Welcome!

Microsoft Cloud Authors: Pat Romanski, Elizabeth White, Liz McMillan, Mihai Corbuleac, David Bermingham

News Feed Item

UPDATE: Advent Software Reports Fourth Quarter and Full Year 2012 Results

Company Achieves Record Quarterly Revenue of $92 Million and Fourth Quarter Non-GAAP Operating Profit of $25 Million

SAN FRANCISCO, CA -- (Marketwire) -- 02/04/13 -- Advent Software, Inc. (NASDAQ: ADVS), a leading provider of software and services to the global investment management industry, announced today its financial results for the fourth quarter ended December 31, 2012.

"I am pleased to report that Advent delivered a strong fourth quarter and there is great momentum in the business," said Pete Hess, Chief Executive Officer of Advent. "We continued to execute our strategy and increased our footprint both in the US and around the globe. This coming year marks our 30th anniversary and our business has never been stronger and we are excited to continue to partner with our clients to transform the investment management industry for the next 30 years."

FOURTH QUARTER AND FULL YEAR 2012 RESULTS

GAAP Results for Continuing Operations
The company reported quarterly revenue of $92.0 million for the fourth quarter of 2012, compared to $86.3 million in the fourth quarter of 2011, a 7% increase. Total annual revenues for the year ended December 31, 2012 were $358.8 million, compared to $326.2 million recorded in 2011, a 10% increase.

Operating income for the fourth quarter of 2012 was $12.7 million, or 14% of revenue, compared to $10.1 million, or 12% of revenue, for the fourth quarter of 2011. The fourth quarter of 2012 results included a $3.6 million restructuring charge related to the company's reorganization. Operating income for the year ended December 31, 2012 was $49.2 million, or 14% of revenue, compared to $42.6 million, or 13% of revenue, for 2011.

Net income for the fourth quarter of 2012 was $8.0 million compared to $6.5 million in the fourth quarter of 2011. Net income for the year ended December 31, 2012 was $30.2 million compared to $28.3 million for 2011, a 7% increase.

On a fully diluted basis, earnings per share in the fourth quarter of 2012 was $0.16 compared to $0.12 in the fourth quarter of 2011. On a fully diluted basis, earnings per share for the year ended December 31, 2012 was $0.58, compared to $0.52 for 2011.

Operating cash flows in the fourth quarter of 2012 totaled $32.8 million, compared with $27.6 million in the fourth quarter of 2011. Operating cash flows for the year ended December 31, 2012 totaled $86.6 million, compared with $83.2 million for 2011, a 4% increase.

Cash, cash equivalents and marketable securities totaled $231 million as of December 31, 2012, compared to $136 million as of December 31, 2011. Total outstanding debt as of December 31, 2012 was $95 million compared to $50 million as of December 31, 2011. Total deferred revenue was $183 million as of December 31, 2012, compared to $175 million as of December 31, 2011, a 5% increase.

Non-GAAP Results for Continuing Operations
Non-GAAP operating income for the fourth quarter of 2012 was $24.6 million, or 26.7% of revenue. This represents a 33% increase compared to $18.5 million of non-GAAP operating income, or 21.4% of revenue, in the fourth quarter of 2011. Non-GAAP operating income for the year ended December 31, 2012 was $85.0 million, or 23.7% of revenue. This represents an 18% increase compared to $72.2 million of non-GAAP operating income, or 22.1% of revenue, for 2011.

On a fully diluted basis, non-GAAP earnings per share was $0.30 in the fourth quarter of 2012 and represents a 37% increase from non-GAAP diluted net income per share of $0.22 in the fourth quarter of 2011. On a fully diluted basis, non-GAAP net income per share was $1.03 for the year ended December 31, 2012, a 21% increase compared to $0.86 per share for 2011.

The reconciliation between GAAP and non-GAAP financial measures is provided at the end of this press release.

