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Executives

Stephanie DiMarco - Founder, Chief Executive Officer and Director

David Hess - President

James Cox - Chief Financial Officer, Principal Accounting Officer and Senior Vice President

Heidi Flaherty - Vice President of Financial Planning and Investor Relations

Analysts

David Scharf - JMP Securities LLC

Saket Kalia - JPMorgan

Jonathan Maietta - Needham & Company, LLC

Gil Luria - Wedbush Securities Inc.

Unknown Analyst -

Advent Software (ADVS) Q1 2011 Earnings Call April 26, 2011 5:00 PM ET

Operator

Good day, ladies and gentlemen, and welcome to the First Quarter 2011 Advent Software Earnings Conference Call. My name is Jennifer, and I'll be your operator for today. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the conference over to your host for today, Ms. Heidi Flaherty, Vice President of Finance and Investor Relations. Please proceed.

Heidi Flaherty

Thanks, Jennifer. Good afternoon, everyone. Thank you for joining us today for Advent's First Quarter 2011 Earnings Call. Hosting our call today are Stephanie DiMarco, Advent’s Chief Executive Officer; Peter Hess, Advent's President; and Jim Cox, Advent’s Chief Financial Officer.

Most of you participating in this call are aware of the regulations regarding forward-looking statements. Accordingly, we would like to note that during the course of this conference call, we will make forward-looking statements regarding future events and the future performance of the company. We wish to caution you that such statements are just predictions that involve risks and uncertainties and that actual events or results could differ materially. We discuss a number of these risks in detail in the company’s SEC reports, including our quarterly reports on Form 10-Q and our annual report on Form 10-K, and any forward-looking statements must be considered in the context of such risks and uncertainties.

The company disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events.

As a reminder, we include non-GAAP financial measures in our disclosures. These non-GAAP financial results are not meant to be considered in isolation or as a substitute for results prepared on a GAAP basis. Please refer to the tables entitled Reconciliation of Selected Continuing Operations, GAAP Measures to Non-GAAP Measures in our earnings release, which is filed with the SEC on our Form 8-K and available on our website for a reconciliation of GAAP to non-GAAP financial measures. I'll now turn the call over to Stephanie.

Stephanie DiMarco

Thanks, Heidi, and welcome, everyone. Thank you for joining us this afternoon. I'm pleased to report that Advent had an excellent first quarter. Revenues were $75 million, a 13% increase, and new bookings were $5 million, while operating profitability was up 39% year-over-year. Later in the call, I'll talk more about our accomplishments and highlights but first, let me turn the call over to Jim who will provide further details on the numbers.

James Cox

Thanks, Stephanie. Our first quarter results reflect a strong start to 2011. Growth in revenue, profit and renewal rates were the key to our first quarter strength.

Total net revenue in the first quarter was $75.3 million, up 13% over the first quarter of 2010. International revenue comprised 17% of the total, up from 14% in the same period last year.

As we indicated in last quarter's call, we realigned our revenue caption to better reflect our recurring revenue business model. Recurring revenues, which include term license, professional maintenance, other recurring revenues and all AUA fees accounted for 89% of total revenue in the first quarter of 2011, and grew 12% year-over-year. Please note, we booked a net deferral of $1.5 million in term license fees, which was $800,000 greater than the deferral 1 year ago.

Nonrecurring revenues, which includes perpetual license and professional services and other revenues provide 22% in the first quarter relative to 2010. Professional services drove this growth despite a net deferral of $1.7 million for implementations not yet completed as our Professional Services business has been quite busy implementing the bookings from our third and fourth quarters of last year.

Speaking of bookings, annual contract value for new contracts signed during the quarter was $5.1 million, down from the $7.3 million in the first quarter of last year. We've often said that new bookings can be lumpy.

