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Advent Software, Inc. (NASDAQ: ADVS), a leading provider of software and services to the global investment management industry, announced today its financial results for the first quarter ended March 31, 2010.

"I'm extremely proud of Advent's first quarter financial performance. We achieved very positive results across our business and robust growth in bookings," said Stephanie DiMarco, Founder and Chief Executive Officer of Advent. "We believe our investment in product development and geographic expansion will continue to drive top line growth around the world. We remain very confident about the market opportunity ahead of us."

FIRST QUARTER 2010 RESULTS

GAAP Results for Continuing Operations

The Company reported revenue from continuing operations of $66.7 million for the first quarter of 2010, compared to $66.3 million in the first quarter of 2009, a 1% increase.

Operating income from continuing operations for the first quarter of 2010 was $7.3 million, or 11% of revenue, which represented a decrease of 13% compared with $8.4 million, or 13% of revenue, in the first quarter of 2009. This decrease is reflective of increased sales and marketing efforts and increased facilities costs during the quarter.

Net income from continuing operations for the first quarter of 2010 was $4.2 million compared to net income of $5.4 million in the first quarter of 2009, a 21% decrease.

On a fully diluted basis, earnings per share from continuing operations in the first quarter of 2010 were $0.16 and represent a 25% decrease from diluted earnings per share of $0.21 in the first quarter of 2009.

Operating cash flow from continuing operations in the first quarter of 2010 was $12.5 million, compared with $10.8 million in the first quarter of 2009, a 16% increase. Cash, cash equivalents and marketable securities of continuing operations totaled $112.0 million as of March 31, 2010, compared to $34.2 million as of March 31, 2009, a 228% increase.

The Company repurchased 249,000 shares in the first quarter of 2010 at an average price of $42.41 per share.

Total deferred revenues from continuing operations as of March 31, 2010 were $142.2 million, compared to $146.1 million as of December 31, 2009, a decrease of 3%.

Non-GAAP Results for Continuing Operations

Non-GAAP operating income from continuing operations for the first quarter of 2010 was $12.7 million, or 19% of revenue. This represents a 6% decrease compared to $13.5 million from continuing operations, or 20% of revenue, in the first quarter of 2009. Non-GAAP earnings per share from continuing operations were $0.29 in the first quarter of 2010 and represent a 13% decrease from non-GAAP diluted earnings per share of $0.33 in the first quarter of 2009.

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

FIRST QUARTER HIGHLIGHTS

-- Strong First Quarter Bookings: The term license and Advent

OnDemand(SM) contracts signed in the first quarter of 2010 will

contribute $7.3 million in annual revenue once they are fully

implemented.

-- Launch of Advent Portfolio Exchange@ (APX) 3.0: Advent launched

its most extensive release of APX to date. With this release,

Advent continues to set a new standard in comprehensive portfolio

management for both asset managers and wealth managers around the

globe.

-- Launch of Axys@ 3.8: Advent released Axys@ 3.8, an important

update to Advent's turnkey portfolio accounting and reporting

solution. The latest release of Axys@ marks Advent's continued

commitment to keeping the platform current as technology and

regulatory changes impact its client base.

-- Building Momentum in Asia Pacific (APAC): Advent signed several

important deals in Asia in the first quarter. Advent is committed

to the APAC region and continues to expand its presence there as

part of its international growth strategy.

-- Acquisition of Goya AS: In the first quarter, Advent acquired Goya,

a privately held Norwegian software provider. Through the

acquisition, Advent now offers Goya's product, Tradex, a software

solution for fund managers and fund distributors in Europe and the

Middle East. By combining Tradex with its other solutions, Advent

will have the most competitive solution for the international fund

management and distribution market.

-- Ongoing Commitment to Delivering World-Class Service and Support:

Advent's Client Support and Professional Services organizations

achieved certification under the prestigious Service Capability &

Performance (SCP) Standards. Advent is the only financial services

software firm to achieve certification in both Client Support and

Professional Services.

