TIBCO Software Reports Third Quarter Results

TIBCO Software Reports Third Quarter Results 
Record Q3 Total Revenue of $271 Million; Non-GAAP EPS of $0.28 
PALO ALTO, CA -- (Marketwired) -- 09/19/13 --  TIBCO Software Inc.
(NASDAQ: TIBX) today announced results for its fiscal third quarter,
which ended on September 1, 2013. 
Total revenue for the third quarter of fiscal 2013 was $270.9 million
and net income was $21.3 million, or $0.13 per diluted share. This
compares to total revenue of $255.0 million and net income of $26.1
million, or $0.15 per diluted share, as reported for the third
quarter of fiscal 2012. 
On a non-GAAP basis, net income for the third quarter of fiscal 2013
was $46.3 million or $0.28 per diluted share, compared with $45.9
million or $0.27 per diluted share for the third quarter of fiscal
2012. Non-GAAP operating income for the third quarter of fiscal 2013
was $64.2 million, resulting in a non-GAAP operating margin of 23.7%.
This compares to non-GAAP operating income of $68.8 million, or a
27.0% non-GAAP operating margin in the third 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 23% and 27% for the third quarters of fiscal 2013 and 2012,
respectively. 
"We saw further signs of operational improvement this quarter, as our
focus on execution generated renewed growth in our infrastructure
business," said Vivek Ranadive, TIBCO's chairman and chief executive
officer. "Across an expanding set of industries, the world's leading
companies are calling on TIBCO for innovative solutions to big data
challenges and their own version of the Two-Second Advantage. Given
the opportunity before us, we will continue to invest for growth and
innovation, particularly in the areas of integration, analytics and
cloud."  
Third Quarter Fiscal 2013 Highlights  


 
--  Total revenue of $270.9 million;
--  License revenue of $105.2 million;
--  Non-GAAP operating margin of 23.7%;
--  Non-GAAP EPS of $0.28;
--  Cash flow from operations of $58.3 million;
--  Broad mix of business across major industries including Financial
    Services, Retail, Life Sciences, Telecommunications, Manufacturing,
    Energy, Transportation & Logistics, Insurance, Government;
--  TIBCO closed 140 deals over $100k and had 18 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 third 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 October 19, 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 47967789. 
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 third 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 capitalize
on the opportunities in the marketplace, 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 achieve improved
performance and accelerate growth from its investments for growth and
innovation, 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 June 2, 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)                               
                                                                            
                                                                            
                                               September 1,    November 30, 
                                                   2013            2012     
                                              --------------  --------------
                                                                            
                    ASSETS                                                  
                                                                            
Current assets:                                                             
  Cash and cash equivalents                   $      666,211  $      727,309
  Short-term investments                              57,686          34,411
  Accounts receivable, net                           183,131         234,100
  Prepaid expenses and other current assets           66,750          61,174
                                              --------------  --------------
    Total current assets                             973,778       1,056,994
                                                                            
Property and equipment, net                           95,792          98,474
Goodwill                                             557,809         532,290
Acquired intangible assets, net                      120,499         123,261
Long-term deferred income tax assets                  90,222          64,549
Other assets                                          75,712          71,340
                                              --------------  --------------
    Total assets                              $    1,913,812  $    1,946,908
                                              ==============  ==============
                                                                            
            LIABILITIES AND EQUITY                                          
                                                                            
Current liabilities:                                                        
  Accounts payable                            $       28,827  $       22,809
  Accrued liabilities                                110,067         133,596
  Accrued restructuring costs                          5,314             893
  Deferred revenue                                   253,357         263,476
  Current portion of long-term debt                        -          35,711
                                              --------------  --------------
    Total current liabilities                        397,565         456,485
                                                                            
Accrued restructuring costs, less current                                   
 portion                                                 203             643
Long-term deferred revenue                            26,323          25,543
Long-term deferred income tax liabilities              2,213           3,208
Long-term income tax liabilities                      52,005          26,263
Other long-term liabilities                            4,509           4,015
Convertible debt                                     536,062         524,466
                                              --------------  --------------
    Total long-term liabilities                      621,315         584,138
                                              --------------  --------------
    Total liabilities                              1,018,880       1,040,623
                                              --------------  --------------
                                                                            
