- Non-GAAP earnings per share were $0.09;
GAAP EPS of $0.04
- Total revenues were approximately
$170.9M
- Total APM (Dynatrace) revenue was
approximately $83.2M; contribution margin of 11.9 percent
- Total Mainframe revenue was
approximately $66.0M; contribution margin of 75.9 percent
Compuware Corporation (Nasdaq: CPWR), the technology performance
company, today announced financial results for its second quarter,
fiscal year 2015 ended September 30, 2014.
Non-GAAP net income for the quarter was $19.9 million, or $0.09
per diluted share, compared to $21.2 million, or $0.10 per diluted
share in the year-ago period. GAAP net income for the second
quarter was $9.2 million, or $0.04 per diluted share, compared to
$9.1 million, or $0.04 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.)
“The second quarter was a solid period for Compuware, as we
ended up ahead of projected profitability and in line with revenue
expectations. We have established a market-leadership position in
application performance management and continue to see great
progress in stabilizing our mainframe business,” said Compuware CEO
Bob Paul. “We remain extremely enthusiastic about the opportunity
in front of us. The completion of the Company’s
transformation into a lean and focused entity able to compete and
win in today’s tech market is almost complete. Also, our recent
announcement regarding the finalization of the Covisint spin marks
the accomplishment of another key milestone along this path, all of
which will significantly benefit customers, employees and
shareholders alike.”
With regard to the sale of the Company to Thoma Bravo, Compuware
plans to mail the definitive proxy statement to shareholders on or
about November 4, 2014 and, subject to regulatory approval, expects
the shareholder meeting seeking approval for the transaction to be
held on or about December 8, 2014.
Second Quarter Fiscal Year 2015 Dynatrace Segment Results and
Highlights
- Total revenue was approximately $83.2M,
up 8.9 percent y/y.
- Software license fees were
approximately $25.9M, up 3.4 percent y/y.
- Maintenance fees were approximately
$29.4M, up 19.5 percent y/y.
- Subscription fees were approximately
$19.9M, flat y/y.
- Services fees were approximately $7.9M,
up 16.6 percent y/y.
- Continued 90 percent+ overall
maintenance renewal rate.
- Services on growth track due to
transition from “implementation services” to “expert
services.”
- Customer satisfaction at industry best
89.9% “Net Promoter Score.”
- APMaaS bookings up 40 percent y/y with
continued strength forecasted.
Second Quarter Fiscal Year 2015 Mainframe Segment Results and
Highlights
- Total revenue was approximately $66.0M,
down 8.1 percent y/y.
- Software license fees were
approximately $6.3M, down 16.6 percent y/y.
- Maintenance fees were approximately
$59.6M, down 7.2 percent y/y.
- Contribution margin was approximately
75.9 percent compared to 76.6 percent last year.
- Exceeded plan for software license
bookings and revenue.
Second Quarter Fiscal Year 2015 Company Results
During the company’s second quarter:
- Total revenues were approximately
$170.9M, down 1.0 percent y/y.
- Software license fees were
approximately $32.2M, down 1.2 percent y/y.
- Maintenance fees were approximately
$89.0 million, flat y/y.
- Subscription fees were approximately
$19.9 million, flat y/y.
- Application services fees were
approximately $21.7 million, down 11.4 percent y/y.
Second Quarter Fiscal Year 2015 Company Highlights
During the second quarter, Compuware:
- Entered into a definitive agreement to
be acquired by leading private equity investment firm Thoma Bravo,
LLC, in a transaction valued at approximately $2.5 billion. The
transaction is subject to approval from Compuware's shareholders,
regulatory approvals, and other customary closing conditions. The
closing of the transaction is also subject to the completion of a
distribution of Covisint.
- Appointed Christopher O'Malley
President of Mainframe Operations effective July 21, 2014. In this
role, O'Malley oversees all facets of the business unit’s
operations, including sales and marketing, product development and
management, and customer support.
- Announced plans to operationally
separate its mainframe and APM businesses and that the resulting
mainframe-dedicated company will carry the Compuware name.
- Announced that its market-leading APM
business will operate under the name Dynatrace.
