BMC Software (NYSE:BMC) today announced a 22 percent growth in
total bookings for the fourth quarter of fiscal 2007, driven by
significantly higher new license bookings related to the company�s
Business Service Management (BSM) offerings. A key leading
indicator of customer adoption and future revenue growth, license
bookings in the fourth quarter of fiscal 2007 were $217 million, up
25 percent over the year-ago quarter. BMC�s fiscal 2007 fourth
quarter net earnings on a GAAP basis were $63 million, or $0.30 per
diluted share, compared to $52 million and $0.24 per diluted share
in the year-ago quarter. The Company�s non-GAAP net earnings for
the fiscal fourth quarter, which exclude special items, were $84
million, or $0.40 per diluted share, representing a 43 percent
increase in non-GAAP earnings per share over the year-ago quarter.
The fourth quarter of fiscal 2007 marks the eighth consecutive
quarter that BMC has met or exceeded guidance. Included in the
financial tables is a complete reconciliation between non-GAAP and
GAAP results. �Our outstanding results for the quarter and the year
are proof of our success in establishing BMC Software as the
enterprise management provider of choice among the world�s leading
IT organizations� said Bob Beauchamp, BMC�s president and chief
executive officer. �Across all key financial metrics, we continued
to improve the level, consistency and quality of our performance
during fiscal 2007.� In addition, the company posted the following
key results: Total revenues for the fourth quarter of fiscal 2007
were $419 million. Total revenues for the year posted at $1.58
billion, a 6 percent increase over the year-ago period. GAAP
operating margin for the year was 13 percent compared to 9 percent
in the year-ago period. Non-GAAP operating margin for the year
increased from 16 percent in the prior year to 22 percent in fiscal
2007. The Company continues to maintain a strong balance sheet,
ending the fiscal fourth quarter with a record total of $1.73
billion in deferred revenues, a record $504 million in deferred
license revenue, and a record high of $1.5 billion in cash and
marketable securities. During the fourth fiscal quarter, the
Company continued its stock buy-back program, spending $150 million
to repurchase 4.7 million outstanding shares. As of March 31, 2007,
the Company has $254 million remaining under the existing share
repurchase program. Beauchamp continued: �The continued growth in
our BSM business delivers resounding testimony to the strong
customer acceptance of BMC Software�s approach to automating IT and
aligning it strategically with business priorities. Today,
customers are telling us that BMC is years ahead of our competitors
in delivering integrated BSM solutions that can be deployed today.
That market reality is undoubtedly impacting their buying
decisions, and BMC�s position as a leader continues to be
recognized by key members of the industry analyst community. In a
recently published report, Forrester Research wrote that �BMC has
developed BSM into a locomotive that is now in a position to pull
the whole IT management software train of associated monitoring and
IT management technologies.�1� Steve Solcher, BMC�s chief financial
officer, said: �BMC had another terrific quarter and year in all
key performance areas. We�re delivering on our goals as revenues,
earnings and cash flow from operations for the fourth quarter and
the year met our guidance. We also had strong fourth quarter growth
in license bookings and total bookings, which positions us well for
significant growth in cash flow from operations in fiscal 2008.