Total equity                                         894,932         906,285
                                              --------------  --------------
    Total liabilities and equity              $    1,913,812  $    1,946,908
                                              ==============  ==============
                                                                            
                                                                            
                                                                            
                            TIBCO Software Inc.                             
              Condensed Consolidated Statements of Operations               
                                (unaudited)                                 
                (in thousands, except net income per share)                 
                                                                            
                                                                            
                         Three Months Ended           Nine Months Ended     
                     --------------------------  -------------------------- 
                     September 1,  September 2,  September 1,  September 2, 
                         2013          2012          2013          2012     
                     ------------  ------------  ------------  ------------ 
Revenue:                                                                    
  License            $    105,209  $     99,103  $    265,738  $    273,999 
  Service and                                                               
   maintenance            165,650       155,918       488,757       454,087 
                     ------------  ------------  ------------  ------------ 
    Total revenue         270,859       255,021       754,495       728,086 
                     ------------  ------------  ------------  ------------ 
                                                                            
Cost of revenue:                                                            
  License                  12,407        11,368        34,776        29,809 
  Service and                                                               
   maintenance             65,566        60,881       190,805       177,417 
                     ------------  ------------  ------------  ------------ 
    Total cost of                                                           
     revenue               77,973        72,249       225,581       207,226 
                     ------------  ------------  ------------  ------------ 
Gross profit              192,886       182,772       528,914       520,860 
                     ------------  ------------  ------------  ------------ 
                                                                            
Operating expenses:                                                         
  Research and                                                              
   development             43,391        39,354       127,591       115,280 
  Sales and marketing      84,082        76,803       249,395       231,444 
  General and                                                               
   administrative          13,697        17,906        50,546        52,908 
  Amortization of                                                           
   acquired                                                                 
   intangible assets        4,991         4,640        14,025        14,841 
  Acquisition related                                                       
   and other                  630           845         1,525         2,170 
  Restructuring                                                             
   adjustment               8,886            72         8,871          (447)
                     ------------  ------------  ------------  ------------ 
    Total operating                                                         
     expenses             155,677       139,620       451,953       416,196 
                     ------------  ------------  ------------  ------------ 
                                                                            
Income from                                                                 
 operations                37,209        43,152        76,961       104,664 
                                                                            
  Interest income             249           366           672           842 
  Interest expense         (8,411)       (8,713)      (25,856)      (14,573)
  Other income                                                              
   (expense), net             153        (1,306)       (1,258)          242 
                     ------------  ------------  ------------  ------------ 
Income before                                                               
 provision for income                                                       
 taxes and                                                                  
 noncontrolling                                                             
 interest                  29,200        33,499        50,519        91,175 
                                                                            
Provision for income                                                        
 taxes                      7,900         7,400        10,900        17,900 
                                                                            
                     ------------  ------------  ------------  ------------ 
Net income                 21,300        26,099        39,619        73,275 
                                                                            
Less: Net income                                                            
 attributable to                                                            
 noncontrolling                                                             
 interest                      49            13           148            56 
                     ------------  ------------  ------------  ------------ 
Net income                                                                  
 attributable to                                                            
 TIBCO Software Inc. $     21,251  $     26,086  $     39,471  $     73,219 
                     ============  ============  ============  ============ 
                                                                            
Net income per share                                                        
 attributable to                                                            
 TIBCO Software Inc.:                                                       
  Basic              $       0.13  $       0.16  $       0.25  $       0.46 
                     ============  ============  ============  ============ 
  Diluted            $       0.13  $       0.15  $       0.24  $       0.43 
                     ============  ============  ============  ============ 
Shares used to                                                              
 compute net income                                                         
 per share                                                                  
 attributable to                                                            
 TIBCO Software Inc.:                                                       
  Basic                   160,638       159,308       161,012       160,402 
                     ============  ============  ============  ============ 
  Diluted                 166,999       169,165       167,879       169,836 
                     ============  ============  ============  ============ 
                                                                            
