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TIBCO Software Reports Fourth Quarter and Fiscal Year 2012

TIBCO Software Reports Fourth Quarter and Fiscal Year 2012 Financial
Results 
Full Year Revenue Exceeds $1 Billion for the First Time; Non-GAAP EPS
of $1.15 
PALO ALTO, CA -- (Marketwire) -- 12/20/12 --  TIBCO Software Inc.
(NASDAQ: TIBX) today announced results for its fourth quarter and
fiscal year, which ended on November 30, 2012.  
Total revenue for the fourth quarter of fiscal 2012 was $296.5
million and net income was $48.8 million, or $0.29 per diluted share.
This compares to total revenue of $289.5 million and net income of
$51.9 million, or $0.30 per diluted share, as reported for the fourth
quarter of fiscal 2011.  
On a non-GAAP basis, net income for the fourth quarter of fiscal 2012
was $70.7 million or $0.42 per diluted share, compared with $72.2
million or $0.42 per diluted share for the fourth quarter of fiscal
2011. Non-GAAP operating income for the fourth quarter of fiscal 2012
was $98.2 million, resulting in a non-GAAP operating margin of 33%.
This compares to non-GAAP operating income of $99.8 million, or a 34%
non-GAAP operating margin in the fourth quarter of fiscal 2011.
Non-GAAP results exclude amortization of acquired intangible assets,
stock-based compensation expense, acquisition related and other
expenses and restructuring activities and assumes a non-GAAP
effective tax rate of 26% for fiscal 2012 and 28% for fiscal 2011.  
"Despite weakness in our Americas infrastructure business in Q4,
TIBCO delivered another record year of revenue and profitability in
2012," said Vivek Ranadive, TIBCO's chairman and chief executive
officer. "As we enter 2013, we are confident about our market
position and see many avenues of growth for our business. The world
continues to accelerate its shift towards operating in real-time,
requiring companies to find more and better ways to integrate their
businesses and understand the information and events that drive
performance. This trend continues to create demand for our
event-driven platform. Our focus in the new year is on investing for
innovation and growth, delivering extreme value to our customers, and
executing with consistency." 
Fourth Quarter Fiscal 2012 Highlights 


 
--  Total revenue of $296.5 million;
--  License revenue of $136.3 million;
--  Non-GAAP operating margin of 33%;
--  No
n-GAAP EPS of $0.42;
--  Cash flow from operations of $72.0 million;
--  Strong mix of business across major industries including Financial
    Services, Energy, Telecommunications, Life Sciences, Manufacturing,
    and Retail; and
--  TIBCO closed 195 deals over $100k and had 25 deals over $1 million.

  
Full Year Fiscal 2012 Highlights 


 
--  Record total revenue of $1,024.6 million;
--  License revenue of $410.3 million;
--  Non-GAAP operating margin of 27%;
--  Record non-GAAP EPS of $1.15, vs. $1.01 for fiscal 2011;
--  Cash flow from operations of $237.4 million; and
--  Repurchased 7.6 million shares.

