BMC Software (NYSE:BMC) today announced that its fiscal 2009 second
quarter revenue increased 11 percent to $467 million, representing
growth across all major geographies. The Company�s GAAP net
earnings for the quarter were $70 million, or $0.36 per diluted
share, versus $77 million and $0.38 per diluted share in the
year-ago period. The decrease in GAAP net earnings was primarily
attributable to a decline in other non-operating income and an
increase in intangible asset amortization resulting from the
acquisition of BladeLogic. Non-GAAP net earnings for the fiscal
second quarter, which exclude special items, were $108 million, or
$0.56 per diluted share, compared to $96 million, or $0.47 per
diluted share, in the year-ago period. Included in the financial
tables is a complete reconciliation between non-GAAP and GAAP
results. �BMC Software had a strong second quarter despite the
continuing macroeconomic uncertainty,� said Bob Beauchamp, BMC�s
chairman and chief executive officer. �Our performance reflects the
real and tangible value that customers see in our Business Service
Management solutions. These benefits, which were very attractive in
a good economic environment, are just as compelling in a difficult
one. We continue to win deal after deal in a highly competitive
market, a fact that clearly suggests that many customers see BMC as
their best and safest choice for enterprise management software. We
believe the market opportunity for BSM is large and growing, and we
will continue to strengthen our leadership position.� In addition,
the Company posted the following key results: Total bookings on a
trailing 12-month basis were $1.9 billion, up 6 percent year over
year, with a weighted contract length of 2.1 years versus 2.4 years
in the year-ago period License revenue was $176 million, an
increase of 16 percent compared to the year-ago quarter Non-GAAP
operating expenses were $318 million, a 5 percent increase on a
year-over-year basis In the fiscal second quarter, non-GAAP
operating income increased by 25 percent, from $119 million to $149
million. GAAP operating income was $106 million versus $91 million
in the year-ago period, an increase of 15 percent The Company ended
the second quarter with a total of $1.76 billion in deferred
revenue During the second fiscal quarter, BMC continued its stock
repurchase activities, spending $100 million to repurchase 3.1
million outstanding shares. As of September 30, 2008, the Company
has $475 million remaining under the existing share repurchase
authorization. Steve Solcher, BMC�s chief financial officer, said:
�We are pleased with our performance in the second quarter as both
business units continued to demonstrate positive trends in many of
their key metrics. Business fundamentals remain encouraging. Our
business model is positively influenced by a large recurring stream
of license and maintenance revenue which should position us well in
today�s environment. Given current market conditions we are keeping
close tabs on our key management metrics, such as pipeline, close
rates, days sales outstanding, financing activity, expense
structure and pricing trends.� Fiscal 2009 Guidance Given BMC�s
strong performance in the first half of the year, the Company
raised its expectation for full year non-GAAP earnings per share.
It now expects non-GAAP earnings per share in the range of $2.15 to
$2.25 with a seasonal pattern similar to prior years. While the
Company is optimistic about its business and pleased with its
second quarter performance, it now faces currency headwinds because
of the recent rapid strengthening of the US dollar. The Company
also recognizes the impact that current global economic conditions
and the credit crunch may have on IT spending. As a result, the
Company now expects total bookings in 2009 to increase in the mid
single digits and total revenue growth in the high single digits.
