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Advent Software Reports Second Quarter 2014 Results

Record Second Quarter Revenue of $100.4 Million and GAAP Diluted EPS of $0.24

SAN FRANCISCO, CA -- (Marketwired) -- 07/28/14 -- Advent Software, Inc. (NASDAQ: ADVS), a leading provider of software and services to the global investment management industry, announced today its financial results for the second quarter ended June 30, 2014.

"We are pleased to report that Advent had an excellent second quarter with record revenues, robust profitability, and growing operating cash flow," said Pete Hess, Chief Executive Officer of Advent. "Increasing demand for Advent's solutions, including Advent Direct® Investor Management, and continued client loyalty are evidence of our strong competitive position."


GAAP Results for Continuing Operations
The Company reported quarterly revenue of $100.4 million for the second quarter of 2014, compared to $96.1 million in the second quarter of 2013, a 4% increase.

Operating income for the second quarter of 2014 was $21.8 million, or 21.7% of revenue, compared to a loss of $5.8 million for the second quarter of 2013. Advent's results for the second quarter of 2013 included costs associated with its recapitalization transaction. These costs, on a pre-tax basis, were composed of $6.7 million of third party costs which were not included in capitalized debt issue costs and $21.9 million of stock-based compensation expense associated with the modification of equity awards.

Net income for the second quarter of 2014 was $12.7 million, compared to a loss of $4.2 million in the second quarter of 2013. On a fully diluted basis, earnings per share in the second quarter of 2014 were $0.24 compared to a loss of $0.08 in the second quarter of 2013.

Operating cash flow in the second quarter of 2014 was $22.4 million, compared with $21.9 million in the second quarter of 2013.

Cash and cash equivalents totaled $41 million as of June 30, 2014, compared to $45 million as of March 31, 2014. Total outstanding debt as of June 30, 2014 was $280 million compared to $295 million as of March 31, 2014.

Deferred revenue as of June 30, 2014 was $183.1 million, compared to $187.8 million as of March 31, 2014.

The Company repurchased approximately 426,000 shares of its common stock in the second quarter of 2014 for a total cash outlay of $12.4 million and at an average price of $29.11 per share.

Non-GAAP Results for Continuing Operations
Non-GAAP operating income for the second quarter of 2014 was $33.2 million, or 33.1% of revenue, a 7% increase compared to $31.0 million, or 32.3% of revenue, in the second quarter of 2013.

On a fully diluted basis, non-GAAP earnings per share were $0.38 in the second quarter of 2014 and represent a 4% increase from non-GAAP diluted net income per share of $0.37 in the second quarter of 2013.

The reconciliation between GAAP and non-GAAP financial measures is provided at the end of this press release.


  • Advent's Black Diamond Platform Surpasses 500-Client Milestone. Advent's Black Diamond platform has surpassed 540 clients and has exceeded $245 billion in assets on its portfolio management, reporting, and rebalancing platform. The client base has increased by more than 125 percent and assets by more than 240 percent since its acquisition by Advent in June 2011.
  • Award-Winning Solutions & Company: Advent's solutions continued to receive industry awards and win honors around the world during the second quarter. Advent was awarded "Best Fund Accounting and Reporting Systems Firm" by Hedgeweek, as well as "Best Client Reporting Solution" by FTF News. In Europe, Advent was named "Best Portfolio Management Solution" at Wealth Briefing European Awards 2014 and "Best Technology - Fund Accounting" at the HFM Week European Hedge Fund Service Awards.
  • Continued Client Success: Advent had a strong second quarter, with a number of existing clients expanding their relationship with Advent, and many new noteworthy clients around the world, including Beta Capital Management, Carroll Financial Associates, Fiera Capital Corporation, Finix Services, Merced Capital L.P., Busey Wealth Management, Mesirow Financial Administrative Corp., William E. Hamm and Associates, Neon Capital Management, and the Georgia Division of Investment Services.
  • Quarterly Dividend: Advent's Board of Directors declared its first quarterly cash dividend to its shareholders during the second quarter of 2014. The quarterly cash dividend payment of $0.13 per common share was paid on July 15, 2014 to shareholders of record on June 30, 2014.