Looking back over the last 5 years, first quarter bookings range from 12% to 23% of total annualized bookings. We remain confident in our sales pipeline across all of our products, market segments and geography for the entire year. Although not included in bookings or renewals, we're seeing growth in the reported assets under administration fee as more of our funded administration and custodian clients add more of their customers' assets to our systems. This growth is not just driven by gains from market conditions. We frequently use sales resources to help our service bureau clients obtain new business, and we see this is an important additional driver in new recurring revenue growth. For example, this quarter, we assisted a custodian in attracting new customer assets that will result in approximately $700,000 in incremental AUA fees once those assets have been added to their system. Overall, incremental AUA fees are up 29% year-over-year.

Turning to renewals. Our renewal rate, which is based on cash collections and therefore, reported 1 quarter in arrears was 95% in the fourth quarter, that's 6 points higher than the same period last year. Our renewal rate in the third quarter 2010 increase from the initially reported 91% rate to an updated 93% rate as we continue to collect cash.

Turning to expenses and profitability. Total first quarter spending increased by 7% over the same period last year, and all of spending line items were in line, so I'll only note a couple of items. Product development was up 5% over last year, net of $1.7 million that was deferred for capitalized software development. Last year, we deferred $1.3 million in the first quarter. General and administrative expenses decreased 5% this quarter compared to the first quarter of last year because if you recall last year, we incurred double rent as we built out our New York and Boston facilities.

GAAP operating income for the first quarter was $11.5 million, up 58% over the same period last year. As you recall, the 2 foreign stocks that we announced in the fourth quarter was executed on January 18 of this year and as a result, all Portia information that we disclosed has been adjusted to reflect the stock split on a retroactive basis. Therefore, GAAP diluted earnings per share were $0.14 for the quarter, up 83% from $0.08 per share in the same period last year.

Turning to non-GAAP results. Non-GAAP operating income for the first quarter was $17.7 million or 23% of revenue. Non-GAAP diluted EPS was $0.21 per share for the quarter, up 45% from the $0.14 in the same period last year. We incurred $450,000 in expenses related to the acquisition of Syncova, and we have excluded these costs in our calculation of non-GAAP financial measures to ensure comparability between the periods.

Turning to the balance sheet and cash flow. As of March 31, we had $141 million in cash, cash equivalents and marketable securities, down $11 million from the balance at December 31, resulting from the cash outflow of just under $25 million for the Syncova acquisition, net of all the cash inflows from our operations.

Operating cash flow for the quarter was $11.6 million, down from $12.5 million in the first quarter of last year. Our first quarter operating cash flows have historically been 10% to 16% of annual cash flows because of relatively lower collection coupled with the payout of prior year-end bonuses and commissions.

In fact, in the first quarter, the effective working capital changes reduced our cash flow by $4.5 million, which we expect to reverse in the second quarter. Deferred revenue was $156.5 million, up $2.3 million from last quarter, primarily due to the additional billings in the quarter.

Before turning to guidance, just 1 last item to discuss about the results of the first quarter. We received the final sale proceeds of $3 million related to our sale of MicroEdge subsidiary, which we held in escrow. Therefore, our discontinued operations recorded a $1.7 million gain after taxes upon receipt of those proceeds.

Turning to guidance. I'll be making additional forward-looking statements, so I'll remind you of the Safe Harbor statement in Heidi's opening remarks.

In the second quarter, we expect revenue to be between $75 million and $77 million, up 8% to 11% over the same period last year. For the full year, we are increasing our revenue guidance by $3 million to an updated revenue range of $310 million to $317 million, representing an increase of 9% to 12% over 2010 revenue. This increase is due to a partial year-end revenues we expect to recognize from the Syncova sales as well as the impact from the robust renewal rate we experienced in the fourth quarter.

We expect the renewal rate we'll disclose next quarter, which will relate to the first quarter of 2011, will be a few points lower than the 95% disclosed this quarter. We are aware of a certain client that will attrit this quarter who gave us notice a couple of years ago. We expect the renewal rate to then continue its improvement back to the mid- to high-ish 90s by the end of this year.

In summary, we are pleased with our performance in the first quarter and believe it's a good start to 2011. We grew revenue and profit, demonstrated continuing operating leverage while continuing to invest in our business for the future. Now, let me turn the call back to Stephanie.