The Company also now expects cash flow from operations to be
between $600 million and $650 million, seasonally skewed to the
second half of the fiscal year. Non-GAAP EPS excludes an estimated
95 cents of special items including expenses related to the
amortization of intangibles; in-process research and development
associated with the acquisition of BladeLogic; share-based
compensation; and restructuring activity. The Company reiterated
its assumptions for fiscal year 2009: A license bookings ratable
rate slightly higher than last year A continued improvement in
non-GAAP operating margin Other income that reflects the current
interest rate environment A non-GAAP effective tax rate of 30
percent Management Update In other news, BMC�s board of directors
voted to expand Bob Beauchamp�s role, giving the chief executive
officer the additional appointment as the Company�s new chairman of
the board, with long-time chairman Garland Cupp stepping into the
position of presiding director. �On behalf of the BMC board of
directors, I want to congratulate Bob on his selection as chairman
of the board, and to thank him for accepting this important role,�
Cupp said. �Bob�s leadership contribution at BMC has been
extraordinary over the past eight years. I�m very pleased that the
board has recognized his talent and integrity at this very
important time.� Conference Call A conference call to discuss
second quarter fiscal 2009 results is scheduled for today, October
30, 2008 at 4:00 pm Central Time. Those interested in participating
may call (913) 312-0643 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 operating margin, (d) non-GAAP net earnings
and (e) 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. These non-GAAP financial
measures exclude the amortization of intangible assets, charges
related to in-process research and development, share-based
compensation expenses and restructuring charges, as well as the
related tax impacts on these items. 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 they 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 the
amortization of intangible assets, charges related to in-process
research and development, share-based compensation expenses and
restructuring charges 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 intangible
assets. Our non-GAAP financial measures exclude costs associated
with the amortization of intangible assets. 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 intangible
assets, 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. � In-process research
and development charges. Our non-GAAP financial measures exclude
in-process research and development charges. These amounts
represent the estimated fair value of core research and development
projects that were incomplete as of the respective dates of
acquisition and had neither reached technological feasibility nor
been determined to have alternative future uses pending achievement
of technological feasibility upon further development. Such amounts
are required to be expensed by us as of the date of the respective
acquisition. Because the costs are fixed at the time of acquisition
and are not subject to management influence, management does not
consider the costs in evaluating the performance of the Company and
its business units nor when it allocates resources among the
business units. We believe excluding these items is useful to
investors because it facilitates comparisons to our historical
operating results without being affected by our acquisition history
and the results of other companies in our industry, which have
their own unique acquisition histories. � Share-based compensation
expenses. Our non-GAAP financial measures exclude the compensation
expenses required to be recorded by Statement of Financial
Accounting Standards No 123 (Revised 2004), �Share-based Payment�
(SFAS 123(R)) 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 share-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 share-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 123(R) 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 hinder 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. About BMC Software BMC