  
Conference Call Details 
TIBCO has scheduled a conference call for 4:30 pm ET / 1:30 pm PT
today to discuss its fourth quarter results. The conference call will
be hosted by InterCall and may be accessed over the internet at
www.tibco.com or via dial-in at 877-293-9114 or 706-758-2055. Please
join the conference call at least 10 minutes early to register. A
replay of the conference call will be available until midnight PT on
January 20, 2013 at www.tibco.com or via dial-in at 800-585-8367 or
404-537-3406. The pass code for both the call and the replay is
77950749. 
About TIBCO
 TIBCO Software Inc. (NASDAQ: TIBX) is a provider of
infrastructure software for companies to use on-premise or as part of
cloud computing environments. Whether it's optimizing claims,
processing trades, cross-selling products based on real-time customer
behavior, or averting a crisis before it happens, TIBCO provides
companies the two-second advantage(R) -- the ability to capture the
right information at the right time and act on it preemptively for a
competitive advantage. More than 4,000 customers worldwide rely on
TIBCO to manage information, decisions, processes and applications in
real time. Learn more at www.tibco.com. 
TIBCO, two-second advantage, and TIBCO Software are trademarks or
registered trademarks of TIBCO Software Inc. in the United States
and/or other countries. All other product and company names and marks
mentioned in this document are the property of their respective
owners and are mentioned for identification purposes only. 
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 section entitled "About Non-GAAP
Financial Measures" and the accompanying table entitled
"Reconciliation of GAAP to Non-GAAP Measures." 
Legal Notice Regarding Forward-Looking Statements 
This release contains forward-looking statements within the meaning
of the "safe harbor" provisions of the federal securities laws. The
final financial results for fourth quarter of fiscal year 2012 may
differ materially from the preliminary results presented in this
release due to factors that include, but are not limited to, risks
associated with the final review of the results and preparation of
financial statements. In addition, forward-looking statements such as
statements regarding future avenues of growth for TIBCO's business,
growing demand for TIBCO's event-driven platform, TIBCO's ability to
invest in innovation and growth, TIBCO's ability to deliver extreme
value to customers, and TIBCO's ability to execute with consistency,
are subject to risks and uncertainties that could cause actual
results to differ materially from such forward-looking statements.
These risks include but are not limited to: risks arising from
adverse changes and uncertainty in domestic and global economies,
TIBCO's ability to develop products that address changing market
demands, the impact of competition from alternative business models
and new product introductions, TIBCO's ability to offer
differentiated products that capitalize on current technology trends,
the impact of competition from companies that are larger or have
greater resources than TIBCO, and TIBCO's ability to execute on its
strategy. Additional information regarding potential risks is
provided in TIBCO's filings with the SEC, including its most recent
Annual Report on Form 10-K for the year ended November 30, 2011 and
Quarterly Report on Form 10-Q for the quarter ended September 2,
2012. TIBCO assumes no obligation to update the forward-looking
statements included in this release. 


 
                                                                            
                             TIBCO Software Inc.                            
                    Condensed Consolidated Balance Sheets                   
                                 (unaudited)                                
                               (in thousands)                               
                                                                            
                                                                            
                                                          November 30,      
                                                    ------------------------
                                            
            2012         2011   
                                                    -----------  -----------
                                                                            
                       ASSETS                                               
                                                                            
Current assets:                                                             
  Cash and cash equivalents                         $   727,309  $   308,148
  Short-term investments                                 34,411          225
  Accounts receivable, net                              234,100      196,419
  Prepaid expenses and other current assets              61,174       61,864
                                                    -----------  -----------
    Total current assets                              1,056,994      566,656
                                                                            
Property and equipment, net                              98,474       89,871
Goodwill                                                532,290      451,821
Acquired intangible assets, net                         123,261       97,258
Long-term deferred income tax assets                     64,549       78,656
Other assets                                             71,340       48,676
                                                    -----------  -----------
    Total assets                                    $ 1,946,908  $ 1,332,938
                                                    ===========  ===========
                                                                            
               LIABILITIES AND EQUITY                                       
                                                                            
Current liabilities:                                                        
  Accounts payable                                  $    22,809  $    25,802
  Accrued liabilities                                   133,596      129,168
  Accrued restructuring costs                               893        6,792
  Deferred revenue                                      263,476      210,234
  Current portion of long-term debt                      35,711        2,397
                                                    -----------  -----------
    Total current liabilities                           456,485      374,393
                                                                            
Accrued restructuring costs, less current portion           643        1,050
Long-term deferred revenue                               25,543       14,876
Long-term deferred income tax liabilities                 3,208        4,540
Long-term income tax liabilities                         26,263       20,772
Other long-term liabilities                               4,015        2,445
Long-term debt, less current portion                          -       65,711
Convertible debt                                        524,466            -
                                                    -----------  -----------
    Total long-term liabilities                         584,138      109,394
                                                    -----------  -----------
    Total liabilities                                 1,040,623      483,787
                                                    -----------  -----------
                                                                            
Total equity                                            906,285      849,151
                                                    -----------  -----------
    Total liabilities and equity                    $ 1,946,908  $ 1,332,938
                                                    ===========  ===========
                                                                            
                                                                            
                                                                            
                            TIBCO Software Inc.                             
              Condensed Consolidated Statements of Operations               
                                (unaudited)                                 
                (in thousands, except net income per share)                 
                                                                            
                                                                            
                               Three Months Ended          Year Ended       
                                  November 30,            November 30,      
                             ----------------------  ---------------------- 
                                2012        2011        2012        2011    
                             ----------  ----------  ----------  ---------- 
Revenue:                                                                    
  License                    $  136,307  $  134,706  $  410,306  $  377,618 
  Service and maintenance       160,220     154,805     614,307     542,628 
                             ----------  ----------  ----------  ---------- 
    Total revenue               296,527     289,511   1,024,613     920,246 
                             ----------  ----------  ----------  ---------- 
                                                                            