FOURTH QUARTER HIGHLIGHTS

  • Fourth Quarter Bookings: The annual contract value of our new contract bookings in the fourth quarter of 2012 will contribute $11.1 million in incremental annual revenue once the contracts are fully implemented. New clients represented all types of investment managers around the world including Moneta Group, Wedgewood Partners, QV Investors Inc., Courtiers Investment Services Limited, and Gjensidige Investeringsradgivning AS, amongst others.

  • Enhanced Functionality for Solutions: In the fourth quarter, we launched coordinated releases of Advent Portfolio Exchange® (APX), Moxy®, and their associated products, providing clients with expanded instrument coverage, enhanced data presentation and improved reconciliation processes.

  • Award-Winning Solutions: APX was named "Best Buy-Side CRM Product" by Buy-Side Technology magazine. The annual award honors the accomplishments and innovations of products and services designed for buy-side investment professionals. In addition, Moxy® won "Best-in-Class" for Enterprise Support in the key industry analyst - CEB TowerGroup's OMS Technology Analysis report.

FINANCIAL GUIDANCE
Advent provides the following financial guidance for the first quarter and fiscal year 2013:


----------------------------------------------------------------------------
                       Guidance                          Q1 2013    FY 2013
----------------------------------------------------------------------------
Total Revenue ($M)                                       $91-$93   $373-$379
----------------------------------------------------------------------------
GAAP Operating Margin(% of revenue)                        n/a    17.5-18.0%
----------------------------------------------------------------------------
Amortization of Intangibles (% of revenue)                 n/a        3%
----------------------------------------------------------------------------
Stock Compensation Expense (% of revenue)                  n/a        6%
----------------------------------------------------------------------------
Restructuring Charge (% of revenue)                        1%        0.5%
----------------------------------------------------------------------------
Non-GAAP Operating Margin (% of revenue)                   n/a    27.0-27.5%
----------------------------------------------------------------------------
GAAP Effective Tax Rate(% of Income Before Tax)           20%*      30%-35%
----------------------------------------------------------------------------
Non-GAAP Effective Tax Rate (% of Income Before Tax)       n/a        35%
----------------------------------------------------------------------------
Operating Cash Flow ($M)                                   n/a      $93-$97
----------------------------------------------------------------------------
Capital Expenditures ($M)                                  n/a      $10-$12
----------------------------------------------------------------------------

*Q1 2013 GAAP Effective Tax Rate reflects the impact of the 2012 federal
 research and development tax credit enacted in January, 2013.

INVESTOR CALL

Advent Software, Inc. will host its fourth quarter 2012 earnings conference call at 5:00 p.m. Eastern time today. The fourth quarter 2012 earnings presentation and trended disclosures file, which include highlights and detailed financial information, are currently available at http://investor.advent.com. To participate via phone, please dial (800) 510-9834 and request conference ID #35271995. Telephone replay will be available through midnight February 11, 2013. The replay number for domestic callers is (888) 286-8010, and for international callers is (617) 801-6888, with the conference ID of #60805668.The conference call will also be webcast live and then archived on http://investor.advent.com.

ABOUT ADVENT
Advent Software, Inc. (www.advent.com), a global firm, has provided trusted solutions to the world's financial professionals since 1983. Advent's proven solutions can increase operational efficiency, reduce risk, and eliminate the boundaries between systems, information and people so you can focus on what you do best. With more than 4,500 client firms in over 60 countries, Advent has established itself as a leading provider of mission-critical solutions to meet the demands of investment management operations around the world. Advent is the only financial services software company to be awarded the Service Capability and Performance certification for being a world-class support and services organization. For more information on Advent products visit http://www.advent.com/about/resources/demos/pr.

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 accompanying tables entitled "Reconciliation of Selected Continuing Operations' GAAP Measures to Non-GAAP Measures" and "Reconciliation of Projected Continuing Operations' GAAP Operating Income % to Non-GAAP Operating Income %."

