ADVENT SOFTWARE REPORTS FIRST QUARTER
Record Quarterly Revenues of $103 Million, up 7%
SAN FRANCISCO – May 7, 2015
– 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, 2015.
“Advent’s business achieved record quarterly revenue in the first quarter, and
we continued to deliver on our commitment to helping our clients thrive with new
releases of our flagship products,” said Pete Hess, Chief Executive Officer,
Advent Software. “We look forward to sharing our enhancements and updates at
AdventConnect, our annual client conference, in Las Vegas next month.”
FIRST QUARTER 2015 RESULTS
GAAP Results for Continuing Operations
The Company reported quarterly revenue of $103.3 million for the first quarter
of 2015, compared to $96.8 million in the first quarter of 2014, a 7% increase.
Operating income for the first quarter of 2015 was $10.2 million, or 9.9% of
revenue, compared to $19.3 million or 20.0% of revenue for the first quarter of
2014. Advent’s results for the first quarter of 2015 included
transaction-related fees associated with the pending merger with SS&C
Technologies Holdings, Inc. These third-party costs, on a pre-tax basis, totaled
$8.4 million. Additionally, in the first quarter of 2015, Advent’s results
included $2.6 million in restructuring charges related to personnel and
facilities restructuring, and incremental expense of $1.6 million from
accelerated depreciation not included in restructuring from the decision to
shrink our real estate footprint during 2015.
Net income for the first quarter of 2015 was $5.1 million, compared to $10.9
million in the first quarter of 2014. On a fully diluted basis, earnings per
share in the first quarter of 2015 were $0.09, compared to $0.20 in the first
quarter of 2014. Net income and earnings per share were also negatively impacted
by the additional transaction-related fees, restructuring costs and accelerated
depreciation expense incurred in the first quarter of 2015.
Operating cash flow in the first quarter of 2015 was $6.6 million, compared with
$20.9 million in the first quarter of 2014. The operating cash flow in the first
quarter of 2015 was negatively impacted by the payment of transaction-related
fees and by slower collections in February and March of 2015.
Cash, cash equivalents and marketable securities totaled $28 million as of March
31, 2015, compared to $38 million as of December 31, 2014. Total outstanding
debt as of March 31, 2015 was $205 million compared to $220 million as of
December 31, 2014.
Deferred revenue as of March 31, 2015 was $198 million, compared to $188 million
as of March 31, 2014.
Non-GAAP Results for Continuing Operations
Non-GAAP operating income for the first quarter of 2015 was $29.7 million, or
28.8% of revenue. This represents a 2% increase compared to $29.2 million in the
first quarter of 2014.
On a fully diluted basis, non-GAAP earnings per share were $0.34 in the first
quarter of 2015 and represent a 4% increase from $0.33 in the first quarter of
Non-GAAP operating income and earnings per share in the first quarter of 2015
were negatively impacted by $1.6 million of accelerated depreciation.
The reconciliation between GAAP and non-GAAP financial measures is provided at
the end of this press release.
View financial results for Q1.15.
Over the last 30 years of industry change, our core mission to help our clients
focus on their unique strategies and deliver exceptional investor service has
never wavered. With unparalleled precision and ahead of the curve solutions,
we've helped nearly 4,300 firms in more than 50 countries - from established
global institutions to small start-up practices - to grow their business and
thrive. Advent technology helps firms minimize risk, work together seamlessly,
and discover new opportunities in a constantly evolving world. Together with our
clients, we are shaping the future of investment management. For more
information on Advent products visit http://www.advent.com
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 in the United States of America (GAAP), please
see the accompanying tables entitled “Reconciliation of Selected Continuing
Operations’ GAAP Measures to Non-GAAP Measures”.
Any forward-looking statements included in this presentation, including comments
regarding product releases, enhancements and updates 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 including the pending acquisition of Advent by SS&C
Technologies Holdings, Inc., potential fluctuations in new contract bookings,
renewal rates, operating results and future growth rates; continued market
acceptance of our products; the successful development, release and market
acceptance of new products and product enhancements; uncertainties and
fluctuations in the financial markets; the Company’s ability to declare future
dividends; the Company’s ability to satisfy contractual performance requirements
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 2014 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, Advent Software, and the Advent and logo composite are registered
trademarks of Advent Software, Inc.
Advent Software, Inc.
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Advent Software, Inc.