (e) non-GAAP diluted earnings per share.
Each of these financial measures excludes the impact of certain
items and, therefore, has not been calculated in accordance with
GAAP. These non-GAAP financial measures exclude share-based
compensation expense; the amortization of intangible assets;
severance, exit costs and related charges; proxy contest costs; as
well as the related tax impacts of these items; and certain
discrete tax items. Each of the non-GAAP adjustments is described
in more detail below. This press release also contains a
reconciliation of each of these non-GAAP measures to its most
comparable GAAP financial measure.
We believe that these non-GAAP financial measures provide
meaningful supplemental information regarding our operating results
because they exclude amounts that BMC management and the board of
directors do not consider part of core operating results when
assessing the performance of the organization. In addition, we have
historically reported similar non-GAAP financial measures and we
believe that inclusion of these non-GAAP financial measures
provides consistency and comparability with past reports of
financial results. Accordingly, we believe these non-GAAP financial
measures are useful to investors in allowing for greater
transparency of supplemental information used by management.
While we believe that these non-GAAP financial measures provide
useful supplemental information, there are limitations associated
with the use of these non-GAAP financial measures. These non-GAAP
financial measures are not prepared in accordance with GAAP, do not
reflect a comprehensive system of accounting and may not be
completely comparable to similarly titled measures of other
companies due to potential differences in the exact method of
calculation between companies. Items such as share-based
compensation expense; the amortization of intangible assets;
severance, exit costs and related charges; proxy contest costs; as
well as the related tax impacts of these items; and certain
discrete tax items that are excluded from our non-GAAP financial
measures can have a material impact on net earnings. As a result,
these non-GAAP financial measures have limitations and should not
be considered in isolation from, or as a substitute for, net
earnings, cash flow from operations or other measures of
performance prepared in accordance with GAAP. We compensate for
these limitations by using these non-GAAP financial measures as
supplements to GAAP financial measures and by reconciling the
non-GAAP financial measures to their most comparable GAAP financial
measure. Investors are encouraged to review the reconciliations of
the non-GAAP financial measures to their most comparable GAAP
financial measures that are included elsewhere in this press
release.
The following discusses the reconciliations of our non-GAAP
financial measures to the most comparable GAAP financial
measures:
- Share-based compensation expense. Our
non-GAAP financial measures exclude the compensation expenses
required to be recorded by GAAP for equity awards to employees and
directors. Management and the board of directors believe it is
useful in evaluating corporate performance during a particular time
period to review the supplemental non-GAAP financial measures,
excluding expenses related to share-based compensation, because
these costs are generally fixed at the time an award is granted,
are then expensed over several years and generally cannot be
changed or influenced by management once granted.
- Amortization of intangible assets. Our
non-GAAP financial measures exclude costs associated with the
amortization of intangible assets. Management and the board of
directors believe it is useful in evaluating corporate performance
during a particular time period to review the supplemental non-GAAP
financial measures, excluding amortization of intangible assets,
because these costs are fixed at the time of an acquisition, are
then amortized over a period of several years after the acquisition
and generally cannot be changed or influenced by management after
the acquisition.
- Severance, exit costs and related
charges. Our non-GAAP financial measures exclude severance, exit
costs and related charges, and any subsequent changes in estimates,
as they relate to our corporate restructuring and exit activities.
Management and the board of directors believe it is useful in
evaluating corporate performance during a particular time period to
review the supplemental non-GAAP financial measures, excluding
severance, exit costs and related charges, in order to provide
comparability and consistency with historical operating
results.
- Proxy contest costs. During the first
quarter of fiscal 2013, the Company became engaged in a proxy
contest initiated by a shareholder of the Company. The Company
recorded a charge of approximately $6 million for unplanned proxy
contest expenses during the first quarter of fiscal 2013,
consisting primarily of outside financial advisory, legal,
solicitation and consulting fees. During the third quarter of
fiscal 2013, we renegotiated certain of these fees and recorded a
corresponding reduction to proxy contest costs. Management and the
board of directors believe it is useful in evaluating corporate
performance during a particular time period to review the
supplemental non-GAAP financial measures, excluding such costs, in
order to provide comparability and consistency with historical
operating results.