Cost of revenue:                                                            
  License                        11,554       9,743      41,363      35,309 
  Service and maintenance        64,035      59,604     241,452     212,066 
                             ----------  ----------  ----------  ---------- 
    Total cost of revenue        75,589      69,347     282,815     247,375 
                             ----------  ----------  ----------  ---------- 
Gross profit                    220,938     220,164     741,798     672,871 
                             ----------  ----------  ----------  ---------- 
                                                                            
Operating expenses:                                                         
  Research and development       39,255      38,271     154,535     143,173 
  Sales and marketing            85,557      81,752     317,001     285,366 
  General and administrative     17,960      16,330      70,868      59,990 
  Amortization of acquired                                                  
   intangible assets              4,813       4,596      19,654      19,149 
  Acquisition related and                                                   
   other                            502         154       2,672       1,840 
  Restructuring adjustment         (201)      8,816        (648)      8,926 
                             ----------  ----------  ----------  ---------- 
    Total operating expenses    147,886     149,919     564,082     518,444 
                             ----------  ----------  ----------  ---------- 
                                                                            
Income from operations           73,052      70,245     177,716     154,427 
                                                                            
  Interest income                   267         198       1,109       1,374 
  Interest expense               (8,823)     (1,083)    (23,396)     (4,020)
 
  Other income (expense), net      (357)         83        (115)     (1,846)
                             ----------  ----------  ----------  ---------- 
                                                                            
Income before provision for                                                 
 income taxes and                                                           
 noncontrolling interest         64,139      69,443     155,314     149,935 
                                                                            
Provision for income taxes       15,300      17,504      33,200      37,300 
                                                                            
                             ----------  ----------  ----------  ---------- 
Net income                       48,839      51,939     122,114     112,635 
                                                                            
Less: Net income attributable                                               
 to nonc
ontrolling interest          51          61         107         229 
                                                                            
                             ----------  ----------  ----------  ---------- 
Net income attributable to                                                  
 TIBCO Software Inc.         $   48,788  $   51,878  $  122,007  $  112,406 
                             ==========  ==========  ==========  ========== 
                                                                            
Net income per share                                                        
 attributable to TIBCO                                                      
 Software Inc.:                                                             
  Basic                      $     0.30  $     0.32  $     0.76  $     0.70 
                             ==========  ==========  ==========  ========== 
  Diluted                    $     0.29  $     0.30  $     0.72  $     0.65 
                             ==========  ==========  ==========  ========== 
                                                                            
Shares used to compute net                                                  
 income per share                                                           
 attributable to TIBCO                                                      
 Software Inc.:                                     
                        
  Basic                         160,115     161,586     160,330     161,469 
                             ==========  ==========  ==========  ========== 
  Diluted                       169,284     171,978     169,698     173,272 
                             ==========  ==========  ==========  ========== 
                                                                            
                                                                            
                                                                            
                            TIBCO Software Inc.                             
              Condensed Consolidated Statements of Cash Flows               
                                (unaudited)                                 
                               (in thousands)                               
                                                                            
                                                          Year Ended        
                                                         November 30,       
                                                   ------------------------ 
                                                       2012         2011    
                                                   -----------  ----------- 
                                                                            
Cash flows from op
erating activities:                                       
  Net income                                       $   122,114  $   112,635 
  Adjustments to reconcile net income to net cash                           
   provided by operating activities:                                        
    Depreciation of property and equipment              14,931       13,145 
    Amortization of acquired intangible assets          35,553       34,661 
    Amortization of debt discount and transaction                           
     costs                                              11,465          772 
    Stock-based compensation                            61,146       48,867 
    Deferred income tax                                (20,351)       1,266 
    Tax benefits related to stock benefit plans         24,561        8,552 
    Excess tax benefits from stock-based                                    
     compensation                                      (30,311)     (41,950)
    Other non-cash adjustments, net                      1,486          476 
  Changes in assets and liabilities:                                        
    Accounts receivable                                (37,171)      (3,312)
    Prepaid expenses and other assets                   (1,880)       4,859 
    Accounts payable                                    (3,036)         501 
    Accrued liabilities and restructuring costs         (1,542)       7,015 
    Deferred revenue                                    60,395       20,563 
                                                   -----------  ----------- 
      Net cash provided by operating activities        237,360      208,050 
                                                   -----------  ----------- 
                                                                            
