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Compuware Corporation Reports First Quarter, Fiscal Year 2015 Results

Compuware Corporation (Nasdaq: CPWR), the technology performance company, today announced financial results for its first quarter, fiscal year 2015 ended June 30, 2014.

Non-GAAP net income for the quarter was $11.3 million, or $0.05 per diluted share, compared to $16.5 million, or $0.07 per diluted share in the year-ago period. GAAP net income for the first quarter was $52,000, or $0.00 per diluted share, compared to $4.3 million, or $0.02 per diluted share in the year-ago period. Prior-year amounts relate to our continuing operations.

(Included in the financial tables is a reconciliation between non-GAAP and GAAP results.)

“Q1 was essentially in line with expectations. We are experiencing solid business momentum and are seeing positive metrics across the board for Q2 and the rest of the fiscal year,” said Compuware CEO Bob Paul. “Additionally, our cost rationalization and business transformation efforts continue to progress well, and our previously announced strategic- and shareholder-value initiatives remain on track with the Board remaining committed to reviewing and evaluating credible opportunities to create additional value for shareholders.”

First Quarter Fiscal Year 2015 Results

During the company’s first quarter:

  • Total revenues were approximately $164.5M, down 3.7 percent y/y
  • Software license fees were approximately $26.7M, down 15.9 percent y/y
  • Maintenance fees were approximately $88.5 million, up 1.5 percent y/y
  • Subscription fees were approximately $19.4 million, down 3.8 percent y/y
  • Professional services revenues were approximately $8.4 million, up 9.7 percent y/y
  • Application services fees were approximately $21.6 million, down 10.4 percent y/y

First Quarter Fiscal Year 2015 Highlights

During the first quarter, Compuware:

  • Announced that CIO Review Magazine named Compuware APM as one of the Top 100 Most Promising Big Data Companies.
  • Announced that Michael Keddington joined Covisint as its Senior Vice President of Worldwide Sales.
  • Revealed new mobile capabilities across the Compuware APMaaS platform that further extends its leadership in mobile performance and user experience management.
  • Announced that Gartner, Inc. recognized Covisint as a Leader in its first ever "Magic Quadrant for Identity Access Management as a Service (IDaaS)."
  • Announced new capabilities to its Data Center Real-User Monitoring (DCRUM) solution; and partnered with Emulex Corporation (NYSE:ELX), a leader in network visibility, to announce the availability of the Endace FusionTM Connector for Compuware APM's DC RUM solution.
  • Announced day-one support for two IBM releases—WebSphere MQ for z/OS, V8.0 (MQ V8) and CICS Transaction Server for z/OS V5.2 (CICS TS V5.2)—highlighting how Compuware's Mainframe Solutions enhance the value of IBM's System z platform by optimizing developer productivity, reducing costs and improving service quality throughout the application lifecycle.
  • Announced the findings of a global survey of 740 senior IT professionals' concerns about cloud computing adoption.
  • Announced that Compuware Covisint was named a "major player" by independent analyst firm IDC in the report: IDC MarketScape: Worldwide Federated Identity Management and Single Sign-On 2014 Vendor Assessment (IDC #247097, March 2014).

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 net income and (b) 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; restructuring charges; advisory fees associated with certain shareholder actions and our business transformation; and 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 management and the board of directors do not consider part of core operating results when assessing the performance of the organization. We believe that inclusion of these non-GAAP financial measures provides consistency and comparability with past reports of financial results and provides consistency in calculations by outside analysts reviewing our results. Accordingly, we believe these non-GAAP financial measures are useful to investors in allowing for greater transparency of supplemental information used by management.

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 share-based compensation expense; the amortization of intangible assets; restructuring charges; advisory fees associated with certain shareholder actions and our business transformation; and the related tax impacts of these items 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 reconciling the non-GAAP financial measures to their most comparable GAAP financial measure. Investors are encouraged to review the reconciliations of the non-GAAP financial measures to their most comparable GAAP financial measures that are included elsewhere in this press release.

The following discusses the reconciling items from our non-GAAP financial measures to the most comparable GAAP financial measures:

Share-based compensation expense. Our non-GAAP financial measures exclude the compensation expenses required to be recorded by GAAP for equity awards to employees and directors. Management and the board of directors believe it is useful in evaluating corporate performance during a particular time period to review the supplemental non-GAAP financial measures, excluding 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.

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 corporate performance during a particular time period to review the supplemental non-GAAP financial measures, excluding 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.

Restructuring charges. Our non-GAAP financial measures exclude restructuring charges, and any subsequent changes in estimates, as they relate to our corporate restructuring and exit activities. Management and the board of directors believe it is useful in evaluating corporate performance during a particular time period to review the supplemental non-GAAP financial measures, excluding restructuring charges, in order to provide comparability and consistency with historical operating results.

