SOURCE: Advent Software, Inc.

Advent Software, Inc.

February 04, 2013 19:42 ET

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 - Feb 4, 2013) - 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
December 31
    Twelve Months Ended
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
Margin
  Gross
Margin %
    Operating Income   Operating Income %     Net
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
Margin
  Gross
Margin %
    Operating Income   Operating Income %     Net
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 Information

  • 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