Press Release

Advent Software Reports Fourth Quarter and Full Year 2014 Results

Record Full-Year GAAP Operating Income of $84 Million, up 82%
Record Full-Year Operating Cash Flow of $115 Million, up 17%

SAN FRANCISCO – February 2, 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 fourth quarter and fiscal year ended December 31, 2014.

FOURTH QUARTER AND FULL YEAR 2014 RESULTS

GAAP Results for Continuing Operations

The Company reported quarterly revenue of $100.7 million for the fourth quarter of 2014, compared to $97.6 million in the fourth quarter of 2013, a 3% increase. Revenue for the year ended December 31, 2014 was $396.8 million, compared to $383.0 million recorded in 2013, a 4% increase.

Operating income for the fourth quarter of 2014 was $22.4 million, or 22.3% of revenue, compared to $18.4 million or 18.9% of revenue for the fourth quarter of 2013. Operating income for the year ended December 31, 2014 was $83.7 million, or 21.1% of revenue, compared to $46.1 million, or 12.0% of revenue, for 2013. Advent’s operating income for fiscal year 2013 included recapitalization charges of $6.0 million and stock compensation expense of $48.2 million, of which $26.7 million was due to the modification of equity awards.

Net income for the fourth quarter of 2014 was $14.7 million compared to $11.0 million in the fourth quarter of 2013, a 33% increase. Net income for the year ended December 31, 2014 was $50.3 million compared to $28.8 million for 2013, a 75% increase. On a fully diluted basis, earnings per share in the fourth quarter of 2014 were $0.27, compared to $0.20 in the fourth quarter of 2013. On a fully diluted basis, earnings per share for the year ended December 31, 2014 were $0.94, compared to $0.54 for 2013.

Operating cash flow in the fourth quarter of 2014 was $43.6 million, compared with $36.7 million in the fourth quarter of 2013, a 19% increase. Operating cash flow for the year ended December 31, 2014 totaled $115.2 million, compared with $98.6 million in 2013, a 17% increase.

Cash, cash equivalents, and marketable securities totaled $38.0 million as of December 31, 2014, compared to $33.8 million as of December 31, 2013. Total outstanding debt as of December 31, 2014 was $220 million compared to $305 million as of December 31, 2013. Deferred revenue as of December 31, 2014 was $204 million, compared to $194 million as of December 31, 2013.

Non-GAAP Results for Continuing Operations

Non-GAAP operating income for the fourth quarter of 2014 was $31.2 million, or 31.0% of revenue. This represents an 8% increase compared to $28.9 million, or 29.6% of revenue, in the fourth quarter of 2013. Non-GAAP operating income for the year ended December 31, 2014 was $125.8 million, or 31.7% of revenue. This represents a 9% increase compared to $115.3 million of non-GAAP operating income, or 30.1% of revenue, for 2013.

On a fully diluted basis, non-GAAP earnings per share were $0.36 in the fourth quarter of 2014 and represent a 13% increase from non-GAAP diluted net income per share of $0.32 in the fourth quarter of 2013. On a fully diluted basis, non-GAAP earnings per share were $1.44 for the year ended December 31, 2014, a 9% increase compared to $1.32 per share for 2013.

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

FOURTH QUARTER AND FULL YEAR 2014 HIGHLIGHTS

Strong Performance Across Key Metrics: Annualized recurring run rate was $383.4 million as of December 31, 2014, an increase of 7% over the prior year. The average full year renewal rate for the year ended December 31, 2014 was 98%, compared with 97% in 2013, an increase of 80 basis points. The Annual Contract Value (ACV) of our new contract bookings in the fourth quarter of 2014 will contribute $10.1 million in annual revenue once the contracts are fully implemented. This represents a 15% increase compared to $8.8 million of ACV in the fourth quarter of 2013.

Recognition as Market Leader in Investment Management Software: Advent's solutions received many industry awards and global honors during the fourth quarter. Advent was named "Best Fund Accounting and Reporting Software" at the HFM US Hedge Fund Services Awards 2014. Advent's Geneva® was named "Best Buy-Side Portfolio Accounting Platform," and Advent Portfolio Exchange® (APX) in conjunction with Advent Direct® Investor Management was named "Best Buy-Side CRM Platform" in the Buy-Side Technology Awards 2014. Internationally, Advent was recognized as "Best Technology Provider" at the Investment Week Fund Services Awards 2014 and as "Best Portfolio Management Solution" and "Best Client Communications and Reporting Solution" at the inaugural WealthBriefing Gulf Co-operation Council (GCC) Region Awards 2014 ceremony held in Dubai.

Product Upgrades Across the Advent Portfolio: Advent announced global availability of new releases to several key products that include compelling new functionality for asset and wealth management firms, alternative managers, family offices, and administrators. The updated products include Geneva®, Black Diamond®, Advent Portfolio Exchange® (APX), Moxy®, Advent Rules Manager®, and Advent Revenue Center®. In 2014, Advent introduced Advent Direct® Investor Management, the first solution to be released to selected clients on the Advent Direct® cloud platform.

View the financial reports for Q4.14.

INVESTOR CALL
Advent Software, Inc. has cancelled its Q4 and full year 2014 earnings conference call originally scheduled for 5:00 p.m. Eastern time today. The Company will be participating in a conference call hosted by SS&C Technologies Holdings, Inc. this afternoon at 5:30 p.m. ET. To join this call, dial (877) 312-8798 (US and Canada) or (253) 237-1193 (International), and request the “SS&C to Acquire Advent Software conference call”; conference ID# 77079438. Alternatively, a live audio webcast can be accessed via http://investor.ssctech.com. To expedite the registration process, you may pre-register for the event by clicking here. A replay of the conference call will be available one hour after the conference call, for 48 hours. The dial-in number is (855) 859-2056 (US and Canada) or (404) 537-3406 (International); access code# 77079438.

ABOUT ADVENT
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 over 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”.

FORWARD-LOOKING STATEMENTS
Any forward-looking statements included herein 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 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 2013 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, Geneva®, Advent Portfolio Exchange®, Moxy® , Advent Revenue Center®, Advent Rules Manager®, Advent Direct® are registered trademarks, and Black Diamond is a mark, of Advent Software, Inc. Any other company names or marks mentioned herein are those of their respective owners.

CONTACTS
Media Contact:
Kendall Reischl
Advent Software, Inc.
(415) 645-1771
kendall.reischl@advent.com

Investor Relations Contact:
Justin Ritchie
Advent Software, Inc.
(415) 645-1683
jritchie@advent.com