Cash flows from investing activities:                                       
  Purchases of short-term investments                  (41,409)         (76)
  Maturities and sales of short-term investments         7,229        1,451 
  Acquisitions, net of cash acquired                  (132,209)     (63,610)
  Purchases of property and equipment                  (23,723)     (13,971)
  Restricted cash pledged as security                   (1,169)      (3,234)
  Other investing activities, net                          326            - 
                                                   -----------  ----------- 
    Net cash used in investing activities             (190,955)     (79,440)
                                                   -----------  ----------- 
                                                                            
Cash flows from financing activities:                                       
  Proceeds from issuance of convertible debt, net      584,450            - 
  Proceeds from revolving cr
edit facility, net         116,648       30,000 
  Principal payments on debt                          (152,397)      (2,269)
  Proceeds from issuance of common stock                33,417       80,610 
  Repurchases of the Company's common stock           (220,265)    (194,059)
  Withholding taxes related to restricted stock net                         
   share settlement                                    (18,212)     (17,922)
  Excess tax benefits from stock-based compensation     30,311       41,950 
                                                   -----------  ----------- 
    Net cash provided by (used in) financing                                
     activities                                        373,952      (61,690)
                                                   -----------  ----------- 
                                                                            
Effect of foreign exchange rate changes on cash and                         
 cash equivalents                                       (1,196)      (2,761)
                                                   -----------  ----------- 
                                                                            
Net change in cash and cash equivalents                419,161       64,159 
                                                                            
Cash and cash equivalents at beginning of period       308,148      243,989 
                                                                            
                                                   -----------  ----------- 
Cash and cash equivalents at end of period         $   727,309  $   308,148 
                                                   ===========  =========== 