Advisory fees associated with certain shareholder actions and our business transformation. The Company has incurred costs for consultant fees related to shareholder actions and business transformation. Management and the board of directors believe it is useful in evaluating corporate performance during a particular time period to review the supplemental non-GAAP financial measures, excluding such costs, in order to provide comparability and consistency with historical operating results.

Provision for income taxes on above pre-tax non-GAAP adjustments. Our non-GAAP financial measures exclude the tax impact of the above pre-tax non-GAAP adjustments. This amount is calculated using the tax rates of each country to which these pre-tax non-GAAP adjustments relate. Management excludes the non-GAAP adjustments on a net-of-tax basis in evaluating our performance. Therefore, we exclude the tax impact of these charges when presenting non-GAAP financial measures.

Compuware Corporation

Compuware is the technology performance company, and we exist solely to help our customers optimize the performance of their most important and innovative technologies—those that drive their businesses forward. Today, more than 7,100 companies, including many of the world’s largest organizations, depend on Compuware and our new-generation approach to performance management to do just that. Learn more at: http://www.compuware.com.

Conference Call Information

Compuware will today hold a conference call to discuss these results at 5:30 p.m. Eastern time (21:00 GMT). To join the conference call, interested parties in the United States should call 800-230-1059. For international access, the conference call number is +1-612-234-9959. No password is required. Additionally, investors can listen to the conference call via webcast by visiting the Compuware Corporation Investor Relations web site. A conference call presentation is also available on the site.

A conference call replay will also be available. The United States replay number will be 800-475-6701, and the international replay number will be +1-320-365-3844. The replay passcode will be 329744.

Certain statements in this release that are not historical facts, including those regarding the Company’s future plans, objectives and expected performance, are “forward-looking statements” within the meaning of the federal securities laws. These forward-looking statements represent our outlook only as of the date of this release. While we believe any forward-looking statements we have made are reasonable, actual results could differ materially since the statements are based on our current expectations and are subject to risks and uncertainties. These risks and uncertainties are discussed in the Company’s reports filed with the Securities and Exchange Commission. Readers are cautioned to consider these factors when relying on such forward-looking information. The Company does not undertake, and expressly disclaims any obligation, to update or alter its forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.

 
COMPUWARE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In Thousands)
     
AS OF JUNE 30,
ASSETS
2014 2013
CURRENT ASSETS:
Cash and cash equivalents $ 275,514 $ 81,329
Accounts receivable, net 288,031 354,404
Deferred tax asset, net 36,770 43,062
Income taxes refundable 4,519 4,674
Prepaid expenses and other current assets   27,629     35,733  
Total current assets 632,463 519,202
 
PROPERTY AND EQUIPMENT, LESS ACCUMULATED
DEPRECIATION AND AMORTIZATION 283,107 297,405
 
CAPITALIZED SOFTWARE AND OTHER
INTANGIBLE ASSETS, NET 96,868 113,748
 
ACCOUNTS RECEIVABLE 165,010 181,343
DEFERRED TAX ASSET, NET 16,582 30,587
GOODWILL 647,445 724,800
OTHER ASSETS   24,613     30,451  
 
TOTAL ASSETS $ 1,866,088   $ 1,897,536  
 
LIABILITIES AND SHAREHOLDERS' EQUITY
 
CURRENT LIABILITIES:
Accounts payable $ 14,133 $ 12,900
Accrued expenses 75,448 92,002
Income taxes payable 16,249 24,729
Deferred revenue   354,683     386,105  
Total current liabilities 460,513 515,736
 
LONG TERM DEBT - 15,000
 
DEFERRED REVENUE 274,482 294,988
 
ACCRUED EXPENSES 19,927 17,985
 
DEFERRED TAX LIABILITY, NET   33,857     54,588  
Total liabilities   788,779     898,297  
 
SHAREHOLDERS' EQUITY:
Common stock 2,200 2,141
Additional paid-in capital 837,773 731,622
Retained earnings 229,037 280,780
Accumulated other comprehensive loss   (7,648 )   (15,304 )
Total Compuware shareholders' equity 1,061,362 999,239
Non-controlling interest   15,947     -  
Total shareholders' equity   1,077,309     999,239  
 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 1,866,088   $ 1,897,536  
 
COMPUWARE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, Except Per Share Data)
   
 
THREE MONTHS ENDED
JUNE 30,
 
2014 2013
REVENUES:
Software license fees $ 26,687 $ 31,743
Maintenance fees 88,460 87,162
Subscription fees 19,362 20,132
Services fees 8,414 7,671
Application services fees   21,587     24,101  
Total revenues   164,510     170,809  
 