Advent updates the following financial guidance for the third quarter and fiscal year 2014:

                     Guidance                        Q3 2014      FY 2014
Total Revenue ($M)                                  $99 - $102  $395 - $403
GAAP Operating Margin                                  n/a     20.0% - 20.5%
Stock Compensation Expense (% of revenue)              n/a          8.5%
Amortization of Intangibles (% of revenue)             n/a          2.0%
Restructuring (% of revenue)                           n/a          0.5%
Non-GAAP Operating Margin                              n/a     31.0% - 31.5%
Operating Cash Flow ($M)                               n/a      $105 - $115
Capital Expenditures ($M)                              n/a        $8 - $11
Effective Tax Rate (GAAP)                              n/a       35% - 40%
Effective Tax Rate (non-GAAP)                          n/a          35%

Advent Software, Inc. will host its Q2 2014 quarterly earnings conference call at 5:00 p.m. Eastern time today. The Q2 2014 earnings presentation and trended disclosures file, which include highlights and detailed financial information, are currently available at To participate via phone, please dial 877-474-9504 and request conference ID # 25698158. Telephone replay will be available through midnight August 4, 2014. The replay number for domestic callers is 888-286-8010, and for international callers is 617-801-6888, with the conference ID of # 31161812. The conference call will also be webcast live and then archived on

Over the last 30 years of industry change, our core mission to help our clients focus on their unique strategies and deliver exceptional investor service has never wavered. With unparalleled precision and ahead of the curve solutions, we've helped over 4,300 firms in more than 50 countries -- from established global institutions to small start-up practices -- to grow their business and thrive. Advent technology helps firms minimize risk, work together seamlessly, and discover new opportunities in a constantly evolving world. Together with our clients, we are shaping the future of investment management. For more information on Advent products visit

This press release includes non-GAAP financial measures. For a description of these non-GAAP financial measures, including the reasons management uses each measure, and reconciliations of these non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with Generally Accepted Accounting Principles in the United States of America (GAAP), please see the accompanying tables entitled "Reconciliation of Selected Continuing Operations' GAAP Measures to Non-GAAP Measures."

The financial projections under Financial Guidance and any other forward-looking statements included in this presentation reflect management's best judgment based on factors currently known and involve risks and uncertainties; our actual results may differ materially from those discussed here. These risks and uncertainties include: potential fluctuations in new contract bookings, renewal rates, operating results and future growth rates; continued market acceptance of our products; the successful development, release and market acceptance of new products and product enhancements; uncertainties and fluctuations in the financial markets; the Company's ability to declare future dividends; the Company's ability to satisfy contractual performance requirements and other risks detailed from time to time in our SEC reports including, but not limited to, our quarterly reports on Form 10-Q and our 2013 Annual Report on Form 10-K. The Company disclaims any intention or obligation to publicly update or revise any forward-looking statements including any guidance, whether as a result of events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Advent, the Advent logo, Advent Software, and Advent Direct are registered trademarks of Advent Software, Inc. Any other company names or marks mentioned herein are those of their respective owners.

                           ADVENT SOFTWARE, INC.
                               (In thousands)
                             (GAAP, Unaudited)

                                                     June 30    December 31
                                                       2014         2013
                                                   -----------  -----------
Current assets:
  Cash and cash equivalents                        $    41,332  $    33,828
  Accounts receivable, net                              58,188       58,717
  Deferred taxes, current                               24,902       24,898
  Prepaid expenses and other                            26,507       30,114
  Current assets of discontinued operation                   -          100
                                                   -----------  -----------
      Total current assets                             150,929      147,657
Property and equipment, net                             31,585       31,698
Goodwill                                               208,471      207,818
Other intangibles, net                                  23,295       27,392
Deferred taxes, long-term                               21,845       23,020
Other assets                                            14,763       17,372
Noncurrent assets of discontinued operation              1,337        1,337
                                                   -----------  -----------

    Total assets                                   $   452,225  $   456,294
                                                   ===========  ===========

Current liabilities:
  Accounts payable                                 $     9,977  $     5,348
  Dividends payable                                      6,693            -
  Accrued liabilities                                   37,671       41,625
  Deferred revenues                                    175,288      186,107
  Current portion of long-term debt                     20,000       20,000
  Current liabilities of discontinued operation            618          600
                                                   -----------  -----------
    Total current liabilities                          250,247      253,680
Deferred revenues, long-term                             7,854        7,809
Long-term income taxes payable                           7,667        7,667
Long-term debt                                         260,000      285,000
Other long-term liabilities                              9,938       11,171
Noncurrent liabilities of discontinued operation         2,478        2,782
                                                   -----------  -----------