FORWARD-LOOKING STATEMENTS
The financial projections under Financial Guidance, and statements regarding the business momentum, strength of the business, market opportunities, and any other forward-looking statements included in this presentation reflect management's best judgment based on factors currently known and involve risks and uncertainties; our actual results may differ materially from those discussed here. These risks and uncertainties include: potential fluctuations in new contract bookings, renewal rates, operating results and future growth rates; continued market acceptance of our Advent Portfolio Exchange®, Geneva®, and Moxy® products; the successful development, release and market acceptance of new products, services and enhancements; uncertainties and fluctuations in the financial markets; the Company's ability to satisfy contractual performance requirements; difficulties in achieving organizational objectives and other risks detailed from time to time in our SEC reports including, but not limited to, our quarterly reports on Form 10-Q and our 2011 annual report on Form 10-K. The Company disclaims any intention or obligation to publicly update or revise any forward-looking statements including any guidance, whether as a result of events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Advent, the Advent logo, Advent Software, Advent Portfolio Exchange, and Moxy are registered trademarks of Advent Software, Inc. All other company names or marks mentioned herein are those of their respective owners.



                           ADVENT SOFTWARE, INC.
                   CONDENSED CONSOLIDATED BALANCE SHEETS
                               (In thousands)
                             (GAAP, Unaudited)

                                                  December 31   December 31
                                                     2012          2011
                                                 ------------  ------------
ASSETS
Current assets:
    Cash and cash equivalents                    $     58,217  $     65,525
    Short-term marketable securities                  111,192        69,908
    Accounts receivable, net                           61,069        62,125
    Deferred taxes, current                            18,934        16,294
    Prepaid expenses and other                         25,868        23,660
    Current assets of discontinued operation               88             -
                                                 ------------  ------------
        Total current assets                          275,368       237,512
Property and equipment, net                            37,269        42,301
Goodwill                                              206,932       204,621
Other intangibles, net                                 38,205        49,521
Long-term marketable securities                        61,552           917
Deferred taxes, long-term                              24,524        30,751
Other assets                                           12,994        15,927
Noncurrent assets of discontinued operation             1,609         2,006
                                                 ------------  ------------

        Total assets                             $    658,453  $    583,556
                                                 ============  ============

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
    Accounts payable                             $      5,190  $     10,558
    Accrued liabilities                                37,096        40,029
    Deferred revenues                                 174,388       166,945
    Income taxes payable                                5,593         2,972
    Current portion of long-term debt                  10,000         5,000
    Current liabilities of discontinued
     operation                                            262           488
                                                 ------------  ------------
        Total current liabilities                     232,529       225,992
Deferred revenues, long-term                            8,787         7,926
Long-term income taxes payable                          5,335         3,196
Long-term debt                                         85,000        45,000
Other long-term liabilities                            13,139        13,748
Noncurrent liabilities of discontinued operation        3,804         4,633
                                                 ------------  ------------

        Total liabilities                             348,594       300,495
                                                 ------------  ------------


Stockholders' equity:
    Common stock                                          505           510
    Additional paid-in capital                        453,585       429,734
    Accumulated deficit                              (154,261)     (154,053)
    Accumulated other comprehensive income             10,030         6,870
                                                 ------------  ------------
        Total stockholders' equity                    309,859       283,061
                                                 ------------  ------------

        Total liabilities and stockholders'
         equity                                  $    658,453  $    583,556
                                                 ============  ============



                           ADVENT SOFTWARE, INC.
              CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                   (In thousands, except per share data)
                             (GAAP, Unaudited)

                                  Three Months Ended   Twelve Months Ended
                                      December 31           December 31
                                 --------------------  --------------------
                                    2012       2011       2012       2011
                                 ---------  ---------  ---------  ---------

Net revenues:
Recurring revenues               $  83,875  $  77,760  $ 324,627  $ 291,486
Non-recurring revenues               8,142      8,525     34,192     34,762
                                 ---------  ---------  ---------  ---------

    Total net revenues              92,017     86,285    358,819    326,248

Cost of revenues (1):
Recurring revenues                  16,991     16,711     68,953     62,329
Non-recurring revenues               9,890      9,953     43,505     39,623
Amortization of developed
 technology                          2,558      2,555     10,258      8,820
                                 ---------  ---------  ---------  ---------

