TIBCO Software Reports Second Quarter Results

TIBCO Software Reports Second Quarter Results 
Total Revenue of $246 Million; Non-GAAP EPS of $0.18 
PALO ALTO, CA -- (Marketwired) -- 06/20/13 --  TIBCO Software Inc.
(NASDAQ: TIBX) today announced results for its fiscal second quarter
which ended on June 2, 2013. 
Total revenue for the second quarter of fiscal 2013 was $245.8
million and net income was $8.7 million, or $0.05 per diluted share.
This compares to total revenue of $247.4 million and net income of
$26.5 million, or $0.16 per diluted share, as reported for the second
quarter of fiscal 2012. 
On a non-GAAP basis, net income for the second quarter of fiscal 2013
was $29.7 million or $0.18 per diluted share, compared with $43.6
million or $0.26 per diluted share for the second quarter of fiscal
2012. Non-GAAP operating income for the second quarter of fiscal 2013
was $45.3 million, resulting in a non-GAAP operating margin of 18.4%.
This compares to non-GAAP operating income of $61.8 million, or a
25.0% non-GAAP operating margin in the second quarter of fiscal 2012.
Non-GAAP results exclude amortization of acquired intangible assets,
stock-based compensation expense, acquisition related and other
expenses, restructuring activities and non-cash interest expense
related to convertible debt and assumes non-GAAP effective tax rates
of 26% and 27% for the second quarter of fiscal 2013 and 2012,
respectively. 
"Improving sales execution remains our top priority. While work
remains to be done, we saw signs of improvement and a healthier base
of activity this quarter," said Vivek Ranadive, TIBCO's chairman and
chief executive officer. "Given the opportunity we see, we continue
to invest for growth and innovation. Our ability to extract insights
from static and real-time data and then operationalize those insights
to help customers achieve the Two Second Advantage is a powerful
driver and well-aligned with market needs in this era of big data."  
Second Quarter Fiscal 2013 Highlights  


 
--  Total revenue of $245.8 million;
--  License revenue of $82.3 million;
--  Non-GAAP operating margin of 18.4%;
--  Non-GAAP EPS of $0.18;
--  Cash flow from operations of $24.9 million;
--  Broad mix of business across major industries including Financial
    Services, Communications, Energy, Retail, Manufacturing,
    Transportation & Logistics, Government, Life Sciences;
--  TIBCO closed 147 deals over $100k and had 12 deals over $1 million.

  
Conference Call Details 
TIBCO has scheduled a conference call for 4:30 pm ET / 1:30 pm PT
today to discuss its second 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 706-679-0841. Please
join the conference call at least 10 minutes early to register. A
replay of the conference call will be available until midnight ET on
July 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
91499868. 
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 second quarter of fiscal year 2013 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 TIBCO's ability to improve its sales execution,
TIBCO's ability to deliver growth, and TIBCO's ability to benefit
from current IT trends, 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 implement successfully the
changes designed to improve performance and drive growth, 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, and the impact of
competition from companies that are larger or have greater resources
than TIBCO. 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, 2012 and
Quarterly Report on Form 10-Q for the quarter ended March 3, 2013.
TIBCO assumes no obligation to update the forward-looking statements
included in this release.  


 
                                                                            
                             TIBCO Software Inc.                            
                    Condensed Consolidated Balance Sheets                   
                                 (unaudited)                                
                               (in thousands)                               
                                                                            
                                                                            
                                                      June 2,   November 30,
                                                       2013         2012    
                                                   ------------ ------------
                                                                            
                      ASSETS                                                
                                                                            
Current assets:                                                             
  Cash and cash equivalents                        $    662,769 $    727,309
  Short-term investments                                 63,785       34,411
  Accounts receivable, net                              187,703      234,100
  Prepaid expenses and other current assets              64,408    
   61,174
                                                   ------------ ------------
    Total current assets                                978,665    1,056,994
                                                                            
Property and equipment, net                              95,959       98,474
Goodwill                                                529,016      532,290
Acquired intangible assets, net                         110,342      123,261
Long-term deferred income tax assets                     80,920       64,549
Other assets                                             64,463       71,340
                                                   ------------ ------------
    Total assets                                   $  1,859,365 $  1,946,908
                                                   ============ ============
                                                                            