    Total liabilities                                  538,184      568,109
                                                   -----------  -----------

Stockholders' deficit:
  Common stock                                             514          513
  Additional paid-in capital                            55,828       42,533
  Accumulated deficit                                 (154,298)    (165,870)
  Accumulated other comprehensive income                11,997       11,009
                                                   -----------  -----------
    Total stockholders' deficit                        (85,959)    (111,815)
                                                   -----------  -----------

    Total liabilities and stockholders' deficit    $   452,225  $   456,294
                                                   ===========  ===========

                           ADVENT SOFTWARE, INC.
                   (In thousands, except per share data)
                             (GAAP, Unaudited)

                                  Three Months Ended      Six Months Ended
                                        June 30               June 30
                                 --------------------  --------------------
                                    2014       2013       2014       2013
                                 ---------  ---------  ---------   --------
Net revenues:
Recurring revenues               $  92,534  $  88,263  $ 181,664  $ 172,746
Non-recurring revenues               7,836      7,860     15,510     15,867
                                 ---------  ---------  ---------  ---------

  Total net revenues               100,370     96,123    197,174    188,613

Cost of revenues (1):
Recurring revenues                  20,589     17,979     39,216     34,391
Non-recurring revenues               7,514     10,019     15,569     19,587
Amortization of developed
 technology                          1,688      2,398      3,488      4,897
                                 ---------  ---------  ---------  ---------

  Total cost of revenues            29,791     30,396     58,273     58,875
                                 ---------  ---------  ---------  ---------

  Gross margin                      70,579     65,727    138,901    129,738

Operating expenses (1):
Sales and marketing                 18,299     23,217     38,029     40,421
Product development                 17,204     17,923     34,843     34,885
General and administrative          10,713     22,641     21,270     33,001
Amortization of other
 intangibles                           870        953      1,779      1,910
Recapitalization costs                   -      6,041          -      6,041
Restructuring charges                1,740        801      1,914      3,116
                                 ---------  ---------  ---------  ---------

  Total operating expenses          48,826     71,576     97,835    119,374
                                 ---------  ---------  ---------  ---------

Income (loss) from continuing
 operations                         21,753     (5,849)    41,066     10,364
Interest and other income
 (expense), net                     (1,948)    (1,330)    (4,173)    (1,633)
                                 ---------  ---------  ---------  ---------

Income (loss) from continuing
 operations before income taxes     19,805     (7,179)    36,893      8,731
Provision (benefit) for income
 taxes                               7,150     (3,024)    13,331        829
                                 ---------  ---------  ---------  ---------

  Net income (loss) from
   continuing operations         $  12,655  $  (4,155) $  23,562  $   7,902

Discontinued operation:
  Net (loss) income from
   discontinued operation (net
   of applicable taxes of $(10),
   $76, $(24) and $61,
   respectively)                       (16)       110        (37)        88

                                 ---------  ---------  ---------  ---------
Net income (loss)                $  12,639  $  (4,045) $  23,525  $   7,990
                                 =========  =========  =========  =========

Basic net income (loss) per
 share (2):
  Continuing operations          $    0.25  $   (0.08) $    0.46  $    0.15
  Discontinued operation             (0.00)      0.00      (0.00)      0.00
                                 ---------  ---------  ---------  ---------
    Total operations             $    0.25  $   (0.08) $  $ 0.46  $    0.16
                                 =========  =========  =========  =========

Diluted net income (loss) per
 share (2):
  Continuing operations          $    0.24  $   (0.08) $    0.44  $    0.15
  Discontinued operation             (0.00)      0.00      (0.00)      0.00
                                 ---------  ---------  ---------  ---------
    Total operations             $    0.24  $   (0.08) $  $ 0.44  $    0.15
                                 =========  =========  =========  =========

Weighted average shares used to
 compute net income (loss) per
  Basic                             51,456     51,639     51,314     51,101
  Diluted                           53,540     51,639     53,486     52,243

Cash dividends declared per
 common share                    $    0.13          -  $    0.13          -

(1) Includes stock-based
 employee compensation expense
 as follows:

  Cost of recurring revenues     $     834  $   1,306  $   1,676  $   1,794
  Cost of non-recurring revenues       354      1,730        729      2,112
                                 ---------  ---------  ---------  ---------
    Total cost of revenues           1,188      3,036      2,405      3,906

  Sales and marketing                2,661      6,523      5,296      8,046
  Product development                1,923      3,532      3,848      4,858
  General and administrative         1,912     14,098      3,763     15,396
                                 ---------  ---------  ---------  ---------
    Total operating expenses         6,496     24,153     12,907     28,300
                                 ---------  ---------  ---------  ---------

  Total stock-based employee
   compensation expense          $   7,684  $  27,189  $  15,312  $  32,206
                                 =========  =========  =========  =========

(2) Net income (loss) per share is based on actual calculated values and
 totals may not sum due to rounding.