We�re doing a good job controlling expenses and we will continue to
control expenses in fiscal 2008 by further improving our key
business processes. This will have the effect of making BMC faster,
more agile and efficient, leading to improved competitive
positioning, enhanced profitability and value creation for
shareholders.� First Quarter and Fiscal 2008 Guidance For fiscal
2008, the Company expects non-GAAP earnings per share in the range
of $1.64 to $1.74 per share, assuming an effective tax rate of 30
percent and excluding an estimated $0.33 of special items related
to expenses for amortization of acquired technology and
intangibles, stock-based compensation and restructuring. The
Company expects fiscal 2008 revenues to increase in the low- to
mid-single digits. The Company anticipates continued non-GAAP
operating margin improvement in fiscal 2008. The Company expects
fiscal 2008 cash flow from operations to be between $475 million
and $525 million, with adjusted cash flow from operations to be
between $500 million to $550 million. Adjusted cash flow from
operations excludes an estimated $25 million in cash restructuring
costs. For the first quarter of fiscal 2008, the Company expects
non-GAAP earnings per share in the range of $0.30 to $0.35 per
share, assuming an effective tax rate of 30 percent and excluding
an estimated $0.09 of special items related to expenses for
amortization of acquired technology and intangibles, stock-based
compensation and restructuring. The Company expects first quarter
fiscal 2008 revenues to be in the $365 million to $380 million
range. Conference Call A conference call to discuss fourth quarter
fiscal 2007 results is scheduled for today, May 29, 2007 at 4:00 pm
Central Time. Those interested in participating may call (719)
457-2692 and use the pass code BMC. To access a replay of the
conference call, that will be available for one week, dial (719)
457-0820 or (888) 203-1112 and use the pass code BMC. A live web
cast of the conference call will be available on the company's
website at www.bmc.com/investors. A replay of the web cast will be
available within 24 hours and archived on the website. Use of
Non-GAAP Financial Measures This press release and the accompanying
tables include the following non-GAAP financial measures: (a)
non-GAAP operating expenses, (b) non-GAAP operating income, (c)
non-GAAP net earnings and (d) non-GAAP diluted net earnings per
share. Each of these financial measures excludes the impact of
certain items and therefore has not been calculated in accordance
with U.S. generally accepted accounting principles, or GAAP. Each
of these non-GAAP financial measures excludes restructuring
charges, amortization of acquired technology and intangibles, and,
for fiscal 2007, stock based compensation expenses. In addition,
non-GAAP net earnings and non-GAAP diluted net earnings per share
for fiscal 2006 exclude income tax expense associated with the
one-time repatriation of certain foreign earnings. Each of the
adjustments is described in more detail below. This press release
also contains a reconciliation of each of these non-GAAP measures
to its most comparable GAAP financial measure. We believe that
these non-GAAP financial measures provide meaningful supplemental
information regarding our operating results because they exclude
amounts that BMC management and the Board of Directors do not
consider part of operating results when assessing the performance
of the organization and measuring the results of the Company�s
performance. In addition, we have historically reported similar
non-GAAP financial measures. We believe that inclusion of these
non-GAAP financial measures provides consistency and comparability
with past reports of financial results. BMC Management and the
Board of Directors use these non-GAAP financial measures to
evaluate the Company�s performance and for forecasting purposes, as
well as the allocation of future capital investments, and are key
variables in determining management incentive compensation.
Accordingly, we believe these non-GAAP financial measures are
useful to investors in allowing for greater transparency of
supplemental information used by management in its financial and
operational decision-making. While we believe that these non-GAAP
financial measures provide useful supplemental information, there
are limitations associated with the use of these non-GAAP financial
measures. These non-GAAP financial measures are not prepared in
accordance with GAAP, do not reflect a comprehensive system of
accounting and may not be completely comparable to similarly titled
measures of other companies due to potential differences in the
exact method of calculation between companies. Items such as
restructuring charges, amortization of acquired technology and
intangibles and stock based compensation expenses that are excluded
from our non-GAAP financial measures can have a material impact on
net earnings. As a result, these non-GAAP financial measures have
limitations and should not be considered in isolation from, or as a
substitute for, net earnings, cash flow from operations or other
measures of performance prepared in accordance with GAAP. We
compensate for these limitations by using these non-GAAP financial
measures as supplements to GAAP financial measures and by reviewing
the reconciliations of the non-GAAP financial measures to their
most comparable GAAP financial measure. Investors are encouraged to