FINANCIAL GUIDANCE

Advent announces the following financial guidance for the second quarter and fiscal year 2010:

Q2 2010 FY 2010

Continuing Continuing

Guidance Operations Operations

-------- ------------ ------------ Total Revenue ($M) $67-$69 $272-$280

------------ ------------ GAAP Operating Margin n/a 11%-12%

------------ ------------ Amortization of Intangibles (% of revenue) n/a 1%-2%

------------ ------------ Stock Compensation Expense (% of revenue) n/a 7%-8%

------------ ------------ Non-GAAP Operating Margin n/a 20%-21%

------------ ------------ Operating Cash Flow ($M) n/a $77-$82

------------ ------------ Capital Expenditures ($M) n/a $18-$22

------------ ------------

INVESTOR CALL

Advent Software, Inc. will host its Q1 2010 quarterly earnings conference call at 5:00 p.m. Eastern time today. The Q1 2010 earnings presentation and trended disclosures file, which include highlights and detailed financial information, are currently available at http://investor.advent.com (http://investor.advent.com) . To participate via phone, please dial 866-362-4831 and request conference ID 40677222. A replay will be available through midnight, May 5, 2010, by calling 888-286-8010 and referencing conference ID 57533430. The conference call will also be webcast live and then archived on http://investor.advent.com (http://investor.advent.com) .

ABOUT ADVENT

Advent Software, Inc. (www.advent.com (http://www.advent.com) ), a global firm, has provided trusted solutions to the world's leading financial professionals since 1983. Firms in more than 60 countries use Advent technology. Advent's quality software, data, services and tools enable financial professionals to improve service and communication to their clients, allowing them to grow their business while controlling costs. Advent is the only financial services software company to be awarded the Service Capability and Performance certification for being a world-class support organization. For more information on Advent products visit http://www.advent.com/about/resources/demos/pr (http://www.advent.com/about/resources/demos/pr) .

ABOUT NON-GAAP FINANCIAL INFORMATION

This press release includes non-GAAP financial measures. For a description of these non-GAAP financial measures, including the reasons management uses each measure, and reconciliations of these non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with Generally Accepted Accounting Principles (GAAP), please see the accompanying tables entitled "Reconciliation of Selected GAAP Measures to Non-GAAP Measures."

FORWARD-LOOKING STATEMENTS

The financial projections under Financial Guidance, our revenue growth, market acceptance and demand for our products and new product releases, our competitive position, market conditions and their impact on our business, international expansion, and the momentum of the business, and other forward-looking statements included in this presentation reflect management's best judgment based on factors currently known and involve risks and uncertainties; our actual results may differ materially from those discussed here. These risks and uncertainties include: potential fluctuations in new contract bookings, renewal rates, operating results and future growth rates; continued market acceptance of our Advent Portfolio Exchange@, Geneva@ and Moxy@ products; the successful development, release and market acceptance of new products and product enhancements; continued uncertainties and fluctuations in the financial markets; the Company's ability to satisfy contractual performance requirements; difficulties in integrating merged businesses and achieving expected synergies and results; and other risks detailed from time to time in our SEC reports including, but not limited to, our quarterly reports on Form 10-Q and our 2009 annual report on Form 10-K. The Company disclaims any intention or obligation to publicly update or revise any forward-looking statements including any guidance, whether as a result of events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

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

ADVENT SOFTWARE, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(GAAP, Unaudited)

March 31 December 31

2010 2009

----------- ----------- ASSETS Current assets:

Cash and cash equivalents $ 52,015 $ 57,877

Short-term marketable securities 50,952 31,273

Accounts receivable, net 42,473 44,246

Deferred taxes, current 15,155 15,081

Prepaid expenses and other 21,262 22,350

Current assets of discontinued operation 97 494

----------- -----------

Total current assets 181,954 171,321 Property and equipment, net 35,712 33,945 Goodwill 145,635 144,827 Other intangibles, net 24,596 22,965 Long-term marketable securities 9,070 28,495 Deferred taxes, long-term 40,503 40,502 Other assets 9,396 10,142 Noncurrent assets of discontinued operation 2,095 2,095

----------- ----------- Total assets $ 448,961 $ 454,292

LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 9,175 $ 4,708

Accrued liabilities 24,673 31,066

Deferred revenues 136,563 140,186

Income taxes payable 3,580 1,616

Current liabilities of discontinued operation 281 719

----------- -----------

Total current liabilities 174,272 178,295 Deferred revenues, long-term 5,626 5,879 Other long-term liabilities 13,779 12,969 Noncurrent liabilities of discontinued operation 5,149 5,115