                           ADVENT SOFTWARE, INC.
                               (In thousands)

                                                   Six Months Ended June 30
                                                       2014         2013
                                                   -----------  -----------
Cash flows from operating activities:
  Net income                                       $    23,525  $     7,990
  Adjustment to net income for discontinued
   operation net loss (income)                              37          (88)
                                                   -----------  -----------
  Net income from continuing operations                 23,562        7,902

  Adjustments to reconcile net income to net cash
   providedby operating activities from continuing

    Stock-based compensation                            15,312       32,206
    Excess tax benefit from stock-based
     compensation                                       (6,841)      (2,783)
    Depreciation and amortization                       10,814       12,673
    Amortization of debt issuance costs                    713          239
    (Reduction of) provision for doubtful accounts          (6)         411
    Reduction of sales reserves                           (555)        (150)
    Deferred income taxes                                7,763        1,791
    Other                                                  182         (148)
                                                   -----------  -----------
      Effect of statement of operations
       adjustments                                      27,382       44,239
    Changes in operating assets and liabilities:
    Accounts receivable                                    535        5,282
    Prepaid and other assets                             5,661       (4,643)
    Accounts payable                                     3,675        3,582
    Accrued liabilities                                 (7,282)      (3,472)
    Deferred revenues                                  (10,219)      (8,634)
    Income taxes payable                                     -       (5,190)
                                                   -----------  -----------
      Effect of changes in operating assets and
       liabilities                                      (7,630)     (13,075)
                                                   -----------  -----------

Net cash provided by operating activities from
 continuing operations                                  43,314       39,066

Cash flows from investing activities:
  Purchases of property and equipment                   (4,370)      (1,611)
  Capitalized software development costs                  (963)      (1,916)
  Change in restricted cash                               (173)           -
  Purchases of marketable securities                         -      (57,863)
  Sales and maturities of marketable securities              -      213,444
                                                   -----------  -----------

Net cash (used in) provided by investing
 activities from continuing operations                  (5,506)     152,054

Cash flows from financing activities:
  Proceeds from common stock issued from exercises
   of stock options                                      2,141       16,212
  Proceeds from common stock issued under the
   employee stock purchase plan                          3,493        3,211
  Excess tax benefits from stock-based
   compensation                                          6,841        2,783
  Withholding taxes related to equity award net
   share settlement                                     (5,127)      (6,509)
  Proceeds from debt                                         -      225,000
  Repayment of debt                                    (25,000)     (95,000)
  Repurchase of common stock                           (12,411)           -
  Debit issuance costs                                       -       (5,725)
                                                   -----------  -----------

Net cash (used in) provided by financing
 activities from continuing operations                 (30,063)     139,972

Net cash transferred to discontinued operation            (223)        (208)

Effect of exchange rate changes on cash and cash
 equivalents                                               (18)        (358)
                                                   -----------  -----------

Net change in cash and cash equivalents from
 continuing operations                                   7,504      330,526
Cash and cash equivalents of continuing operations
 at beginning of period                                 33,828       58,217
                                                   -----------  -----------

Cash and cash equivalents of continuing operations
 at end of period                                  $    41,332  $   388,743
                                                   ===========  ===========

                                                   Six Months Ended June 30
                                                       2014         2013
                                                   -----------  -----------
Supplemental disclosure of cash flow information:
Noncash investing activities:
  Capital expenditures included in accounts
   payable                                         $     1,086  $         -

Cash flows from discontinued operation of
 MicroEdge, Inc.:
  Net cash used in operating activities            $      (223) $      (208)
  Net cash transferred from continuing operations          223          208

                           ADVENT SOFTWARE, INC.
                   (In thousands, except per share data)

To supplement our condensed consolidated financial statements presented in
accordance with generally accepted accounting principles in the United
States of America (or GAAP), Advent uses non-GAAP measures of continuing
operations' gross margin, operating income, net income and net income per
share, which are adjusted to exclude certain costs, expenses and income we
believe appropriate to enhance an overall understanding of our past
financial performance and also our prospects for the future. These
adjustments to our current period GAAP results are made with the intent of
providing both management and investors a more complete understanding of
Advent's underlying operational results and trends and our marketplace
performance. In addition, these non-GAAP results are among the information
management uses as a basis for our planning and forecasting of future
periods. The presentation of this additional information is not meant to be
considered in isolation or as a substitute for results prepared in
accordance with GAAP.