    Total cost of revenues          29,439     29,219    122,716    110,772
                                 ---------  ---------  ---------  ---------

    Gross margin                    62,578     57,066    236,103    215,476

Operating expenses (1):
Sales and marketing                 18,566     19,496     74,688     74,807
Product development                 16,637     16,065     67,014     57,561
General and administrative          10,144      9,904     37,763     37,040
Amortization of other
 intangibles                           958        956      3,825      2,807
Restructuring charges                3,581        565      3,634        696
                                 ---------  ---------  ---------  ---------

    Total operating expenses        49,886     46,986    186,924    172,911
                                 ---------  ---------  ---------  ---------

Income from continuing
 operations                         12,692     10,080     49,179     42,565
Interest and other income
 (expense), net                       (515)      (406)    (1,620)    (1,243)
                                 ---------  ---------  ---------  ---------

Income from continuing
 operations before income taxes     12,177      9,674     47,559     41,322
Provision for income taxes           4,147      3,143     17,328     12,991
                                 ---------  ---------  ---------  ---------

    Net income from continuing
     operations                  $   8,030  $   6,531  $  30,231  $  28,331

Discontinued operation:
    Net (loss) income from
     discontinued operation (net
     of applicable taxes of
     $(8), $(114), $126, and
     $1,197, respectively)             (49)        66        184      1,839

                                 ---------  ---------  ---------  ---------
Net income                       $   7,981  $   6,597  $  30,415  $  30,170
                                 =========  =========  =========  =========

Basic net income per share (2):
    Continuing operations        $    0.16  $    0.13  $    0.60  $    0.55
    Discontinued operation            0.00       0.00       0.00       0.04
                                 ---------  ---------  ---------  ---------
        Total operations         $    0.16  $    0.13  $    0.60  $    0.58
                                 =========  =========  =========  =========

Diluted net income per share
 (2):
    Continuing operations        $    0.16  $    0.12  $    0.58  $    0.52
    Discontinued operation            0.00       0.00       0.00       0.03
                                 ---------  ---------  ---------  ---------
        Total operations         $    0.15  $    0.12  $    0.58  $    0.56
                                 =========  =========  =========  =========

Weighted average shares used to
 compute net income per share:
    Basic                           50,276     50,848     50,614     51,797
    Diluted                         51,802     53,051     52,425     54,085

(1) Includes stock-based
 employee compensation expense
 as follows:

    Cost of recurring revenues   $     595  $     619  $   2,405  $   2,154
    Cost of non-recurring
     revenues                          310        341      1,236      1,314
                                 ---------  ---------  ---------  ---------
        Total cost of revenues         905        960      3,641      3,468

    Sales and marketing              1,902      1,579      7,165      6,305
    Product development              1,483      1,340      5,821      5,138
    General and administrative       1,167      1,092      4,174      4,227
                                 ---------  ---------  ---------  ---------
        Total operating expenses     4,552      4,011     17,160     15,670
                                 ---------  ---------  ---------  ---------

    Total stock-based employee
     compensation expense        $   5,457  $   4,971  $  20,801  $  19,138
                                 =========  =========  =========  =========

(2) Net income per share is based on actual calculated values and totals
 may not sum due to rounding.



                           ADVENT SOFTWARE, INC.
              CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                               (In thousands)
                             (GAAP, Unaudited)

                                                     Twelve Months Ended
                                                         December 31
                                                 --------------------------
                                                     2012          2011
                                                 ------------  ------------
Cash flows from operating activities:
   Net income                                    $     30,415  $     30,170
   Adjustment to net income for discontinued
    operation                                            (184)       (1,839)
                                                 ------------  ------------
   Net income from continuing operations         $     30,231  $     28,331

