http://media.marketwire.com/attachments/201302/124361_381236_ADVENTLogo.JPGhttp://at.marketwire.com/accesstracking/AccessTrackingLogServlet?PrId=981850&ProfileId=051205&sourceType=1SAN FRANCISCO, CA -- (Marketwire) -- 02/04/13 -- 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 fourth quarter ended December 31, 2012.
"I am pleased to report that Advent delivered a strong fourth quarter and there is great momentum in the business," said Pete Hess, Chief Executive Officer of Advent. "We continued to execute our strategy and increased our footprint both in the US and around the globe. This coming year marks our 30th anniversary and our business has never been stronger and we are excited to continue to partner with our clients to transform the investment management industry for the next 30 years."
FOURTH QUARTER AND FULL YEAR 2012 RESULTS
GAAP Results for Continuing Operations
The company reported quarterly revenue of $92.0 million for the fourth quarter of 2012, compared to $86.3 million in the fourth quarter of 2011, a 7% increase. Total annual revenues for the year ended December 31, 2012 were $358.8 million, compared to $326.2 million recorded in 2011, a 10% increase.
Operating income for the fourth quarter of 2012 was $12.7 million, or 14% of revenue, compared to $10.1 million, or 12% of revenue, for the fourth quarter of 2011. The fourth quarter of 2012 results included a $3.6 million restructuring charge related to the company's reorganization. Operating income for the year ended December 31, 2012 was $49.2 million, or 14% of revenue, compared to $42.6 million, or 13% of revenue, for 2011.
Net income for the fourth quarter of 2012 was $8.0 million compared to $6.5 million in the fourth quarter of 2011. Net income for the year ended December 31, 2012 was $30.2 million compared to $28.3 million for 2011, a 7% increase.
On a fully diluted basis, earnings per share in the fourth quarter of 2012 was $0.16 compared to $0.12 in the fourth quarter of 2011. On a fully diluted basis, earnings per share for the year ended December 31, 2012 was $0.58, compared to $0.52 for 2011.
Operating cash flows in the fourth quarter of 2012 totaled $32.8 million, compared with $27.6 million in the fourth quarter of 2011. Operating cash flows for the year ended December 31, 2012 totaled $86.6 million, compared with $83.2 million for 2011, a 4% increase.
Cash, cash equivalents and marketable securities totaled $231 million as of December 31, 2012, compared to $136 million as of December 31, 2011. Total outstanding debt as of December 31, 2012 was $95 million compared to $50 million as of December 31, 2011. Total deferred revenue was $183 million as of December 31, 2012, compared to $175 million as of December 31, 2011, a 5% increase.
Non-GAAP Results for Continuing Operations
Non-GAAP operating income for the fourth quarter of 2012 was $24.6 million, or 26.7% of revenue. This represents a 33% increase compared to $18.5 million of non-GAAP operating income, or 21.4% of revenue, in the fourth quarter of 2011. Non-GAAP operating income for the year ended December 31, 2012 was $85.0 million, or 23.7% of revenue. This represents an 18% increase compared to $72.2 million of non-GAAP operating income, or 22.1% of revenue, for 2011.
On a fully diluted basis, non-GAAP earnings per share was $0.30 in the fourth quarter of 2012 and represents a 37% increase from non-GAAP diluted net income per share of $0.22 in the fourth quarter of 2011. On a fully diluted basis, non-GAAP net income per share was $1.03 for the year ended December 31, 2012, a 21% increase compared to $0.86 per share for 2011.
The reconciliation between GAAP and non-GAAP financial measures is provided at the end of this press release.
FOURTH QUARTER HIGHLIGHTS
- Fourth Quarter Bookings: The annual contract value of our new contract bookings in the fourth quarter of 2012 will contribute $11.1 million in incremental annual revenue once the contracts are fully implemented. New clients represented all types of investment managers around the world including Moneta Group, Wedgewood Partners, QV Investors Inc., Courtiers Investment Services Limited, and Gjensidige Investeringsradgivning AS, amongst others.