- Provision for income taxes on above
pre-tax non-GAAP adjustments. Our non-GAAP financial measures
exclude the tax impact of the above pre-tax non-GAAP adjustments.
This amount is calculated using the tax rates of each country to
which these pre-tax non-GAAP adjustments relate. Management
excludes the non-GAAP adjustments on a net-of-tax basis in
evaluating our performance. Therefore, we exclude the tax impact of
these charges when presenting non-GAAP financial measures.
- Certain discrete tax items. Our
non-GAAP financial measures exclude net tax benefits of $6 million
for the nine months ended December 31, 2011, associated with tax
authority settlements related to prior years’ tax matters.
Management excludes the impact of these items in evaluating our
performance. Therefore, we exclude these items when presenting
non-GAAP financial measures.
In this press release we refer to certain bookings information.
Bookings represent the transactional value of new contracts closed
and recorded in our financial statements, including amounts
recorded to both revenue and deferred revenue. We also refer to
growth rates for revenue and bookings at constant currency or
adjusting for currency so that the business results can be viewed
without the impact of fluctuations in foreign currency exchange
rates, thereby facilitating period-to-period comparisons of the
Company’s business performance. Generally, when the U.S. dollar
either strengthens or weakens against other currencies, the growth
at constant currency rates or adjusting for currency will be higher
or lower than growth reported at actual exchange rates.
Business runs better when IT runs at its best.
Tens of thousands of IT organizations around the world --
from small and mid-market businesses to the Global 100 -- rely on
BMC Software (NASDAQ: BMC) to manage their business services and
applications across distributed, mainframe, virtual and cloud
environments. BMC helps customers cut costs, reduce risk and
achieve business objectives with the broadest choice of IT
management solutions, including industry-leading Business
Service Management and Cloud Management offerings. For the four
fiscal quarters ended December 31, 2012, BMC revenue was
approximately $2.2 billion. www.bmc.com
This news release and other related public statements we make
contain both historical information and forward-looking statements.
Forward-looking statements can be identified by words such as
“believes,” “anticipates,” “intends,” “expects,” “estimates,”
“guidance,” “outlook,” “view” and similar references to future
periods. Examples of forward-looking statements include, but are
not limited to, statements we make regarding our expectations and
guidance for fiscal 2013 non-GAAP diluted earnings per share and
cash flow from operations, including the underlying assumptions, as
well as statements we make regarding our plans, objectives,
strategies and expectations for future operations and results.
Forward-looking statements are based on our current expectations
and assumptions regarding our business, the economy and other
future conditions. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict. Our actual
results may differ materially from those contemplated by the
forward-looking statements. We caution you therefore against
relying on any of these forward-looking statements. They are
neither statements of historical fact nor guarantees or assurances
of future performance. Important factors that could cause actual
results to differ materially from those in the forward-looking
statements include, but are not limited to, the following: 1) the
possibility that general economic conditions or uncertainty cause
information technology spending to be reduced or purchasing
decisions to be delayed; 2) competition in our markets and market
entrants utilizing alternative business models can result in
pricing pressures and competition for new customers as well as
potential displacements of our existing customers; 3) our cash flow
from operations could be affected by many factors, including, but
not limited to, lengthening sales cycles, the size and timing of
bookings, customer payment terms, the timing of collections,
increased expenses, reduced net earnings and movement in foreign
currency exchange rates; 4) a significant percentage of our license
transactions are completed during the final weeks and days of each
quarter, which creates a level of uncertainty as to whether
revenue, license bookings and/or earnings will have met
expectations until after the end of the quarter; 5) our operating
costs and expenses are relatively fixed over the short term, so if
we have a shortfall in revenue in any given quarter, our ability to
offset revenue shortfalls in the near-term is limited; 6) software