- Announced that the annual 2014
Compuware PERFORM Global User Conference would be held October 7 -
9 in Orlando, Florida, where the Dynatrace team would share
real-world examples of how companies use APM to optimize users’
experiences online, drive profits and build business success.
- Announced that Gartner, Inc., named
Compuware the worldwide APM market share leader for the second year
in a row.
- Announced that SD Times Magazine has
named Compuware APM (Dynatrace) to its 2014 SD Times 100 list as a
leader and innovator in the “Mobile Testing, Quality Assurance, and
Security” category.
- Revealed that Covisint Chief Security
Officer Dave Miller would deliver a presentation on cloud computing
titled “The Four Immutable Laws of Cloud Computing,” at the Gartner
Catalyst Conference.
- Stated that Covisint simplified the
Physician Quality Reporting System (PQRS) for physicians and
healthcare systems with its 2014 PQRS Registry.
- In conjunction with leading IT industry
analyst firm Enterprise Management Associates, teamed up to host “A
Pragmatic Approach to DevOps and the Mainframe” live webcast.
- Announced that Mainframe APM Subject
Matter Expert Spencer Hallman and Mainframe Product Manager Tyler
Allman would co-present the session, “Break Down IT Walls for
Faster, More Seamless Mainframe Application Problem Resolution” at
the SHARE conference in Pittsburgh.
- Announced that Dynatrace teamed up with
Rosetta, one of the largest customer engagement and e-commerce
agencies in the U.S., for a live webcast to provide tips on how
retailers can avoid the most common eCommerce mistakes during the
holiday shopping season and deliver superior online experiences to
their customers.
- Announced that Perficient, a leading
information technology and management consulting firm serving
global 2000 and other large enterprise customers throughout North
America, joined Covisint's Certified Service Partner program.
- Featured on the cover of Enterprise
Executive with an article titled, "Compuware’s Chris O’Malley
Shares His Vision of “Mainframe’s Next 50 Years.”
- Released the video, “Empower Your
Next-Gen Mainframe Developers,” to help IT organizations overcome
the significant challenges of improving the efficiency and
productivity of the next generation of development and operations
teams.
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 provided
non-GAAP net income and non-GAAP diluted earnings per share. These
financial measures exclude the impact of certain items and,
therefore, have not been calculated in accordance with GAAP. These
non-GAAP financial measures exclude stock compensation expense;
amortization of purchased software and acquired intangible assets;
restructuring charges; advisory fees associated with certain
shareholder actions and business transformation; and the related
tax impacts of these items. Each of the non-GAAP adjustments is
described in more detail below. The accompanying tables provides a
reconciliation of each of these non-GAAP measures to its most
comparable GAAP financial measure.
We believe that inclusion of these non-GAAP financial measures
provides better comparability with our historical financial results
and with the results of many of our competitors. In addition, we
believe these non-GAAP financial measures are useful to investors
because they allow investors to review supplemental information
used internally by management to evaluate our financial results.
These non-GAAP measures also represent the means by which we
communicate our earnings guidance to investors.
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, are
not audited, 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 stock compensation
expense; amortization of purchased software and acquired intangible
assets; restructuring charges; advisory fees associated with
certain shareholder actions and 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
income. As a result, these non-GAAP financial measures have
limitations and should not be considered in isolation from, or as a
substitute for, net income or loss, 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. We have procedures in place to
ensure that these measures are calculated using the appropriate
GAAP components in their entirety and to ensure that our
performance is properly reflected to facilitate consistent
period-to-period comparisons. Management reviews the non-GAAP
adjustments on a net-of-tax basis when evaluating our performance.
Therefore, we exclude the tax impact of these charges when
presenting non-GAAP financial measures.
The following discusses the reconciling items from our non-GAAP
financial measures to the most comparable GAAP financial
measures:
Stock compensation expense. Our non-GAAP financial measures
exclude the compensation charges required to be recorded by GAAP
for equity awards to employees and directors. Although this is a
normal recurring expense for us, we believe it is useful in
evaluating corporate performance during a particular time period to
review the supplemental non-GAAP financial measures excluding this
expense 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 in the
current period.