Stephanie DiMarco

Thank you, Jim. As you've heard, Advent had a strong first quarter. New bookings were $5 million. We're very encouraged by the pipeline and the level of sales activity we see around the world, and we expect bookings to grow on a full-year basis.

Top line revenue grew 13%, and profitability is up 39%. Demand for our solutions remains strong both with new customers and the existing client base. We're successfully executing on our strategy to grow the business outside North America with a 17% of revenue coming from international clients in the quarter.

We added international clients across all our core products: Geneva, Tamale, APX, Moxy and Tradex. United Investment Bank in Dubai chose APX, Moxy and Tamale making Advent their primary provider for they are relying on to run their entire Asset Management business.

We signed a significant Tamale agreement with Carmignac Gestion in France, and Geneva is gaining ground in the U.K. hedge fund market. We signed a large hedge fund in Q1, and Brown Vanneck Partners, a London-based startup fund, also went live in the first quarter on Geneva.

As the market has improved, so have the trends towards new firm formation in the alternative market space. Our Geneva solution continues to be the leader in the segment of the market.

In fact, Geneva was named leading provider of fund accounting in general ledger system by The Hedge Fund Journal. With Geneva 8, we are extending our footprint into the middle office.

Our acquisition of Syncova, which provides margin management and financing software to hedge funds and prime brokers allows us to move even further ahead in the capabilities we provide to the biggest and most complex investors in the world. During the financial crisis and its aftermath, the need to better manage liquidity and optimize margin management has become a crucial need.

Syncova's products address these challenges. We learned about the firm through mutual clients and through their outstanding reputation. We purchased Syncova because we really like the people, the product, and we could see first hand the power of combining its value with Geneva for both prime brokers and hedge funds.

So far, the response from the market is very encouraging with interest coming in from around the world. We'll be integrating Syncova with Geneva, which creates back sale opportunities to our existing Geneva clients, and we'll also offer Syncova Solutions on a stand-alone basis.

Among asset managers, advisers and wealth managers, we're seeing strong adoption of APX and Moxy, both locally installed and through Advent OnDemand, and we've delivered several exciting enhancements, including an overhaul of our client facing reports, more robust drift analysis, entire integration to financial planning tools.

Choice is really at the heart of our strategy. We offer a broad range of flexible delivery options, so customers can easily transition from 1 deployment model to the other or from 1 Advent product to another. In fact, we have a new agreement in place with 1 of our long-time clients that allows them to offer our full suite to their billion-dollar-class wealth manager custody clients as a fully hosted solution.

We've always understood that there is no single solution that can address the diverse needs of the investment management market. This is the land of a thousand niches, which is why our multiple platform approach has been so successful.

Across many of these niches, we booked the new Tamale business in the first quarter, including hedge funds, mutual funds, funds of funds, family offices, endowments and foundations. 1 example, The Investment Fund for Foundations, or TIFF, a nonprofit that manages almost $10 billion in assets for endowed nonprofit organization, chose Tamale to streamline their research processes and increase transparency across their multiple offices.

And the calls for transparency from investors and regulators alike have been a driver of interest in Tamale. In the first quarter, Tamale launched a bundle of enhancements to better automate and enable consistent investment policy enforcements and build compliance into everyday workflows. With Tamale, firms are in a much better position to document their due diligence and their investment decisions.

As I look at our market and the forces shaping it, I'm very excited about the road ahead. We're growing, we're investing in the products and services that our market needs. The trends we see, the growth in global wealth, investor focus on transparency and reliability, financial reform, mobility, operating efficiency and the increase in outsourcing are creating continued demand for our solutions around the world. Thank you for joining us. And now, I'd like to open the call to questions.

Question-and-Answer Session

Operator

[Operator Instructions] Your first question comes from the line of David Scharf from JMP Securities.

David Scharf - JMP Securities LLC

Thanks for taking my question. Stephanie, just sort of a comparative question. When you look back to where you were 1 year ago, April of 2010, and presumably that's kind of after last year's Q1 which probably saw --an abnormally large number of bookings, just there was a lot, sort of, pent-up delay spending that carried from '09 into that first quarter. But compared to last April, would you characterize the remainder of the year's pipeline is comparable or larger than what you saw a year ago?