----------- ----------- Total liabilities 198,826 202,258

----------- ----------- Stockholders' equity:

Common stock 258 259

Additional paid-in capital 390,427 386,623

Accumulated deficit (148,823) (145,584)

Accumulated other comprehensive income 8,273 10,736

----------- -----------

Total stockholders' equity 250,135 252,034

----------- ----------- Total liabilities and stockholders' equity $ 448,961 $ 454,292

ADVENT SOFTWARE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(GAAP, Unaudited)

Three Months Ended

March 31

----------------------

2010 2009

---------- ---------- Net revenues: Term license, maintenance and other recurring $ 58,851 $ 56,307 Perpetual license fees 2,302 2,685 Professional services and other 5,535 7,333

---------- ----------

Total net revenues 66,688 66,325 Cost of revenues (1): Term license, maintenance and other recurring 12,427 11,345 Perpetual license fees 73 112 Professional services and other 6,584 8,055 Amortization of developed technology 1,516 1,405

---------- ----------

Total cost of revenues 20,600 20,917

---------- ----------

Gross margin 46,088 45,408 Operating expenses (1): Sales and marketing 16,860 15,779 Product development 12,061 12,119 General and administrative 9,551 8,639 Amortization of other intangibles 315 439 Restructuring charges 29 44

---------- ----------

Total operating expenses 38,816 37,020

---------- ---------- Income from continuing operations 7,272 8,388 Interest income and other income (expense), net (706) (372)

---------- ---------- Income from continuing operations before

income taxes 6,566 8,016 Provision for income taxes 2,323 2,653

---------- ----------

Net income from continuing operations $ 4,243 $ 5,363 Discontinued operation:

Net income (loss) from discontinued operation

(net of applicable taxes of $(33) and $594,

respectively) (48) 866

---------- ---------- Net income $ 4,195 $ 6,229

Basic net income (loss) per share:

Continuing operations $ 0.16 $ 0.21

Discontinued operation (0.00) 0.03

---------- ----------

Total operations $ 0.16 $ 0.25

Diluted net income (loss) per share:

Continuing operations $ 0.16 $ 0.21

Discontinued operation (0.00) 0.03

---------- ----------

Total operations $ 0.15 $ 0.24

Weighted average shares used to compute net income per share:

Basic 25,874 25,249

Diluted 27,138 25,844 (1) Includes stock-based employee compensation expense

as follows:

Cost of term license, maintenance and other

recurring revenues $ 414 $ 352

Cost of professional services and other

revenues 290 295

---------- ----------

Total cost of revenues 704 647

Sales and marketing 1,298 1,146

Product development 1,209 1,041

General and administrative 1,074 1,059

---------- ----------

Total operating expenses 3,581 3,246

---------- ----------

Total stock-based employee compensation

expense $ 4,285 $ 3,893

ADVENT SOFTWARE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

Three Months Ended

March 31

----------------------

2010 2009

---------- ---------- Cash flows from operating activities:

Net income $ 4,195 $ 6,229

Adjustment to net income for discontinued

operation 48 (866)

---------- ----------

Net income from continuing operations 4,243 5,363

Adjustments to reconcile net income to net cash

provided by operating activities from continuing

operations:

Stock-based compensation 4,285 3,893

Depreciation and amortization 4,331 4,149

Loss on dispositions of fixed assets - 28

Provision for doubtful accounts 25 187

Provision for sales returns (168) 809

Deferred income taxes (9) (34)

Other 111 95

---------- ----------

Effect of statement of operations

adjustments 8,575 9,127

Changes in operating assets and liabilities:

Accounts receivable 2,031 748

Prepaid and other assets 1,692 2,197

Accounts payable 4,435 627

Accrued liabilities (6,404) (3,156)

Deferred revenues (3,974) (6,379)

Income taxes payable 1,938 2,300

---------- ----------

Effect of changes in operating assets and

liabilities (282) (3,663)

---------- ---------- Net cash provided by operating activities from

continuing operations 12,536 10,827 Cash flows from investing activities:

Cash used in acquisitions, net of cash acquired (4,719) -

Purchases of property and equipment (4,308) (793)

