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CA Technologies Reports Second Quarter Fiscal Year 2017 Results

• Solid Second Quarter Performance

• Second Quarter Revenue of $1,018 Million

• Second Quarter GAAP EPS of $0.50

• Second Quarter Non-GAAP EPS of $0.67

• Second Quarter Cash Flow Used in Continuing Operations of $58 Million
screenshot_20161030_005414
Mumbai, October 29, 2016 (GPN) – CA Technologies (NASDAQ:CA) today reported financial results for its second quarter fiscal 2017, which ended September 30, 2016.

Mike Gregoire, CA Technologies Chief Executive Officer, said:

“CA delivered solid second quarter results. We reported another quarter of revenue growth with strong margins and earnings, and we are making progress across a number of our key initiatives. Our product development and innovation engines are beginning to gain momentum, and we’re pleased with our improving customer experience metrics. At the same time, we recognize we still have work ahead of us. We continue to manage the business with thoughtful discipline, and I remain confident that we are moving the company in the right direction.

“At CA World next month we will welcome thousands of our customers and partners from around the globe. We look forward to demonstrating the transformational power of software, and the critical role it plays in driving today’s new business models and strategies.”
screenshot_20161030_005510

*CC or Constant Currency is a non-GAAP financial measure, as noted in the discussion of non-GAAP results below. A reconciliation of non-GAAP financial measures to their comparable GAAP financial measures is included in the tables following this news release.
• Total revenue increased as a result of an increase in software fees and other revenue, partially offset by decreases in professional services revenue and subscription and maintenance revenue. The increase in software fees and other revenue was primarily due to an increase in sales of enterprise solutions products recognized on an upfront basis and an increase in SaaS revenue, primarily from CA Agile Central products (acquired from Rally Software Development Corp. (Rally)).
• Total bookings decreased primarily due to a renewal with a large system integrator in excess of $500 million that occurred during the second quarter of fiscal 2016 and, to a lesser extent, a decrease in mainframe renewals.
• The Company executed a total of 11 license agreements with incremental contract values in excess of $10 million each, for an aggregate contract value of $209 million. During the second quarter of fiscal 2016, the Company executed a total of 11 license agreements with incremental contract values in excess of $10 million each, for an aggregate contract value of $887 million, including the aforementioned large system integrator transaction.
• The weighted average duration of subscription and maintenance bookings for the quarter was 2.99 years, compared with 4.46 years for the same period in fiscal 2016.
screenshot_20161030_010144

SELECTED HIGHLIGHTS FROM THE QUARTER

• CA Technologies has been positioned by Gartner, Inc. in the Leaders quadrant of its inaugural “Magic Quadrant for Application Release Automation.” (1)

• CA Technologies was named a Leader in the “The Forrester Wave™: Application Performance Management, Q3 2016.” (2)

• CA Technologies extended its DevOps portfolio with the acquisition of BlazeMeter, a leader in open source-based continuous application performance testing. BlazeMeter will seamlessly integrate with CA’s Continuous Delivery solutions to further improve testing efficiency and accelerate the deployment of applications. The deal closed earlier this month.
screenshot_20161030_010450

CASH FLOW FROM OPERATIONS

• Cash flow used in operations for the second quarter of fiscal 2017 was $58 million, versus cash flow provided by operations of $43 million in the year-ago period. Cash flow from operations decreased compared with the year-ago period primarily due to a decrease in cash collections, as a result of lower single installment collections, and an increase in income tax payments, partially offset by a decrease in vendor disbursements and payroll.
CAPITAL STRUCTURE
• Cash and cash equivalents at September 30, 2016 were $2.585 billion.
• With $1.95 billion in total debt outstanding and $139 million in notional pooling, the Company’s net cash position was $496 million.
• In the second quarter of fiscal 2017, the Company repurchased 1.5 million shares of common stock for $50 million.
• As of September 30, 2016, the Company is currently authorized to purchase $650 million of its common stock under its current stock repurchase program.
• The Company distributed $107 million in dividends to shareholders.
• The Company’s outstanding share count at September 30, 2016 was 413 million.
OUTLOOK FOR FISCAL YEAR 2017

The Company updated its fiscal 2017 outlook for cash flow from continuing operations. This guidance update reflects the anticipated settlement of legal matters related to the agreement-in-principle for the GSA litigation described above. The following outlook contains “forward-looking statements” (as defined below) and assumes no material acquisitions.

The Company expects the following:*

• Total revenue to increase in a range of flat to plus 1 percent as reported and in constant currency, unchanged from previous guidance. At September 30, 2016 exchange rates, this translates to reported revenue of $4.03 billion to $4.07 billion.
• GAAP diluted earnings per share from continuing operations to increase in a range of 6 percent to 8 percent as reported and 2 percent to 5 percent in constant currency, unchanged from previous guidance. At September 30, 2016 exchange rates, this translates to reported GAAP diluted earnings per share from continuing operations of $1.88 to $1.93.
• Non-GAAP diluted earnings per share from continuing operations to increase in a range of 2 percent to 5 percent as reported and 1 percent to 3 percent in constant currency, unchanged from previous guidance. At September 30, 2016 exchange rates, this translates to reported non-GAAP diluted earnings per share from continuing operations of $2.49 to $2.54.
• Cash flow from continuing operations to change in a range of minus 3 percent to plus 1 percent as reported and in constant currency. At September 30, 2016 exchange rates, this translates to reported cash flow from continuing operations of $1.01 billion to $1.05 billion. Previous guidance was to increase in a range of 2 percent to 6 percent as reported and 1 percent to 5 percent in constant currency.

The Company expects a full-year GAAP operating margin of 29 percent and non-GAAP operating margin of 38 percent, unchanged from previous guidance.

The Company also expects a full-year GAAP and non-GAAP effective tax rate of between 28 percent and 29 percent, unchanged from previous guidance.

The Company anticipates approximately 411 million shares outstanding at fiscal 2017 year-end and weighted average diluted shares outstanding of approximately 414 million for the fiscal year.

*In the outlook section, certain non-material differences between growth rates and translated dollar amounts may arise from impact of rounding.

About the Author

Sachin Murdeshwar
Sachin Murdeshwar is a Sr.Journalist and Columnist in several Mainline Newspapers and Portals.He is an ardent traveller and likes to explore destinations to the core.

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