   Adjustments to reconcile net income to net
    cash provided by operating activities from
    continuing operations:
      Stock-based compensation                         20,801        19,138
      Excess tax benefit from stock-based
       compensation                                    (7,785)       (7,055)
      Depreciation and amortization                    25,879        22,632
      Amortization of debt issuance costs                 381             -
      Provision for doubtful accounts                     403           230
      Provision for (reduction of) sales returns        1,154          (187)
      Non-cash impairment loss                              -           500
      Deferred income taxes                             5,230         4,700
      Other                                              (252)          103
                                                 ------------  ------------
            Effect of statement of operations
             adjustments                               45,811        40,061
      Changes in operating assets and
       liabilities:
         Accounts receivable                              575       (10,198)
         Prepaid and other assets                         822        (6,977)
         Accounts payable                              (5,368)        3,734
         Accrued liabilities                           (2,055)        3,069
         Deferred revenues                              7,151        18,560
         Income taxes payable                           9,453         6,604
                                                 ------------  ------------
            Effect of changes in operating
             assets and liabilities                    10,578        14,792
                                                 ------------  ------------

Net cash provided by operating activities from
 continuing operations                                 86,620        83,184

Cash flows from investing activities:
   Cash used in acquisitions, net of cash
    acquired                                             (700)      (97,092)
   Purchases of property and equipment                 (6,369)      (11,252)
   Capitalized software development costs              (2,137)       (2,358)
   Purchases of marketable securities                (220,994)      (89,236)
   Sales and maturities of marketable securities      118,588        87,428
   Change in restricted cash                               95             -
                                                 ------------  ------------

Net cash provided by investing activities from
 continuing operations                               (111,517)     (112,510)

Cash flows from financing activities:
   Proceeds from common stock issued from
    exercises of stock options                          5,173         7,189
   Withholding taxes related to equity award net
    share settlement                                   (5,496)       (5,775)
   Proceeds from common stock issued under the
    employee stock purchase plan                        6,661         6,158
   Repurchase of common stock                         (41,275)      (51,582)
   Proceeds from debt                                  50,000        50,000
   Repayment of debt                                   (5,000)            -
   Debt issuance costs                                      -        (1,901)
   Excess tax benefits from stock-based
    compensation                                        7,785         7,055
                                                 ------------  ------------

Net cash used in financing activities from
 continuing operations                                 17,848        11,144

Net cash transferred (to) from discontinued
 operation                                               (561)        1,655

Effect of exchange rate changes on cash and cash
 equivalents                                              302           104
                                                 ------------  ------------

Net change in cash and cash equivalents from
 continuing operations                                 (7,308)      (16,423)
Cash and cash equivalents of continuing
 operations at beginning of period                     65,525        81,948
                                                 ------------  ------------

Cash and cash equivalents of continuing
 operations at end of period                     $     58,217  $     65,525
                                                 ============  ============


                                                     Twelve Months Ended
                                                         December 31
                                                 --------------------------
                                                     2012          2011
                                                 ------------  ------------
Supplemental disclosure of cash flow information
Cash flow from discontiued operation:
   Net cash used in operating activities         $       (561) $     (1,349)
   Net cash provided by investing activities                -         3,004
   Net cash transferred from (to) continuing
    operations                                            561        (1,655)
   Effect of exchange rates on cash and cash
    equivalents                                             -             -
                                                 ------------  ------------
   Net change in cash and cash equivalents from
    discontinued operations                                 -             -
   Cash and cash equivalents of discontinued
    operation at beginning of period                        -             -
                                                 ------------  ------------
   Cash and cash equivalents of discontinued
    operation at end of period                   $          -  $          -
                                                 ============  ============

The cash flows from the discontinued operation, as presented in the
condensed consolidated statement of cash flows, relate to the operations of
MicroEdge.