              LIABILITIES AND EQUITY                                        
                                                                            
Current liabilities:                                                        
  Accounts payable                                 $     32,672 $     22,809
  Accrued liabilities                                   109,562      133,596
  Accrued restructuring costs                               658          893
  Deferred revenue                                      248,456      263,476
  Current portion of long-term debt                           -       35,711
                                                   ------------ ------------
    Total current liabilities                           391,348      456,485
                                                                            
Accrued restructuring costs, less current portion           334          643
Long-term deferred revenue                               25,667       25,543
Long-term deferred income tax liabilities                 2,545        3,208
Long-term income tax liabilities                         31,656       26,263
Other long-term liabilities                               4,690        4,015
Convertible debt                                        532,139      524,466
                                                   ------------ ------------
    Total long-term liabilities                         597,031      584,138
                                                   ------------ ------------
    Total liabilities                                   988,379    1,040,623
                                                   ------------ ------------
                                                                            
Total equity                                            870,986      906,285
                                                   ------------ ------------
    Total liabilities and equity                   $  1,859,365 $  1,946,908
                                                   ============ ============
                                                                            
                                                                            
                                                                            
                                                                            
                            TIBCO Software Inc.                             
              Condensed Consolidated Statements of Operations               
                                (unaudited)                                 
                (in thousands, except net income per share)                 
                                                                            
                                                                            
                                     Three Months Ended   Six Months Ended  
                                     ------------------  ------------------ 
                                      June 2,   June 3,   June 2,   June 3, 
                                       2013      2012      2013      2012   
                                     --------  --------  --------  -------- 
Revenue:                                                                    
  License                            $ 82,266  $ 92,581  $160,529  $174,896 
  Service and maintenance             163,580   154,782   323,107   298,169 
                                     --------  --------  --------  -------- 
      Total revenue                   245,846   247,363   483,636   473,065 
                                     --------  --------  --------  -------- 
                                                                            
Cost of revenue:                                                            
  License                              11,108     9,401    22,369    18,441 
  Service and maintenance              62,863    59,486   125,239   116,536 
                                     --------  --------  --------  -------- 
      Total cost of revenue            73,971    68,887   147,608   134,977 
                                     --------  --------  --------  -------- 
Gross profit                          171,875   178,476   336,028   338,088 
                                     --------  --------  --------  -------- 
                                                                            
Operating expenses:                                                         
  Research and development             42,575    38,605    84,200    75,926 
  Sales and marketing                  85,224    78,923   165,313   154,641 
  General and administrative           17,924    17,407    36,849    35,002 
  Amortization of acquired                                                  
   intangible assets                    4,713     5,653     9,034    10,201 
  Acquisition related and other           568       929       895     1,325 
  Restructuring adjustment                (22)     (400)      (15)     (519)
                                     --------  --------  --------  -------- 
      Total operating expenses        150,982   141,117   296,276   276,576 
                                     --------  --------  --------  -------- 
                                                                            
Income from operations                 20,893    37,359    39,752    61,512 
                                                                            
  Interest income                         225       221       423       476 
  Interest expense                     (8,663)   (4,395)  (17,445)   (5,860)
  Other income (expense), net            (569)      572    (1,411)    1,548 
                                     --------  --------  --------  -------- 
Income before provision for income                                          
 taxes and noncontrolling interest     11,886    33,757    21,319    57,676 
                                                                            
Provision for income taxes              3,100     7,200     3,000    10,500 
                                     --------  --------  --------  -------- 
                                                                            
Net income                              8,786    26,557    18,319    47,176 
                                                                            
Less: Net income attr
ibutable to                                            
 noncontrolling interest                   71        65        99        43 
                                     --------  --------  --------  -------- 
                                                                            
Net income attributable to TIBCO                                            
 Software Inc.                       $  8,715  $ 26,492  $ 18,220  $ 47,133 
                                     ========  ========  ========  ======== 
                                                                            
Net income per share attributable to                                        
 TIBCO Software Inc.:                                                       
  Basic                              $   0.05  $   0.17  $   0.11  $   0.29 
                                     ========  ========  ========  ======== 
  Diluted                            $   0.05  $   0.16  $   0.11  $   0.28 
                                     ========  ========  ========  ======== 
                                                                            