Stephanie DiMarco

I think, I'll let Pete take that.

David Hess

David, I would say we have a bigger pipeline than we did a year ago. So we feel confident that bookings will grow this year. We have more what I would characterize as home run profile deals in the pipeline than we have ever had. So they can be a bit lumpy, but we're working a lot of big deals right now.

David Scharf - JMP Securities LLC

Okay, and are those pretty evenly spread among international and domestic? Is there a certain attribute to those types of deals or are they all over the map in terms of product mix and location?

David Hess

Most of the, what I would characterize as, home run deals are sort of million-dollar-ish bookings deals and most of those are Geneva. But we have some that are also in the on-demand world with APX. And while some, most of them are domestic, we also have a few that are overseas. So it is a pretty broad swath of geographies and products.

Stephanie DiMarco

David, I was just going to add a little color. You asked the question of last year versus this year. I think all of us feel that the demand environment is better.

David Scharf - JMP Securities LLC

Got you. That seems evident by some of the other asset manager, vendors we track. Historically, when we think about million-plus bookings deals, it's always consigned to Geneva. I know in your prepared comments, Stephanie, you would mention some instances where there were new clients, 1 overseas that purchased multiple products. Are you seeing more multiple product sales in your pipeline in your quotas right now?

James Cox

We are and part of that has to do with the Geneva solution has broadened. 8.0 introduced additional modules like our advantage product for reconciliation and some other components. And then with the Syncova acquisition, we also have now an additional product solution to sell along with Geneva, and standalone as well, but I think that there's a great opportunity to back sell that product with Geneva and sell it with Geneva to new clients coming in the door.

Stephanie DiMarco

And I think with start ups, we've seen a number of instances both domestically and in Europe and in Asia where a start up hedge fund who's looking to put in place best practices from day 1 buys Geneva and Tamale at the same time.

David Scharf - JMP Securities LLC

Got you. Okay, I'll get back in queue. Thank you.

Operator

Your next question comes from the line of Jon Maietta from Needham & Company.

Jonathan Maietta - Needham & Company, LLC

Thanks very much. Along the lines of Syncova, I was wondering if there's maybe an opportunity this year to accelerate M&A, because it feels like coming out of the downturn, maybe some of these smaller vendors have missed the product cycle or 2 and they're really kind of falling behind. And maybe some of these smaller companies, the leadership teams are tired, and I was just wondering if you could comment on the activity level on your M&A pipeline this year versus the past couple of years.

Stephanie DiMarco

Well, I would say that it's busy. There's a lot of activity both with small companies and with large companies. So there was the Silvas [ph] transaction, there are number of other transactions that are being contemplated and being talked about by the investment banking firms. Syncova, I think, is a good example of the type of acquisition that we like to do where this wasn't a company for sale. And so we knew of them. We had mutual clients. We started to talk to them about the benefits of putting the company together. So they actually weren't tired, and they didn't have problems and they had invested in their product cycle. But as they look at growing and building out distribution and all the things it takes to build a business, it made a lot of sense for them to partner with us. So those are the kinds of opportunities oftentimes the best companies are those that aren't for sale.

Jonathan Maietta - Needham & Company, LLC

Okay. Thanks, Stephanie. And with regard to operating margins, is it correct for me to assume that maybe you baked a little bit of conservatism into the full year guidance given where we started the year?

James Cox

So we kept our operating margin guidance where it was at the beginning of the year, Jon. Although we came in at 23% this quarter, we kept it at the 21% to 22% level. Because in part, we had the lion's share of our FAS 86 offer capitalization in the first quarter, that was about 2 points of margin. So when you bring that back, you get more back to that run rate. The second element is, we hired a lot of people this quarter and we're really looking to invest in this business. We see lots of opportunity and so that is our plan to kind of move throughout the year. And so we'd like to continue to hire people, and we weren't able to do that as quickly as we'd hoped in the first quarter.

Jonathan Maietta - Needham & Company, LLC

And Jim, so did the capitalized software follow a similar pattern to what it did last year in terms of each of the quarters?