                           ADVENT SOFTWARE, INC.
RECONCILIATION OF SELECTED CONTINUING OPERATIONS' GAAP MEASURES TO NON-GAAP
                                  MEASURES
                   (In thousands, except per share data)
                                (Unaudited)

To supplement our condensed consolidated financial statements presented on
a GAAP basis, Advent uses non-GAAP measures of continuing operations'
operating income, net income and net income per share, which are adjusted
to exclude certain costs, expenses, gains and losses we believe appropriate
to enhance an overall understanding of our past financial performance and
also our prospects for the future. These adjustments to our current period
GAAP results are made with the intent of providing both management and
investors a more complete understanding of Advent's underlying operational
results and trends and our marketplace performance. In addition, these
adjusted non-GAAP results are among the information management uses as a
basis for our planning and forecasting of future periods. The presentation
of this additional information is not meant to be considered in isolation
or as a substitute for results prepared in accordance with generally
accepted accounting principles in the United States of America.


                               Three Months Ended December 31, 2012 for
                                         Continuing Operations
                           ------------------------------------------------
                             Gross    Gross   Operating Operating     Net
                            Margin  Margin %    Income   Income %   Income
                           -------- --------  --------- ---------  --------

GAAP                       $ 62,578       68% $  12,692        14% $  8,030

   Amortization of
    acquired developed
    technology                1,908               1,908               1,908
   Amortization of other
    acquired intangibles          -                 958                 958
   Stock-based
    compensation - cost of
    revenues                    905                 905                 905
   Stock-based
    compensation -
    operating expenses            -               4,552               4,552
   Restructuring charges          -               3,581               3,581
   Income tax adjustment
    for non-GAAP (1)              -                   -              (4,281)

                           --------           ---------            --------
Non-GAAP                   $ 65,391       71% $  24,596        27% $ 15,653
                           ========           =========            ========

Diluted net income per
 share
   GAAP                                                            $   0.16
   Non-GAAP                                                        $   0.30

Shares used to compute
 diluted net income per
 share                                                               51,802

                               Three Months Ended December 31, 2011 for
                                         Continuing Operations
                           ------------------------------------------------
                             Gross    Gross   Operating Operating     Net
                            Margin  Margin %    Income   Income %   Income
                           -------- --------  --------- ---------  --------

GAAP                       $ 57,066       66% $  10,080        12% $  6,531

   Amortization of
    acquired developed
    technology                1,899               1,899               1,899
   Amortization of other
    acquired intangibles          -                 956                 956
   Stock-based
    compensation - cost of
    revenues                    960                 960                 960
   Stock-based
    compensation -
    operating expenses            -               4,011               4,011
   Restructuring charges          -                 565                 565
   Income tax adjustment
    for non-GAAP (1)              -                   -              (3,180)

                           --------           ---------            --------
Non-GAAP                   $ 59,925       69% $  18,471        21% $ 11,742
                           ========           =========            ========

Diluted net income per
 share
   GAAP                                                            $   0.12
   Non-GAAP                                                        $   0.22

Shares used to compute
 diluted net income per
 share                                                               53,051

(1) The estimated non-GAAP effective tax rate was 35% for the three months
    ended December 31, 2012 and 2011, respectively, and has been used to
    adjust the provision for income taxes for non-GAAP purposes.



                           ADVENT SOFTWARE, INC.
RECONCILIATION OF SELECTED CONTINUING OPERATIONS' GAAP MEASURES TO NON-GAAP
                                  MEASURES
                   (In thousands, except per share data)
                                (Unaudited)

To supplement our condensed consolidated financial statements presented on
a GAAP basis, Advent uses non-GAAP measures of continuing operations'
operating income, net income and net income per share, which are adjusted
to exclude certain costs, expenses, gains and losses we believe appropriate
to enhance an overall understanding of our past financial performance and
also our prospects for the future. These adjustments to our current period
GAAP results are made with the intent of providing both management and
investors a more complete understanding of Advent's underlying operational
results and trends and our marketplace performance. In addition, these
adjusted non-GAAP results are among the information management uses as a
basis for our planning and forecasting of future periods. The presentation
of this additional information is not meant to be considered in isolation
or as a substitute for results prepared in accordance with generally
accepted accounting principles in the United States of America.