product development is highly technical and inherently complex and
delays in the timing and feasibility of product releases could have
a material adverse effect on expectations and actual results for
bookings, revenue, margins and cash flow from operations; 7)
changes to our sales organization, including personnel,
compensation practices and organizational and process changes, may
be disruptive and negatively impact our results of operations; 8)
our expectations for revenue and earnings are based on assumptions
of the percentage of license revenue which will be recognized
upfront versus deferred and the percentage of customer renewals for
maintenance contracts; if our actual results do not match our
assumptions, our recognized revenue and resultant earnings could
fall short of expectations; 9) our effective tax rate is subject to
quarterly fluctuation and any change in such tax rate could affect
our earnings; 10) we conduct significant transactions in currencies
other than the United States dollar and changes in the value of
major foreign currencies relative to the U.S. dollar can
significantly affect our reported revenue and operating results;
11) customers may not require, or may delay, additional capacity
upgrades of our software, particularly our mainframe management
software, due to the existence of sufficient hardware capacity, the
uncertain timing of hardware upgrades or other reasons, and the
timing of renewals of existing license agreements may be different
than we expect; and 12) the additional risks and important factors
described in BMC Software's Annual Report on Form 10-K and
quarterly reports on Form 10-Q filed with the U.S. Securities and
Exchange Commission. These filings are available on our website at
http://investors.bmc.com. Any forward-looking statement made by us
in this news release speaks only as of the date on which it is
made. Factors or events that could cause our actual results to
differ may emerge from time to time, and it is not possible for us
to predict all of them. We undertake no obligation to publicly
update any forward-looking statement, whether as a result of new
information, future developments or otherwise, except as may be
required by law.
BMC, BMC Software, and the BMC Software logo are the exclusive
properties of BMC Software Inc., are registered with the U.S.
Patent and Trademark Office, and may be registered or pending
registration in other countries. All other BMC trademarks, service
marks, and logos may be registered or pending registration in the
U.S. or in other countries. All other trademarks or registered
trademarks are the property of their respective owners. © Copyright
2013 BMC Software, Inc.
BMC SOFTWARE, INC.
STATEMENTS OF OPERATIONS
(In millions, except per share
data)
(Unaudited)
Incr/(Decr) Quarter Ended December 31, Percentage 2011 2012
Change Revenue: License $ 225.0 $ 232.3 3.2 % Maintenance 272.3
288.7 6.0 % Professional services 50.9 59.2
16.3 % Total revenue 548.2 580.2
5.8 % Operating expenses: Cost of license revenue 38.6 41.1
6.5 % Cost of maintenance revenue 46.2 51.3 11.0 % Cost of
professional services revenue 52.8 56.3 6.6 % Selling and marketing
expenses 154.1 175.8 14.1 % Research and development expenses 38.5
41.9 8.8 % General and administrative expenses 50.4 56.2 11.5 %
Amortization of intangible assets 5.8 10.0
72.4 % Total operating expenses 386.4
432.6 12.0 % Operating income 161.8 147.6 (8.8 )% Other
loss, net (3.5 ) (10.6 ) 202.9 % Earnings before
income taxes 158.3 137.0 (13.5 )% Provision for income taxes
38.4 30.7 (20.1 )% Net earnings $ 119.9
$ 106.3 (11.3 )% Diluted earnings per share $ 0.71
$ 0.70 (1.4 )% Shares used in computing
diluted earnings per share 169.5 152.6
(10.0 )%
BMC SOFTWARE, INC.
STATEMENTS OF OPERATIONS
(In millions, except per share
data)
(Unaudited)
Incr/(Decr) Nine Months Ended December 31, Percentage 2011 2012
Change Revenue: License $ 644.2 $ 613.1 (4.8 )% Maintenance 807.4
853.0 5.6 % Professional services 155.7 166.7
7.1 % Total revenue 1,607.3 1,632.8
1.6 % Operating expenses: Cost of license revenue
116.2 120.8 4.0 % Cost of maintenance revenue 139.5 155.1 11.2 %
Cost of professional services revenue 153.4 168.5 9.8 % Selling and
marketing expenses 452.3 503.7 11.4 % Research and development
expenses 121.5 116.5 (4.1 )% General and administrative expenses
160.0 175.1 9.4 % Amortization of intangible assets 26.5
33.5 26.4 % Total operating expenses
1,169.4 1,273.2 8.9 % Operating income 437.9
359.6 (17.9 )% Other loss, net (9.9 ) (25.4 ) 156.6 %
Earnings before income taxes 428.0 334.2 (21.9 )% Provision for
income taxes 97.7 75.9 (22.3 )% Net
earnings $ 330.3 $ 258.3 (21.8 )% Diluted
earnings per share $ 1.88 $ 1.63 (13.3 )%
Shares used in computing diluted earnings per share 175.2
158.9 (9.3 )%
BMC SOFTWARE, INC.