Software is a leading global provider of enterprise management
solutions that empower companies to automate their IT and prove its
business value. Delivering Business Service Management and Service
Automation, BMC solutions span enterprise systems, applications,
databases and service management. For the four fiscal quarters
ended September 30, 2008, BMC revenue was approximately $1.83
billion. For more information, visit www.bmc.com. This news release
and other related public statements we make contain 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 revenue, 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 offset revenue
shortfalls in the near-term is limited; 6) our expectations for
revenue and earnings are based on an assumption of the percentage
of license revenue which will be recognized upfront versus
deferred; if our actual results do not match our assumption, our
recognized revenue and resultant earnings could fall short of
expectations; 7) our effective tax rate is subject to quarterly
fluctuation and any change in such tax rate could affect our
earnings; and 8) the additional risks and important factors
described in BMC Software's Annual Report on Form 10-K and
quarterly reports on Form 10-Q filed with the U.S. Securities and
Exchange Commission. These filings are 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. � 2008 BMC Software, Inc. BMC SOFTWARE, INC.
STATEMENTS OF OPERATIONS � � � � (Unaudited) � � Quarter Ended
September 30, Incr/(Decr) Percentage 2007 2008 Change � � (In
millions, except per share data) � Revenue: License $ 150.9 $ 175.5
16.3 % Maintenance 241.2 255.5 5.9 % Professional services � 28.6 �
35.7 24.8 % Total revenue � 420.7 � 466.7 10.9 % � Cost of license
revenue 24.7 29.5 19.4 % Cost of maintenance revenue 39.7 46.6 17.4
% Cost of professional services revenue 30.1 36.3 20.6 % Selling
and marketing expenses 129.1 136.7 5.9 % Research and development
expenses 49.6 53.7 8.3 % General and administrative expenses 50.8
48.2 (5.1 )% Amortization of intangible assets 3.4 8.7 155.9 %
Severance, exit costs and related charges � 1.9 � 1.5 (21.1 )%
Total operating expenses � 329.3 � 361.2 9.7 % Operating income
91.4 105.5 15.4 % Other income, net � 19.7 � 3.2 (83.8 )% Earnings
before income taxes 111.1 108.7 (2.2 )% Provision for income taxes
� 33.7 � 38.9 15.4 % Net earnings $ 77.4 $ 69.8 (9.8 )% � Diluted
earnings per share $ 0.38 $ 0.36 (5.3 )% � Shares used in computing
diluted earnings per share � 202.0 � 192.4 (4.8 )% BMC SOFTWARE,
INC. STATEMENTS OF OPERATIONS � (Unaudited) � � � � Incr/(Decr) Six
Months Ended September 30, Percentage 2007 2008 Change � � (In
millions, except per share data) � Revenue: License $ 276.8 $ 324.9
17.4 % Maintenance 476.7 509.8 6.9 % Professional services � 52.2 �
69.5 33.1 % Total revenue � 805.7 � 904.2 12.2 % � Cost of license
revenue 47.9 57.1 19.2 % Cost of maintenance revenue 81.6 87.1 6.7
% Cost of professional services revenue 57.6 71.5 24.1 % Selling
and marketing expenses 257.0 277.1 7.8 % Research and development
expenses 95.2 115.5 21.3 % General and administrative expenses
101.5 101.7 0.2 % Amortization of intangible assets 6.4 17.2 168.8
% In-process research and development 2.2 50.3 nm Severance, exit
costs and related charges � 3.7 � 7.9 113.5 % Total operating
expenses � 653.1 � 785.4 20.3 % Operating income 152.6 118.8 (22.1
)% Other income, net � 40.3 � 11.3 (72.0 )% Earnings before income
taxes 192.9 130.1 (32.6 )% Provision for income taxes � 60.3 � 59.1
(2.0 )% Net earnings $ 132.6 $ 71.0 (46.5 )% � Diluted earnings per
share $ 0.65 $ 0.37 (43.1 )% � Shares used in computing diluted
earnings per share � 203.4 � 193.0 (5.1 )% BMC SOFTWARE, INC.
BALANCE SHEETS � � � � � � � � (Unaudited) (Audited) (Unaudited)
June 30, September 30, December 31, March 31, June 30, September
30, 2007 2007 2007 2008 2008 2008 � � � Current assets: Cash and
cash equivalents $ 1,141.6 $ 1,062.5 $ 1,013.2 $ 1,288.3 $ 986.5 $