- Enhanced Functionality for Solutions: In the fourth quarter, we launched coordinated releases of Advent Portfolio Exchange® (APX), Moxy®, and their associated products, providing clients with expanded instrument coverage, enhanced data presentation and improved reconciliation processes.
- Award-Winning Solutions: APX was named "Best Buy-Side CRM Product" by Buy-Side Technology magazine. The annual award honors the accomplishments and innovations of products and services designed for buy-side investment professionals. In addition, Moxy® won "Best-in-Class" for Enterprise Support in the key industry analyst - CEB TowerGroup's OMS Technology Analysis report.
FINANCIAL GUIDANCE
Advent provides the following financial guidance for the first quarter and fiscal year 2013:
----------------------------------------------------------------------------
Guidance Q1 2013 FY 2013
----------------------------------------------------------------------------
Total Revenue ($M) $91-$93 $373-$379
----------------------------------------------------------------------------
GAAP Operating Margin(% of revenue) n/a 17.5-18.0%
----------------------------------------------------------------------------
Amortization of Intangibles (% of revenue) n/a 3%
----------------------------------------------------------------------------
Stock Compensation Expense (% of revenue) n/a 6%
----------------------------------------------------------------------------
Restructuring Charge (% of revenue) 1% 0.5%
----------------------------------------------------------------------------
Non-GAAP Operating Margin (% of revenue) n/a 27.0-27.5%
----------------------------------------------------------------------------
GAAP Effective Tax Rate(% of Income Before Tax) 20%* 30%-35%
----------------------------------------------------------------------------
Non-GAAP Effective Tax Rate (% of Income Before Tax) n/a 35%
----------------------------------------------------------------------------
Operating Cash Flow ($M) n/a $93-$97
----------------------------------------------------------------------------
Capital Expenditures ($M) n/a $10-$12
----------------------------------------------------------------------------
*Q1 2013 GAAP Effective Tax Rate reflects the impact of the 2012 federal
research and development tax credit enacted in January, 2013.
INVESTOR CALL
Advent Software, Inc. will host its fourth quarter 2012 earnings conference call at 5:00 p.m. Eastern time today. The fourth quarter 2012 earnings presentation and trended disclosures file, which include highlights and detailed financial information, are currently available at http://investor.advent.com. To participate via phone, please dial (800) 510-9834 and request conference ID #35271995. Telephone replay will be available through midnight February 11, 2013. The replay number for domestic callers is (888) 286-8010, and for international callers is (617) 801-6888, with the conference ID of #60805668.The conference call will also be webcast live and then archived on http://investor.advent.com.
ABOUT ADVENT
Advent Software, Inc. (www.advent.com), a global firm, has provided trusted solutions to the world's financial professionals since 1983. Advent's proven solutions can increase operational efficiency, reduce risk, and eliminate the boundaries between systems, information and people so you can focus on what you do best. With more than 4,500 client firms in over 60 countries, Advent has established itself as a leading provider of mission-critical solutions to meet the demands of investment management operations around the world. Advent is the only financial services software company to be awarded the Service Capability and Performance certification for being a world-class support and services organization. For more information on Advent products visit http://www.advent.com/about/resources/demos/pr.
ABOUT NON-GAAP FINANCIAL INFORMATION
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 (GAAP), please see the accompanying tables entitled "Reconciliation of Selected Continuing Operations' GAAP Measures to Non-GAAP Measures" and "Reconciliation of Projected Continuing Operations' GAAP Operating Income % to Non-GAAP Operating Income %."
