BMC Software Announces Fiscal 2013 Third Quarter Results

BMC Software (NASDAQ: BMC), the recognized global leader in enterprise IT management, today announced results for the third quarter of its fiscal 2013.

GAAP net earnings for the third quarter were $106 million, or $0.70 per diluted share, versus $120 million and $0.71 per diluted share in the third quarter of fiscal 2012.

Non-GAAP net earnings for the quarter were $151 million, or $0.99 per diluted share, which reflects a non-GAAP effective tax rate for the quarter of 25 percent. Non-GAAP net earnings for the third quarter of fiscal 2012 were $157 million, or $0.93 per diluted share, which reflects a non-GAAP effective tax rate of 25 percent. The financial tables include a reconciliation between non-GAAP and GAAP results.

“BMC Software’s strategy, our target markets, our position in those markets, and our product and technology leadership continue to present significant opportunities for our company and our shareholders,” said Bob Beauchamp, BMC’s chairman and chief executive officer. “Our overall win rate remains high, but we need to be more consistent and disciplined in how we approach and secure large, transformational deals, which are a big part of our go-forward opportunity. In addition, we are scrutinizing the entire company to improve our operational discipline. This review is currently underway, and it should position us well as we enter fiscal year 2014.”

The Company posted the following key results for the third quarter of fiscal 2013:

• Active SaaS customers more than doubled year-over-year to approximately 550; SaaS revenue also more than doubled year-over-year;
• Cloud business continues to grow, with cloud-related license bookings up 44 percent year-over-year;
• Top 15 MSM deals once again saw an increase in the spend rate, largely due to our success in selling more new products to some of our most strategic customers;
• Expanded MSM customer relationships with 209 new product placements, up 31 percent year-over-year;
• MSM non-GAAP operating income rose by 2 percent year-over-year; non-GAAP operating margin was 62 percent for the quarter; and
• Professional services revenue rose 16 percent on a year-over-year basis; non-GAAP professional services gross margin improved substantially, growing by 9 percentage points year-over-year.

During the third quarter, BMC repurchased a total of 14.3 million shares. As part of the accelerated share repurchase agreement executed in November, the Company received 13.1 million shares, which is in addition to 1.2 million shares repurchased for $50 million earlier in the quarter. The current remaining share repurchase authorization is $700 million.

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