OPERATING EXPENSES:
Cost of software license fees 4,995 4,929
Cost of maintenance fees 6,922 7,339
Cost of subscription fees 8,202 7,840
Cost of services 6,732 6,642
Cost of application services 30,902 24,261
Technology development and support 19,952 23,691
Sales and marketing 53,103 52,267
Administrative and general 34,013 36,048
Restructuring costs   2,975     4,803  
Total operating expenses   167,796     167,820  
 
INCOME (LOSS) FROM CONTINUING OPERATIONS (3,286 ) 2,989
 
OTHER INCOME, NET   223     202  
 
INCOME (LOSS) FROM CONTINUING OPERATIONS
BEFORE INCOME TAX PROVISION (3,063 ) 3,191
 
INCOME TAX PROVISION (BENEFIT)   (1,707 )   (1,071 )
 
NET INCOME (LOSS) FROM CONTINUING OPERATIONS
INCLUDING NON-CONTROLLING INTEREST (1,356 ) 4,262
 
INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX   -     5,705  
 
NET INCOME (LOSS) INCLUDING NON-CONTROLLING INTEREST (1,356 ) 9,967
 
Less: Net loss attributable to the
non-controlling interest in Covisint Corporation   (1,408 )   -  
 
NET INCOME ATTRIBUTABLE TO COMPUWARE CORP $ 52   $ 9,967  
 
Amounts attributable to Compuware common shareholders
Income (loss) from continuing operations (1,356 ) 4,262
Loss attributable to non-controlling interest   (1,408 )   -  
Income from continuing operations, net of tax 52 4,262
Income from discontinued operations, net of tax   -     5,705  
Net income attributable to Compuware common shareholders $ 52   $ 9,967  
 

Diluted earnings per share:

Continuing operations 0.00 0.02
Discontinued operations   0.00     0.03  

Diluted earnings per share

$ 0.00   $ 0.05  
 
Weighted-average common shares outstanding 219,667 213,640
Dilutive effect of stock awards   3,680     6,054  
Total shares   223,347     219,694  
 
COMPUWARE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
   
THREE MONTHS ENDED
JUNE 30,
2014 2013
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES:
Net income (loss) including non-controlling interest $ (1,356 ) $ 9,967
Adjustments to reconcile net income (loss) to cash provided
by operations:
Depreciation and amortization 14,980 16,452
Stock award compensation 8,800 10,437
Deferred income taxes (3,237 ) (14,148 )
Other 570 13
Net change in assets and liabilities, net of effects from
currency fluctuations:
Accounts receivable 102,475 60,935
Prepaid expenses and other assets (48 ) 1,871
Accounts payable and accrued expenses (24,695 ) (25,892 )
Deferred revenue (58,194 ) (41,987 )
Income taxes   (17,231 )   11,002  
Net cash provided by operating activities   22,064     28,650  
 
CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES:
Purchase of:
Property and equipment (2,189 ) (1,667 )
Capitalized software (6,988 ) (5,745 )
Divestiture of business units (8,046 ) -
Other   -     (275 )
Net cash provided by (used in) investing activities   (17,223 )   (7,687 )
 
CASH FLOWS USED IN FINANCING ACTIVITIES:
Proceeds from borrowings - 26,500
Payments on borrowings - (29,500 )
Net proceeds from exercise of stock awards including excess tax benefits 3,386 7,105
Employee contribution to common stock purchase plans 397 651
Repurchase of common stock (6,423 ) (4,962 )
Dividends (27,474 ) (26,741 )
Other   -     (299 )
Net cash used in financing activities   (30,114 )   (27,246 )
 
EFFECT OF EXCHANGE RATE CHANGES ON CASH   728     (2,261 )
 
NET CHANGE IN CASH AND CASH EQUIVALENTS (24,545 ) (8,544 )
 
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD   300,059     89,873  
 
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 275,514   $ 81,329  
 
COMPUWARE CORPORATION AND SUBSIDIARIES
OPERATIONAL HIGHLIGHTS
(Dollar Amounts In Thousands)
     
QUARTER
ENDED

JUNE 30,

YR - YR
2014 2013 % Chg
Total Product Software Revenue by Geography
North America $ 76,675 $ 80,643 (4.9 %)
International 57,834 58,394 (1.0 %)
 
Deferred License Fees
Current $ 15,133 $ 14,849 1.9 %
Long-term 7,536 8,926 (15.6 %)
 
Deferred Maintenance
Current $ 263,358 $ 290,453 (9.3 %)
Long-Term 249,141 260,188 (4.2 %)
 
Deferred Subscription
Current $ 41,830 $ 43,017 (2.8 %)
Long-Term 8,455 6,775 24.8 %
 
Deferred Services $ 19,786 $ 21,962 (9.9 %)
 
Deferred Application Services $ 23,926 $ 34,923 (31.5 %)
 
 
 
Other:
Total Company Headcount 2,957 4,363 (32.2 %)
 
