Revenue in the quarter on a U.S. GAAP basis was $288.2 million, compared with $247.8 million for the same period last fiscal year, an increase of 16 percent. Revenue on a non-GAAP basis (excluding write-down of deferred revenue in connection with the acquisition of Applix) in the quarter was $290.0 million. License revenue was $108.9 million in the quarter, compared with $94.0 million in the third quarter of last fiscal year, an increase of 16 percent.
Net income in the quarter on a U.S. GAAP basis was $31.0 million or $0.37 per diluted share, compared with $16.5 million or $0.18 per diluted share for the same period last fiscal year. Net income on a non-GAAP basis (excluding write-down of deferred revenue, amortization of acquisition-related intangible assets, stock-based compensation expense and restructuring charges) in the quarter was $43.1 million or $0.51 per diluted share, compared with $43.1 million or $0.48 per diluted share for the same period last fiscal year.
Third Quarter Highlights:
• 18 contracts greater than $1 million in the third quarter, up from 11 one year ago
• Revenue growth across all three revenue categories: license (16%), support (15%), and professional services (19%)
• 441 sales representatives at the end of the third quarter, an increase of 30 from the prior quarter and 77 from a year ago
• Completed acquisition of Applix
• Entered into agreement to be acquired by IBM
Revenue on a U.S. GAAP basis for the first nine months of fiscal year 2008, ended November 30, 2007, was $777.3 million, compared with $694.7 million for the same period last fiscal year. Revenue on a non-GAAP basis (excluding write-down of deferred revenue in connection with the acquisition of Applix) for the first nine months was $779.1 million. Net income on a U.S. GAAP basis in the nine-month period was $79.9 million or $0.92 per diluted share, compared with $54.8 million or $0.61 per diluted share for the same period last fiscal year. Net income on a non-GAAP basis (excluding write-down of deferred revenue, amortization of acquisition-related intangible assets, stock-based compensation expense and restructuring charges) for the nine-month period was $107.0 million or $1.23 per share, compared with $93.0 million or $1.03 per diluted share for the same period last fiscal year.
Third quarter operating cash flow was $6.6 million. The Company exited the quarter with $167.5 million in cash, cash equivalents, and short-term investments. Days sales outstanding (DSOs) for accounts receivable were 70 days in the quarter.
Third quarter non-GAAP net earnings differ from U.S. GAAP net earnings as they exclude $1.8 million of write-down of deferred revenue, $3.3 million of amortization of acquisition-related intangible assets, and $12.1 million of stock-based compensation expense, before taxes, respectively. This is an increase of $0.14 per share, in the aggregate, after the effect of taxes. Non-GAAP net earnings for the first nine months differ from U.S. GAAP net earnings as they exclude $1.8 million of write-down of deferred revenue, $6.9 million of amortization of acquisition-related intangible assets, and $27.5 million of stock-based compensation expense, before taxes, respectively. This is an increase of $0.31 per share, in the aggregate, after the effect of taxes. A reconciliation of U.S. GAAP to non-GAAP results is included at the end of this press release.
Definitive Agreement for IBM to Acquire Cognos
On November 12, 2007, IBM and Cognos jointly announced that the two companies had entered into a definitive agreement for IBM to acquire Cognos in an all-cash transaction at a price of approximately $5 billion or $58 per share, with a net transaction value of $4.9 billion. Additionally, on December 14, 2007, Cognos furnished a Notice of Special Meeting of Shareholders and Management Proxy Circular with the Securities and Exchange Commission and has also filed these materials with the Canadian Securities Regulatory Authorities. This press release and proxy circular are available on Cognos’ web site (www.cognos.com), the SEC website (www.sec.gov) as well as the Canadian SEDAR website (www.sedar.com). The transaction remains subject to the receipt of Cognos shareholder approval, court approval, other regulatory clearances, and other customary closing conditions.
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