review the reconciliations of these non-GAAP financial measures to
their most comparable GAAP financial measures that are included
elsewhere in this press release. The following discusses the
reconciliations of our non-GAAP financial measures to the most
comparable GAAP financial measures: Amortization of acquired
technology and intangibles. Our non-GAAP financial measures exclude
costs associated with the amortization of acquired technology and
intangibles. Management and the Board of Directors believe it is
useful in evaluating the Company�s and its management teams� and
business units� performance during a particular time period to
review the supplemental non-GAAP financial measures, which exclude
amortization of acquired technology and intangibles, because these
costs are fixed at the time of an acquisition, are then amortized
over a period of several years after the acquisition and generally
cannot be changed or influenced by management after the
acquisition. Accordingly, management and the Board of Directors do
not consider these costs for purposes of evaluating the performance
of the business during the applicable time period after the
acquisition, and they exclude such costs when evaluating the
performance of the Company, its business units and its management
teams and when making decisions to allocate resources among the
Company�s business units. Stock-based compensation expenses. Our
non-GAAP financial measures exclude the compensation expenses
required to be recorded by FAS 123R for equity awards to employees
and directors. Management and the Board of Directors believe it is
useful in evaluating the Company�s and its management teams� and
business units� performance during a particular time period to
review the supplemental non-GAAP financial measures, which excludes
expenses related to stock based compensation, because these costs
are generally fixed at the time an award is granted, are then
expensed over several years and generally cannot be changed or
influenced by management once granted. Accordingly, our operational
managers are evaluated based on the operating expenses exclusive of
stock based compensation expenses and including such charges would
hamper investors� ability to evaluate the performance of our
management in the manner in which the Company�s management
evaluates performance. Additionally, we believe it is useful in
measuring the Company�s performance to exclude expenses related to
FAS 123R equity expense because it enables comparability with prior
period information. Accordingly, management and the Board of
Directors do not consider these costs for purposes of evaluating
the performance of the business, and they exclude such costs when
evaluating the performance of the Company, its business units and
its management teams and when making decisions to allocate
resources among the Company�s business units. Restructuring
charges. Our non-GAAP financial measures exclude exit costs and
related charges, primarily consisting of severance costs and lease
abandonment costs, and any subsequent changes in estimates related
to exit activities as they relate to our restructurings, which
involved significant layoffs. Management and the Board of Directors
believe it is useful in evaluating the Company�s and its management
teams� and business units� performance during a particular time
period to review the supplemental non-GAAP financial measures,
which exclude restructuring costs, because our operational managers
are evaluated based on the operating expenses exclusive of
restructuring charges and including the restructuring charges would
hamper investors� ability to evaluate the performance of our
management in the manner in which the Company�s management
evaluates performance. Accordingly, management and the Board of
Directors do not consider these costs for purposes of evaluating
the performance of the business, and they exclude such costs when
evaluating the performance of the Company, its business units and
its management teams. Additionally, management uses the non-GAAP
measures to assist in its determinations regarding the allocation
of resources, such as capital investment, among the Company�s
business units and as part of its forecasting and budgeting.
Repatriation of foreign earnings. The income tax expense associated
with the Company�s repatriation of foreign earnings is excluded, as
management believes this to be a one-time event as provided by the
American Jobs Creation Act (the �Act�). Due to the significant
amount of the charge and the one-time nature of the repatriation
permitted by the Act, management excludes these costs when it
evaluates the Company�s operations and for internal reporting and
forecasting purposes. About BMC Software BMC Software is a leading
global provider of enterprise management solutions that empower
companies to automate their IT and align it to the needs of the
business. Delivering Business Service Management, BMC solutions
span enterprise systems, applications, databases and service
management. For the four fiscal quarters ended March 31, 2007, BMC
revenue was approximately $1.58 billion. For more information,
visit www.bmc.com. This news release contains both historical
information and forward-looking information. Statements of plans,
objectives, strategies and expectations for future operations and
results, identified by words such as "believe," "anticipate,"
"expect,� �estimate� and �guidance� are forward-looking statements.