                               Twelve Months Ended December 31, 2012 for
                                         Continuing Operations
                           ------------------------------------------------
                             Gross    Gross   Operating Operating     Net
                            Margin  Margin %    Income   Income %   Income
                           -------- --------  --------- ---------  --------

GAAP                       $236,103       66% $  49,179        14% $ 30,231

   Amortization of
    acquired developed
    technology                7,599               7,599               7,599
   Amortization of other
    acquired intangibles          -               3,825               3,825
   Stock-based
    compensation - cost of
    revenues                  3,641               3,641               3,641
   Stock-based
    compensation -
    operating expenses            -              17,160              17,160
   Restructuring charges          -               3,634               3,634
   Income tax adjustment
    for non-GAAP (1)              -                   -             (11,868)

                           --------           ---------            --------
Non-GAAP                   $247,343       69% $  85,038        24% $ 54,222
                           ========           =========            ========

Diluted net income per
 share
   GAAP                                                            $   0.58
   Non-GAAP                                                        $   1.03

Shares used to compute
 diluted net income per
 share                                                               52,425

                               Twelve Months Ended December 31, 2011 for
                                         Continuing Operations
                           ------------------------------------------------
                             Gross    Gross   Operating Operating     Net
                            Margin  Margin %    Income   Income %   Income
                           -------- --------  --------- ---------  --------

GAAP                       $215,476       66% $  42,565        13% $ 28,331

   Amortization of
    acquired developed
    technology                6,019               6,019               6,019
   Amortization of other
    acquired intangibles          -               2,807               2,807
   Stock-based
    compensation - cost of
    revenues                  3,468               3,468               3,468
   Stock-based
    compensation -
    operating expenses            -              15,670              15,670
   Acquisition related            -                 936                 936
   Investment loss                -                   -                 500
   Restructuring charges          -                 696                 696
   Income tax adjustment
    for non-GAAP (1)              -                   -             (12,005)

                           --------           ---------            --------
Non-GAAP                   $224,963       69% $  72,161        22% $ 46,422
                           ========           =========            ========

Diluted net income per
 share
   GAAP                                                            $   0.52
   Non-GAAP                                                        $   0.86

Shares used to compute
 diluted net income per
 share                                                               54,085

(1) The estimated non-GAAP effective tax rate was 35% for the twelve months
    ended December 31, 2012 and 2011, respectively, and has been used to
    adjust the provision for income taxes for non-GAAP purposes.



                            ADVENT SOFTWARE, INC.
 RECONCILIATION OF PROJECTED CONTINUING OPERATIONS' GAAP OPERATING INCOME %
                       TO NON-GAAP OPERATING INCOME %
                         (Preliminary and unaudited)

Advent provides projections of non-GAAP measures of its continuing
operations' operating income. These non-GAAP measures exclude certain costs,
expenses, gains and losses which it believes is appropriate to enhance an
overall understanding of our past financial performance and also our
prospects for the future. These adjustments to our projected continuing
operations' GAAP results are made with the intent of providing management
and investors a more complete understanding of Advent's underlying
operational results and trends and our marketplace performance. In addition,
these adjusted non-GAAP projections are among the information management
uses as a basis for planning and forecasting of future periods. The
presentation of this additional information is not meant to be considered in
isolation or as a substitute for results prepared in accordance with
generally accepted accounting principles in the United States of America.

                                           Twelve Months Ending December 31,
                                                          2013
                                                 Continuing Operations
                                                   Operating Income %
                                           ---------------------------------

Projected GAAP                                17.5%        to       18.0%
                                           =================================

    Projected amortization of acquired
     developed technology and other
     acquired intangible asset adjustment                 3.0%
    Projected stock-based compensation
     adjustment                                           6.0%
    Projected restructuring charge
     adjustment                                           0.5%

                                           ---------------------------------
Projected non-GAAP                            27.0%        to       27.5%
                                           =================================

CONTACT
Media Contact:
Amanda Diamondstein-Cieplinska
Advent Software, Inc.
(415) 645-1668
Email Contact

Investor Relations Contact:
Heidi Flaherty
Advent Software, Inc.
(415) 645-1145
Email Contact