                                         Three Months Ended June 30
                                         2014                  2013
                                 --------------------  --------------------
                                             % of Net              % of Net
                                   Amount    Revenues    Amount    Revenues
                                 ---------  ---------  ---------  ---------

GAAP gross margin                $  70,579       70.3% $  65,727       68.4%
  Amortization of acquired
   intangibles                       1,192                 1,883
  Stock-based compensation           1,188                 3,036
                                 ---------             ---------
Non-GAAP gross margin            $  72,959       72.7% $  70,646       73.5%
                                 =========             =========

GAAP operating income (loss)     $  21,753       21.7% $  (5,849)      -6.1%
  Amortization of acquired
   intangibles                       2,063                 2,836
  Stock-based compensation           7,684                27,189
  Restructuring charges              1,740                   801
  Recapitalization costs                 -                 6,041
                                 ---------             ---------
Non-GAAP operating income        $  33,240       33.1% $  31,018       32.3%
                                 =========             =========

GAAP net income (loss)           $  12,655             $  (4,155)
  Amortization of acquired
   intangibles                       2,063                 2,836
  Stock-based compensation           7,684                27,189
  Restructuring charges              1,740                   801
  Recapitalization costs                 -                 6,692
  Income tax adjustment (1)         (3,802)              (13,642)
                                 ---------             ---------
Non-GAAP net income              $  20,340             $  19,721
                                 =========             =========

GAAP net income (loss)           $  12,655             $  (4,155)
  Net interest                       1,875                 1,351
  Provision (benefit) for income
   taxes                             7,150                (3,024)
  Depreciation expense               2,781                 2,920
  Amortization expense               2,558                 3,352
  Stock-based compensation           7,684                27,189
                                 ---------             ---------
Adjusted EBITDA                  $  34,703             $  27,633
                                 =========             =========

Diluted net income (loss) per
  GAAP                           $    0.24             $   (0.08)
  Non-GAAP                       $    0.38             $    0.37

Shares used to compute GAAP
 diluted net income (loss) per
 share                              53,540                51,639
Shares used to compute Non-GAAP
 diluted net income per share       53,540                53,772

(1) The estimated non-GAAP effective tax rate was 35% for the three months
    ended June 30, 2014 and 2013, respectively, and has
    been used to adjust the provision for income taxes for non-GAAP net
    income and non-GAAP diluted net income per share purposes.

                           ADVENT SOFTWARE, INC.
                       TO NON-GAAP OPERATING INCOME %
                        (Preliminary and unaudited)

Advent provides projections for the non-GAAP measure of its continuing
operations' operating income percentage. This non-GAAP measure excludes
certain costs and expenses which we believe is appropriate to enhance an
overall understanding of our past financial performance and also our
prospects for the future. Adjustments to our projected continuing
operations' GAAP results are made with the intent of providing management
and investors a more complete understanding of Advent's underlying
operational results and trends and our marketplace performance. In
addition, these adjusted non-GAAP projections are among the information
management uses as a basis for planning and forecasting of future periods.
The presentation of this additional information is not meant to be
considered in isolation or as a substitute for results prepared in
accordance with generally accepted accounting principles in the United
States of America.

                                                     Twelve Months Ending
                                                      December 31, 2014
                                                    Continuing Operations
                                                      Operating Income %

Projected GAAP                                      20.0 %    to      20.5 %
                                                  =======  =======  =======

  Projected stock-based compensation adjustment              8.5  %
  Projected amortization of acquired developed
   technology and other acquired intangible asset
   adjustment                                                2.0  %
  Projected restructuring charge adjustment                  0.5  %

                                                  -------  -------  -------
Projected non-GAAP                                  31.0 %    to      31.5 %
                                                  =======  =======  =======

Media Contact:
Amanda Diamondstein-Cieplinska
Advent Software, Inc.
(415) 645-1668
Email Contact

Investor Relations Contact:
Justin Ritchie
Advent Software, Inc.
(415) 645-1683
Email Contact

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