Amortization of purchased software and acquired intangibles. Our
non-GAAP financial measures exclude costs associated with the
amortization of purchased software and acquired intangible assets.
Although this is a normal recurring expense for us, we believe it
is useful in evaluating corporate performance during a particular
time period to review the supplemental non-GAAP financial measures
excluding this expense because these costs are fixed at the time of
acquisition, are then amortized over a period of several years
after the acquisition and generally cannot be changed or influenced
by management in the current period.
Restructuring charges. Our non-GAAP financial measures exclude
restructuring charges, and any subsequent changes in estimates as
they relate to our ongoing corporate restructuring activities. We
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 initiative. In response to certain
shareholder actions dating back to fiscal 2013, we have taken
various actions to drive shareholder value. These actions have
resulted in significant consultant fees to investigate business
alternatives and implement business transformation plans. We
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 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.
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 SEPTEMBER 30,
ASSETS 2014 2013 CURRENT ASSETS: Cash
and cash equivalents $ 255,270 $ 50,372 Accounts receivable, net
313,944 381,892 Offering proceeds receivable - 68,448 Deferred tax
asset, net 37,192 42,837 Income taxes refundable 4,313 4,628
Prepaid expenses and other current assets 30,892
33,365 Total current assets 641,611 581,542
PROPERTY AND EQUIPMENT, LESS ACCUMULATED DEPRECIATION AND
AMORTIZATION 279,748 295,264 CAPITALIZED SOFTWARE AND OTHER
INTANGIBLE ASSETS, NET 95,805 111,162 ACCOUNTS RECEIVABLE
161,130 191,208 DEFERRED TAX ASSET, NET 16,011 30,351 GOODWILL
632,106 732,265 OTHER ASSETS 23,460 28,688
TOTAL ASSETS $ 1,849,871 $ 1,970,480
LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT
LIABILITIES: Accounts payable $ 18,947 $ 16,894 Accrued expenses
79,451 92,969 Income taxes payable 14,998 18,266 Deferred revenue
347,092 387,878 Total current
liabilities 460,488 516,007 LONG TERM DEBT - 14,000
DEFERRED REVENUE 250,646 285,119 ACCRUED EXPENSES 20,079
18,274 DEFERRED TAX LIABILITY, NET 36,378
52,769 Total liabilities 767,591
886,169 SHAREHOLDERS' EQUITY: Common stock 2,208
2,157 Additional paid-in capital 847,172 799,647 Retained earnings
237,874 268,937 Accumulated other comprehensive loss (21,635
) (7,539 ) Total Compuware shareholders' equity 1,065,619
1,063,202 Non-controlling interest 16,661
21,109 Total shareholders' equity 1,082,280
1,084,311 TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY $ 1,849,871 $ 1,970,480
COMPUWARE
CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (In Thousands, Except Per Share
Data) THREE MONTHS ENDED SIX MONTHS
ENDED SEPTEMBER 30, SEPTEMBER 30, 2014 2013 2014 2013
REVENUES: Software license fees $ 32,189 $ 32,591 $ 58,876 $ 64,334
Maintenance fees 89,023 88,819 177,483 175,981 Subscription fees
19,949 19,931 39,311 40,063 Services fees 7,997 6,827 16,411 14,498
Application services fees 21,735 24,525
43,322 48,626 Total revenues
170,893 172,693 335,403
343,502 OPERATING EXPENSES: Cost of software license