Numerous important factors affect BMC Software's operating results
and could cause BMC Software's actual results to differ materially
from the forecasts and estimates indicated by this press release or
by any other forward-looking statements made by, or on behalf of,
BMC Software, and there can be no assurance that future results
will meet expectations, estimates or projections. These factors
include, but are not limited to, the following: 1) the possibility
that general economic conditions or uncertainty cause information
technology spending to be reduced or purchasing decisions to be
delayed; 2) competition in our markets can result in pricing
pressures and competition for new customers as well as potential
displacements of our existing customers; 3) the adoption rate for
BSM may be slower than we expect and customers may not increase
their purchases of our products if they do not adopt a BSM
strategy; 4) a significant percentage of our license transactions
are completed during the final weeks and days of each quarter,
which creates a level of uncertainty as to whether revenues,
license bookings and/or earnings will have met expectations until
after the end of the quarter; 5) our operating costs and expenses
are relatively fixed over the short term, so if we have a shortfall
in revenue in any given quarter, our ability to off-set revenue
shortfalls in the near-term is limited; 6) our effective tax rate
is subject to quarterly fluctuation and any change in such tax rate
could affect our earnings; and 7) the additional risks and
important factors described in BMC Software's Annual Report on Form
10-K filed with the U.S. Securities and Exchange Commission. This
filing is available on our website at www.bmc.com/investors. We
undertake no obligation to update information contained in this
release. BMC, BMC Software, and the BMC Software logo are the
exclusive properties of BMC Software, Inc., are registered with the
U.S. Patent and Trademark Office, and may be registered or pending
registration in other countries. All other BMC trademarks, service
marks, and logos may be registered or pending registration in the
U.S. or in other countries. All other trademarks or registered
trademarks are the property of their respective owners. � Copyright
2007 BMC Software, Inc. 1Forrester Research, Inc., �SWOT Analysis:
BMC Software, Q2 2007: Making BSM A Reality,� T. Mendel and J.P.
Garbani, May 2007. BMC SOFTWARE, INC. AND SUBSIDIARIES STATEMENTS
OF OPERATIONS � (Unaudited) � Year Ended Incr/(Decr) March 31,
March 31, Percentage Fiscal 2006 Fiscal 2007 Change � (In millions,
except per share data) � Revenues: License $ 527.0� $ 569.8� 8.1%
Maintenance 878.8� 918.8� 4.6% Professional services � 92.6� �
91.8� (0.9)% Total revenues � 1,498.4� � 1,580.4� 5.5% � Cost of
license revenues 123.3� 99.4� (19.4)% Cost of maintenance revenues
175.0� 175.1� 0.1% Cost of professional services 83.5� 95.8� 14.7%
Research and development expenses 209.1� 210.7� 0.8% Selling and
marketing expenses 501.6� 518.1� 3.3% General and administrative
expenses 203.6� 202.8� (0.4)% Amortization of intangible assets
32.8� 26.6� (18.9)% Severance, exit costs and related charges �
41.0� � 44.6� 8.8% Total operating expenses � 1,369.9� � 1,373.1�
0.2% Operating income 128.5� 207.3� 61.3% Other income, net � 75.3�
� 93.3� 23.9% Earnings before income taxes 203.8� 300.6� 47.5%
Income tax provision � 101.8� � 84.7� (16.8)% Net earnings $ 102.0�
$ 215.9� 111.7% � Diluted earnings per share $ 0.47� $ 1.03� 119.1%
� Shares used in computing diluted earnings per share � 218.9� �
210.2� (4.0)% BMC SOFTWARE, INC. AND SUBSIDIARIES STATEMENTS OF
OPERATIONS � (Unaudited) � Quarter Ended Incr/(Decr) March 31,
March 31, Percentage Fiscal 2006 Fiscal 2007 Change � (In millions,
except per share data) � Revenues: License $ 160.8� $ 166.0� 3.2%
Maintenance 219.5� 229.6� 4.6% Professional services � 27.6� �
23.8� (13.8)% Total revenues � 407.9� � 419.4� 2.8% � Cost of
license revenues 25.7� 24.5� (4.7)% Cost of maintenance revenues
48.8� 43.2� (11.5)% Cost of professional services 22.0� 25.1� 14.1%
Research and development expenses 53.5� 57.5� 7.5% Selling and
marketing expenses 140.2� 139.9� (0.2)% General and administrative
expenses 52.6� 54.4� 3.4% Amortization of intangible assets 6.5�
6.3� (3.1)% Severance, exit costs and related charges � -� � 13.8�
n/m� Total operating expenses � 349.3� � 364.7� 4.4% Operating
income 58.6� 54.7� (6.7)% Other income, net � 19.3� � 23.5� 21.8%
Earnings before income taxes 77.9� 78.2� 0.4% Income tax provision
� 26.3� � 15.4� (41.4)% Net earnings $ 51.6� $ 62.8� 21.7% �
Diluted earnings per share $ 0.24� $ 0.30� 25.0% � Shares used in
computing diluted earnings per share � 216.2� � 208.2� (3.7)% BMC
SOFTWARE, INC. AND SUBSIDIARIES BALANCE SHEETS � (Audited)
(Audited) (Unaudited) March 31, March 31, June 30, September 30,
December 31, March 31, � 2005� � 2006� 2006� 2006� 2006� 2007� �
(In millions) (In millions) � Current assets: Cash and cash
equivalents $ 820.1� $ 905.9� (a) $ 724.0� $ 681.4� $ 791.6� $
883.5� (a) Marketable securities 108.7� 157.5� (a) 443.9� 432.5�
376.8� 412.5� (a) Trade accounts receivable, net 202.4� 167.8�
128.0� 142.0� 185.0� 185.9� Current trade finance receivables, net
151.8� 123.2� 102.6� 109.2� 107.5� 130.0� Other current assets �
192.9� � 152.0� � 158.8� � 126.3� � 127.6� � 177.6� Total current
assets 1,475.9� 1,506.4� 1,557.3� 1,491.4� 1,588.5� 1,789.5� �
Property and equipment, net 383.7� 352.1� 90.9� 86.4� 85.0� 88.3�
Software development costs and related assets, net 126.1� 110.8�
112.3� 107.4� 107.2� 104.1� Long-term marketable securities 354.3�
280.3� (a) 235.1� 261.9� 247.0� 211.1� (a) Long-term finance
receivables, net 126.1� 81.9� 64.0� 62.7� 84.9� 124.4� Acquired
technology, goodwill and intangibles, net 687.9� 614.9� 753.4�
744.4� 735.5� 714.8� Other long-term assets � 188.4� � 264.5� �
258.1� � 254.5� � 256.6� � 227.8� � Total Assets $ 3,342.4� $
3,210.9� $ 3,071.1� $ 3,008.7� $ 3,104.7� $ 3,260.0� � Current
liabilities: Accounts payable and accrued liabilities $ 345.8� $
393.6� $ 300.8� $ 284.5� $ 334.0� $ 365.2� Current portion of
deferred revenue � 769.3� � 808.8� � 825.9� � 809.5� � 810.4� �
867.7� Total current liabilities 1,115.1� 1,202.4� 1,126.7�
1,094.0� 1,144.4� 1,232.9� � Long-term deferred revenue 873.6�
819.5� 808.7� 753.6� 773.2� 861.3� Other long-term liabilities �
91.9� � 90.2� � 109.2� � 105.8� � 109.0� � 116.7� Total long-term
liabilities 965.5� 909.7� 917.9� 859.4� 882.2� 978.0� � Total
stockholders' equity � 1,261.8� � 1,098.8� � 1,026.5� � 1,055.3� �
1,078.1� � 1,049.1� � Total Liabilities and Stockholders' Equity $
3,342.4� $ 3,210.9� $ 3,071.1� $ 3,008.7� $ 3,104.7� $ 3,260.0� � �
� � � � � � � � � � � (a) Total cash and marketable securities $
1,283.1� � $ 1,343.7� � $ 1,403.0� � $ 1,375.8� � $ 1,415.4� � $
1,507.1� BMC SOFTWARE, INC. AND SUBSIDIARIES STATEMENTS OF CASH
FLOWS � (Unaudited) � Quarter Ended Year Ended March 31, March 31,
March 31, March 31, Fiscal 2006 Fiscal 2007 Fiscal 2006 Fiscal 2007
� (In millions) (In millions) Cash flows from operating activities:
$ 51.6� $ 62.8� Net earnings $ 102.0� $ 215.9� Adjustments to
reconcile net earnings to net cash provided by operating
activities: � 42.9� 39.5� Depreciation and amortization 205.1�
160.8� -� (0.5) Gain on marketable securities and other investments
(1.2) (8.2) 0.6� 9.5� Stock-based compensation 3.0� 41.6� 35.7�
(68.1) (Increase) decrease in finance receivables 70.5� (49.7)
49.6� 12.0� Increase (decrease) in payables to third-party
financing institutions for finance receivables 45.2� (27.4) 53.4�
145.4� Increase (decrease) in deferred revenues (14.9) 97.7� �
35.4� � 23.5� Net change in other assets and liabilities � 11.2� �
(10.6) � 269.2� � 224.1� Net cash provided by operating activities
� 420.9� � 420.1� � Cash flows from investing activities: (0.4) -�
Cash paid for technology acquisitions and other investments, net of
cash acquired (9.4) (145.2) (1.6) (291.4) Purchases of marketable
securities (291.8) (1,139.0) 115.7� 291.9� Proceeds from maturities
of/sales of marketable securities 315.9� 961.3� (5.7) (14.5)
Purchases of property and equipment (24.1) (33.7) (13.7) (12.0)
Capitalization of software development costs and related assets
(56.7) (53.5) � 0.2� � 0.5� Other investing activities � 6.1� �
4.2� � 94.5� � (25.5) Net cash provided by (used in) investing
activities � (60.0) � (405.9) � Cash flows from financing
activities: (2.7) (1.6) Payments on capital leases (7.1) (6.1)
47.1� 36.8� Stock options exercised and other 140.0� 201.6� -� -�
Proceeds from sale leaseback transaction -� 291.9� -� -� Repayment
of debt acquired -� (5.0) -� 5.2� Excess tax benefit from
stock-based compensation -� 28.6� � (125.0) � (150.0) Treasury
stock acquired � (411.0) � (555.0) � (80.6) � (109.6) Net cash used
in financing activities � (278.1) � (44.0) � � 2.4� � 2.9� Effect
of exchange rate changes on cash � 3.0� � 7.4� 285.5� 91.9� Net
change in cash and cash equivalents 85.8� (22.4) � 620.4� � 791.6�
Cash and cash equivalents, beginning of period � 820.1� � 905.9� $
905.9� $ 883.5� Cash and cash equivalents, end of period $ 905.9� $
883.5� BMC SOFTWARE, INC. AND SUBSIDIARIES Table of Reconciliation
from GAAP Operating Expenses to Non-GAAP Operating Expenses (In
millions) (Unaudited) � � Quarter Ended Year Ended March 31, March
31, March 31, March 31, Fiscal 2006 Fiscal 2007 Fiscal 2006 Fiscal
2007 � GAAP operating expenses $ 349.3� $ 364.7� $ 1,369.9� $