FORWARD-LOOKING STATEMENTS
The financial projections under Financial Guidance, and statements regarding the business momentum, strength of the business, market opportunities, 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 Advent Portfolio Exchange®, Geneva®, and Moxy® products; the successful development, release and market acceptance of new products, services and enhancements; uncertainties and fluctuations in the financial markets; the Company's ability to satisfy contractual performance requirements; difficulties in achieving organizational objectives 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 2011 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, Advent Portfolio Exchange, and Moxy are registered trademarks of Advent Software, Inc. All other company names or marks mentioned herein are those of their respective owners.
ADVENT SOFTWARE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(GAAP, Unaudited)
December 31 December 31
2012 2011
------------ ------------
ASSETS
Current assets:
Cash and cash equivalents $ 58,217 $ 65,525
Short-term marketable securities 111,192 69,908
Accounts receivable, net 61,069 62,125
Deferred taxes, current 18,934 16,294
Prepaid expenses and other 25,868 23,660
Current assets of discontinued operation 88 -
------------ ------------
Total current assets 275,368 237,512
Property and equipment, net 37,269 42,301
Goodwill 206,932 204,621
Other intangibles, net 38,205 49,521
Long-term marketable securities 61,552 917
Deferred taxes, long-term 24,524 30,751
Other assets 12,994 15,927
Noncurrent assets of discontinued operation 1,609 2,006
------------ ------------
Total assets $ 658,453 $ 583,556
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 5,190 $ 10,558
Accrued liabilities 37,096 40,029
Deferred revenues 174,388 166,945
Income taxes payable 5,593 2,972
Current portion of long-term debt 10,000 5,000
Current liabilities of discontinued
operation 262 488
------------ ------------
Total current liabilities 232,529 225,992
Deferred revenues, long-term 8,787 7,926
Long-term income taxes payable 5,335 3,196
Long-term debt 85,000 45,000
Other long-term liabilities 13,139 13,748
Noncurrent liabilities of discontinued operation 3,804 4,633
------------ ------------
Total liabilities 348,594 300,495
------------ ------------
Stockholders' equity:
Common stock 505 510
Additional paid-in capital 453,585 429,734
Accumulated deficit (154,261) (154,053)
Accumulated other comprehensive income 10,030 6,870
------------ ------------
Total stockholders' equity 309,859 283,061
------------ ------------
Total liabilities and stockholders'
equity $ 658,453 $ 583,556
============ ============
ADVENT SOFTWARE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(GAAP, Unaudited)
Three Months Ended Twelve Months Ended
December 31 December 31
-------------------- --------------------
2012 2011 2012 2011
--------- --------- --------- ---------
Net revenues:
Recurring revenues $ 83,875 $ 77,760 $ 324,627 $ 291,486
Non-recurring revenues 8,142 8,525 34,192 34,762
--------- --------- --------- ---------
Total net revenues 92,017 86,285 358,819 326,248
Cost of revenues (1):
Recurring revenues 16,991 16,711 68,953 62,329
Non-recurring revenues 9,890 9,953 43,505 39,623
Amortization of developed
technology 2,558 2,555 10,258 8,820
--------- --------- --------- ---------
Total cost of revenues 29,439 29,219 122,716 110,772
--------- --------- --------- ---------
Gross margin 62,578 57,066 236,103 215,476
Operating expenses (1):
Sales and marketing 18,566 19,496 74,688 74,807
Product development 16,637 16,065 67,014 57,561
General and administrative 10,144 9,904 37,763 37,040
Amortization of other
intangibles 958 956 3,825 2,807
Restructuring charges 3,581 565 3,634 696
--------- --------- --------- ---------
Total operating expenses 49,886 46,986 186,924 172,911
--------- --------- --------- ---------
Income from continuing
operations 12,692 10,080 49,179 42,565
Interest and other income
(expense), net (515) (406) (1,620) (1,243)
--------- --------- --------- ---------