fees 4,300 5,227 9,295 10,156 Cost of maintenance fees 5,942 6,846
12,864 14,185 Cost of subscription fees 8,506 8,450 16,708 16,290
Cost of services 6,901 5,892 13,633 12,534 Cost of application
services 27,231 33,689 58,133 57,950 Technology development and
support 19,615 21,379 39,567 45,070 Sales and marketing 50,976
47,356 104,079 99,623 Administrative and general 30,580 32,838
64,593 68,886 Restructuring costs 2,255 219
5,230 5,022 Total operating
expenses 156,306 161,896 324,102
329,716 INCOME FROM CONTINUING
OPERATIONS 14,587 10,797 11,301 13,786 OTHER INCOME
(EXPENSE), NET (935 ) 185 (712 )
387 INCOME FROM CONTINUING OPERATIONS BEFORE INCOME
TAX PROVISION 13,652 10,982 10,589 14,173 INCOME TAX
PROVISION 5,275 3,008 3,568
1,937 NET INCOME FROM CONTINUING
OPERATIONS INCLUDING NON-CONTROLLING INTEREST 8,377 7,974 7,021
12,236 INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX
- 7,212 - 12,917
NET INCOME INCLUDING NON-CONTROLLING INTEREST 8,377
15,186 7,021 25,153 Less: Net loss attributable to the
non-controlling interest in Covisint Corporation (774 )
(1,154 ) (2,182 ) (1,154 ) NET INCOME
ATTRIBUTABLE TO COMPUWARE CORP $ 9,151 $ 16,340 $
9,203 $ 26,307 Amounts attributable to
Compuware common shareholders Income from continuing operations
8,377 7,974 7,021 12,236 Loss attributable to non-controlling
interest (774 ) (1,154 ) (2,182 )
(1,154 ) Income from continuing operations, net of tax 9,151 9,128
9,203 13,390 Income from discontinued operations, net of tax
- 7,212 - 12,917
Net income attributable to Compuware common shareholders $ 9,151
$ 16,340 $ 9,203 $ 26,307
Diluted earnings per share: Continuing operations 0.04 0.04 0.04
0.06 Discontinued operations - 0.03
- 0.06 Diluted earnings per share $
0.04 $ 0.07 $ 0.04 $ 0.12
Weighted-average common shares outstanding 220,285 214,926 219,978
214,287 Dilutive effect of stock awards 3,385
5,503 3,511 5,720 Total shares
223,670 220,429 223,489
220,007
COMPUWARE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands)
SIX MONTHS ENDED SEPTEMBER 30, 2014 2013 CASH
FLOWS PROVIDED BY OPERATING ACTIVITIES: Net income including
non-controlling interest $ 7,021 $ 25,153 Adjustments to reconcile
net income to cash provided by operations: Depreciation and
amortization 29,017 32,501 Stock award compensation 15,277 25,312
Deferred income taxes (861 ) (16,450 ) Other 1,902 42 Net change in
assets and liabilities, net of effects from currency fluctuations:
Accounts receivable 63,202 33,366 Prepaid expenses and other assets
(2,483 ) 5,640 Accounts payable and accrued expenses (9,153 )
(24,180 ) Deferred revenue (72,879 ) (58,934 ) Income taxes
(19,273 ) 4,634 Net cash provided by operating
activities 11,770 27,084 CASH
FLOWS USED IN INVESTING ACTIVITIES: Purchase of: Property and
equipment (5,923 ) (5,953 ) Capitalized software (14,648 ) (11,649
) Divestiture of business units (8,046 ) - Other -
(275 ) Net cash used in investing activities (28,617
) (17,877 ) CASH FLOWS USED IN FINANCING ACTIVITIES:
Proceeds from borrowings - 37,500 Payments on borrowings - (41,500
) Net proceeds from exercise of stock awards including excess tax
benefits 9,203 15,333 Employee contribution to common stock
purchase plans 617 1,235 Repurchase of common stock (6,960 ) (6,415
) Dividends (27,474 ) (53,629 ) Other - (608 )