Total DSO (Billed) 59.3 59.5
Total DSO 158.4 140.0
 
Stock-based compensation expense
 
Cost of license fees $ - $ - N/A
Cost of maintenance fees 93 178 (47.8 %)
Cost of subscription fees 28 29 (3.4 %)
Cost of services 9 20 (55.0 %)
Cost of application services 2,619 486 438.9 %
Technology development and support 267 574 (53.5 %)
Sales and marketing 1,894 2,770 (31.6 %)
Administrative and general 3,890 4,517 (13.9 %)
Restructuring costs - 1,791 (100.0 %)
Discontinued operations   -   72 (100.0 %)
 
Total stock-based compensation expense before income taxes $ 8,800 $ 10,437 (15.7 %)
 
COMPUWARE CORPORATION AND SUBSIDIARIES
BUSINESS UNIT RESULTS OF OPERATIONS
(In Thousands)
             
Covisint
Application Unallocated
Quarter Ended: APM Mainframe Services Expenses Total
 
June 30, 2014
 
Software license fees $ 21,387 $ 5,300 - - $ 26,687
Maintenance fees 28,295 60,165 - - 88,460
Subscription fees 19,362 - - - 19,362
Services fees 8,332 82 - - 8,414
Application services fees   -     -   $ 21,587     -     21,587  
Total revenues 77,376 65,547 21,587 - 164,510
 
Total operating expenses   75,633     17,116     33,392     41,655     167,796  
 
Income (loss) from operations $ 1,743   $ 48,431   $ (11,805 ) $ (41,655 ) $ (3,286 )
Contribution margin % 2.3 % 73.9 % (54.7 %) (2.0 %)
 
Operating expenses include:
Stock awards compensation $ 1,912 $ 247 $ 2,619 $ 4,022 $ 8,800
Amortization of purchased software $ 1,620 $ - $ 94 $ - $ 1,714
Amortization of other acquired intangible assets $ 1,738 $ - $ 77 $ - $ 1,815
 
 
June 30, 2013
 
Software license fees $ 23,530 $ 8,213 - - $ 31,743
Maintenance fees 23,801 63,361 - - 87,162
Subscription fees 20,132 - - - 20,132
Services fees 7,602 69 - - 7,671
Application services fees   -     -   $ 24,101     -     24,101  
Total revenues 75,065 71,643 24,101 - 170,809
 
Operating expenses   74,411     18,811     25,423   $ 49,175     167,820  
 
Income (loss) from operations $ 654   $ 52,832   $ (1,322 ) $ (49,175 ) $ 2,989  
Contribution margin % 0.9 % 73.7 % (5.5 %) 1.7 %
 
Operating expenses include:
Stock awards compensation $ 2,823 $ 534 $ 486 $ 6,522 $ 10,365
Amortization of purchased software $ 2,276 $ - $ 94 $ - $ 2,370
Amortization of other acquired intangible assets $ 1,694 $ - $ 99 $ - $ 1,793
 
 
Prior year amounts have been reclassified to reflect the transition of APM for Mainframe from the Mainframe segment to the APM segment.
 

COMPUWARE CORPORATION

RECONCILIATION OF GAAP TO NON-GAAP
(In Thousands, Except Per Share Data)
   

THREE MONTHS ENDED
JUNE 30,

2014

2013
 

NET INCOME FROM CONTINUING OPERATIONS ATTRIBUTABLE TO COMPUWARE CORPORATION

$ 52   $ 4,262  
ADJUSTMENTS EXCLUDING IMPACT OF NON-CONTROLLING INTEREST
Stock compensation (excl. restructuring) 8,304 8,574
Amortization of purchased software 1,696 2,370
Amortization of acquired intangibles 1,800 1,793
Restructuring expense 2,975 4,803
Advisory fees 2,744 1,156
Income tax effect of above adjustments (6,270 ) (6,493 )
       
Total adjustments 11,249 12,203
       
NON-GAAP NET INCOME FROM CONTINUING OPERATIONS $ 11,301   $ 16,465  
             
 
DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS - GAAP $ 0.00   $ 0.02  
 
ADJUSTMENTS EXCLUDING IMPACT OF NON-CONTROLLING INTEREST
Stock compensation (excl. restructuring) 0.04 0.04
Amortization of purchased software 0.01 0.01
Amortization of acquired intangibles 0.01 0.01
Restructuring expense 0.01 0.02
Advisory fees 0.01 0.01
Income tax effect of above adjustments (0.03 ) (0.03 )
       
Total adjustments 0.05 0.06
       
NON-GAAP EPS FROM CONTINUING OPERATIONS $ 0.05   $ 0.07  
 
Diluted shares outstanding   223,347     219,694  
 
EPS amounts may not add to the total due to rounding
 

Source:Compuware

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