James Cox

So it's really stochastic in how it falls in. It's really driven by the timing of when those products go into beta or not. So we would have to walk through each and every product and think about when it's going into beta, so I'd have to stop and think about that a little bit more.

Jonathan Maietta - Needham & Company, LLC

Okay, that's it for me. Thanks very much.

Operator

The next question comes from the line of Gil Luria from Wedbush.

Gil Luria - Wedbush Securities Inc.

A little bit more on guidance. So Syncova is now part of the numbers and I think after the announcement, you talked about $4 million revenue recurring so for 3 quarters, that would be about $1 million a quarter. So that would be the extent of your annual increase to the guidance, but I think you said that you see that you also are going to get more from the higher renewal rates and last year's bookings. So how much of an increase would that be? And then, in terms of the second quarter guidance, if you take out that $1 million from Syncova, then we're going from 13% year-over-year growth in the first quarter to high single digits in the second quarter. Why would we be decelerating into the second quarter?

James Cox

Sure. Thanks, Gil. So let me take that whole Syncova, kind of, so you're right about that, it's a reasonable run rate to think about them for recurring. But you also have to remember that all their deferred revenue, not all of it goes away, but there's a significant haircut with respect to that. So the effect of that on the full year is significantly less than that $3 million. So there is definitely a pickup from the good performance in the fourth quarter renewals. Then with respect to the second quarter, so our term implementation deferral this quarter was $3.3 million and that's a function of all the great bookings we've had last year and all the work that the services teams are doing to deliver that. And there's a lot of big projects. We sold a lot of big projects. And so when you normalize for your expectations around the term service deferral year-over-year, I think you get back to the more normalized revenue growth rates that we're kind of guiding through for the whole year.

Jonathan Maietta - Needham & Company, LLC

Got it. And then the customer that canceled a couple of years ago and is going to flow through the renewal rate, can you give us a little more detail, the type of customer, the product, order of magnitude of size, why they left?

David Hess

Gil, this is Pete. Large institutional asset management firm, Axys -- no, APX, the reason that they're leaving is they were essentially in Moxy. They were essentially part of a larger holding enterprise that decided they wanted to consolidate platforms across its multiple entities, so we were the victim of a consolidation project. Those same -- consolidation projects have worked for us more than they worked against us in the past few years but in this case, it worked against us.

Stephanie DiMarco

Sometimes you're on the wrong side of the politics.

Gil Luria - Wedbush Securities Inc.

Yes. Got it. Thank you.

Operator

Your next question comes from the line of Sterling Auty from JP Morgan.

Saket Kalia - JPMorgan

It's Saket, here for sterling. Most of my questions have been answered. Just a couple of follow-ups. So Jim, what was headcount at the end of this quarter? And I guess if you're able to find the talent that you're looking for, where do you sort of envision it ending this year?

James Cox

So we're at 1,100 roughly at headcount at the end of this quarter. And as I recall, I'm thinking it's another, we'll call it -- I was going to say 70. Yes, 50 to 70, 60 headcount by the end of this year.

Saket Kalia - JPMorgan

Got it. Okay. And then on the ACV, I guess, just if we could dig a little bit more into that. I realized ACV is lumpy, and there are greater number of home runs in the pipeline but was there a particular segment of the market that came in maybe a little bit lighter than you were looking for this quarter? And, I guess, given the improving environment, you would've expected that metric to be a little bit more comparable?

David Hess

This is Pete. I wouldn't say there was any 1 segment that was lighter. 1 of the things to note in the first quarter is, first of all, that all of our sales people are based on annual plans. So we don't really manage deal flow to the quarter. We obviously are trying to get deals done as soon as we can, but we don't want to take any artificial actions in order to move deals in from 1 quarter to the next. And I think in the first quarter, the real anomaly, I think, was that we just -- those triples or home runs that we tend to get, we just didn't get 1 this quarter. And it doesn't mean that they're not there in the pipeline. I mentioned earlier that we have a great-looking pipeline but we just -- there were some deals that we just didn't get done on time. But again, when we think in terms of on time, we think about the year, not so much the quarter. The other thing to consider is that Jim mentioned $700,000 in deals that will manifest themselves in AUA fees when 1 of our strategic hosting partners gets the client up and running. So it was a big -- there are couple of big wins that we had there in Q1 that don't manifest themselves in the bookings number, but they will manifest themselves in the future in those AUA fees. So we feel pretty good actually about the way Q1 turned out especially considering the way that pipeline looks for the rest of the year.