810.3 (a) Investments 238.8 275.2 244.4 62.2 - 115.3 (a) Trade
accounts receivable, net 129.1 152.7 211.6 208.0 162.6 180.7 Trade
finance receivables, net 102.3 65.5 75.0 88.8 82.7 90.8 Other
current assets � 178.1 � 162.4 � 162.4 � 155.3 � 181.1 � 145.6
Total current assets 1,789.9 1,718.3 1,706.6 1,802.6 1,412.9
1,342.7 � Property and equipment, net 93.8 92.6 97.7 99.8 100.3
106.2 Software development costs, net 106.9 112.1 113.2 113.4 111.2
112.0 Long-term investments 186.3 141.3 107.9 124.7 87.0 83.6 (a)
Long-term trade finance receivables, net 91.2 51.0 62.8 56.4 54.5
71.6 Goodwill and intangible assets, net 749.7 810.3 826.7 803.3
1,588.7 1,560.6 Other long-term assets � 224.2 � 221.9 � 233.2 �
345.3 � 256.0 � 352.9 � Total assets $ 3,242.0 $ 3,147.5 $ 3,148.1
$ 3,345.5 $ 3,610.6 $ 3,629.6 � Current liabilities: Trade accounts
payable 24.4 30.6 26.6 43.8 45.1 47.3 Finance payables 3.2 9.9 26.3
4.3 9.1 15.8 Accrued liabilities 245.2 260.1 270.0 313.7 247.1
336.8 Deferred revenue � 900.3 � 864.5 � 867.7 � 926.8 � 975.0 �
927.5 Total current liabilities 1,173.1 1,165.1 1,190.6 1,288.6
1,276.3 1,327.4 � Long-term deferred revenue 881.9 837.5 827.0
852.6 846.5 834.8 Long-term debt 9.2 7.1 8.9 9.2 306.4 311.1 Other
long-term liabilities � 137.7 � 156.6 � 166.5 � 200.6 � 204.9 �
197.5 Total long-term liabilities 1,028.8 1,001.2 1,002.4 1,062.4
1,357.8 1,343.4 � Total stockholders' equity � 1,040.1 � 981.2 �
955.1 � 994.5 � 976.5 � 958.8 � Total liabilities and stockholders'
equity $ 3,242.0 $ 3,147.5 $ 3,148.1 $ 3,345.5 $ 3,610.6 $ 3,629.6
� � � � � � � � � � � � � � � � � (a) Total cash and investments �
$ 1,566.7 � $ 1,479.0 � $ 1,365.5 � $ 1,475.2 � $ 1,073.5 � $
1,009.2 BMC SOFTWARE, INC. STATEMENTS OF CASH FLOWS � (Unaudited) �
� � � � Quarter Ended September 30, Six Months Ended September 30,
2007 2008 2007 2008 � � (In millions) (In millions) Cash flows from
operating activities: $ 77.4 $ 69.8 Net earnings $ 132.6 $ 71.0
Adjustments to reconcile net earnings to net cash provided by
operating activities: 37.2 45.5 Depreciation and amortization 72.8
90.3 16.5 20.9 Share-based compensation expense 31.7 43.3 - -
In-process research and development 2.2 50.3 (1.2 ) 1.5 Other (2.2
) 0.3 Changes in operating assets and liabilities, net of
acquisitions: 77.2 (19.2 ) Trade finance receivables 138.1 (11.2 )
6.3 0.4 Finance payables (29.5 ) 5.2 (80.5 ) (59.1 ) Deferred
revenue (29.0 ) (24.7 ) � 21.0 � � 15.5 � Other operating assets
and liabilities � 2.2 � � 2.1 � � 153.9 � � 75.3 � Net cash
provided by operating activities � 318.9 � � 226.6 � � Cash flows
from investing activities: (53.8 ) 0.4 Cash paid for acquisitions,
net of cash acquired (92.4 ) (783.7 ) (100.2 ) (120.0 ) Purchases
of investments (205.7 ) (122.2 ) 111.7 6.0 Proceeds from maturities
/ sales of investments 415.0 107.2 (12.1 ) (8.5 ) Purchases of
property and equipment (19.0 ) (16.8 ) (20.4 ) (15.1 )
Capitalization of software development costs (38.4 ) (26.8 ) � 1.9
� � (0.1 ) Other investing activities � 2.3 � � (0.2 ) � (72.9 ) �
(137.3 ) Net cash provided by (used in) investing activities � 61.8
� � (842.5 ) � Cash flows from financing activities: (1.5 ) (3.4 )
Payments on debt and capital leases (3.1 ) (6.0 ) 27.5 12.1
Proceeds from stock options exercised and other 59.1 62.5 - -
Proceeds from issuance of long-term debt, net of debt issuance
costs - 295.6 4.6 1.1 Excess tax benefit from share-based
compensation 11.9 21.0 (200.0 ) (100.0 ) Treasury stock acquired
(283.4 ) (200.0 ) � - � � (0.3 ) Repurchases of stock to satisfy
employee tax withholding obligations � - � � (16.1 ) � (169.4 ) �
(90.5 ) Net cash provided by (used in) financing activities �
(215.5 ) � 157.0 � � � 9.3 � � (23.7 ) Effect of exchange rate
changes on cash and cash equivalents � 13.8 � � (19.1 ) (79.1 )
(176.2 ) Net change in cash and cash equivalents 179.0 (478.0 ) �
1,141.6 � � 986.5 � Cash and cash equivalents, beginning of period
� 883.5 � � 1,288.3 � $ 1,062.5 � $ 810.3 � Cash and cash
equivalents, end of period $ 1,062.5 � $ 810.3 � BMC SOFTWARE, INC.