                                                                            
                                                                            
                            TIBCO Software Inc.                             
              Condensed Consolidated Statements of Cash Flows               
                                (unaudited)                                 
                               (in thousands)                               
                                                                            
                                                                            
                                                     Nine Months Ended      
                                               ---------------------------- 
                                                September 1,   September 2, 
                                                    2013           2012     
                                               -------------  ------------- 
                                                                            
Cash flows from operating activities:                                       
  Net income                                   $      39,619  $      73,275 
    Adjustments to reconcile net income to net                              
     cash provided by operating activities:                                 
    Depreciation of property and equipment            11,616         10,992 
    Amortization of acquired intangible assets        26,965         26,719 
    Amortization of debt discount and                                       
     transaction costs                                14,258          6,820 
    Stock-based compensation                          39,245         45,130 
    Deferred income tax                              (13,292)       (20,183)
    Tax benefits related to stock benefit                                   
     plans                                             9,691         14,455 
    Excess tax benefits from stock-based                                    
     compensation                                    (13,442)       (20,612)
    Other non-cash adjustments, net                    1,179            905 
  Changes in assets and liabilities:                                        
    Accounts receivable                               49,181        (12,079)
    Prepaid expenses and other assets                (19,568)        (8,975)
    Accounts payable                                   7,207            159 
    Accrued liabilities and restructuring                                   
     costs                                             4,864         (5,576)
    Deferred revenue                                 (11,119)        54,285 
                                               -------------  ------------- 
      Net cash provided by operating                                        
       activities                                    146,404        165,315 
                                               -------------  ------------- 
                                                                            
Cash flows from investing activities:                                       
  Purchases of short-term investments                (38,261)             - 
  Maturities and sales of short-term                                        
   investments                                        15,346              - 
  Acquisitions, net of cash acquired                 (53,917)      (132,209)
  Purchases of property and equipment                (10,695)       (16,366)
  Restricted cash pledged as security                   (835)        (1,169)
  Other investing activities, net                       (212)           376 
                                               -------------  ------------- 
      Net cash used in investing activities          (88,574)      (149,368)
                                               -------------  ------------- 
                                                                            
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)      (151,785)
  Proceeds from issuance of common stock              23,089         25,390 
  Repurchases of the Company's common stock         (105,289)      (220,265)
  Withholding taxes related to restricted                                   
   stock net share settlement                        (12,467)       (17,383)
  Excess tax benefits from stock-based                                      
   compensation                                       13,442         20,612 
                                               -------------  ------------- 
      Net cash provided by (used in) financing                              
       activities                                   (116,936)       357,667 
                                               -------------  ------------- 
                                                                            
Effect of foreign exchange rate changes on                                  
 cash and cash equivalents                            (1,992)        (6,488)
                                               -------------  ------------- 
                                                                            
Net change in cash and cash equivalents              (61,098)       367,126 
                                                                            
Cash and cash equivalents at beginning of                                   
 period                                              727,309        308,148 
                                                                            
                                               -------------  ------------- 
Cash and cash equivalents at end of period     $     666,211  $     675,274 
                                               =============  ============= 

 
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                 
                         -------------------------------------------------- 
                               September 1,              September 2,       
                                   2013                      2012           
                         ------------------------  ------------------------ 
                                      Net income                Net income  
                                     attributable              attributable 
                                       to TIBCO                  to TIBCO   
                          Operating    Software     Operating    Software   
                           Income        Inc.        Income        Inc.     
                         ----------  ------------  ----------  ------------ 
                                                                            