Capitalized software development costs (1,197) -

Purchases of marketable securities (3,000) -

Sales and maturities of marketable securities 3,000 -

---------- ---------- Net cash used in investing activities from

continuing operations (10,224) (793) Cash flows from financing activities:

Proceeds from common stock issued from exercises

of stock options 3,113 1,339

Withholding taxes related to equity award net

share settlement (534) (1,473)

Repurchase of common stock (10,542) (14,578)

Repayment of long-term borrowing - (10,000)

---------- ---------- Net cash used in financing activities from

continuing operations (7,963) (24,712) Net cash transferred (to) from discontinued

operation (54) 3,874 Effect of exchange rate changes on cash and cash

equivalents (157) (118)

---------- ---------- Net change in cash and cash equivalents from

continuing operations (5,862) (10,922) Cash and cash equivalents of continuing operations

at beginning of period 57,877 45,098

---------- ---------- Cash and cash equivalents of continuing operations

at end of period $ 52,015 $ 34,176

Three Months Ended

March 31

----------------------

2010 2009

---------- ---------- Supplemental disclosure of cash flow information Cash flow from discontinued operation:

Net cash provided by (used in) operating

activities $ (319) $ 3,122

Net cash used in investing activities - (336)

Net cash transferred from (to) continuing

operations 54 (3,874)

Effect of exchange rates on cash and cash

equivalents (1) (2)

---------- ----------

Net change in cash and cash equivalents from

discontinued operations (266) (1,090)

Cash and cash equivalents of discontinued

operation at beginning of period 266 3,253

---------- ----------

Cash and cash equivalents of discontinued

operation at end of period $ - $ 2,163

ADVENT SOFTWARE, INC.

RECONCILIATION OF SELECTED CONTINUING OPERATIONS' GAAP

MEASURES TO NON-GAAP MEASURES

(In thousands, except per share data)

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

Three Months Ended March 31, 2010 for

Continuing Operations

---------------------------------------------------

Gross Gross Operating Operating Net

Margin Margin % Income Income % Income

--------- -------- ---------- --------- -------- GAAP $ 46,088 69% $ 7,272 11% $ 4,243

Amortization of

acquired developed

technology 804 804 804

Amortization of other

acquired intangibles - 315 315

Stock-based compensation

- cost of revenues 704 704 704

Stock-based compensation

- operating expenses - 3,581 3,581

Restructuring charges - 29 29

Income tax adjustment

for non-GAAP (1) - - (1,877)

--------- ---------- -------- Non-GAAP $ 47,596 71% $ 12,705 19% $ 7,799

Diluted net income per

share

GAAP $ 0.16

Non-GAAP $ 0.29 Shares used to compute

diluted net income per

share 27,138

Three Months Ended March 31, 2009 for

Continuing Operations

---------------------------------------------------

Gross Gross Operating Operating Net

Margin Margin % Income Income % Income

--------- -------- ---------- --------- -------- GAAP $ 45,408 69% $ 8,388 13% $ 5,363

Amortization of

acquired developed

technology 782 782 782

Amortization of other

acquired intangibles - 439 439

Stock-based compensation

- cost of revenues 647 647 647

Stock-based compensation

- operating expenses - 3,246 3,246

Restructuring charges - 44 44

Income tax adjustment

for non-GAAP (1) - - (1,958)

--------- ---------- -------- Non-GAAP $ 46,837 71% $ 13,546 20% $ 8,563

Diluted net income per

share

GAAP $ 0.21

Non-GAAP $ 0.33 Shares used to compute

diluted net income per

share 25,844 (1) The estimated non-GAAP effective tax rate was 35% for the three months

ended March 31, 2010 and 2009, respectively, and has been used to

adjust the provision for income taxes for non-GAAP purposes.

Advent Software, Inc. Reconciliation of Projected Continuing Operations' GAAP Operating Income %

to Non-GAAP Operating Income %

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

Twelve Months Ended

December 31,

2010

Continuing

Operations

Operating Income %

-----------------

Projected GAAP 11% to 12%

Projected amortization of acquired developed

technology and other acquired intangible asset

adjustment 1% to 2%

Projected stock based compensation adjustment 7% to 8%

-----------------

Projected non-GAAP 20% to 21%

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