BALANCE SHEETS
(In millions)
Unaudited Unaudited June 30,
September 30, December 31, March 31, June
30, September 30, December 31, 2011
2011 2011 2012 2012 2012
2012 Current assets: Cash and cash equivalents $
1,582.9 $ 1,459.7 $ 1,319.5 $ 1,496.9 $ 1,465.5 $ 1,311.2 $ 1,057.9
(a) Short-term investments 31.9 30.9 37.1 86.1 138.1 128.2 123.6
(a) Trade accounts receivable, net 176.2 219.6 239.4 296.7 192.1
216.9 265.8 Trade finance receivables, net 99.0 52.5 74.2 108.0
64.2 68.5 69.5 Other current assets 173.3 170.4
165.6 193.2 181.3 179.9 196.7
Total current assets 2,063.3 1,933.1 1,835.8 2,180.9 2,041.2
1,904.7 1,713.5 Property and equipment, net 90.9 86.3 84.4
87.8 88.0 92.3 89.6 Software development costs, net 201.9 214.1
230.2 244.7 255.2 262.4 268.0 Long-term investments 64.1 61.9 57.4
52.6 44.6 45.9 71.6 (a) Long-term trade finance receivables, net
132.8 59.0 55.7 80.1 51.4 56.2 42.9 Goodwill and intangible assets,
net 1,648.2 1,612.4 1,606.2 1,978.1 1,944.7 1,938.0 1,929.9 Other
long-term assets 236.5 222.8 218.5
240.2 239.7 236.2 213.3 Total assets $ 4,437.7
$ 4,189.6 $ 4,088.2 $ 4,864.4 $ 4,664.8 $ 4,535.7 $ 4,328.8
Current liabilities: Trade accounts payable $ 33.3 $ 32.1 $ 31.8 $
31.5 $ 46.6 $ 44.5 $ 38.1 Finance payables 1.0 0.4 2.2 1.2 1.9 7.7
10.7 Accrued liabilities 204.0 256.6 248.5 321.4 221.8 249.0 270.4
Deferred revenue 1,065.8 990.5 1,001.9
1,059.5 1,060.6 1,004.7 979.2 Total current
liabilities 1,304.1 1,279.6 1,284.4 1,413.6 1,330.9 1,305.9 1,298.4
Long-term deferred revenue 1,002.7 903.7 868.5 934.4 899.2
837.3 796.9 Long-term borrowings 333.9 336.9 325.4 821.6 823.3
824.8 1,308.6 Other long-term liabilities 163.3 146.2
144.6 249.0 247.6 246.3 244.8
Total long-term liabilities 1,499.9 1,386.8 1,338.5 2,005.0 1,970.1
1,908.4 2,350.3 Total stockholders' equity 1,633.7
1,523.2 1,465.3 1,445.8 1,363.8
1,321.4 680.1 Total liabilities and stockholders'
equity $ 4,437.7 $ 4,189.6 $ 4,088.2 $ 4,864.4 $ 4,664.8 $ 4,535.7
$ 4,328.8
(a) Total cash and
investments $ 1,678.9 $ 1,552.5
$ 1,414.0 $ 1,635.6 $ 1,648.2
$ 1,485.3 $ 1,253.1
BMC SOFTWARE, INC.
STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Quarter Ended December 31, Nine Months Ended December 31, 2011 2012
2011 2012 Cash flows from operating activities: $ 119.9 $
106.3 Net earnings $ 330.3 $ 258.3 Adjustments to reconcile net
earnings to net cash provided by operating activities: 50.2 57.3
Depreciation and amortization 161.6 173.2 1.0 (1.9 ) Deferred
income tax provision (benefit) (2.5 ) (5.7 ) 31.1 41.5 Share-based
compensation expense 92.7 115.9 (1.5 ) 2.1 Other non-cash items 2.4
2.9 Changes in operating assets and liabilities, net of
acquisitions: (18.6 ) (51.0 ) Trade accounts receivable 47.1 28.0
(17.8 ) 12.6 Trade finance receivables 91.9 77.1 5.6 6.4 Prepaid
and other current assets 6.3 16.7 5.1 2.2 Other long-term assets
17.8 7.4 15.9 26.5 Accrued and other current liabilities (47.8 )
(31.4 ) (24.1 ) (63.7 ) Deferred revenue (88.6 ) (212.7 ) (0.1 )
(3.5 ) Other long-term liabilities (9.1 ) (5.5 ) (2.4 )
(3.0 ) Other operating assets and liabilities (14.7 )
(6.3 ) 164.3 131.8 Net cash
provided by operating activities 587.4 417.9
Cash flows from investing activities: 9.3 35.0
Proceeds from maturities of investments 24.8 69.0 1.1 3.7 Proceeds
from sales of investments 4.4 13.3 (11.1 ) (59.8 ) Purchases of
investments (30.0 ) (139.2 ) (14.1 ) - Cash paid for acquisitions,
net of cash acquired, and other investments (163.0 ) (19.4 ) (34.9
) (30.9 ) Capitalization of software development costs (97.7 )
(94.2 ) (7.6 ) (6.0 ) Purchases of property and equipment (17.6 )
(19.3 ) - - Other investing activities
- 1.9 (57.3 ) (58.0 ) Net
cash used in investing activities (279.1 ) (187.9 )
Cash flows from financing activities: (225.0 ) (800.0 )
Purchases of common stock, including accelerated share repurchase
(630.5 ) (1,150.0 ) (8.7 ) (18.1 ) Repurchases of stock to satisfy
employee tax withholding obligations (31.7 ) (38.1 ) 4.8 11.8
Proceeds from stock options exercised and other 41.9 50.7 1.0 2.4
Excess tax benefit from share-based compensation expense 13.6 5.8
(16.0 ) (15.8 ) Repayments of borrowings and capital lease
obligations (20.7 ) (21.4 ) - 494.7
Proceeds from borrowings, net of issuance costs -
494.7 (243.9 ) (325.0 ) Net cash used
in financing activities (627.4 ) (658.3 )
(3.3 ) (2.1 ) Effect of exchange rate changes on cash
and cash equivalents (22.3 ) (10.7 ) (140.2 ) (253.3
) Net change in cash and cash equivalents (341.4 ) (439.0 )
1,459.7 1,311.2 Cash and cash equivalents,
beginning of period 1,660.9 1,496.9 $
1,319.5 $ 1,057.9 Cash and cash equivalents, end of
period $ 1,319.5 $ 1,057.9
BMC SOFTWARE, INC.
Table of Reconciliation from GAAP
Operating Expenses to Non-GAAP Operating Expenses
(In millions)
(Unaudited)
Quarter Ended December 31, Nine Months Ended December 31,
2011 2012 2011 2012
GAAP operating expenses $
386.4 $ 432.6 $
1,169.4 $ 1,273.2
Share-based compensation expense (31.1 ) (41.5 ) (92.7 ) (115.9 )
Amortization of intangible assets (19.5 ) (20.5 ) (66.1 )
(67.4 ) Severance, exit costs and related charges (0.3 )
(1.9 ) (2.9 ) (8.8 ) Proxy contest costs - 1.3 - (4.9 )
Non-GAAP operating expenses
$ 335.5 $ 370.0 $
1,007.7 $ 1,076.2
BMC SOFTWARE, INC.