Income from continuing
operations before income taxes 12,177 9,674 47,559 41,322
Provision for income taxes 4,147 3,143 17,328 12,991
--------- --------- --------- ---------
Net income from continuing
operations $ 8,030 $ 6,531 $ 30,231 $ 28,331
Discontinued operation:
Net (loss) income from
discontinued operation (net
of applicable taxes of
$(8), $(114), $126, and
$1,197, respectively) (49) 66 184 1,839
--------- --------- --------- ---------
Net income $ 7,981 $ 6,597 $ 30,415 $ 30,170
========= ========= ========= =========
Basic net income per share (2):
Continuing operations $ 0.16 $ 0.13 $ 0.60 $ 0.55
Discontinued operation 0.00 0.00 0.00 0.04
--------- --------- --------- ---------
Total operations $ 0.16 $ 0.13 $ 0.60 $ 0.58
========= ========= ========= =========
Diluted net income per share
(2):
Continuing operations $ 0.16 $ 0.12 $ 0.58 $ 0.52
Discontinued operation 0.00 0.00 0.00 0.03
--------- --------- --------- ---------
Total operations $ 0.15 $ 0.12 $ 0.58 $ 0.56
========= ========= ========= =========
Weighted average shares used to
compute net income per share:
Basic 50,276 50,848 50,614 51,797
Diluted 51,802 53,051 52,425 54,085
(1) Includes stock-based
employee compensation expense
as follows:
Cost of recurring revenues $ 595 $ 619 $ 2,405 $ 2,154
Cost of non-recurring
revenues 310 341 1,236 1,314
--------- --------- --------- ---------
Total cost of revenues 905 960 3,641 3,468
Sales and marketing 1,902 1,579 7,165 6,305
Product development 1,483 1,340 5,821 5,138
General and administrative 1,167 1,092 4,174 4,227
--------- --------- --------- ---------
Total operating expenses 4,552 4,011 17,160 15,670
--------- --------- --------- ---------
Total stock-based employee
compensation expense $ 5,457 $ 4,971 $ 20,801 $ 19,138
========= ========= ========= =========
(2) Net income per share is based on actual calculated values and totals
may not sum due to rounding.
ADVENT SOFTWARE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(GAAP, Unaudited)
Twelve Months Ended
December 31
--------------------------
2012 2011
------------ ------------
Cash flows from operating activities:
Net income $ 30,415 $ 30,170
Adjustment to net income for discontinued
operation (184) (1,839)
------------ ------------
Net income from continuing operations $ 30,231 $ 28,331
Adjustments to reconcile net income to net
cash provided by operating activities from
continuing operations:
Stock-based compensation 20,801 19,138
Excess tax benefit from stock-based
compensation (7,785) (7,055)
Depreciation and amortization 25,879 22,632
Amortization of debt issuance costs 381 -
Provision for doubtful accounts 403 230
Provision for (reduction of) sales returns 1,154 (187)
Non-cash impairment loss - 500
Deferred income taxes 5,230 4,700
Other (252) 103
------------ ------------
Effect of statement of operations
adjustments 45,811 40,061
Changes in operating assets and
liabilities:
Accounts receivable 575 (10,198)
Prepaid and other assets 822 (6,977)
Accounts payable (5,368) 3,734
Accrued liabilities (2,055) 3,069
Deferred revenues 7,151 18,560
Income taxes payable 9,453 6,604
------------ ------------
Effect of changes in operating
assets and liabilities 10,578 14,792
------------ ------------
Net cash provided by operating activities from
continuing operations 86,620 83,184
Cash flows from investing activities:
Cash used in acquisitions, net of cash
acquired (700) (97,092)
Purchases of property and equipment (6,369) (11,252)
Capitalized software development costs (2,137) (2,358)
Purchases of marketable securities (220,994) (89,236)
Sales and maturities of marketable securities 118,588 87,428
Change in restricted cash 95 -
------------ ------------
Net cash provided by investing activities from
continuing operations (111,517) (112,510)
Cash flows from financing activities:
Proceeds from common stock issued from
exercises of stock options 5,173 7,189
Withholding taxes related to equity award net
share settlement (5,496) (5,775)
Proceeds from common stock issued under the
employee stock purchase plan 6,661 6,158