1,373.1� � Severance, exit costs and related charges -� (13.8)
(41.0) (44.6) � Amortization of acquired technology &
intangibles (11.9) (12.0) (77.2) (52.0) � Share-based compensation
(SFAS 123R) -� (9.5) -� (41.6) � � � � Non-GAAP operating expenses
$ 337.4� $ 329.4� $ 1,251.7� $ 1,234.9� BMC SOFTWARE, INC. AND
SUBSIDIARIES Table of Reconciliation from GAAP Operating Income to
Non-GAAP Operating Income (In millions) (Unaudited) � Quarter Ended
Year Ended March 31, March 31, March 31, March 31, Fiscal 2006
Fiscal 2007 Fiscal 2006 Fiscal 2007 � GAAP operating income $ 58.6�
$ 54.7� $ 128.5� $ 207.3� � Severance, exit costs and related
charges -� 13.8� 41.0� 44.6� � Amortization of acquired technology
& intangibles 11.9� 12.0� 77.2� 52.0� � Share-based
compensation (SFAS 123R) -� 9.5� -� 41.6� � � � � Non-GAAP
operating income $ 70.5� $ 90.0� $ 246.7� $ 345.5� BMC SOFTWARE,
INC. AND SUBSIDIARIES Table of Reconciliation from GAAP Operating
Margin to Non-GAAP Operating Margin (In millions) (Unaudited) � �
Quarter Ended March 31, March 31, Fiscal 2006 Fiscal 2007 � GAAP
Revenues: $ 407.9� $ 419.4� � � GAAP Revenues: $ 407.9� $ 419.4� �
� Year Ended March 31, March 31, Fiscal 2006 Fiscal 2007 � GAAP
Revenues: $ 1,498.4� $ 1,580.4� � � GAAP Revenues: $ 1,498.4� $
1,580.4� � � Quarter Ended March 31, March 31, Fiscal 2006 Fiscal
2007 GAAP Operating Income: $ 58.6� $ 54.7� � Severance, exit costs
and related charges -� 13.8� � Amortization of acquired technology
& intangibles 11.9� 12.0� � Share-based compensation (SFAS
123R) � -� � 9.5� Non-GAAP Operating Income: $ 70.5� $ 90.0� � �
Year Ended March 31, March 31, Fiscal 2006 Fiscal 2007 GAAP
Operating Income: $ 128.5� $ 207.3� � Severance, exit costs and
related charges 41.0� 44.6� � Amortization of acquired technology
& intangibles 77.2� 52.0� � Share-based compensation (SFAS
123R) � -� � 41.6� Non-GAAP Operating Income: $ 246.7� $ 345.5� � �
Quarter Ended March 31, March 31, Fiscal 2006 Fiscal 2007 GAAP
Operating Margin: � 14% � 13% � � Non-GAAP Operating Margin: � 17%
� 21% � � Year Ended March 31, March 31, Fiscal 2006 Fiscal 2007
GAAP Operating Margin: � 9% � 13% � � Non-GAAP Operating Margin: �
16% � 22% BMC SOFTWARE, INC. AND SUBSIDIARIES Table of
Reconciliation from GAAP Earnings Per Share to Non-GAAP Earnings
Per Share (Unaudited) � � Quarter Ended Year Ended March 31, March
31, March 31, March 31, Fiscal 2006 Fiscal 2007 Fiscal 2006 Fiscal
2007 � GAAP diluted earnings per share $ 0.24� $ 0.30� $ 0.47� $
1.03� � Severance, exit costs and related charges -� 0.07� 0.19�
0.21� � Amortization of acquired technology & intangibles 0.06�
0.06� 0.35� 0.25� � Share-based compensation (SFAS 123R) -� 0.05�
-� 0.20� � � � � Subtotal pretax reconciling items $ 0.06� $ 0.17�
$ 0.54� $ 0.66� � Income tax provision for earnings to be
repatriated -� -� 0.16� -� � Tax effect of reconciling items (0.01)
(0.07) (0.14) (0.20) � � � � Subtotal of tax impact � (0.02) �
(0.07) � 0.02� � (0.20) � Non-GAAP diluted net earnings per share $
0.28� $ 0.40� $ 1.03� $ 1.48� � Shares used in computing diluted
earnings per share 216.2� 208.2� 218.9� 210.2� (In millions)
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