Table of Reconciliation from GAAP
Operating Income to Non-GAAP Operating Income
(In millions)
(Unaudited)
Quarter Ended December 31, Nine
Months Ended December 31, 2011 2012 2011 2012
GAAP
operating income $ 161.8 $ 147.6
$ 437.9 $ 359.6
Share-based compensation expense 31.1 41.5 92.7 115.9
Amortization of intangible assets 19.5 20.5 66.1 67.4
Severance, exit costs and related charges 0.3 1.9 2.9 8.8
Proxy contest costs - (1.3 ) - 4.9
Non-GAAP operating income $ 212.7 $
210.2 $ 599.6 $ 556.6
BMC SOFTWARE, INC.
Table of Reconciliation from GAAP
Operating Margin to Non-GAAP Operating Margin
(In millions)
(Unaudited)
Quarter Ended December 31,
Quarter Ended December 31, Quarter Ended December 31, 2011 2012
2011 2012 2011 2012
GAAP revenue: $
548.2 $ 580.2 GAAP operating income:
$ 161.8 $ 147.6 GAAP
operating margin: 30 % 25 %
Share-based compensation expense 31.1 41.5 Amortization of
intangible assets 19.5 20.5 Severance, exit costs and
related charges 0.3 1.9 Proxy contest costs - (1.3 )
GAAP revenue: $
548.2 $ 580.2 Non-GAAP operating
income: $ 212.7 $ 210.2
Non-GAAP operating margin: 39 % 36
% Nine Months Ended
December 31, Nine Months Ended December 31, Nine Months Ended
December 31, 2011 2012 2011 2012 2011 2012
GAAP
revenue: $ 1,607.3 $ 1,632.8
GAAP operating income: $ 437.9 $
359.6 GAAP operating margin: 27
% 22 % Share-based compensation expense
92.7 115.9 Amortization of intangible assets 66.1 67.4
Severance, exit costs and related charges 2.9 8.8
Proxy contest costs - 4.9
GAAP revenue: $ 1,607.3 $
1,632.8 Non-GAAP operating income: $
599.6 $ 556.6 Non-GAAP operating
margin: 37 % 34 %
BMC SOFTWARE, INC.
Table of Reconciliation from GAAP Net
Earnings to Non-GAAP Net Earnings
(In millions)
(Unaudited)
Quarter Ended December 31, Nine
Months Ended December 31, 2011 2012 2011 2012
GAAP net
earnings $ 119.9 $ 106.3
$ 330.3 $ 258.3
Share-based compensation expense 31.1 41.5 92.7 115.9
Amortization of intangible assets 19.5 20.5 66.1 67.4
Severance, exit costs and related charges 0.3 1.9 2.9 8.8
Proxy contest costs - (1.3 ) - 4.9
Subtotal pre-tax reconciling items 50.9 62.6
161.7 197.0 Tax effect of
above pre-tax items (13.9 ) (18.4 ) (46.2 ) (58.1 ) Impact
of certain discrete tax items - - (6.2 ) -
Non-GAAP net earnings $ 156.9
$ 150.5 $ 439.6 $
397.2
BMC SOFTWARE, INC.
Table of Reconciliation from GAAP
Diluted Earnings Per Share to Non-GAAP Diluted Earnings Per
Share
(Unaudited)
Quarter Ended December 31, Nine
Months Ended December 31, 2011 2012 2011 2012
GAAP
diluted earnings per share $ 0.71 $
0.70 $ 1.88 $ 1.63
Share-based compensation expense 0.18 0.27 0.53 0.73
Amortization of intangible assets 0.12 0.13 0.38 0.42
Severance, exit costs and related charges - 0.01 0.02 0.06
Proxy contest costs - (0.01 ) - 0.03
Subtotal pre-tax reconciling items 0.30 0.41
0.92 1.24 Tax effect of
above pre-tax items (0.08 ) (0.12 ) (0.26 ) (0.37 ) Impact
of certain discrete tax items - - (0.04 ) -
Non-GAAP diluted earnings per share $
0.93 $ 0.99 $ 2.51
$ 2.50 Shares used in computing
diluted earnings per share (in millions) 169.5 152.6 175.2 158.9
BMC (NYSE:BMC)
過去 株価チャート
から 11 2024 まで 12 2024
BMC (NYSE:BMC)
過去 株価チャート
から 12 2023 まで 12 2024