 
About Non-GAAP Financial Measures 
TIBCO provides non-GAAP measures for operating income, net income and
net income per share data as supplemental information regarding
TIBCO's business performance. TIBCO believes that these non-GAAP
financial measures are useful to investors because they exclude
non-operating charges. TIBCO's management excludes these
non-operating charges when it internally evaluates the performance of
TIBCO's business and makes operating decisions, including internal
budgeting, performance measurement and the calculation of bonuses and
discretionary compensation, because these measures provide a
consistent method of comparison to historical periods. Moreover,
management believes these non-GAAP measures reflect the essential
revenue generation activities of TIBCO. Accordingly, management
excludes stock-based compensation related to employee stock options,
amortization of acquired intangible assets, costs related to formal
restructuring activities, acquisition-related and other expenses,
non-cash interest expense related to convertible debt, gains and
losses on equity investments, and the income tax effects of the
foregoing, as well as adjustments for the impact of changes in the
valuation allowance recorded against TIBCO's deferred tax assets when
making operational decisions. 
TIBCO believes that providing the non-GAAP measures that management
uses to its investors is useful to investors for a number of reasons.
The non-GAAP measures provide a consistent basis for investors to
understand TIBCO's financial performance on a trended basis across
historical periods. In addition, it allows investors to evaluate
TIBCO's performance using the same methodology and information as
that used by TIBCO's management. 
Non-GAAP measures are subject to material limitations as these
measures are not in accordance with, or a substitute for, GAAP and
thus TIBCO's definition may be different from similar non-GAAP
measures used by other companies and/or analysts. However, TIBCO's
management compensates for these limitations by providing the
relevant disclosure of the items excluded in the calculation of
non-GAAP operating income, non-GAAP net income and non-GAAP net
income per share. In addition, some items such as restructuring
charges that are excluded from non-GAAP net income and non-GAAP
earnings per share can have a material impact on cash flows and stock
compensation charges can have a significant impact on earnings.
Management compensates for these limitations by evaluating the
non-GAAP measure together with the most directly comparable GAAP
measure. TIBCO has historically provided non-GAAP measures to the
investment community as a supplement to its GAAP results, to enable
investors to evaluate TIBCO's business performance in the way that
management does. 
The non-GAAP adjustments, and the basis for excluding them, are
outlined below: 
Amortization of Intangible Assets 
TIBCO has incurred amortization of intangible assets, included in its
GAAP financial statements, related to various acquisitions TIBCO has
made. Management excludes these items, for the purposes of
calculating non-GAAP operating income, non-GAAP net income and
non-GAAP net income per share. TIBCO believes that eliminating this
expense from its non-GAAP measures is useful to investors, because
the amortization of intangible assets can be inconsistent in amount
and frequency and is significantly impacted by the timing and
magnitude of TIBCO's acquisition transactions, which also vary
substantially in frequency from period to period. 
Stock-based Compensation 
TIBCO incurs stock-based compensation expense. TIBCO excludes this
item for the purposes of calculating non-GAAP operating income,
non-GAAP net income and non-GAAP net income per share because it is a
non-cash expense that TIBCO believes is not reflective of its
business performance. The nature of the stock-based compensation
expense also makes it very difficult to estimate prospectively, since
the expense will vary with changes in the stock price and market
conditions at the time of new grants, varying valuation
methodologies, subjective assumptions and different award types,
making the comparison of current results with forward-looking
guidance potentially difficult for investors to interpret. The tax
effects of stock-based compensation expenses may also vary
significantly from period to period, without any change in underlying
operational performance, thereby obscuring the underlying
profitability of operations relative to prior periods. Finally, TIBCO
believes that non-GAAP measures of profitability that exclude
stock-based compensation are widely used by analysts and investors in
the software industry. 
Acquisition-related and Other Expenses 
TIBCO incurs acquisition-related and other expenses which consist of
costs incurred after the issuance of a definitive term sheet for a
particular transaction (whether or not such transaction is ultimately
completed, remains in process or is not completed) and include legal,
banker, accounting and other advisory fees of third parties and
severance costs for employees of the acquired company that are
terminated within 90 days of the acquisition date. Management
excludes these items, for the purposes of calculating non-GAAP
operating income, non-GAAP net income and non-GAAP net income per
share. TIBCO believes that eliminating these expenses from its
non-GAAP measures is useful to investors, because it generally would
not have otherwise incurred such expenses in the periods presented as
part of its continuing operations. The acquisition-related and other
expenses are not recurring with respect to past transactions, can be
inconsistent in amount and frequency from period to period and are
significantly impacted by the timing and magnitude of TIBCO's
acquisitions. While these expenses are not recurring with respect to
past transactions, TIBCO generally will incur these expenses in
connection with any future acquisitions.  
Restructuring Activities 
TIBCO incurs restructuring expenses, included in its GAAP
presentation of operating expense, primarily due to workforce related
charges such as payments for severance and benefits and estimated
costs of exiting and terminating facility lease commitments related
to a formal restructuring plan. TIBCO excludes these items, for the
purposes of calculating non-GAAP operating income, non-GAAP net
income and non-GAAP net income per share, when it evaluates the
continuing business performance of TIBCO. TIBCO believes that these
items are not consistently recurring and do not necessarily reflect
expected future operating expense, nor does TIBCO believe that they
provide a meaningful evaluation of current versus past business
results or the expense levels required to support TIBCO's operating
plan.  
Non-Cash Interest Expense Related to Convertible Debt 
TIBCO is required to recognize non-cash interest expense related to
its 2.25% convertible senior notes issued in April 2012 as an imputed
interest expense. Management excludes this incremental non-cash
interest expense for purposes of calculating non-GAAP net income and
non-GAAP net income per share. Under the relevant accounting
guidance, TIBCO is required to separate the conversion option as an
equity component from the debt and account for the debt in a manner
that reflects TIBCO's non-convertible debt borrowing rate. This
results in the debt component of the convertible notes being treated
as though it was issued at a discount, with the debt discount being
accreted as additional non-cash interest expense over the term of the
notes using the effective interest method. TIBCO believes that
excluding this expense from its non-GAAP measures is useful to
investors because this incremental interest expense does not
represent a cash outflow for the company and is not meaningful in
evaluating current versus past business results. Finally, TIBCO
believes that non-GAAP measures of profitability that exclude
non-cash interest accretion expense are widely used by analysts and
investors. 