Net cash used in financing activities (24,614 )
(48,084 ) EFFECT OF EXCHANGE RATE CHANGES ON CASH
(3,328 ) (624 ) NET CHANGE IN CASH AND CASH
EQUIVALENTS (44,789 ) (39,501 ) CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 300,059 89,873
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 255,270
$ 50,372
COMPUWARE CORPORATION AND SUBSIDIARIES
OPERATIONAL HIGHLIGHTS (Dollar Amounts In Thousands)
QUARTER ENDED SEP 30,
YR - YR 2014 2013 % Chg Total Product
Software Revenue by Geography North America $ 81,835 $ 85,171 (3.9
%) International 59,326 56,170 5.6 % Deferred License Fees
Current $ 14,569 $ 15,263 (4.5 %) Long-term 7,187 9,426 (23.8 %)
Deferred Maintenance Current $ 254,587 $ 294,910 (13.7 %)
Long-Term 225,372 251,137 (10.3 %) Deferred Subscription
Current $ 42,003 $ 41,358 1.6 % Long-Term 10,112 7,042 43.6 %
Deferred Services $ 21,867 $ 22,358 (2.2 %) Deferred
Application Services $ 22,041 $ 31,503 (30.0 %)
Other: Total Company Headcount 2,975 4,338 (31.4 %)
Total DSO (Billed) 67.9 66.0 Total DSO 165.3 150.7
Stock-based compensation expense Cost of license fees
$ - $ - N/A Cost of maintenance fees 78 170 (54.1 %) Cost of
subscription fees 4 1 300.0 % Cost of services 22 21 4.8 % Cost of
application services 1,255 10,020 (87.5 %) Technology development
and support 256 527 (51.4 %) Sales and marketing 1,888 803 135.1 %
Administrative and general 2,974 3,253 (8.6 %) Restructuring costs
- - N/A Discontinued operations - 80 (100.0 %)
Total stock-based compensation expense before income taxes $ 6,477
$ 14,875 (56.5 %)
COMPUWARE CORPORATION AND SUBSIDIARIES
BUSINESS UNIT RESULTS OF OPERATIONS (In Thousands)
Covisint Application
Unallocated
Quarter Ended: Dynatrace Mainframe Services
Expenses Total
September 30, 2014 Software
license fees $ 25,883 $ 6,306 - - $ 32,189 Maintenance fees 29,400
59,623 - - 89,023 Subscription fees 19,949 - - - 19,949 Services
fees 7,923 74 - - 7,997 Application services fees -
- $ 21,735 - 21,735
Total revenues 83,155 66,003 21,735 - 170,893 Total
operating expenses 73,285 15,907
28,899 38,215 156,306
Income (loss) from operations $ 9,870 $ 50,096 $
(7,164 ) $ (38,215 ) $ 14,587 Contribution margin % 11.9 %
75.9 % (33.0 %) 8.5 % Operating expenses include: Stock
awards compensation $ 2,410 $ (31 ) $ 1,255 $ 2,843 $ 6,477
Amortization of purchased software $ 1,570 $ - $ 94 $ - $ 1,664
Amortization of other acquired intangible assets $ 955 $ - $ 77 $ -
$ 1,032
September 30, 2013 Software
license fees $ 25,027 $ 7,564 - - $ 32,591 Maintenance fees 24,596
64,223 - - 88,819 Subscription fees 19,931 - - - 19,931 Services
fees 6,796 31 - - 6,827 Application services fees -
- $ 24,525 - 24,525
Total revenues 76,350 71,818 24,525 - 172,693
Operating expenses 69,260 16,821
34,362 $ 41,453 161,896 Income
(loss) from operations $ 7,090 $ 54,997 $ (9,837 ) $
(41,453 ) $ 10,797 Contribution margin % 9.3 % 76.6 % (40.1
%) 6.3 % Operating expenses include: Stock awards
compensation $ 1,796 $ (315 ) $ 10,020 $ 3,294 $ 14,795
Amortization of purchased software $ 2,296 $ - $ 94 $ - $ 2,390
Amortization of other acquired intangible assets $ 1,707 $ - $ 96 $
- $ 1,803
Prior year amounts have been reclassified
to reflect the transition of Dynatrace for Mainframe from the
Mainframe segment to the Dynatrace segment.