Shares used to compute net income                                           
 per share attributable to TIBCO                                            
 Software Inc.:                                                             
  Basic                               160,877   160,437   161,199   160,949 
                                     ========  ========  ========  ======== 
  Diluted                             167,507   169,477   168,320   170,173 
                                     ========  ========  ========  ======== 
                                                                            
                                                                            
                                                                            
                            TIBCO Software Inc.                             
              Condensed Consolidated Statements of Cash Flows               
                                (unaudited)                                 
                               (in thousands)                               
                                                                            
                                                         Six Months Ended   
                                                       -------------------- 
                                                        June 2,    June 3,  
                                                          2013       2012   
                                                       ---------  --------- 
                                                                            
Cash flows from operating activities:                                       
  Net income                                           $  18,319  $  47,176 
  Adjustments to reconcile net income to net cash                           
   provided by operating activities:                                        
    Depreciation of property and equipment                 7,839      7,050 
    Amortization of acquired intangible assets            17,377     17,365 
    Amortization of debt discount and transaction                           
     costs                                                 9,460      2,210 
    Stock-based compensation                              31,335     29,718 
    Deferred income tax                                  (15,007)    (9,281)
    Tax benefits related to stock benefit plans            5,278      9,406 
    Excess tax benefits from stock-based compensation     (7,139)   (16,484)
    Other non-cash adjustments, net                          506        531 
  Changes in assets and liabilities:                                        
    Accounts receivable                                   43,573     16,751 
    Prepaid expenses and other assets                     (2,633)     4,290 
    Accounts payable                                      10,698       (981)
    Accrued liabilities and restructuring costs          (17,264)   (20,373)
    Deferred revenue                                     (14,264)    29,563 
                                                       ---------  --------- 
      Net cash provided by operating activities           88,078    116,941 
                                                       ---------  --------- 
                                                                            
Cash flows from investing activities:                                       
  Purchases of short-term investments                    (38,261)         - 
  Maturities and sales of short-term investments           8,829          - 
  Acquisitions, net of cash acquired                      (4,261)  (131,611)
  Purchases of property and equipment                     (5,768)   (11,224)
  Restricted cash pledged as security                       (668)    (1,149)
  Other investing activities, net                            288        414 
                                                       ---------  --------- 
      Net cash used in investing activities              (39,841)  (143,570)
                                                       ---------  --------- 
                                                                            
Cash flows from financing activities:                                       
  Proceeds from issuance of convertible debt, net              -    584,450 
  Proceeds from revolving credit facility, net                 -    116,648 
  Principal payments on debt                             (35,711)  (151,182)
  Proceeds from issuance of common stock                   9,255     17,298 
  Repurchases of the Company's common stock              (81,208)  (188,508)
  Withholding taxes related to restricted stock net                         
   share settlement                                       (9,899)   (15,116)
  Excess tax benefits from stock-based compensation        7,139     16,484 
                                                       ---------  --------- 
      Net cash provided by (used in) financing                              
       activities                                       (110,424)   380,074 
                                                       ---------  --------- 
                                                                            
Effect of foreign exchange rate changes on cash and                         
 cash equivalents                                         (2,353)   (14,489)
                                                       ---------  --------- 
                                                                            
Net change in cash and cash equivalents                  (64,540)   338,956 
                                                                            
Cash and cash equivalents at beginning of period         727,309    308,148 
                                                                            
             
                                          ---------  --------- 
Cash and cash equivalents at end of period             $ 662,769  $ 647,104 
                                                       =========  ========= 

 
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 Mon
ths Ended                  
                       ---------------------------------------------------- 
                                June 2,                    June 3,          
                                  2013                       2012           
                       -------------------------  ------------------------- 
                                    Net income                 Net income   
                                   attributable               attributable  
                       Operating     to TIBCO     Operating     to TIBCO    
                         Income    Software Inc.    Income    Software Inc. 
                       ---------  --------------  ---------  -------------- 
                                                                            