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
"delaPlex is a software development company. We do team-based outsourcing development," explained Mark Rivers, COO and Co-founder of delaPlex Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
IoT is rapidly changing the way enterprises are using data to improve business decision-making. In order to derive business value, organizations must unlock insights from the data gathered and then act on these. In their session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, and Peter Shashkin, Head of Development Department at EastBanc Technologies, discussed how one organization leveraged IoT, cloud technology and data analysis to improve customer experiences and effi...
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discussed how businesses can gain an edge over competitors by empowering consumers to take control through IoT. He cited examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He also highlighted how IoT can revitalize and restore outdated business models, making them profitable ...
There are several IoTs: the Industrial Internet, Consumer Wearables, Wearables and Healthcare, Supply Chains, and the movement toward Smart Grids, Cities, Regions, and Nations. There are competing communications standards every step of the way, a bewildering array of sensors and devices, and an entire world of competing data analytics platforms. To some this appears to be chaos. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Bradley Holt, Developer Advocate a...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, wh...
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, discussed how research has demonstrated the value of Machine Learning in delivering next generation analytics to imp...
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, explored the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences between wh...
Connected devices and the industrial internet are growing exponentially every year with Cisco expecting 50 billion devices to be in operation by 2020. In this period of growth, location-based insights are becoming invaluable to many businesses as they adopt new connected technologies. Knowing when and where these devices connect from is critical for a number of scenarios in supply chain management, disaster management, emergency response, M2M, location marketing and more. In his session at @Th...
Basho Technologies has announced the latest release of Basho Riak TS, version 1.3. Riak TS is an enterprise-grade NoSQL database optimized for Internet of Things (IoT). The open source version enables developers to download the software for free and use it in production as well as make contributions to the code and develop applications around Riak TS. Enhancements to Riak TS make it quick, easy and cost-effective to spin up an instance to test new ideas and build IoT applications. In addition to...
When people aren’t talking about VMs and containers, they’re talking about serverless architecture. Serverless is about no maintenance. It means you are not worried about low-level infrastructural and operational details. An event-driven serverless platform is a great use case for IoT. In his session at @ThingsExpo, Animesh Singh, an STSM and Lead for IBM Cloud Platform and Infrastructure, will detail how to build a distributed serverless, polyglot, microservices framework using open source tec...
Apixio Inc. has raised $19.3 million in Series D venture capital funding led by SSM Partners with participation from First Analysis, Bain Capital Ventures and Apixio’s largest angel investor. Apixio will dedicate the proceeds toward advancing and scaling products powered by its cognitive computing platform, further enabling insights for optimal patient care. The Series D funding comes as Apixio experiences strong momentum and increasing demand for its HCC Profiler solution, which mines unstruc...
IoT offers a value of almost $4 trillion to the manufacturing industry through platforms that can improve margins, optimize operations & drive high performance work teams. By using IoT technologies as a foundation, manufacturing customers are integrating worker safety with manufacturing systems, driving deep collaboration and utilizing analytics to exponentially increased per-unit margins. However, as Benoit Lheureux, the VP for Research at Gartner points out, “IoT project implementers often ...
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his Day 2 Keynote at @ThingsExpo, Henrik Kenani Dahlgren, Portfolio Marketing Manager at Ericsson, discussed how to plan to cooperate, partner, and form lasting all-star teams to change t...
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...
Presidio has received the 2015 EMC Partner Services Quality Award from EMC Corporation for achieving outstanding service excellence and customer satisfaction as measured by the EMC Partner Services Quality (PSQ) program. Presidio was also honored as the 2015 EMC Americas Marketing Excellence Partner of the Year and 2015 Mid-Market East Partner of the Year. The EMC PSQ program is a project-specific survey program designed for partners with Service Partner designations to solicit customer feedbac...
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
SYS-CON Events announced today that Bsquare has been named “Silver Sponsor” of SYS-CON's @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. For more than two decades, Bsquare has helped its customers extract business value from a broad array of physical assets by making them intelligent, connecting them, and using the data they generate to optimize business processes.
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...