Table of Reconciliation from GAAP Operating Expenses to Non-GAAP
Operating Expenses (In millions) (Unaudited) � � � � Quarter Ended
September 30, Six Months Ended September 30, 2007 2008 2007 2008 �
GAAP operating expenses $ 329.3 � $ 361.2 � $ 653.1 � $ 785.4 � �
Severance, exit costs and related charges (1.9 ) (1.5 ) (3.7 ) (7.9
) � Amortization of intangible assets (9.1 ) (20.7 ) (17.8 ) (39.2
) � Share-based compensation (16.5 ) (20.9 ) (31.7 ) (43.3 ) �
In-process research and development - - (2.2 ) (50.3 ) � � � �
Non-GAAP operating expenses $ 301.8 � $ 318.1 � $ 597.7 � $ 644.7 �
BMC SOFTWARE, INC. Table of Reconciliation from GAAP Operating
Income to Non-GAAP Operating Income (In millions) (Unaudited) � � �
� Quarter Ended September 30, Six Months Ended September 30, 2007
2008 2007 2008 � GAAP operating income $ 91.4 $ 105.5 $ 152.6 $
118.8 � Severance, exit costs and related charges 1.9 1.5 3.7 7.9 �
Amortization of intangible assets 9.1 20.7 17.8 39.2 � Share-based
compensation 16.5 20.9 31.7 43.3 � In-process research and
development - - 2.2 50.3 � � � � Non-GAAP operating income $ 118.9
$ 148.6 $ 208.0 $ 259.5 BMC SOFTWARE, INC. Table of Reconciliation
from GAAP Operating Margin to Non-GAAP Operating Margin (In
millions) (Unaudited) � � � � � � � Quarter EndedSeptember 30,
Quarter EndedSeptember 30, Quarter EndedSeptember 30, 2007 2008
2007 2008 2007 2008 � GAAP revenue: $ 420.7 $ 466.7 GAAP operating
income: $ 91.4 $ 105.5 GAAP operating margin: 22 % 23 % �
Severance, exit costs and related charges 1.9 1.5 � Amortization of
intangible assets 9.1 20.7 � Share-based compensation 16.5 20.9 � �
� � � � GAAP revenue: $ 420.7 $ 466.7 Non-GAAP operating income: $
118.9 $ 148.6 Non-GAAP operating margin: 28 % 32 % � � � Six Months
EndedSeptember 30, Six Months EndedSeptember 30, Six Months
EndedSeptember 30, 2007 2008 2007 2008 2007 2008 � GAAP revenue: $
805.7 $ 904.2 GAAP operating income: $ 152.6 $ 118.8 GAAP operating
margin: 19 % 13 % � Severance, exit costs and related charges 3.7
7.9 � Amortization of intangible assets 17.8 39.2 � Share-based
compensation 31.7 43.3 � In-process research and development 2.2
50.3 � � � � � � GAAP revenue: $ 805.7 $ 904.2 Non-GAAP operating
income: $ 208.0 $ 259.5 Non-GAAP operating margin: 26 % 29 % BMC
SOFTWARE, INC. Table of Reconciliation from GAAP Net Earnings to
Non-GAAP Net Earnings (In millions) (Unaudited) � � � Quarter Ended
September 30, Six Months Ended September 30, 2007 2008 2007 2008 �
GAAP net earnings $ 77.4 � $ 69.8 � $ 132.6 � $ 71.0 � � Severance,
exit costs and related charges 1.9 1.5 3.7 7.9 � Amortization of
intangible assets 9.1 20.7 17.8 39.2 � Share-based compensation
16.5 20.9 31.7 43.3 � In-process research and development - - 2.2
50.3 � � � � Subtotal pretax reconciling items � 27.5 � � 43.1 � �
55.4 � � 140.7 � � Tax effect of reconciling items � (9.4 ) � (5.3
) � (18.0 ) � (21.7 ) Non-GAAP net earnings $ 95.5 � $ 107.6 � $
170.0 � $ 190.0 � BMC SOFTWARE, INC. Table of Reconciliation from
GAAP Earnings Per Share to Non-GAAP Earnings Per Share (Unaudited)
� � � � Quarter EndedSeptember 30, Six Months EndedSeptember 30,
2007 2008 2007 2008 � GAAP diluted earnings per share $ 0.38 � $
0.36 � $ 0.65 � $ 0.37 � � Severance, exit costs and related
charges 0.01 0.01 0.02 0.04 � Amortization of intangible assets
0.05 0.11 0.09 0.20 � Share-based compensation 0.08 0.11 0.16 0.22
� In-process research and development - - 0.01 0.26 � � � �
Subtotal pretax reconciling items $ 0.14 � $ 0.22 � $ 0.27 � $ 0.73
� � Tax effect of reconciling items � (0.05 ) � (0.03 ) � (0.09 ) �
(0.11 ) Non-GAAP diluted net earnings per share $ 0.47 � $ 0.56 � $
0.84 � $ 0.98 � � Shares used in computing diluted earnings per
share (in millions) 202.0 192.4 203.4 193.0
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