 
                                                                            
                             TIBCO Software Inc.                            
                 Reconciliation of GAAP to Non-GAAP Measures                
                                 (unaudited)                                
                 (in thousands, except net income per share)                
                                                                           
                                                                           
                                  Three Months Ended November 30,          
                         ------------------------------------------------- 
                                   2012                      2011          
                         ------------------------  ----------------------- 
                                      Net income               Net income  
                                     attributable             attributable 
                          Operating    to TIBCO     Operating   to TIBCO   
                           Income      Software      Income     Software   
                                         Inc.                     Inc.     
                         ----------  ------------  ---------- ------------ 
                                                                           
GAAP                     $   73,052  $     48,788  $   70,245 $     51,878 
                                                                           
  Amortization of                                                          
   intangible assets -                                                     
   cost of revenue            4,021         4,021       3,277        3,277 
  Amortization of                                                          
   intangible assets -                                                     
   operating expense          4,813         4,813       4,596        4,596 
  Stock-based                                                              
   compensation - cost of                                                  
   revenue                    1,431         1,431       1,167        1,167 
  Stock-based                                                              
   compensation - R&D                                                      
   expense                    3,887         3,887       2,856        2,856 
  Stock-based                                                              
   compensation - S&M                                                      
   expense                    5,844         5,844       4,350        4,350 
  Stock-based                                                              
   compensation - G&A                                                      
   expense                    4,854         4,854       4,308        4,308 
  Acquisition related and                                                  
   other                        502           502         154          154 
  Non-cash interest                                                        
   expense related to                                                      
   convertible debt               -         3,751           -            - 
  Restructuring                                                            
   adjustment                  (201)         (201)      8,816        8,816 
  Income tax adjustment                                                    
   for non-GAAP                   -        (7,030)          -       (9,217)
                                                                           
                         ----------  ------------  ---------- ------------ 
Non-GAAP                 $   98,203  $     70,660  $   99,769 $     72,185 
                         ==========  ============  ========== ============ 
                                                                           
Diluted net income per                                                     
 share attributable to                                                     
 TIBCO Software Inc.:                                                      
                                                                           
  GAAP                               $       0.29             $       0.30 
                                     ============             ============ 
                                                                           
  Non-GAAP                           $       0.42             $       0.42 
                                     ============             ============ 
Shares used to compute                                                     
 diluted net income per                                                    
 share attributable to                                                     
 TIBCO Software Inc.:                     169,284                  171,978 
                                     ============             ============ 
                                                                           
 
                                                                            
                                                                            
                                       Year Ended November 30,              
                          ------------------------------------------------- 
                                    2012                      2011          
                          ------------------------  ----------------------- 
                                       Net income               Net income  
                                      attributable             attributable 
                           Operating    to TIBCO     Operating   to TIBCO   
                            Income      Software      Income     Software   
                                          Inc.                     Inc.     
                          ----------  ------------  ---------- ------------ 
                                                                            
GAAP                      $  177,716  $    122,007  $  154,427 $    112,406 
                                                                            
  Amortization of                                                           
   intangible assets -                                                      
   cost of revenue            15,899        15,899      15,512       15,512 
  Amortization of                                                           
   intangible assets -                                                      
   operating expense          19,654        19,654      19,149       19,149 
  Stock-based                                                               
   compensation - cost of                                                   
   revenue                     5,142         5,142       4,715        4,715 
  Stock-based                                                               
   compensation - R&D                                                       
   expense                    15,131        15,131      11,441       11,441 
  Stock-based                                                               
   compensation - S&M                                                       
   expense                    21,211        21,211      17,206       17,206 
  Stock-based                                                               
   compensation - G&A                                                       
   expense                    19,662        19,662      15,505       15,505 
  Acquisition related and                                                   
   other                       2,672         2,672       1,840        1,840 
  Non-cash interest                                                         
   expense related to                                                       
   convertible debt                -         9,032           -            - 
  Restructuring                                                             
   adjustment                   (648)         (648)      8,926        8,926 
  Income tax adjustment                                                     
   for non-GAAP                    -       (35,037)          -      (31,431)
                                                                            
                          ----------  ------------  ---------- ------------ 
Non-GAAP                  $  276,439  $    194,725  $  248,721 $    175,269 
                          ==========  ============  ========== ============ 
                                                                            
Diluted net income per                                                      
 share attributable to                                                      
 TIBCO Software Inc.:                                                       
                                                                            
  GAAP                                $       0.72             $       0.65 
                                      ============             ============ 
                                                                            
  Non-GAAP                            $       1.15             $       1.01 
                                      ============             ============ 
Shares used to compute                                                      
 diluted net income per                                                     
 share attributable to                                                      
 TIBCO Software Inc.:                      169,698                  173,272 
                                      ============             ============ 

  
Media Relations Contact:
Leslie Moore
TIBCO Software Inc.
(650) 846-5025
lmoore@tibco.com 
Investor Relations Contact:
Matthew Langdon
TIBCO Software Inc.
(650) 846-5747
mlangdon@tibco.com 
 
 
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