COMPUWARE CORPORATION AND SUBSIDIARIES BUSINESS UNIT
RESULTS OF OPERATIONS (In Thousands)
Covisint Application Unallocated
Six Months
Ended: Dynatrace Mainframe Services Expenses Total
September 30, 2014 Software license fees $ 47,270 $
11,606 - - $ 58,876 Maintenance fees 57,695 119,788 - - 177,483
Subscription fees 39,311 - - - 39,311 Services fees 16,255 156 - -
16,411 Application services fees - - $
43,322 - 43,322 Total revenues
160,531 131,550 43,322 - 335,403 Total operating expenses
148,918 33,023 62,291
79,870 324,102 Income (loss)
from operations $ 11,613 $ 98,527 $ (18,969 ) $
(79,870 ) $ 11,301 Contribution margin % 7.2 % 74.9 % (43.8
%) 3.4 % Operating expenses include: Stock awards
compensation $ 4,322 $ 216 $ 3,874 $ 6,865 $ 15,277 Amortization of
purchased software $ 3,190 $ - $ 188 $ - $ 3,378 Amortization of
other acquired intangible assets $ 2,693 $ - $ 154 $ - $ 2,847
September 30, 2013 Software license fees $
48,557 $ 15,777 - - $ 64,334 Maintenance fees 48,397 127,584 - -
175,981 Subscription fees 40,063 - - - 40,063 Services fees 14,398
100 - - 14,498 Application services fees - -
$ 48,626 - 48,626 Total
revenues 151,415 143,461 48,626 - 343,502 Operating expenses
143,671 35,632 59,785 $
90,628 329,716 Income (loss) from
operations $ 7,744 $ 107,829 $ (11,159 ) $ (90,628 )
$ 13,786 Contribution margin % 5.1 % 75.2 % (22.9 %) 4.0 %
Operating expenses include: Stock awards compensation $
4,619 $ 219 $ 10,506 $ 9,816 $ 25,160 Amortization of purchased
software $ 4,573 $ - $ 188 $ - $ 4,761 Amortization of other
acquired intangible assets $ 3,400 $ - $ 195 $ - $ 3,595
Prior year amounts have been reclassified
to reflect the transition of Dynatrace for Mainframe from the
Mainframe segment to the Dynatrace segment.
COMPUWARE CORPORATION RECONCILIATION OF GAAP TO
NON-GAAP (In Thousands, Except Per Share Data)
THREE MONTHS ENDED
SIX MONTHS ENDED
2014
2013
2014
2013 NET INCOME FROM CONTINUING OPERATIONS
ATTRIBUTABLE TO COMPUWARE COPORATION $ 9,151
$ 9,128 $ 9,203
$ 13,390 ADJUSTMENTS EXCLUDING IMPACT OF
NON-CONTROLLING INTEREST Stock compensation (excl. restructuring)
6,260 12,905 14,564 21,479 Amortization of purchased software 1,648
2,389 3,344 4,759 Amortization of acquired intangibles 1,019 1,801
2,819 3,594 Restructuring expense 2,255 219 5,230 5,022 Advisory
fees 5,351 1,977 8,095 3,133 Income tax effect of above adjustments
(5,811 ) (7,245 ) (12,083 ) (13,738 )
Total adjustments 10,722 12,046 21,969 24,249
NON-GAAP NET INCOME FROM CONTINUING OPERATIONS
$ 19,873 $ 21,174
$ 31,172 $ 37,639
DILUTED
EARNINGS PER SHARE FROM CONTINUING OPERATIONS - GAAP $
0.04 $ 0.04 $ 0.04
$ 0.06 ADJUSTMENTS EXCLUDING
IMPACT OF NON-CONTROLLING INTEREST Stock compensation (excl.
restructuring) 0.03 0.06 0.07 0.10 Amortization of purchased
software 0.01 0.01 0.01 0.02 Amortization of acquired intangibles
0.00 0.01 0.01 0.02 Restructuring expense 0.01 0.00 0.02 0.02
Advisory fees 0.02 0.01 0.04 0.01 Income tax effect of above
adjustments (0.03 ) (0.03 ) (0.05 ) (0.06 )
Total adjustments 0.05 0.05 0.10 0.11
NON-GAAP EPS FROM CONTINUING OPERATIONS $
0.09 $ 0.10 $ 0.14
$ 0.17 Diluted shares
outstanding
223,670 220,429
223,489 220,007 EPS
amounts may not add to the total due to rounding
Source:Compuware
Compuware CorporationLisa Elkin, +1-313-227-7345Senior Vice
President, Marketing, Communications and Investor Relations
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