                                                                            
GAAP                     $   37,209  $     21,251  $   43,152  $     26,086 
                                                                            
  Amortization of                                                           
   intangible assets -                                                      
   cost of revenue            4,597         4,597       4,714         4,714 
  Amortization of                                                           
   intangible assets -                                                      
   operating expense          4,991         4,991       4,640         4,640 
  Stock-based                                                               
   compensation - cost                                                      
   of revenue                 1,914         1,914       1,313         1,313 
  Stock-based                                                               
   compensation - R&D                                                       
   expense                    3,641         3,641       3,885         3,885 
  Stock-based                                                               
   compensation - S&M                                                       
   expense                    3,121         3,121       5,380         5,380 
  Stock-based                                                               
   compensation - G&A                                                       
   expense                     (766)         (766)      4,832         4,832 
  Acquisition related                                                       
   and other                    630           630         845           845 
  Non-cash interest                                                         
   expense related to                                                       
   convertible debt               -         3,924           -         3,717 
  Restructuring                                                             
   adjustment                 8,886         8,886          72            72 
  Income tax adjustment                                                     
   for non-GAAP                   -        (5,932)          -        (9,582)
                                                                            
                         ----------  ------------  ----------  ------------ 
Non-GAAP                 $   64,223  $     46,257  $   68,833  $     45,902 
                         ==========  ============  ==========  ============ 
                                                                            
Diluted net income per                                                      
 share attributable to                                                      
 TIBCO Software Inc.:                                                       
                                                                            
  GAAP                               $       0.13              $       0.15 
                                     ============              ============ 
                                                                            
  Non-GAAP                           $       0.28              $       0.27 
                                     ============              ============ 
Shares used to compute                                                      
 diluted net income per                                                     
 share attributable to                                                      
 TIBCO Software Inc.:                     166,999                   169,165 
                                     ============              ============ 
                                                                            
 
                                                                            
                                          Nine Months Ended                 
                         -------------------------------------------------- 
                               September 1,              September 2,       
                                   2013                      2012           
                         ------------------------  ------------------------ 
                                      Net income                Net income  
                                     attributable              attributable 
                                       to TIBCO                  to TIBCO   
                          Operating    Software     Operating    Software   
                           Income        Inc.        Income        Inc.     
                         ----------  ------------  ----------  ------------ 
                                                                            
                                                                    
        
GAAP                     $   76,961  $     39,471  $  104,664  $     73,219 
                                                                            
  Amortization of                                                           
   intangible assets -                                                      
   cost of revenue           12,940        12,940      11,878        11,878 
  Amortization of                                                           
   intangible assets -                                                      
   operating expense         14,025        14,025      14,841        14,841 
  Stock-based                                                               
   compensation - cost                                                      
   of revenue                 5,386         5,386       3,711         3,711 
  Stock-based                                                               
   compensation - R&D                                                       
   expense                   11,759        11,759      11,244        11,244 
  Stock-based                                                               
   compensation - S&M                                                       
   expense                   12,782        12,782      15,367        15,367 
  Stock-based                                                               
   compensation - G&A                                                       
   expense                    9,318         9,318      14,808        14,808 
  Acquisition related                                                       
   and other                  1,525         1,525       2,170         2,170 
  Non-cash interest                                                         
   expense related to                                                       
   convertible debt               -        11,597           -         5,281 
  Restructuring                                                             
   adjustment                 8,871         8,871        (447)         (447)
  Income tax adjustment                                                     
   for non-GAAP                   -       (20,676)          -       (28,008)
                                                                            
                         ----------  ------------  ----------  ------------ 
Non-GAAP                 $  153,567  $    106,998  $  178,236  $    124,064 
                         ==========  ============  ==========  ============ 
                                                                            
Diluted net income per                                                      
 share attributable to                                                      
 TIBCO Software Inc.:                                                       
                                                                            
  GAAP                               $       0.24              $       0.43 
                                     ============              ============ 
                                                                            
  Non-GAAP                           $       0.64              $       0.73 
                                     ============              ============ 
Shares used to compute                                                      
 diluted net income per                                                     
 share attributable to                                                      
 TIBCO Software Inc.:                     167,879                   169,836 
                                     ============              ============ 

  
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 
 
 
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