Analyst Conference Summary

conference date: June 24, 2009 @ 2:00 PM Pacific Time
for quarter ending: May 31, 2009 (1st quarter fiscal 2010)

[I sold it September 8, 2009]
Forward-looking statements

This is a minimal summary; I missed the actual analyst conference.

Overview: Another quarter of good growth despite the recessionary environment.

Basic data (GAAP) :

Revenue was $174.4 million, up 5% sequentially from $166.2 million, and up 11% from 156.6 million year-earlier.

Net income was $18.5 million, up 16% sequentially from $16.0 million, and up 7% from $17.3 million year-earlier.

EPS (diluted earnings per share were) were $0.10, up 25% sequentially from $0.08 and also up 25% from $0.08 year-earlier

Guidance:

Conference Highlights:

While managing discretionary costs, they "continue to invest in growth opportunities in middleware, virtualization, and cloud computing."

Subscription revenue was $148.8 million, up 14% y/y. Training and services revenue was $25.6

Non-GAAP operating income was $40.7 million, up 19% y/y. Operating margin was 23.4%. Non-GAAP net income was $28.7 million, up % from $26.0 million year-earlier. Operating cash flow was $61.2 million, down from $63.4 million year-earlier.

Cash and equivalents ended at $884.5 million. Deferred revenue ended at $567.3 million, up 15% y/y. $47 million in stock was repurchased in the quarter. Over the past year diluted share count has been reduced 11%.

Operating expenses of $122.9 million include sales and marketing $64.0 million, research and development $35 million, general and administrative $23.8 million. GAAP operating income was $25.1 million. Other income was $3.5 million. Income tax provision was $10.0 million.

Q&A:

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