Repurchase of common stock (41,275) (51,582)
Proceeds from debt 50,000 50,000
Repayment of debt (5,000) -
Debt issuance costs - (1,901)
Excess tax benefits from stock-based
compensation 7,785 7,055
------------ ------------
Net cash used in financing activities from
continuing operations 17,848 11,144
Net cash transferred (to) from discontinued
operation (561) 1,655
Effect of exchange rate changes on cash and cash
equivalents 302 104
------------ ------------
Net change in cash and cash equivalents from
continuing operations (7,308) (16,423)
Cash and cash equivalents of continuing
operations at beginning of period 65,525 81,948
------------ ------------
Cash and cash equivalents of continuing
operations at end of period $ 58,217 $ 65,525
============ ============
Twelve Months Ended
December 31
--------------------------
2012 2011
------------ ------------
Supplemental disclosure of cash flow information
Cash flow from discontiued operation:
Net cash used in operating activities $ (561) $ (1,349)
Net cash provided by investing activities - 3,004
Net cash transferred from (to) continuing
operations 561 (1,655)
Effect of exchange rates on cash and cash
equivalents - -
------------ ------------
Net change in cash and cash equivalents from
discontinued operations - -
Cash and cash equivalents of discontinued
operation at beginning of period - -
------------ ------------
Cash and cash equivalents of discontinued
operation at end of period $ - $ -
============ ============
The cash flows from the discontinued operation, as presented in the
condensed consolidated statement of cash flows, relate to the operations of
MicroEdge.
ADVENT SOFTWARE, INC.
RECONCILIATION OF SELECTED CONTINUING OPERATIONS' GAAP MEASURES TO NON-GAAP
MEASURES
(In thousands, except per share data)
(Unaudited)
To supplement our condensed consolidated financial statements presented on
a GAAP basis, Advent uses non-GAAP measures of continuing operations'
operating income, net income and net income per share, which are adjusted
to exclude certain costs, expenses, gains and losses 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
adjusted 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 generally
accepted accounting principles in the United States of America.
Three Months Ended December 31, 2012 for
Continuing Operations
------------------------------------------------
Gross Gross Operating Operating Net
Margin Margin % Income Income % Income
-------- -------- --------- --------- --------
GAAP $ 62,578 68% $ 12,692 14% $ 8,030
Amortization of
acquired developed
technology 1,908 1,908 1,908
Amortization of other
acquired intangibles - 958 958
Stock-based
compensation - cost of
revenues 905 905 905
Stock-based
compensation -
operating expenses - 4,552 4,552
Restructuring charges - 3,581 3,581
Income tax adjustment
for non-GAAP (1) - - (4,281)
-------- --------- --------
Non-GAAP $ 65,391 71% $ 24,596 27% $ 15,653
======== ========= ========
Diluted net income per
share
GAAP $ 0.16
Non-GAAP $ 0.30
Shares used to compute
diluted net income per
share 51,802
Three Months Ended December 31, 2011 for
Continuing Operations
------------------------------------------------
Gross Gross Operating Operating Net
Margin Margin % Income Income % Income
-------- -------- --------- --------- --------
GAAP $ 57,066 66% $ 10,080 12% $ 6,531
Amortization of
acquired developed
technology 1,899 1,899 1,899
Amortization of other
acquired intangibles - 956 956
Stock-based
compensation - cost of
revenues 960 960 960
Stock-based
compensation -
operating expenses - 4,011 4,011
Restructuring charges - 565 565
Income tax adjustment
for non-GAAP (1) - - (3,180)
-------- --------- --------
Non-GAAP $ 59,925 69% $ 18,471 21% $ 11,742
======== ========= ========
Diluted net income per
share
GAAP $ 0.12
Non-GAAP $ 0.22
Shares used to compute
diluted net income per
share 53,051
(1) The estimated non-GAAP effective tax rate was 35% for the three months
ended December 31, 2012 and 2011, respectively, and has been used to
adjust the provision for income taxes for non-GAAP purposes.