Saket Kalia - JPMorgan

Great, thanks.

Operator

[Operator Instructions] Your next question comes from the line of Allen Dosky [ph] from MCR Management.[ph]

Unknown Analyst -

I was reflecting on the difference between the acquisition of Tamale and Syncova. And 1 noticeable difference is the equities [ph] that the management of Tamale took Advent shares, the management of Syncova did not, they just took cash. So it seems as if, as far as we know, there's no incentive for the management and staff of Syncova to remain. They don't have -- they're not tied to Advent the way the Tamale management and staff are. Could you comment on that difference and what the implications offer Syncova management going forward and why they didn't insist on taking and why you didn't insist on giving them some shares? After all, Advent is not a low-priced stock, it’s a very high priced stock.

James Cox

So I think, Allen, every deal is different in how we treat each deal and how we think about thank you for saying that we are valuable stock, I appreciate that first off. We think so too. We like it. And I think how you think about the composition of those shares versus cash is something you think about. However, to go to the heart of your question, which is why are those folks incented and very much interested in staying with Advent? There are certain contractual things can do through these arrangements that provide the glue.

Unknown Analyst -

Can or did?

James Cox

We can and we did. And then -- but more broadly than that, I think, we acquire companies where people are as excited about serving our customers as we are excited about serving our customers. And what really moved the Syncova folks to be excited about working with Advent is attaching to the Geneva brand and making -- these are people who are builders. These are people who are trying to solve complex problems. They speak a language that's very complicated, and it's adjacent to our world but slightly different. And we were just consistently excited about working together.

Unknown Analyst -

But they have no incentives?

Stephanie DiMarco

No, they do have.

James Cox

Yes, they have incentives.

Unknown Analyst -

Well that certainly hasn't been spelled out. It would appear that they -- were all these shares owned by 1 person in Syncova or a number of them?

James Cox

No, no.

Unknown Analyst -

No, no, what? It was not owned by 1 person?

James Cox

It was not owned by only 1 person, no.

Unknown Analyst -

How many? Well, I hope you will be able to spell it out, because it's very mysterious on the face of it why they would do that and not want a piece of Advent's action.

Stephanie DiMarco

But they have that -- they have stock options as part of their employment agreement, which we don't disclose because it's part of the individual employment agreement that wasn't part of the purchased price. Although, as we contemplate a transaction, that's part of the discussion.

Unknown Analyst -

Okay. I have a question just on Tamale. I know you've been investing heavily and for good reasons, in the growth of Tamale. Is 2011 -- in terms of the goal of top management, Stephanie and Pete, and the board, are you looking for Tamale to break even as a standalone unit this year or are you still going to be net investing relative to the cash flows coming in or are you looking forward to show a positive cash flow and profit this year?

Stephanie DiMarco

We don't break out the profitability of the individual business units. But it's fair to say, we're very much in the investment phase on Tamale. We think we're in the early innings of that growth opportunity.

Unknown Analyst -

So you're suggesting you might be in the investment phase for another several years?

Stephanie DiMarco

Could be, yes. And we're seeing good return on that investment. So those are decisions that you make, kind of, based upon the success you're having in the marketplace.

Unknown Analyst -

Well, good results but not necessarily financially in the bottom line, you see. That's a matter of choice. I'm aware but -- okay, that's a different -- all right, thank you for the answer.

David Hess

Thanks, Allen.

Operator

There are no questions at this time. I will now turn the call back over to Stephanie DiMarco, CEO.

Stephanie DiMarco

Thank you once again for joining us this afternoon, and we look forward to speaking with you next quarter.

Operator

Ladies and gentlemen, that concludes today's conference. Thank you for your participation. You may now disconnect. Have a great day.

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