                                                                            
GAAP                   $  20,893  $        8,715  $  37,359  $       26,492 
                                                                            
  Amortization of                                                           
   intangible assets -                                                      
   cost of revenue         4,246           4,246      3,899           3,899 
  Amortization of                                                           
   intangible assets -                                                      
   operating expense       4,713           4,713      5,653           5,653 
  Stock-based                                                               
   compensation - cost                                                      
   of revenue              1,869           1,869      1,116           1,116 
  Stock-based                                                               
   compensation - R&D                                                       
   expense                 4,122           4,122      3,354           3,354 
  Stock-based                                                               
   compensation - S&M                                                       
   expense                 4,422           4,422      4,694           4,694 
  Stock-based                                                               
   compensation - G&A                                                       
   expense                 4,530           4,530      5,231           5,231 
  Acquisition related                                                       
   and other                 568             568        929             929 
  Non-cash interest                                                         
   expense related to                                                       
   convertible debt            -           3,854          -           1,564 
  Restructuring                                                             
   adjustment                (22)            (22)      (400)           (400)
  Income tax                                                                
   adjustment for non-                                                      
   GAAP                        -          (7,349)         -          (8,945)
                                                                            
                       ---------  --------------  ---------  -------------- 
Non-GAAP               $  45,341  $       29,668  $  61,835  $       43,587 
                       =========  ==============  =========  ============== 
                                                                            
Diluted net income per                                                      
 share attributable to                                                      
 TIBCO Software Inc.:                                                       
                                                                            
  GAAP                            $         0.05             $         0.16 
                                  ==============             ============== 
                                                                            
  Non-GAAP                        $         0.18             $         0.26 
                                  ==============             ============== 
Shares used to compute                                                      
 diluted net income                                                         
 per share                                                                  
 attributable to TIBCO                                                      
 Software Inc.:                          167,507                    169,477 
                                  ==============             ============== 
                                                                            
                                                                            
                                                                            
 
                                                                            
                            TIBCO Software Inc.                             
                Reconciliation of GAAP to Non-GAAP Measures                 
                                (unaudited)                                 
                (in thousands, except net income per share)                 
                                                                            
                                         Six Months Ended                   
                       ---------------------------------------------------- 
                                June 2,                    June 3,          
                                  2013                       2012           
                       -------------------------  ------------------------- 
                                    Net income                 Net income   
                                   attributable               attributable  
                       Operating     to TIBCO     Operating     to TIBCO    
                         Income    Software Inc.    Income    Software Inc. 
                       ---------  --------------  ---------  -------------- 
                                                                            
                                                                            
GAAP                   $  39,752  $       18,220  $  61,512  $       47,133 
                                                                            
  Amortization of                                                           
   intangible assets -                                                      
   cost of revenue         8,343           8,343      7,164           7,164 
  Amortization of                                                           
   intangible assets -                                                      
   operating expense       9,034           9,034     10,201          10,201 
  Stock-based                                                               
   compensation - cost                                                      
   of revenue              3,472           3,472      2,398           2,398 
  Stock-based                                                               
   compensation - R&D                                                       
   expense                 8,118           8,118      7,359           7,359 
  Stock-based                                                               
   compensation - S&M                                                       
   expense                 9,661           9,661      9,987           9,987 
  Stock-based                                                               
   compensation - G&A                                                       
   expense                10,084          10,084      9,976           9,976 
  Acquisition related                                                       
   and other                 895             895      1,325           1,325 
  Non-cash interest                              
                           
   expense related to                                                       
   convertible debt            -           7,673          -           1,564 
  Restructuring                                                             
   adjustment                (15)            (15)      (519)           (519)
  Income tax                                                                
   adjustment for non-                                                      
   GAAP                        -         (14,743)         -         (18,425)
                                                                            
                       ---------  --------------  ---------  -------------- 
Non-GAAP               $  89,344  $       60,742  $ 109,403  $       78,163 
                       =========  ==============  =========  ============== 
                                                                            
Diluted net income per                                                      
 share attributable to                                                      
 TIBCO Software Inc.:                                                       
                                                                            
  GAAP                            $         0.11             $         0.28 
                                  ==============             ============== 
                                                                            
  Non-GAAP                        $         0.36             $         0.46 
                                  ==============             ============== 
Shares used to compute                                                      
 diluted net income                                                         
 per share                                                                  
 attributable to TIBCO                                                      
 Software Inc.:                          168,320                    170,173 
                                  ==============             ============== 

  
Media Contact:
Leslie Moore
TIBCO Software Inc.
(650) 846-5025
lmoore@tibco.com 
Investor Contact:
Giuseppe Incitti
TIBCO Software Inc.
(650) 846-5637
gincitti@tibco.com