BMC Software (NASDAQ:
), the recognized global leader in enterprise IT management, today announced results for the first quarter of its fiscal 2014.
GAAP net earnings for the first quarter were $53 million, or $0.36 per diluted share, versus $54 million, or $0.33 per diluted share in the year-ago period. Non-GAAP net earnings for the quarter were $112 million, or $0.77 per diluted share, compared to $106 million, or $0.65 per diluted share in the year-ago period.
The Company has $1.8 billion of cash and investments, $476 million in net cash and investments and $2.0 billion in deferred revenue as of June 30, 2013.
Included in the financial tables is a reconciliation between non-GAAP and GAAP results. All earnings materials are available on the Company’s website at
Use of Non-GAAP Financial Measures
In an effort to provide investors with additional information regarding the Company’s results as determined by U.S. generally accepted accounting principles (GAAP), the Company has also disclosed in this press release and the accompanying tables the following non-GAAP information: (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 earnings per share. Each of these financial measures excludes the impact of certain items and, therefore, has not been calculated in accordance with GAAP. These non-GAAP financial measures exclude share-based compensation expense; the amortization of intangible assets; severance, exit costs and other restructuring charges; proxy contest costs; merger-related costs; as well as the related tax impacts of these items. Each of the non-GAAP 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 core operating results when assessing the performance of the organization. In addition, we have historically reported similar non-GAAP financial measures and we believe that inclusion of these non-GAAP financial measures provides consistency and comparability with past reports of financial results. Accordingly, we believe these non-GAAP financial measures are useful to investors in allowing for greater transparency of supplemental information used by management.