ADVENT SOFTWARE, INC.
RECONCILIATION OF SELECTED CONTINUING OPERATIONS' GAAP MEASURES TO NON-GAAP
MEASURES
(In thousands, except per share data)
(Unaudited)
To supplement our condensed consolidated financial statements presented on
a GAAP basis, Advent uses non-GAAP measures of continuing operations'
operating income, net income and net income per share, which are adjusted
to exclude certain costs, expenses, gains and losses 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
adjusted 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 generally
accepted accounting principles in the United States of America.
Twelve Months Ended December 31, 2012 for
Continuing Operations
------------------------------------------------
Gross Gross Operating Operating Net
Margin Margin % Income Income % Income
-------- -------- --------- --------- --------
GAAP $236,103 66% $ 49,179 14% $ 30,231
Amortization of
acquired developed
technology 7,599 7,599 7,599
Amortization of other
acquired intangibles - 3,825 3,825
Stock-based
compensation - cost of
revenues 3,641 3,641 3,641
Stock-based
compensation -
operating expenses - 17,160 17,160
Restructuring charges - 3,634 3,634
Income tax adjustment
for non-GAAP (1) - - (11,868)
-------- --------- --------
Non-GAAP $247,343 69% $ 85,038 24% $ 54,222
======== ========= ========
Diluted net income per
share
GAAP $ 0.58
Non-GAAP $ 1.03
Shares used to compute
diluted net income per
share 52,425
Twelve Months Ended December 31, 2011 for
Continuing Operations
------------------------------------------------
Gross Gross Operating Operating Net
Margin Margin % Income Income % Income
-------- -------- --------- --------- --------
GAAP $215,476 66% $ 42,565 13% $ 28,331
Amortization of
acquired developed
technology 6,019 6,019 6,019
Amortization of other
acquired intangibles - 2,807 2,807
Stock-based
compensation - cost of
revenues 3,468 3,468 3,468
Stock-based
compensation -
operating expenses - 15,670 15,670
Acquisition related - 936 936
Investment loss - - 500
Restructuring charges - 696 696
Income tax adjustment
for non-GAAP (1) - - (12,005)
-------- --------- --------
Non-GAAP $224,963 69% $ 72,161 22% $ 46,422
======== ========= ========
Diluted net income per
share
GAAP $ 0.52
Non-GAAP $ 0.86
Shares used to compute
diluted net income per
share 54,085
(1) The estimated non-GAAP effective tax rate was 35% for the twelve months
ended December 31, 2012 and 2011, respectively, and has been used to
adjust the provision for income taxes for non-GAAP purposes.
ADVENT SOFTWARE, INC.
RECONCILIATION OF PROJECTED CONTINUING OPERATIONS' GAAP OPERATING INCOME %
TO NON-GAAP OPERATING INCOME %
(Preliminary and unaudited)
Advent provides projections of non-GAAP measures of its continuing
operations' operating income. These non-GAAP measures exclude certain costs,
expenses, gains and losses which it believes is appropriate to enhance an
overall understanding of our past financial performance and also our
prospects for the future. These 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,
2013
Continuing Operations
Operating Income %
---------------------------------
Projected GAAP 17.5% to 18.0%
=================================
Projected amortization of acquired
developed technology and other
acquired intangible asset adjustment 3.0%
Projected stock-based compensation
adjustment 6.0%
Projected restructuring charge
adjustment 0.5%
---------------------------------
Projected non-GAAP 27.0% to 27.5%
=================================
CONTACT
Media Contact:
Amanda Diamondstein-Cieplinska
Advent Software, Inc.
(415) 645-1668
Email Contact
Investor Relations Contact:
Heidi Flaherty
Advent Software, Inc.
(415) 645-1145
Email Contact