Q1 2012 Earnings Call Transcript

Transcript Call Date 03/29/2012

Operator: Good afternoon, ladies and gentlemen. I am Monserrat. Welcome to TIBCO's First Quarter 2012 Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. You can also listen to this call via the Internet at

Today's call is being recorded and will be available for playback from TIBCO Software's website at In addition, replay will be available through InterCall for one month following today's call by dialing 1800-585-8367 or 404-537-3406 internationally. The confirmation code is 59620366.

The following conference call includes forward-looking statements, which represent TIBCO Software's outlook and guidance only as of today and which are subject to risks and uncertainties. These forward-looking statements include, but are not limited to, forecasts of revenues, operating margins, operating expenses, outstanding shares, and earnings per share for future periods.

Our actual results could differ materially from those projected in such forward-looking statements. Additional information regarding the factors that could cause actual results to differ materially are discussed in the Risk Factors section of TIBCO's most recent reports on Forms 10-K and 10-Q filed with the Securities and Exchange Commission. TIBCO assumes no obligation to update the forward-looking statements included in this call whether as a result of new developments or otherwise.

This conference call also includes certain financial information that has not been prepared in accordance with generally accepted accounting principles, as we believe that such information is useful for understanding our financial condition and results of operations. For a presentation of the most directly comparable financial measures calculated in accordance with GAAP and a reconciliation of the differences between the non-GAAP and GAAP financial information, please see our website at

The presenters on this call are Vivek Ranadive, TIBCO's Chairman and CEO; Murray Rode, Chief Operating Officer; and Sydney Carey, Chief Financial Officer.

I'd now like to turn the call over to Vivek.

Vivek Ranadive - Chairman and CEO: Hello (Molly) and thank you for joining us today. It's nice to be speaking to you again and discussing this first quarter of our new fiscal year. I'll begin the call with summary remarks on our Q1 performance and discuss the broader environment we are seeing, before turning it over to Murray and Sydney to discuss details.

We started the year right where we left off, and continued our record of strong execution. For the first quarter, total revenue came in at $226 million and grew by 22%. License revenue came in at $82 million and grew by over 17%. Non-GAAP operating profit grew by 17% and not get EBS came in $0.20, growing 25% over the same period a year ago.

For the third year in a row, we delivered accelerating revenue growth in Q1. This was the ninth consecutive quarter of growing EPS by more than 25% and this was the 15th consecutive quarter of beating consensus EPS estimates.

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